With the Australian share market home to a large number of quality growth shares, it can be hard to decide which ones to buy.
To narrow things down for you, I have picked out three top ASX growth shares which I think would be great buy and hold options. Here's why I like them:
Kogan.com Ltd (ASX: KGN)
The first ASX growth share to consider buying and holding is this ecommerce company. Kogan's shares have been on fire this year thanks to its explosive earnings and sales growth over the last few months. And while its shares are certainly not cheap, I believe they justify this premium because of its increasingly positive outlook thanks to the structural change that is happening in the retail industry. Another positive is that Kogan announced a $115 million capital raising earlier this month. It intends to use these funds to acquire businesses that add value and drive further growth.
ResMed Inc. (ASX: RMD)
Another growth share to consider buying is ResMed. It is a sleep treatment-focused medical device company which has delivered consistently strong earnings growth over the last decade. The good news is that I'm confident this positive form can continue over the next decade thanks to its high quality masks and software solutions and its growing market opportunity. Management has previously estimated that only ~20% of sleep apnoea sufferers have been diagnosed.
SEEK Limited (ASX: SEK)
A final growth share to look at buying and holding is SEEK. I think the job listings giant has the potential to grow materially in the future. This is largely due to its growing Zhaopin business in China. Given its massive opportunity in the lucrative market, I expect the Zhaopin business to be the key driver of growth over the next decade. Another positive is that earlier today the company released a trading update which showed that trading conditions are improving. This could make it an opportune time to invest.
