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2 dividend and 2 growth shares to buy this month on the ASX

This morning, I wrote about how to decide whether to invest in ASX dividend shares or growth shares.

If you’ve made your choice and are now on the hunt for a couple of great ASX growth or dividend shares, I’ve outlined 2 of each below that I think could make great buys this month.

Dividend shares

Westpac Banking Corp (ASX: WBC)

Westpac needs little introduction as Australia’s oldest bank. Thanks to Westpac’s beaten down share price after the AUSTRAC scandal, the bank now trades with a very enticing forward fully franked dividend yield of 6.4%, which is 9.15% grossed-up.

With Westpac trading significantly lower than where it was a few years ago and the housing sector looking to have turned a corner. I believe now could be a great time for dividend seekers to make an investment into Westpac shares.

Vanguard Australian Shares High Yield ETF (ASX: VHY)

Another option for the dividend portfolio is the Vanguard Australian Shares High Yield ETF. This ETF provides investors with low cost exposure to a group of above-average yield dividend shares. In fact, looking at its top 10 holdings, ASX blue-chip shares such as Telstra Corporation Ltd (ASX: TLS), Wesfarmers Ltd (ASX: WES), Transurban Group (ASX: TCL) and the big four banks all make an appearance. 

Vanguard currently offers a forecast grossed-up dividend yield of 7.2%.

Growth Shares

Nearmap Ltd (ASX: NEA)

Nearmap is an aerial imagery company that sells its software licence and images to a wide group of clients including governments, insurance, solar, construction and architecture companies. The company currently operates in Australia, New Zealand, North America and most recently Canada, but has also mentioned its desire to become a global leader.

Nearmap is expanding into new countries, growing its customer base with low churn in its current markets and is seeing growth in average revenue per subscription. In my view, all these factors point to continued strong growth in its future. With its current share price significantly down from its highs, I think now could be a great time to jump in.

Nanosonics Ltd (ASX: NAN)

Nanosonics is a medical devices company that sells a device called Trophon, which is used in hospitals to sterilise ultrasound probes. These devices are automated, quicker and don’t require chemicals.

Nanosonics has been growing fast in the US and looks set to expand into other markets, with new agreements announced in Europe and regulatory approval in Japan. In fact, future growth looks to continue with the company stating a global market penetration of only 17%. Additionally, with investment into research and development Nanosonics is aiming to launch a suite of new products in the coming years.

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Motley Fool contributor Michael Tonon owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited, Nearmap Ltd., Telstra Limited, and Transurban Group. The Motley Fool Australia owns shares of Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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