With so many growth shares to choose from on the Australian share market, it can be hard to decide which ones to buy over others.
To narrow things down, I have picked out three options that are highly rated to consider:
BetaShares Asia Technology Tigers ETF (ASX: ASIA)
The first option is actually an ETF that gives investors access to a group of highly promising growth shares in the Asian market. By buying the BetaShares Asia Technology Tigers ETF, investors will be buying a slice of 50 outstanding tech companies that are leading Asia's technological revolution. Among the companies included in the fund are the likes of Alibaba, JD.com, Pinduoduo, Samsung, Taiwan Semiconductor, & Tencent.
ELMO Software Ltd (ASX: ELO)
Another growth share to look at is ELMO. It is a HR and payroll platform provider with operations in the ANZ and UK markets. Thanks to a combination of the shift to the cloud, the quality of its platform, and acquisitions, ELMO has been growing at a strong rate in recent years. Positively, despite this strong revenue growth, it is still only scratching at the surface of its addressable market. This gives it a long runway for growth over the next decade. One broker that is positive on ELMO is Shaw & Partners. It currently has a buy rating and $9.00 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
A final ASX growth share to look at is this online furniture and homewares retailer. It has been tipped to grow at a very strong rate over the 2020s thanks to the shift to online shopping. This is particularly the case for online furniture shopping, with is still in its infancy compared to other retail categories. Management recently revealed that it intends to cement its leadership position by investing heavily in its sales and marketing. While this will weigh on its profit growth in the short term, management believes it is worth it for the long term gains. Morgan Stanley agrees. It currently has an overweight rating and $15.00 price target on its shares.
