If you're interested in adding a few blue chip ASX shares to your portfolio, then I think you should look at the ones listed below.
I believe both companies have the potential to generate solid returns for investors over the next decade.
Here's why I would buy these ASX blue chip shares today:
Cochlear Limited (ASX: COH)
Cochlear is a global leader in implantable hearing devices. I think it would be a great long term option due to its exposure to the ageing populations tailwinds. With the number of over 65s globally expected to rise materially over the next few decades, I expect Cochlear's sales to grow along with it.
Another reason I like the company is its high level of investment in research and development (R&D). In FY 2020, Cochlear spent $185 million or ~14% of revenue on R&D. This is expected to increase to between $190 million and $195 million in FY 2021 as it focuses on internet-connected devices. I believe this investment will ensure that Cochlear maintains its strong market position for a long time to come and allow it to capture a large slice of the growing market.
Goodman Group (ASX: GMG)
Goodman Group is an integrated commercial and industrial property company. I believe it is well placed for growth over the 2020s thanks to the quality of property portfolio. Goodman's portfolio comprises strategically located modern, high quality properties in key gateway cities around the world.
These properties have shortened the distance between businesses and consumers and, according to management, has put Goodman's customers ahead of the market. I believe a real testament to the quality of its portfolio is its tenant base. Among its tenants you will find the likes Amazon, Coles Group Ltd (ASX: COL), DHL, and Walmart. All in all, I expect Goodman to deliver solid earnings and distribution growth over the 2020s. This could make it a great buy and hold option.
