Top 3 ASX Growth Stocks To Buy in 2021
The ASX 200 closed 0.4% higher today, reversing early selling that dragged the benchmark 0.3% lower within the first hour of trade.
The Australian benchmark has defied global sentiment to make gains on Tuesday. Despite international markets trending down on fears, the potential collapse of Chinese property developer Evergrande would not have a contagion effect so far.
The Australian stock market started the day in negative territory but by lunchtime, it had turned around. Indeed, It ended up 0.4% up to 7,274 points.
Our List of Growth Stocks Of The Week
Telstra (ASX: TLS)
Telstra, Australia’s biggest Telco has once again become a darling of the ASX. TLS shares are performing incredibly well and TLS shareholders are benefiting with strong dividends and stock buybacks.
Following on from Telstra’s T22 strategy, where the company focussed on cost cutting, this morning, TLS unveiled its T25 strategy that is focussed on growth and improving customer experience. Commencing from the 1 July 2022, T25 will be built on four strategic pillars to deliver:
- An exceptional customer experience you can count on
- Leading network and technology solutions that deliver your future
- Sustained growth and value for shareholders
- The place you want to work.
The TLS share price has gained 40% in the past 1 year and 32% in 2021 alone. TLS shares have once again become a top growth stock to buy.
Bank of Queensland (ASX: BOQ)
Bank of Queensland is one of Australia’s leading regional banks that has more than 165 branches across the country, run by local Owner-Managers. BOQ, together with its subsidiaries, operates in retail banking, BOQ business, and other segments. BOQ Business includes the BOQ branded commercial lending activity, BOQ Finance and BOQ Specialist businesses. It offers personal banking services which comprises of savings and term deposits, and transactional accounts; debit and credit cards; home, personal, and car loans; and travel, home and content, landlord, and car insurance, as well as investment services comprising online share trading services, and self-managed superannuation funds.
The company’s retail banking division supports customers through owner-managed and corporate branch networks, third party intermediaries, Virgin Money Australia distribution channels, an Australian based customer call centre, digital services, and mobile mortgage specialists.
The acquisition of ME Bank brings geographical diversification to BOQ. The deal is also bid to deliver benefits in the range of $70 million and $80 million over a 3 year period. BOQ earnings are expected to be good going forward given the recovery of the broader market.
BOQ shares trade at $9.09 a share and is definitely a growth stock worth considering.
Ramsay Health Care Ltd. (ASX: RHC)
Ramsay is a global healthcare company. Its business segments are Australia, Europe, UK, and Asia. The company operates about 500 hospitals and day surgery facilities globally. Ramsay’s facilities cater for a range of healthcare needs from day surgery procedures to complex surgery, as well as psychiatric care and rehabilitation. In Australia, the company operates approximately 72 hospitals and day surgery units. In the United Kingdom, the Company provides independent hospital services with a network of over 34 acute hospitals and day procedure centres providing a range of clinical specialities to private and self-insured patients, as well as to patients referred by the National Health Service. The company also operates a diagnostic imaging service and provides neurological services through its neuro-rehabilitation facilities. Ramsay’s global network extends across four regions with over 500 locations to service over eight million patient visits worldwide.
Following a very successful earnings result in a challenging year, RHC shares have hit the $70 mark and the reopening theme has really benefited the RHC shares price. Given the market outlook, RHC is top quality growth stock to buy now.
