One thing the Australian share market is certainly not short of is growth shares. At present there are a large number of shares that are growing their earnings at a rapid rate.
Three of my favourites are listed below. Here's why I think they could be market-beaters in 2020:
a2 Milk Company Ltd (ASX: A2M)
I think this infant formula and fresh milk company could be a great option for growth investors. It has been growing at an astonishing rate over the last five years thanks largely to the insatiable demand for its infant formula in China. The good news is that demand continue to grow in the massive Chinese market and looks set to underpin further strong growth over the next decade. And with its shares down ~19% from their 52-week high, now could be an opportune time to make an investment.
Nanosonics Ltd (ASX: NAN)
Another quality growth share to consider buying is Nanosonics. Due to the strong growth potential of its trophon EPR disinfection system for ultrasound probes, I believe this infection control specialist could be a market beater over the long term. Another positive is that the company is aiming to launch several new products targeting unmet needs in the coming years. The first is due to be released in FY 2021 and could give its sales a real boost.
Webjet Limited (ASX: WEB)
A final growth share to consider buying is Webjet. The collapse of Thomas Cook and concerns over the threat of Google on the travel bookings industry have weighed on its shares over the last 12 months. This means they are trading ~18% lower than their 52-week high and at a level which I think is very attractive. Especially given its strong long-term growth potential thanks to its rapidly growing WebBeds business and its margin expansion strategy.
