If you're looking to add a few growth shares to your portfolio in October, then I think the three listed below could be top options.
I believe all three are well-positioned to deliver solid earnings growth in the future and could generate strong returns for investors throughout the 2020s.
Here's why I'm bullish on them and would invest $3,000 across their shares:
Kogan.com Ltd (ASX: KGN)
The first ASX growth to consider buying is Kogan. I believe this ecommerce company could be a great option due to the continued rise in online shopping and the increasing popularity of its Kogan-branded products and Marketplace. Another positive is the company's recent capital raising, which raised $120 million for value accretive acquisitions. If these acquisitions are a success, Kogan's growth could go up a level in the coming years.
Megaport Ltd (ASX: MP1)
Another ASX growth share to consider is Megaport. It is a provider of elastic interconnection services across data centres globally. Megaport's service allows its customers to increase and decrease their available bandwidth in response to their own demand requirements. It has been a very strong performer in recent years thanks to the expansion of its footprint and increasing demand for its offering. This led to its monthly recurring revenue (MRR) growing 57% in FY 2020 to $5.7 million. Pleasingly, it is still only a fraction of its sizeable market opportunity. Thanks to its first-mover advantage, I expect it to capture a growing slice of this market over the next decade.
Pro Medicus Limited (ASX: PME)
A final ASX growth share to consider buying is Pro Medicus. It is a healthcare technology company which provides radiology IT software and services to hospitals, imaging centres, and healthcare companies. The key product in its arsenal is the Visage 7 Enterprise Imaging Platform. It delivers fast, multi-dimensional images which are streamed via an intelligent thin-client viewer. Pleasingly, demand for its offering has been strong and is driving impressive growth. I believe this can continue, especially given its growing sales pipeline.
