3 ASX growth shares that I would buy in 2020

Here’s why I would buy Domino’s Pizza Enterprises Ltd (ASX: DMP) and two other quality ASX growth shares in 2020

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I think it’s a great idea to review your portfolio every few weeks and scour the market for new opportunities. There are some high-quality ASX shares that have provided investors with strong growth throughout the year.

With that in mind, I believe these ASX growth shares will continue to outperform the market for years to come.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Domino’s has experienced impressive growth due to the increasing popularity of pizzas during COVID-19. The company reported a solid result for the FY20 period with consumer demand shifting to take-away foods.

As a result, the Domino’s share price has been surging higher. Today, the Domino’s share price is trading at $86.88, just under 1% off its all-time high. And is likely to again break new territory before 2021.

Domino’s has been aggressively expanding its store network to further fuel its market leading appetite. The pizza chain operator plans to double its store network to 5,500 stores by 2033.

In addition, the company has been at the forefront of technological innovation. New partnerships with social media platforms and ordering technologies has created convenience for hungry customers, translating to sales for Domino’s.

JB Hi-Fi Limited (ASX: JBH)

One of Australia’s favourite retailers, JB Hi-Fi has achieved record sales since March with consumers spending big on household goods. Government stimulus measures have been a huge tailwind to the company’s performance this year. And with Christmas just around the corner, more growth could come.

Unemployment levels fell from 7.5% to 6.8% in August, hinting the economy is slowly getting back on track. JB Hi-Fi said its online and commercial operations has seen significant acceleration.

Furthermore, once Victoria reduces restrictions and opens up retail trading, JB Hi-Fi should be in for a bumper season. New phone releases and gaming consoles could be a massive push for the company’s top line growth.

At the time of writing, the JB Hi-Fi share price is swapping hands for $52.04, marginally down 1.03%. Following today’s fall, JB Hi-Fi is sitting slightly below its all-time high reached in August.

Pointsbet Holdings Ltd (ASX: PBH)

Pointsbet has made huge tailwinds in recent times, winning a new 5-year partnership agreement with sports media giant, NBC Sports. The corporate bookmaker’s share price sky rocketed more than 100% on the news. At the time of writing, the Pointsbet share price is down 2.38% to $11.88.

As the sporting industry slowly starts to come back to life, Pointsbet is likely to see a lift in earnings. The previously announced multi-year agreements with Pacers Sports & Entertainment, Kroenke Sports & Entertainment (KSE) and Twin River Management Group, will also start to generate revenue for the company.

Pointsbet recently competed a capital raise to support marketing costs across the United States, and further client acquisition and retention. The company should see its share price grow next year if it can deliver on its strategic goals.

Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and Pointsbet Holdings Ltd. 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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