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Why I would buy a2 Milk and these quality ASX growth shares

James Mickleboro
ASX growth shares 2019

If you’re looking to add a growth share or two to your portfolio then you’re in luck because the Australian share market is home to a large number of companies growing their earnings at a very strong rate.

Three which I feel are amongst the best on offer on the local market are listed below. Here’s why I think growth investors ought to buy them:

a2 Milk Company Ltd (ASX: A2M)

One of my favourite growth shares is this New Zealand-based fresh milk and infant formula company. I’m a big fan of a2 Milk Company because of its strong growth prospects thanks to its expansion in the United States and the increasing demand for its infant formula products in China. It has been due largely to the latter that the company reported an impressive 42% increase in revenue for the first nine months of FY 2019 to NZ$938 million.

Appen Ltd (ASX: APX)

I think Appen is one of the most exciting tech shares on the local share market. This is because the company has worked hard to earn itself a leadership position in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. This bodes especially well for the company’s growth prospects given how machine learning and artificial intelligence are expected grow materially over the next decade. Combined with recent acquisitions, I believe it is positioned perfectly to deliver above-average profit growth over the long term.

Nanosonics Ltd (ASX: NAN)

Nanosonics is an infection control specialist which I believe has significant growth potential. This is because of both its industry-leading trophon EPR disinfection system for ultrasound probes and management’s plan to launch new products targeting other unmet needs in the near term. If the new products are half as successful as the trophon EPR disinfection system, then Nanosonics should have a very bright future ahead of it.

And here are five more growth shares that I believe could be market beaters over the next few years.

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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 Nanosonics Limited. The Motley Fool Australia owns shares of A2 Milk and Appen Ltd. The Motley Fool Australia has recommended Nanosonics Limited. 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 Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019