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3 of the best ASX blue chip shares you can buy right now

If you want to construct a balanced portfolio, I think having a few blue chip ASX shares is a smart move.

Blue chip shares tend to be companies that are well-known, long-established, and have strong financial positions. In other words, they are not going anywhere any time soon, which makes them safer than the average share.

Though, it is worth remembering that not all blue chip ASX shares are equal and some are better than others.

Right now, I think three of the best ASX blue chip shares are the ones named below. Here’s why I like them:

CSL Limited (ASX: CSL)

I think this biotherapeutics company is one of the best blue chip shares to buy. Especially after a recent pullback in its share price due to concerns that the pandemic could reduce its plasma collections and have a negative impact on the cost of future immunoglobulin and albumin production. While this concern is real, I’m confident that other parts of the business, such as vaccines, will offset this. Looking further ahead, I believe its current portfolio of therapies has the potential to drive solid earnings growth over the coming years. However, this should be boosted by CSL’s pipeline of lucrative therapies under development which have significant potential.

Goodman Group (ASX: GMG)

I think Goodman Group is a blue chip share to buy. It is an integrated commercial and industrial property group which I believe is well-positioned for growth over the long term due to the strength of its portfolio and future developments. Especially given its focus on high-quality properties in key locations that it believes will deliver sustainable returns for investors. These include logistics and warehouse facilities which have exposure to the growing ecommerce market through relationships with Amazon, DHL, and Walmart.

Telstra Corporation Ltd (ASX: TLS)

Finally, I think that Telstra is another blue chip share to buy today. Times may have been hard for the telco giant over the last few years, but things are looking a lot more positive now. This is thanks to the negative impact of the NBN rollout coming close to peaking and its T22 strategy making very positive progress. Combined with the arrival of 5G internet and rational competition, I believe Telstra’s earnings and dividend could start growing again from FY 2023.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. 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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