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3 stellar mid cap ASX shares to buy

James Mickleboro | August 5, 2020 2:14pm | More on: CKF JIN NAN

One area of the market which I continue to believe is home to a large number of quality options for investors is the mid cap space.

Three top mid cap shares which I believe could one day become much larger companies are listed below. Here’s why I think they would be quality long-term investments:

Collins Foods Ltd (ASX: CKF)

The first mid cap ASX share to consider buying is this quick service restaurant operator. Collins Foods is one of the largest operators of KFC stores in the world. It has a growing network of restaurants across Australia and also in the under-penetrated European market. It is the latter market which I believe could be the key driver of growth over the next decade. Also supporting its growth will be the rollout of the Taco Bell brand across Australia. This rollout has been going very well and is showing a lot promise. This could mean that after two failed attempts to crack the Australian market over the last 40 years, it will be third time lucky for the Taco Bell brand.

Jumbo Interactive (ASX: JIN)

Another mid cap share to consider buying is Jumbo. It is the online lottery ticket seller behind the Oz Lotteries website. But that’s not the only thing the company does. It also has its Powered by Jumbo software as a service business. It is this business which is expected to become the driver of its future growth and play a key role in the company achieving its target of $1 billion in ticket sales through the Jumbo platform by FY 2022. This will be triple what it achieved in FY 2019. Given how a material portion of lotteries are still not online, I believe the Powered by Jumbo business has a very lucrative global opportunity.

Nanosonics Ltd (ASX: NAN)

Nanosonics is the infection control specialist behind the trophon EPR disinfection system for ultrasound probes. I’m a big fan of the company due to the quality of the product and the growing recurring revenues it generates from consumables sales. Given its massive market opportunity, and management’s plan to launch several new products targeting unmet needs in the near term, I believe Nanosonics is well-positioned to continue its strong growth for many years to come. Though, it is worth noting that its FY 2020’s sales performance is likely to be stifled by the pandemic. However, I’m confident there will be a sharp rebound in 2021.