A buoyant stock market in recent weeks has seen some ASX growth shares go from strength to strength.
Medallion Financial Group director Philippe Bui this week named a couple of stocks with precisely that type of momentum which he considers as buys right now:
'A strong pipeline of work'
Not only has the Johns Lyng Group Ltd (ASX: JLG) share price climbed more than 23% since the start of December, it's a 37.5% rise since the last reporting season back in August.
Bui likes how the company has shown an ability to execute on its vision.
"The group delivers building and restoration services in Australia and the US," Bui told The Bull.
"The business has generated strong growth in revenue and net profit after tax during the past three years."
The Johns Lyng management has taken a multi-pronged approach to achieving growth in the business and the stock.
"Organic growth has been supported by its acquisition strategy," Bui said.
"So far, expanding to the US has been positive. Recent natural disasters are providing a strong pipeline of work."
Bui is well-supported among his peers on his bullishness.
Broking platform CMC Invest shows five out of seven analysts rate Johns Lyng as a strong buy.
ASX shares boasting 'robust growth, recurring revenues'
Human resources software maker Readytech Holdings Ltd (ASX: RDY) has enjoyed a 15% surge in its share price since the last reporting season six months ago.
"Readytech provides software-as-a-service technology to businesses and educators," said Bui.
"It offers robust growth, recurring revenues and a reasonable valuation."
The current valuation can be compared to a failed deal about 15 months back.
"On February 22, the share price was still trading below a shelved takeover bid for ReadyTech at $4.50 a share in late 2022, despite a growing business."
This all points to a strong outlook for the software firm.
"Organic growth in the mid-teens has been previously forecast by the company.
"At recent price levels, we believe ReadyTech offers value."
The tech stock is another favourite among professional investors, with all five analysts surveyed on CMC Invest currently rating it as a buy.
