2 fast-growing ASX shares named as buys

These growth shares have been named as buys…

| More on:
ASX shares profit upgrade chart showing growth

Image source: Getty Images

If you鈥檙e looking for some growth shares to add to your portfolio this month, then the two listed below might be worth considering.

Here鈥檚 why these ASX growth shares have been rated as buys recently:

Breville Group Ltd聽(ASX: BRG)

The first ASX growth share to look at is this leading appliance manufacturer. Breville’s products have been resonating with consumers for decades and, positively, show no signs of stopping any time soon.

This is thanks to its continuous and growing investment in research and development (R&D), which has ensured that Breville has a pipeline of innovative new products.

In addition to this, the company has been expanding its footprint globally, which is increasing its addressable market and driving strong sales and profit growth.

For example, in FY 2021 Breville delivered a 24.7% increase in revenue to $1,187.7 million and a 39.6% jump in EBIT to $136.6 million.

Morgan Stanley remains bullish on the company鈥檚 future. It currently has an overweight rating and $36.00 price target on its shares.

Temple & Webster Group Ltd聽(ASX: TPW)

Another ASX growth share to look at is Temple & Webster. It is Australia鈥檚 leading online furniture and homewares retailer.

Temple & Webster has been growing at a rapid rate in recent years but particularly during the pandemic thanks to the accelerating shift to online shopping.

This shift, a booming housing market, its strong market position, and a favourable redirection in consumer spending underpinned very strong sales and profit growth in FY 2021.

Temple & Webster reported an 85% increase in revenue to $326.3 million and a 165% jump in net profit after tax to $14 million. The company also finished the period with active customers of 778,000. This was up 62% year on year and gives its a firm foundation to build on in FY 2022 and beyond.

Credit Suisse believes the company is well-placed for growth over the long term. Last week it put an outperform rating and $15.73 price target on the company鈥檚 shares.

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 August 16th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on 鈴革笍 Growth Investing