If you are looking to expand your ASX share portfolio, here are 3 good options for you to take a look at.
Here's why Ramsay Health Care Limited (ASX: RHC), Nanosonics Ltd. (ASX: NAN) and Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) are all in my buy zone right now.
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3 five-star ASX shares to buy this month
Ramsay
Ramsay has grown over the past few decades to become Australia largest private healthcare provider. The healthcare operator also now has a presence in 11 countries around the globe, including the United Kingdom, France and Italy.
The Ramsay share price took a significant hit during the early phase of the coronavirus pandemic. A ban on non-essential surgery, especially during February and March, was a significant reason for this. Since then its share price has only made a partial recovery.
While there could be further restrictions in some operating markets in the months ahead, eventually the pandemic will pass. I believe that Ramsay will be well positioned for long-term growth, driven by the growing global demand for quality hospital services over the next decade.
Nanosonics
Nanosonics is a niche healthcare product supplier. It manufactures and distributes a market-leading disinfection system for ultrasound probes. Over the past few years it has witnessed strong growth across Asia, Europe and the Middle East. Despite a dip in the early phase of the pandemic, Nanosonics has been a very strong ASX share price performer since beginning of 2019.
The company's recent financial performance has been strong. Total revenue for the first half of FY20 was 19% up on the prior period to $48.5 million.
There is now an even stronger growing global trend towards stricter disinfection control in light of the coronavirus pandemic. I think this could help to push the Nanosonics share price even higher in the years ahead.
Soul Patts
Soul Patts has been a consistent performer on the ASX for over a decade now. Due to a strong level of market diversification, it is more resilient to economic downturns than many other ASX 200 shares.
The Soul Patts share price has lost a bit of ground since the beginning of the coronavirus pandemic. However, looking back over the past 10 years, the Soul Patts share price has risen strongly by 59%. I believe that Soul Patts is well placed to tap into its investments across a broad range of industries in the coming decade. These include pharmacies, telecommunications and mining.
Foolish takeaway
Ramsay, Nanosonics and Soul Patts are all high quality ASX shares that I believe have above-average growth prospects over the next 5 years.
