Top 10 ASX Growth Stocks to Watch in May 2023

Top 10 ASX Growth Stocks to Watch in May 2023

Reading time: 15 minutes

The allure of high-growth Australian equities resides in the potential for swift price hikes. Investors can project that when a business's earnings surge surpasses that of the stock market on an overall scale, its stock value will incline correspondingly.

High-growth enterprises are expected to expand more rapidly than the rest of the market. Nevertheless, risks accompany trading high-growth Australian equities, such as large financial losses due to unpredictable market volatility and sudden changes in a firm's economic fortunes. For example, Australia's stock exchange plummeted by 5% in under twenty minutes during May 2022, resulting in approximately $90 billion disappearing from investors' pockets. Risk management is key in any financial share trading or investing.

As such, investors must thoroughly scrutinize possible investment opportunities beforehand and consider prospective benefits and probable drawbacks before making final decisions regarding high-growth Australian equities investments.

This article presents a condensed summary of prospects for ASX shares that may interest investors inclined toward rapid expansion. However, it is paramount to note that diligent research is always necessary.

Airtasker (ART)

Airtasker has experienced a significant decrease in its shares, plummeting to $0.38, due to the current economic downturn. Although it competes with online marketplaces like Freelancer, Upwork, and Fiverr, Airtasker dominates the Australian market for local services on the web. Moreover, industry experts recognize it has great potential across Australia, the UK, and US combined markets, given its overall addressable market of $600 billion.

An interesting fact displays hope for their future growth as they showed immense progress by generating $189.6 million gross marketplace volume during FY22 exhibiting 23.8% YoY growth from FY21.

Encouragingly also is the long-term outlook by Morgan analysts who have affirmed an 'add' rating which could propel Airtasker’s price target at a staggering $0.95 per share mark.


  • Trading at a value compared to peers.
  • Earnings are expected to see longer-term growth.


  • Shareholders were diluted in the last 12 months.
  • Small market capitalization (small cap or sometimes referred to as small market cap).

NextGen Energy (NXG)

Considering the market trends of increasing demand for secure and sustainable energy solutions, along with political factors such as unstable conditions in Kazakhstan and a turnaround of anti-nuclear sentiment in Japan due to security concerns, investing in NextGen Energy shares may be a wise choice for those looking to expand their growth stock portfolio. This global uranium mining company is listed on multiple stock exchanges worldwide and appears poised to benefit from these current events.


  • Revenue is forecasted to grow 13.1% this year.
  • Trading at a value compared to peers.


  • High volatility.
  • Small market capitalization.

Temple and Webster (TPW)

Temple & Webster, an online store for furniture and homeware based in Sydney, has celebrated over a decade of success in the business. Demonstrating exceptional growth, the company was awarded the accolade of Fastest Growing Internet Retailer in 2015 by Deloitte Tech Fast 50 and subsequently launched its Initial Public Offering (IPO) on the ASX, gaining $61 million. Despite challenging economic conditions, TPW can maintain its lead through its exclusive e-commerce focus and a sizeable presence in an industry dominated by scale factors. Furthermore, it remains committed to balancing sustainable long-term progress and short-term gains as strategic priorities.


  • Revenue is forecast to grow 22.1% this year.


  • Has less than one year of cash in its books.
  • Small market capitalization.

Calidus Resources (CAI)

Calidus Resources Limited conducts exploration and mining of precious minerals containing gold. The company's business pursuits are presently concentrated on two ventures: the Blue Spec project stationed in Western Australia's Pilbara Goldfield and the Warrawoona gold project that spans approximately 780 square kilometers within the East Pilbara sector. It was in 1986 when Calidus Resources Limited first opened its doors for operations, with headquarters stationed in West Perth, Australia.


  • Earnings are forecast to grow 154.02% per year.
  • Trading well below most analysts’ estimates of fair value.


  • Has less than one year of cash on the books.
  • Volatility is a constant.
  • Make less than A$1 million per year at the moment.

Develop Global (DVP)

Develop Global Limited and its subsidiaries conduct exploratory activities focused on mineral resource sites, particularly those with copper, zinc, lead, silver, and gold reserves. The company's major project is the Sulphur Springs undertaking which comprises tenements at Kangaroo Caves and Sulphur Springs, located southeast of Port Hedland.

Before its current name - Develop Global Limited - the firm was identified as Venturex Resources Limited.


  • Earnings are forecast to grow 135.37% per year.
  • Trading well below “fair value” according to most analysts.


  • Has less than one year of cash on the books.
  • Shareholders were diluted in the last year.

