The S&P/ASX 200 Index (ASX: XJO) may have closed lower today, however three ASX shares have made new, all-time highs.
An all-time high (ATH) is when the share price hits a value higher than it has ever traded at before. Why is this significant? Many companies struggle to break previous highs for a number of reasons. Whether it’s valuations, ratios, broker ratings or even just basic seller psychology, a company approaching its ATH can be a nervous time for investors.
Companies that break past this barrier and make new ATHs are a little bit special. They have broken the glass ceiling and are off and running. When this occurs, the feeling of huge potential is often renewed for investors. Today, three ASX shares have done just this.
ASX shares making new all time highs
Temple & Webster Group Ltd (ASX: TPW)
Temple & Webster is an e-commerce platform providing a premium shopping experience. The company specialises in furniture and homewares products and is considered to be Australia’s largest online homewares store. Large is right. Temple & Webster has over 130,000 products listed.
The company actually operates two different brands – Temple & Webster and Milan Direct. Milan Direct specialises in furniture sourcing with many of its products listed on the Temple & Webster marketplace.
Temple & Webster has an excellent reputation in Australia and has even won several awards to prove it. These include the Deloitte Fast50, BRW Fast Starters and Power Retail awards, to name a few.
The Temple & Webster share price hit a high of $4.37 in February this year, before coronavirus caused a landslide and sent it down to a low of $1.52. Since then, the company has not only recovered, but thrived. Its share price has risen a staggering 690% since those March lows to hit an all time high today of $12.10.
The company has been in prime position to take advantage of the wave of online shopping occurring during the pandemic, recording a 74% increase in revenue in FY2020. These strong results have helped to push the Temple & Webster share price to lofty new heights.
Sealink Travel Group Ltd (ASX: SLK)
Sealink is Australia’s largest integrated land and marine, tourism and public transport provider. It has established operations across Australia, London and Singapore.
The company boasts amazing numbers, including moving more than 280 million customers each year. That’s right, million. It’s impressive. Sealink achieves this using its fleet of over 3,500 buses and 80 ferries. Chances are, if you’ve travelled at all, you’ve travelled with Sealink!
You would think a company in this sector might have reported a bad year in 2020, all things considered. However, Sealink reported strong numbers in the form of a total revenue increase of 152.8% on the previous year. These are really incredible numbers in the face of the coronavirus pandemic.
For quite some time, the Sealink share price has traded at a maximum price of $5.23. In March, the company was also hit hard by the market crash, with its share price falling from $4.50 down to $2.50. Since then, it has well and truly recovered, climbing nearly 125% to close at $5.59 today. Not only has the rally been great for investors, but Sealink can now boast a new all-time high share price of $5.79 reached in intraday trade too.
Data#3 Limited (ASX: DTL)
Data#3 is a leading provider of IT services and solutions in Australia. Its product suite is extensive, ranging from cloud computing, security and analytics to procurement and project management services.
The company has actually been listed on the ASX since 1997 and has over 40 years’ experience in business. Revenue is substantial for this IT player, with it reporting a whopping $1.6 billion revenue in FY2020. Revenue alone doesn’t mean much, but in the case of Data#3, this year it reported a 14.9% lift in revenue on the previous year and even more importantly, a lift of 30.5% in net profit. Great results all round.
Since the March crash, which took the Data#3 share price as low as $2.50, it stormed as high as $6.78 today before closing the session at $6.75. Again, like the other ASX shares on the list, this is a new all-time high for the company. One thing to note about Data#3, it actually made a new all-time high recently on 3 September and it has taken the company less than 30 days to do it again!
Watching ASX shares making all-time highs is exciting because they are breaking through a barrier that has never before been broken.
Often this can trigger a new bullish run for a company as investors develop a new wave of confidence surrounding just how far the share price could ultimately go.