Is there a better buy than JB Hi-Fi shares today?

The JB Hi-Fi Limited (ASX: JBH) share price is rocketing higher and approaching a 52-week high, but is it the best ASX share to buy today?

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In my opinion, JB Hi-Fi Limited (ASX: JBH) shares could be one of the best ASX shares to buy right now.

It's a big call, especially with top growth shares like Afterpay Ltd (ASX: APT) rocketing higher in 2020.

But here's why I think the Aussie retailer could be a strong ASX share to buy and hold for the long-term.

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Defensive earnings

JB Hi-Fi has already proven it can be a defensive buy when times are tough. The S&P/ASX 200 Index (ASX: XJO) has slumped 11.75% in 2020, while the JB Hi-Fi share price has climbed 4.7% higher.

JB Hi-Fi has been a beneficiary of shifting consumer spending habits throughout the coronavirus pandemic. Strong government stimulus during the crisis has helped to prop up the economy and stimulate some discretionary spending.

This stimulus, combined with a shift towards work from home, means JB Hi-Fi has seen strong electronics sales and enjoyed solid defensive earnings, at least in 2020.

The JB Hi-Fi share price is actually up 70.1% since its low on 25 March and is now closing in on its record high of $46.09 per share.

Impressive online presence

I think JB Hi-Fi's strong online presence is absolutely critical to its ability to compete in the Aussie retail sector moving forward. In my opinion, JB Hi-Fi has a solid user interface and user experience, as well as a strong digital marketing strategy.

That's good news for the JB Hi-Fi share price, particularly if we see a continued decline in brick-and-mortar retail stores in coming decades.

Strong dividend share

The JB Hi-Fi share price has experienced strong capital gains in recent years, on top of being a solid dividend share.

Shares in the Aussie retailer are yielding 3.78% right now, which in my view is a good return in the current market.

There aren't many ASX shares out there with a solid base for the future, capital gains and dividends. That could make investors look closely at investing in JB Hi-Fi as a diversification option in their portfolios.

Foolish takeaway

The JB Hi-Fi share price has been rocketing higher in recent months, but there could be more growth on the way.

I like the technical environment despite potential headwinds for Aussie retail. I wouldn't rely on JB Hi-Fi as a defensive share in the future, but more spending on home office setups could be good news for the short to medium-term.

There's no magic answer to investing in ASX shares. All we can do is stick to a buy-and-hold strategy and remember we're investing in companies with long-term prospects, not just buying and selling shares.

The JB Hi-Fi share price is trading at a price-to-earnings ratio of 17.65 right now, so it might not be a cheap buy. However, if you like capital gains and dividends, I think it could be one to add to the watchlist.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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