3 ASX growth shares to buy with $3,000 in October

Here’s why I think Ltd (ASX:KGN) and these ASX growth shares could generate strong returns for investors in the coming years.
The post 3 ASX growth shares to buy with $3,000 in October appeared first on Motley Fool Australia. –

Investor riding a rocket blasting off over a share price chart

If you’re looking to add a few growth shares to your portfolio in October, then I think the three listed below could be top options.

I believe all three are well-positioned to deliver solid earnings growth in the future and could generate strong returns for investors throughout the 2020s.

Here’s why I’m bullish on them and would invest $3,000 across their shares: Ltd (ASX: KGN)

The first ASX growth to consider buying is Kogan. I believe this ecommerce company could be a great option due to the continued rise in online shopping and the increasing popularity of its Kogan-branded products and Marketplace. Another positive is the company’s recent capital raising, which raised $120 million for value accretive acquisitions. If these acquisitions are a success, Kogan’s growth could go up a level in the coming years.

Megaport Ltd (ASX: MP1)

Another ASX growth share to consider is Megaport. It is a provider of elastic interconnection services across data centres globally. Megaport’s service allows its customers to increase and decrease their available bandwidth in response to their own demand requirements. It has been a very strong performer in recent years thanks to the expansion of its footprint and increasing demand for its offering. This led to its monthly recurring revenue (MRR) growing 57% in FY 2020 to $5.7 million. Pleasingly, it is still only a fraction of its sizeable market opportunity. Thanks to its first-mover advantage, I expect it to capture a growing slice of this market over the next decade.

Pro Medicus Limited (ASX: PME)

A final ASX growth share to consider buying is Pro Medicus. It is a healthcare technology company which provides radiology IT software and services to hospitals, imaging centres, and healthcare companies. The key product in its arsenal is the Visage 7 Enterprise Imaging Platform. It delivers fast, multi-dimensional images which are streamed via an intelligent thin-client viewer. Pleasingly, demand for its offering has been strong and is driving impressive growth. I believe this can continue, especially given its growing sales pipeline.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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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 recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended ltd and MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 3 ASX growth shares to buy with $3,000 in October appeared first on Motley Fool Australia.

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