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3 top ASX mid cap shares with strong growth potential

If you’re interested in investing in the mid cap side of the market then you’re in luck.

At this side of the market I believe there are a good number of shares that have the potential to grow strongly over the next 10 years.

Three mid cap ASX shares that I think are worth considering are listed below. Here’s why I like them:

BINGO Industries Ltd (ASX: BIN)

BINGO is one of Australia’s leading waste management companies. Although the coronavirus pandemic looks set to impact demand for its services in the near term, I think it would be a great long term option for investors. This is thanks largely to its expansion plans and the recent game-changing acquisition of rival Dial a Dump Industries. This acquisition has allowed BINGO to be fully vertically integrated from collections to landfill. It also makes it the largest player in B&D waste in Sydney and provides some much-needed diversification.

Collins Foods Ltd (ASX: CKF)

Collins Foods is one of the region’s largest quick service restaurant operators. It has 240 KFC stores in Australia, 41 KFC stores in Europe, 12 Taco Bell restaurants in Australia, and 75 franchised Sizzler restaurants across Asia. The main attraction to the company for me is its European operation. Due to the under penetration of the KFC brand in that market, I believe there is a significant expansion opportunity over the next decade. And while the coronavirus pandemic may put a dampener on its growth in the immediate term, I expect it to accelerate again when the crisis passes.

Megaport Ltd (ASX: MP1)

Another mid cap share that I think is worth considering is Megaport. It is a leading provider of elasticity connectivity and network services in a total of 601 data centres globally. This service allows its customers to increase and decrease their available bandwidth in response to their own demand requirements. Demand for its services has been growing at a very strong rate, leading to solid customer and revenue growth. In the first half of FY 2020, Megaport delivered a 26% jump in annualised revenue to $54.6 million. And with demand for its services continuing to increase because of the cloud computing boom, I believe it is well-placed for further strong growth over the coming years.

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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO. The Motley Fool Australia has recommended Collins Foods Limited and MEGAPORT FPO. 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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