If you're looking to boost your portfolio with some growth shares, then you might want to look at the ones listed below.
Here's why these quality ASX growth shares have been tipped as ones to buy right now:
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IDP Education Ltd (ASX: IEL)
The first ASX growth share to look at is IDP Education. It is a provider of international student placement and English language testing services.
Due to the pandemic bringing international student travel to a standstill, IDP Education has been hit very hard. This led to the company reporting sizeable declines in both its revenue and earnings during the first half of FY 2021.
For the six months ended 31 December, the company posted a 29% decline in revenue to $269 million and a 46% decline in EBIT to $47.3 million.
While this is disappointing on paper, trading conditions are improving and the company looks well-positioned to win a greater share of the market when the pandemic passes.
One broker that is positive on the company is Goldman Sachs. Last week it put a buy rating and $29.90 price target on its shares. Goldman expects IDP Education's revenue to almost double and its earnings per share to almost triple between FY 2021 and FY 2023.
Kogan.com Ltd (ASX: KGN)
Another ASX growth share to consider is Kogan. Unlike IDP Education, it has been a big winner from the pandemic. This led to the company reporting very strong growth during the first half of FY 2021.
For the six months ended 31 December, the leading ecommerce company reported a 97.4% increase in gross sales to $638.2 million and a 250.2% lift in adjusted net profit after tax to $36.5 million.
Management advised that this strong result was driven by a 76.8% increase in Kogan active customers to 3 million, its acquisition of Mighty Ape, and growth in the Kogan Marketplace and Exclusive Brands segments. The latter segment has higher margins, which helped drive margin expansion.
This result went down well with analysts at Credit Suisse. In response to it, the broker put an outperform rating and $20.85 price target on its shares.
