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3 ASX growth shares that could generate strong long term returns

James Mickleboro | June 10, 2020 10:42am | More on: ASIA BUB DMP

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One thing the Australian share market is not short of is quality growth shares. But with so many to choose from, it can be hard to decide which ones to buy.
To narrow things down for you, I have picked out three top ASX growth shares which I think could beat the market over the next 10 years.
Here’s why I would buy them:
BetaShares Asia Technology Tigers ETF (ASX: ASIA)

The BetaShares Asia Technology Tigers ETF is not strictly a growth share. However, I’m including it in this list because it provides investors with exposure to a collection of top growth shares. As the name implies, the fund is invested in some of Asia’s biggest and brightest tech companies. BetaShares notes that due to its younger and tech-savvy population, the Asian market is surpassing the West in respect to technological adoption. As such, the sector is anticipated to remain a growth sector for a long time to come. Companies included in the fund are Tencent Holdings, JD.com, Alibaba, Samsung, and Baidu.
Bubs Australia Ltd (ASX: BUB)

Another ASX growth share to consider buying is Bubs Australia. It is an infant formula and baby food company which specialises in goats milk products, but has recently expanded its range into cows milk. Given how much bigger the latter market is, I think this was a smart move and allows the company to benefit from the best of both worlds. Overall, I believe Bubs is well-positioned for long term growth thanks to its expanding distribution footprint in Australia and online and increasing demand in Asia.
Domino’s Pizza Enterprises Ltd (ASX: DMP)

A final ASX growth share to buy right now could be Domino’s Pizza. I think the pizza chain operator could be a long term market beater. This is due to its ambitious but achievable growth plans. As well as aiming to grow its same store sales by 3% to 6% per annum over the next five years, the company is planning to expand its store network at a strong rate. Management is targeting annual organic new store additions of 7% to 9%. If it delivers on both of these and at least maintains its margins, it should underpin strong earnings growth this decade. For this reason, I think it would be a great buy and hold option.