3 quality ASX shares to buy in August

Here we look at 3 quality ASX shares to buy this month: Ramsay Health Care Limited (ASX: RHC), and Nanosonics Ltd. (ASX: NAN) and Washington H. Soul Pattinson and Co. Ltd (ASX: SOL).

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If you are looking to expand your ASX share portfolio, here are 3 good options for you to take a look at.

Here's why Ramsay Health Care Limited (ASX: RHC), Nanosonics Ltd. (ASX: NAN) and Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) are all in my buy zone right now.

3 five-star ASX shares to buy this month

Ramsay

Ramsay has grown over the past few decades to become Australia largest private healthcare provider. The healthcare operator also now has a presence in 11 countries around the globe, including the United Kingdom, France and Italy.

The Ramsay share price took a significant hit during the early phase of the coronavirus pandemic. A ban on non-essential surgery, especially during February and March, was a significant reason for this. Since then its share price has only made a partial recovery.

While there could be further restrictions in some operating markets in the months ahead, eventually the pandemic will pass. I believe that Ramsay will be well positioned for long-term growth, driven by the growing global demand for quality hospital services over the next decade.

Nanosonics

Nanosonics is a niche healthcare product supplier. It manufactures and distributes a market-leading disinfection system for ultrasound probes. Over the past few years it has witnessed strong growth across Asia, Europe and the Middle East. Despite a dip in the early phase of the pandemic, Nanosonics has been a very strong ASX share price performer since beginning of 2019.

The company's recent financial performance has been strong. Total revenue for the first half of FY20 was 19% up on the prior period to $48.5 million.

There is now an even stronger growing global trend towards stricter disinfection control in light of the coronavirus pandemic. I think this could help to push the Nanosonics share price even higher in the years ahead.

Soul Patts

Soul Patts has been a consistent performer on the ASX for over a decade now. Due to a strong level of market diversification, it is more resilient to economic downturns than many other ASX 200 shares.

The Soul Patts share price has lost a bit of ground since the beginning of the coronavirus pandemic. However, looking back over the past 10 years, the Soul Patts share price has risen strongly by 59%. I believe that Soul Patts is well placed to tap into its investments across a broad range of industries in the coming decade. These include pharmacies, telecommunications and mining.

Foolish takeaway

Ramsay, Nanosonics and Soul Patts are all high quality ASX shares that I believe have above-average growth prospects over the next 5 years.

Phil Harpur owns shares of Nanosonics Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Nanosonics Limited and Ramsay Health Care Limited. 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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