2 fantastic ASX growth shares named as buys this week

These ASX growth shares have been named as buys…
The post 2 fantastic ASX growth shares named as buys this week appeared first on The Motley Fool Australia. –

Are you wanting to add some growth shares to your portfolio this month? If you are, then you may want to check out the two listed below.

Here’s why analysts are tipping these ASX shares as buys:

Bapcor Ltd (ASX: BAP)

The first ASX growth share to look at is Bapcor. It is the Asia Pacific region’s leading provider of vehicle parts, accessories, equipment, service and solutions.

Earlier this week, Bapcor released its full year results and revealed strong sales and profit growth. For the 12 months ended 30 June, the company reported a 20.4% increase in revenue to $1,761.7 million and a 46.5% jump in pro forma net profit after tax to $130.1 million.

This was driven by growth across the business. Bapcor’s CEO & Managing Director, Darryl Abotomey, explained: “As was the case in the first half of the year, every one of our business segments increased revenue and earnings, capitalising on the increased demand during the period while at the same time also delivering major projects across the group that will set us up for continued success.”

And while management’s guidance for FY 2022 was somewhat cautious, the team at Credit Suisse remain positive.

In response to the release, the broker has retained its outperform rating and trimmed its price target ever so slightly to $9.20.

Breville Group Ltd (ASX: BRG)

Another ASX growth share to look at is Breville. It is the Australian appliance manufacturer behind the Sage, Kambrook, Baratza, and eponymous Breville brands.

Breville was on form in FY 2021 and has also just delivered a stellar full year result. For example, for the 12 months ended 30 June, Breville reported a 24.7% increase in revenue to $1,187.7 million and a 39.6% jump in EBIT to $136.6 million. The latter was ahead of its upgraded guidance.

The company’s CEO, Jim Clayton, explained that its international expansion and the work from home initiative were key drivers of its strong result.

He commented: “A fairly remarkable year for the Group with accelerated demand experienced in the first half carrying through to the second half. Increased consumer demand, driven by the need/requirement to work from home, coupled with our continued geographic expansion, outweighed logistical challenges and a weakening USD.”

In response to the result, Morgan Stanley retained its overweight rating and lifted its price target to $36.00. It expects its strong form to continue and is forecasting further strong earnings growth in FY 2022.

The post 2 fantastic ASX growth shares named as buys this week appeared first on The Motley Fool Australia.

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More reading

The Bapcor (ASX:BAP) dividend bumps up 14%
These top ASX dividend shares keep giving investors a payrise

Why Bapcor, BHP, CSL, & Netwealth shares are tumbling today

Top brokers name 3 ASX shares to buy today

The Bapcor (ASX:BAP) share price is rising after FY21 earnings on Wednesday

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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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