When it comes to growth stocks, I continue to believe that Australian investors are spoiled for choice.
This is because there is currently a large number of high quality and fast growing stocks to buy on the Australian stock market.
Three that I think are some of the best on the market are listed below. That’s why I would buy these ASX growth stocks in November:
Aristocrat Leisure is a gaming technology company that I think could see strong growth in the 2020s. This is due to the quality of the core business and the potential of the digital business. In the first half of the year, the latter business had 7.3 million daily active users. While this was a decrease from the same period last year, it was driven by management’s focus on monetization. This change paid off for the company. Average revenue per user per day rose 31% to 50 US cents. With new releases, the growing popularity of social and mobile games and the reopening of casinos, I expect Aristocrat Leisure to recover from the pandemic with a strong result in fiscal 2021.
Another growth component is Audinate. It is a provider of hardware and software solutions for the audiovisual (AV) market. The key product in its portfolio is the award-winning Dante Media Networking solution. This product is the world leader (by far) in AV connectivity, eliminating the need for traditional analog connections. Prior to the pandemic, demand for Dante was very high, which resulted in explosive sales growth. Fortunately, sales are accelerating again after a few slow quarters due to COVID. I expect this to continue through fiscal 2021 and given the sizable addressable market in the years to come.
One final growth streak to consider is Xero. It is one of the world’s leading providers of business and accounting software for small and medium-sized businesses. The platform enables companies to streamline processes, including importing banking transactions and sending billing reminders. The ecosystem also includes over 800 apps that companies can use to run their operations more efficiently. So it’s no wonder that the number of participants continues to rise even during the pandemic. Looking ahead, I believe it still has a long path to growth thanks to its massive global market opportunity and continued shift to cloud-based platforms in the 2020s.
Man who said buying Kogan shares at $ 3.63 says buy those 3 ASX shares now
If investment expert Scott Phillips has a stock market tip, it can be worth listening. After all, the flagship newsletter, the Motley Fool Share Advisor, which it has run for more than eight years, has offered thousands of paying members stock choices that have doubled, tripled, or even more. *
In this FREE STOCK REPORT, Scott just revealed what he thinks this is 3 ASX stocks for the post-COVID world that investors should buy now while they still can. These stocks trade at dirt cheap prices, and Scott believes these could really become gangbusters if we venture into the “new normal.”
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* Returns from June 8th, 2020
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