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Date : 12/08/2021

Top 2 Growth Stocks Of The Week

The ASX traded in the red zone for most of the day today. However, a rally late in the day resulted in another record high for the index. The ASX 200 increased marginally today, adding 3.9 points and closing at 7588.2 points – an increase of 0.05%.

Top 2 Growth Stocks To Consider

Earnings have largely been exceptionally good. With Telstra’s buybacks and strong financial performance stealing headlines. The TLS stock price also edged higher by 3.66% to another 52-week high. Graincorp and QBE Insurance were the top performers today as shares gained 11.7% and 8.1%, respectively. Growth continues to edge on for several ASX shares despite warnings that growth in the economy is now peaking. Here we have to top quality stocks to buy whose growth does not look to have peaked yet!

Our List of Growth Stocks Of The Week

Bank of Queensland (ASX: BOQ)

Bank of Queensland (ASX: BOQ) 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.

Following the acquisition of ME Bank, the acquisition is reported to bring geographical diversification to the Bank of Queensland. 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 given the recovery of the broader market. BOQ shares are resonating the same sentiment as the BOQ share price inched higher this week – setting another 52-week high for BOQ shares. Today, BOQ shares closed at $9.57 a share.

Temple & Webster Group (ASX: TPW)

TPW is Australia’s largest pure play online retailer in the furniture and homewares market. Temple & Webster Group operates as an online retailer of furniture and homewares. It provides furniture, homewares, home décor, arts, gifts, and lifestyle products from Australian and international designers. The firm operates through two brands: Temple & Webster, and Milan Direct.

TPG shares were trading over $12 a share, however, as the firm reported its full year earnings, TPW shares declined despite the firm posting record numbers. Revenue grew 85% across the year driven by strong growth in new and repeat customers and average order values. While lockdowns during FY20 and FY21 have accelerated the underlying shift from offline to online. Among the highlights were:

  • Record year for revenue, profit and customers
  • Full year revenue up 85% YoY to $326.3m
  • EBITDA up 141% YoY to $20.5m
  • Cash flow positive year with ending cash balance of $97.5m
  • Active customers up 62% YoY to 778k
  • Trade and Commercial division up 110% YoY
  • Q4 maintained strong sales growth YoY at 26% (which is compared against Q4 FY20 which in turn grew 130% YoY.

As we can see, TPW delivered a strong result. It looks like TPW shares were caught in the middle of fragile market sentiment. However, with much of Australia now in lockdown, TPW shares have once again come in favour as it is being deemed as one of the winners of the pandemic lockdowns. TPW shares closed today at $12.44 a share and if we go by the performance of TPW shares during the first wave of the pandemic, there is still a lot of running room left this time around.

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Top 5 ASX Stocks
to Buy for Capital Growth in 2022

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