Adriatic Metals (ADT)

Adriatic Metals PLC is engaged in exploring and producing precious and base metals via its subsidiaries. It specifically focuses on discovering deposits of copper, zinc, lead, gold, silver and barite. Its most prominent operation is the Vares Silver Project in Bosnia and Herzegovina.

Moreover, Adriatic Metals also manages the Raska Project situated in Serbia. The company was founded three years ago in 2017, with headquarters in Cheltenham, England.


  • Trading far below fair value for most analysts.
  • Earnings are expected to grow by 134.96% per year.


  • Less than one year of cash on the books.
  • Shareholders have recently been diluted.
  • Volatility in the metals sector.

Syrah Resources (SYR)

Syrah Resources Limited and its affiliates in Mozambique focus on exploring, examining, and exploiting mineral resources. The Balama and Vidalia projects are both currently operative. The former, known for its graphite and vanadium elements based in Mozambique's Cabo Delgado Province, is the company’s primary venture.

In addition to the fore mentioned activities, Syrah Resources is constructing the Vidalia Initial Expansion project, which doubles as an operating qualification facility. Also, under review lies the Vidalia Further Expansion project geared toward expanding active anode material facilities.

Their reach stretches far beyond that of their Mozambique operations to include China, Europe, India, and The Americas - marketing natural graphite, among other things. Founded in 2007, this ever-growing business is centered in Melbourne, Australia, where its primary corporate location remains.


  • Earnings are forecast to grow 72.29% per year.


  • Insider selling in the last 3 months.
  • Has less than one year of cash on hand.

Kallum Lakes (KLL)

Kalium Lakes Limited and its affiliates specialize in exploration and development services. The Beyondie sulfate of potash project in Western Australia is at the forefront of Kalium's developmental efforts. With 16 exploration licenses, two mining leases, and numerous permits, this project covers an impressive area of approximately 1,800 square kilometers. The company was founded in Balacatta back in the year 2014.


  • Revenue is expected to grow 63.74% per year.


  • Has less than one year of cash.
  • Shareholders were diluted in the last year.
  • Has less than A$5 million in revenue.

Allkem Limited (AKE)

Allkem is a prominent lithium miner whose vast portfolio includes several locations worldwide, such as Australia, Canada, Japan, and Argentina. It anticipates a noteworthy surge in its yearly production by 2026. This astounding threefold increase could allow it to hold on to at least 10% of global lithium production within the coming decade.

As the world swiftly adopts electric vehicles, there has been a striking escalation in demand for lithium; this expected upswing can lead to a bright future for Allkem's share price with substantial growth potential in store.


  • Could corner 10% of the global lithium production in ten years.


  • Recent insider selling is a concern.

Audinate Group (AD8)

Audinate Group Limited, based in Australia and other countries, has created digital audio-visual (AV) networking systems that operate on the Dante technology platform. Original equipment manufacturers utilize this system for computer network transmission of digital audio and video information. In addition to its prominent digital AV networking solutions, Audinate Group offers various software products such as Dante Studio, Dante Via, Dante Domain Manager, and the Dante AVIO adapter. Moreover, they also deliver monitoring tools like Dart Controller- a real-time device that oversees the entire network's functions. Further software includes the innovative tool: Virtual Soundcard, giving users easy access to all audio devices while still connected within the network framework--allowing audios to be routed via multi-channels with precision coordination & control- processing sound sources efficiently.


  • Audinate is expected to grow 127.9% per year.
  • Most analysts have an average stock price gain of 20.7%.


  • Insider selling has been significant recently.


In light of recent developments in the metals markets, it is no wonder that there are numerous potential beneficiaries within both the precious and industrial metals sector. Moreover, other unobvious opportunities may be at hand, warranting a thorough exploration.

When embarking on an investment journey into these growth stocks, conducting extensive research and ensuring you employ sound risk-management techniques is crucial. Such investments typically involve substantial volatility - an aspect that makes them alluring owing to their inherent ability to generate impressive returns.

If you are interested in trading ASX growth stocks, consider FP Markets, a globally award-winning brokerage offering over 10,000 financial products via CFDs (Contracts for Differences), including the aforementioned ASX shares



Start Trading
in Minutes

bullet Access 10,000+ financial instruments
bullet Auto open & close positions
bullet News & economic calendar
bullet Technical indicators & charts
bullet Many more tools included

By supplying your email you agree to FP Markets privacy policy and receive future marketing materials from FP Markets. You can unsubscribe at any time.

Source - cache | Page ID - 34832

Get instant Updates in Telegram