Last week the S&P/ASX 200 Index (ASX: XJO) was on form and stormed higher. This means the benchmark index is just a small gain away from ending the bear market.
When this happens, it could be a big lift to investor sentiment and be the catalyst to sending the market even higher in the coming months.
In light of this, now could be an opportune time to look at the shares you want to own when the bear market ends. Here are ten top ASX shares to consider:
Afterpay Ltd (ASX: APT)
I think this payments company would be a great option. Although the coronavirus pandemic could stifle its growth in the near term, I believe the continued success of its international expansion could drive further strong underlying sales and customer growth over the next decade.
Altium Limited (ASX: ALU)
Altium is an electronic design software provider which has been growing at an exceptionally strong rate over the last few years. I expect this positive form to continue long into the future thanks to its exposure to the rapidly growing Internet of Things (IoT) market. The growth of this market is driving increasingly strong demand for its Altium Designer software.
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for the machine learning and artificial intelligence markets. Due to the growing importance of machine learning and artificial intelligence for businesses, these markets are expected to grow materially in the future. I feel this bodes well for Appen's industry leading Content Relevance services.
Aristocrat Leisure Limited (ASX: ALL)
Although this gaming technology company will almost certainly see a sharp reduction in demand for its pokie machines due to the pandemic, I expect its Digital business to thrive. This is because hundreds of millions of people are being forced to stay home. Which is likely to lead to increasing numbers of people using social and mobile gaming apps.
CSL Limited (ASX: CSL)
Although this biotherapeutics giant's shares have been largely unaffected during the market selloff, I wouldn't let that put you off investing. I continue to believe CSL can be a market beater for some time to come. Especially given the increasing demand for immunoglobulins, its growing plasma collection network, and its pipeline of potentially lucrative products.
Kogan.com Ltd (ASX: KGN)
Kogan is a growing ecommerce company which I expect to benefit from the pandemic. This is because with most retail stores across the country closing to stop the spread of the virus, shopping is shifting online. In fact, on its website Kogan warns that it is experiencing high volumes of orders currently.
Nanosonics Ltd (ASX: NAN)
One thing this pandemic has taught us is that infection control is important. I believe this bodes well for Nanosonics' industry-leading trophon EPR disinfection system for ultrasound probes. Furthermore, the company is planning to launch several new products in the near future which have similar addressable markets. Overall, Nanosonics looks well-positioned to be a market beater over the next decade.
ResMed Inc. (ASX: RMD)
ResMed is a sleep treatment-focused medical device company. I believe it is well-placed to deliver solid long-term earnings growth thanks to its industry-leading products and massive market opportunity. In respect to the latter, management estimates that there are 1 billion people impacted by sleep apnoea worldwide. However, only ~20% of these sufferers have been diagnosed.
SEEK Limited (ASX: SEK)
Another top share to consider buying is this job listings giant. Although the pandemic is going to put a lot of pressure on near term job listings, I expect things to return to normal once the crisis passes. Looking ahead, I believe SEEK is more than capable of growing its revenues to its target of $5 billion later this decade. This compares to revenue of $1,537.3 million in FY 2019.
Xero Limited (ASX: XRO)
A final share to consider buying when the bear market ends is Xero. It is a leading cloud-based business and accounting software provider which has been growing its recurring revenues and customer numbers at a strong rate for many years. I expect this trend to continue for many years to come. This is thanks to market share gains and the strong pricing power of its high quality and sticky product.
