ASX shares are a great way to great your wealth with a small starting amount. You don't need to have a huge amount of cash set aside like having a house deposit.
With everything that's going on with the coronavirus it's hard to say what the shorter-term outlook is for some ASX shares.
But there are some picks that I'd buy in a heartbeat:
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ASX share 1: Pushpay Holdings Ltd (ASX: PPH)
Pushpay is electronic donation business. At the moment its client base is focused on large and medium US churches which are obviously huge sources donations each year. A large amount of those donations were in cash.
But now with the social distancing and restrictions, electronic donations very valuable to churches. Even if total giving reduces, it seems electronic giving will dramatically rise. It also helps that Pushpay offers a livestreaming option.
I think Pushpay is still an underappreciated ASX share by investors. Obviously the Pushpay share price has jumped recently. But I think FY21 alone looks very promising. The earnings before interest, tax, depreciation, amortisation and foreign currency (EBITDAF) is expected to just about double.
Pushpay is still expecting further strong revenue growth with expanding profit margins. It's still targeting over 50% of the medium and large church segments which is an opportunity representing over US$1 billion in annual revenue. That's a big, long-term growth runway.
I'd buy it in a heartbeat because I think the next three to five years could be very promising.
Pick 2: Bubs Australia Ltd (ASX: BUB)
Bubs is another ASX share I'd be very happy to buy today. The growth it has generated over the past three years has been very impressive. I like how it has become a vertically integrated player with its own canning facility.
The infant formula business is consistently expanding its distribution netowrk. Its growth in China is of course a major part of the opportunity. The FY20 third quarter Chinese revenue rocketed 104% compared to the prior corresponding period.
Outside of China and Australia, its 'other markets' revenue rose by 20 times in the FY20 third quarter, with significant growth in Vietnam. This represented 12% of total sales. That's very promising for the ASX share.
I was particularly pleased to see that Bubs generated positive cashflow of $2.3 million in the quarter. I think this is a great milestone. If Bubs remains cashflow positive then it's a much safer bet.
Foolish takeaway
I think both of these ASX shares have great prospects. They're one of the few shares to see acceleration of growth during this period, adding onto their already impressive outlooks. Both are seeing rising margins, so it's hard to pick a favourite. I'd want to buy both!
