Are you looking to add some ASX growth shares to your portfolio this month? If you are, then you might want to take a look at the four listed below.
I believe these ASX growth shares are among the best on offer on the Australian share market right now. Here's why I would buy them:
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Appen Ltd (ASX: APX)
The first ASX growth share to buy is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). Though its million-strong crowd sourced team of experts, Appen prepares the data that goes into the AI models of some of the biggest tech companies in the world. Given how investment in AI and machine learning is expected to grow rapidly in the future, I believe Appen is well-placed for growth over the next decade.
ELMO Software Ltd (ASX: ELO)
ELMO is a cloud-based human resources and payroll software company. It provides a unified platform to streamline processes for employee administration, recruitment, on-boarding, learning, performance, remuneration, compliance training and payroll. It has been a strong performer in recent years and looks well-placed to continue this trend in FY 2021 and over the next decade. Especially given how management has approximately $139 million to deploy on value accretive acquisitions.
Kogan.com Ltd (ASX: KGN)
Another ASX growth share to buy is Kogan. It is a rapidly growing ecommerce company which has been benefiting greatly in 2020 from the accelerating shift to online shopping. This has resulted in stellar active customer and sales growth. And thanks to its improving margins, the company's earnings growth has been even more explosive. As with ELMO, the company has undertaken a capital raising this year to provide it with the funds to make value accretive acquisitions.
NEXTDC Ltd (ASX: NXT)
Another ASX growth share which I think would be a great long term option for investors is NEXTDC. I believe the data centre operator is well positioned to capitalise on the increasing amount of data being generated by consumers and businesses. This consumption is only going to increase in the future as more software moves to the cloud and 5G internet adoption grows. I expect this to lead to growing demand for capacity in its world class data centres.
