A new month is upon us, so what better time to consider making a few additions to your portfolio.
If you're looking to add a few growth shares, then the three listed below could be good options once the market volatility subsides. Here's why I like them:
Appen Ltd (ASX: APX)
This global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence has had an incredibly volatile month due to the coronavirus-induced market volatility. This has left its shares trading a lot closer to their 52-week lows than their 52-week highs. This despite the company smashing its FY 2019 guidance this week. And with Appen predicting minimal impact from the coronavirus and further strong profit growth in FY 2020, I think now could be an opportune time to make a long-term investment in its shares.
ResMed Inc. (ASX: RMD)
ResMed is one of my favourite growth shares on the Australian share market. It has been growing at a consistently strong rate over the last decade and has carved itself out a leadership position in the sleep treatment market. The good news is that the company looks well-positioned to continue this positive form over the next decade. This is thanks to its world-class products and the estimated ~1 billion people that are believed to suffer from sleep apnoea globally. The vast majority of these are undiagnosed, which I feel gives ResMed a significant runway for growth.
Webjet Limited (ASX: WEB)
Travel and tourism shares have understandably been hit hard by coronavirus concerns in February. However, I think the market has overreacted with Webjet and its recent share price weakness could be a buying opportunity. Webjet's shares are changing hands at approximately 19x estimated FY 2020 earnings at present. I think this is a bargain given its exceptionally strong long-term growth potential thanks to its rapidly growing WebBeds business.
