While the S&P/ASX 200 Index (ASX: XJO) falling from grace over the last couple of months has been disappointing, one positive is that it has brought some high quality shares down to more attractive levels.
In light of this, I think now could be an opportune time to consider putting your money to work in the share market.
Here are five top ASX shares to consider buying in May:
Afterpay Ltd (ASX: APT)
The first option for investors to consider is Afterpay. It has been growing at a rapid rate over the last few years thanks to the growing popularity of the buy now pay later payment method with consumers and retailers and its successful international expansion. Pleasingly, this strong growth has continued in FY 2020 despite the coronavirus pandemic. Afterpay recently released its third quarter update which revealed quarterly underlying sales of $2.6 billion. This was a 97% increase on the prior corresponding period.
Altium Limited (ASX: ALU)
Another top option to consider is Altium. It is the electronic design software provider behind the award-winning Altium Designer platform. I believe it's one of the best long-term options due to its exposure to the Internet of Things (IoT) market. This market has been growing at a rapid rate in recent years and looks set to continue doing so for a long time to come. This is thanks to the arrival of 5G internet and the opportunities it brings for connected devices. I expect this to lead to strong demand for its Altium Designer software over the next decade.
Appen Ltd (ASX: APX)
Appen is a leading developer of high-quality, human annotated datasets for the machine learning and artificial intelligence (AI) markets. Through its one million+ crowd sourced team, Appen helps tech giants like Facebook and Microsoft prepare high quality data for their machine learning and AI models. These models are of significant importance for tech companies and are driving increasing demand for Appen's services. So much so, it has continued its meteoric growth this year despite the pandemic.
CSL Limited (ASX: CSL)
I think this biotherapeutics giant is one of the best long term options Australian investors have. I believe CSL can be a market beater for some time to come thanks to the increasing demand for immunoglobulins, its growing plasma collection network, and its pipeline of potentially lucrative products. Another positive is that CSL is one of only a handful of companies that have been able to maintain their guidance in FY 2020. Management recently reaffirmed its FY 2020 profit guidance of ~US$2,110 million to US$2,170 million in constant currency.
Pushpay Holdings Group Ltd (ASX: PPH)
A final share to consider buying is this fast-growing donor management platform provider. Pushpay has grown its market share in the United States at a rapid rate over the last few years, leading to stellar revenue growth. Pleasingly, this has continued in FY 2020 even during the pandemic. During the first half, the company's operating revenue jumped 31% to US$56 million. This was driven by increasing customer numbers and a 20% lift in average revenue per customer (ARPC) to US$1,272. Looking ahead, the company has a significant market opportunity to grow into and a stronger product offering following the acquisition of church management system provider Church Community Builder.
