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3 fantastic ASX shares to buy in October

asx growth shares
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With a new month on the horizon, now could be a good time to look at your portfolio to see if you can make some additions to take it to the next level.

Three ASX shares that I think could be great additions are listed below. Here’s why I would buy them:

Altium Limited (ASX: ALU)

The first option to consider buying is Altium. It is an electronic design software provider which has been growing at an exceptionally strong rate over the last few years. While it growth has been stifled by the pandemic, I expect a swift recovery once the crisis passes. Especially given its exposure to the growing Internet of Things and Artificial Intelligence markets. These markets are underpinning the proliferation of electronic devices and driving increasingly strong demand for its Altium Designer software. The company has also just launched a cloud-based version, Altium 365. Given the rise of remote working, this offering its likely to go down very well with end users.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Another ASX share to buy is Domino’s. I think this pizza chain operator is a great option due to the popularity of its pizzas and its ongoing international expansion. At the end of FY 2020, Domino’s had a store network of 2,668 stores. While this is undoubtedly a very large store network, management is settling for that. It is aiming to more than double its network to 5,500 stores by 2033. If it delivers on this and continues delivering solid same store sales growth, Domino’s is likely to deliver very strong earnings growth over the next decade.

ResMed Inc. (ASX: RMD)

A final ASX share to consider buying is ResMed. It is a medical device company which has a focus on sleep treatment solutions. I think it is one of the best buy and hold options on the Australian share market due to its world class product offering and its materially global market opportunity. Management estimates that there are 936 million people with sleep apnoea globally and 380 million people who suffer from chronic obstructive pulmonary disease (COPD). Given that the vast majority of these people are undiagnosed. ResMed still has a very long runway for growth over the next decade and beyond.

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 and recommends Altium. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and ResMed Inc. 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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