Are you looking to buy some blue chip ASX shares for your portfolio this week? If you are, then I would suggest you look at the ones listed below.
I believe all three have the potential to generate solid returns for investors over the next decade. Here’s why I would buy these ASX blue chip shares today:
The first blue chip ASX share to consider buying is CSL. I think the biotherapeutics giant is the highest quality company on the Australian share market and in a great position to deliver solid earnings growth over the next decade. This is thanks to its world class facilities, leading therapies, and extremely promising research and development pipeline. The latter includes a number of therapies that have the potential to generate billions of dollars in sales over the next decade if successful. In addition to this, with the CSL share price down 19% from its high, now could be an opportune time to invest.
Another blue chip ASX share I would buy for the long term is Goodman Group. It is an integrated commercial and industrial property group which owns a high quality portfolio of assets. Management notes that its properties are a symbol of smart investment. It has strategically located modern, high quality properties in key gateway cities around the world. This has shortened the distance between business and consumers and put its customers ahead of the market. No wonder the likes of Amazon, DHL, and Walmart are among its tenants.
A final blue chip ASX share to consider buying is SEEK. Although FY 2021 looks set to be very difficult because of the pandemic, I believe the job listings giant will bounce back strongly once it passes. And looking long term, I feel it can grow materially in the future thanks largely to its growing Zhaopin business in China. Given how this business has such a massive opportunity in a very lucrative market, I believe it will be the key driver of growth over the next decade. This should be supported by solid growth from its ANZ business, which continues to dominate the local market.
James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended SEEK 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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