If you’re looking to add a growth share or two to your portfolio this month then you’re in luck.
Right now, I believe there are a number of growth shares on the Australian share market that could generate strong returns for investors over the next few years.
Three to consider buying in April are listed below. Here’s why I like them:
a2 Milk Company Ltd (ASX: A2M)
I think this infant formula and fresh milk company remains a top option for growth investors. It has been growing its earnings at a very strong rate in recent years thanks largely to the increasing market share of its fresh milk and the insatiable demand for its infant formula in China. Pleasingly, although it is giving away a little margin to support its long-term growth, the company is on course for another bumper profit result in FY 2020.
Appen Ltd (ASX: APX)
Another growth share to consider buying this month is Appen. It is a fast-growing developer of high-quality, human-annotated training data for machine learning and artificial intelligence. This basically means that the company uses a crowd-sourced team of over a million contractors to prepare data to be used in machine learning and artificial intelligence models. It counts many of the biggest tech companies in the world as customers, which I believe is a testament to the quality of its service. Pleasingly, with the machine learning and artificial intelligence markets expected to explode over the next decade, Appen appears perfectly positioned to profit.
Nanosonics Ltd (ASX: NAN)
A final option to consider is Nanosonics. It is a leading infection control specialist, best-known for its industry-leading trophon EPR disinfection system for ultrasound probes. I believe it is well-placed for solid long term growth thanks to its sizeable global market opportunity, lucrative recurring revenues, and the upcoming launch of new products. And while the coronavirus pandemic is likely to weigh on its performance in the near term, its long term outlook remains as positive as ever.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia owns shares of A2 Milk and Appen Ltd. 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.