Do you have $3,000 to invest into shares? I think there are a number of top ASX shares that are worth buying right now.
Currently the S&P/ASX 200 Index (ASX: XJO) is down 24% from the February 2020 high. Whilst the market has recovered, there are still plenty of shares that are attractively lower than before.
Here are three top ASX share ideas:
Pushpay Holdings Ltd (ASX: PPH)
Pushpay is an electronic donation business. Its share price is down 15% even though it has actually increased its EBITDAF guidance – that stands for earnings before interest, tax, depreciation, amortisation and foreign currency.
How has it been able to increase its guidance during coronavirus? Gatherings of people are being restricted. Churches in the US, which are Pushpay's main clients, are having to come up with alternate ways to collect donations and deliver their church services despite the lockdowns.
Pushpay has the answer for both problems. People can donate electronically using Pushpay technology. And Pushpay offers video streaming of church services, which is perfect for this situation with everyone at home.
The company had just reached profitability and positive cashflow, so this acceleration of growth could really grow profit margins and the bottom line.
Brickworks Limited (ASX: BKW)
The construction industry is certainly in for a rough time over the coming months. But this could be a very opportunistic time to buy shares of the biggest brickmaker in Australia.
Brickworks' share price has fallen 36% since 20 February 2020 – and I thought it was good value before the falls.
I think the company has a number of attractive features.
It recently expanded internationally with a few acquisitions based in the US. It has a reliable dividend record going back over 40 years. It has two other defensive asset divisions which are providing reliable earnings and cashflow in the meantime. It could make acquisitions during this period at low prices.
Brickworks is now offering a grossed-up dividend yield of 6.4%.
Bubs Australia Ltd (ASX: BUB)
I think Bubs is one of the most promising small caps on the ASX. It has all of the building blocks for a very strong future with a range of quality products, a secured supply chain and rapidly increasing demand.
In this environment customers are looking for high-quality products which will provide good nutritional content.
Bubs recently announced positive cashflow in its latest quarter, which is a good development from a business where the revenue is rapidly rising.
I'm not suggesting it's going to reach the same heights as A2 Milk Company Ltd (ASX: A2M), but it certainly has a very promising future if this growth keeps up.
Foolish takeaway
I think all three of these companies could be some of the best ideas to buy on the ASX right now. It's hard to pick a clear winner because they all have their different positives, though if I had to choose I'd go for Pushpay.
