November is almost here, and if I had $10,000 ready to invest in ASX shares, I'd be looking for businesses with plenty of room to grow over the coming years.
And I wouldn't necessarily be looking at the companies that have performed best recently.
Sometimes, I think opportunities can be found among businesses that have fallen out of favour with investors.
With that in mind, here are three ASX shares I'd be happy buying next month.
Breville Group Ltd (ASX: BRG)
Breville would be high on my shopping list. The company has built an impressive international business selling premium kitchen appliances, with its coffee machines becoming increasingly popular around the world.
I like the fact that Breville has established a reputation for quality and innovation, allowing it to compete at the higher end of the market.
And I think its international expansion still has a long way to run.
Breville has already demonstrated its ability to take its products into new markets and build a customer base. In FY26, the company reported record revenue of $1.81 billion, supported by strong growth in its international operations.
I'm now interested in how much further it can take that success. Markets such as China, Mexico, South Korea, and the Middle East could become much larger contributors as Breville expands its distribution and builds awareness of its brands.
Tariffs, manufacturing costs, and supply chain disruptions have created challenges for profitability, but I think the company's long-term growth opportunity remains substantial.
For me, this is a business I'd be comfortable owning for many years.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX share I'd consider buying in November is Temple & Webster.
The online furniture retailer has had a difficult time on the share market, but I think there's a compelling opportunity emerging.
What I like is the company's decision to focus more heavily on profitability. Previously, management was prepared to use substantial promotions and discounts to drive sales growth.
It has now been adjusting that approach, placing greater emphasis on earning more from each order.
And its latest trading update suggests the strategy is gaining traction. Although revenue declined 8% year-on-year between 1 July and 19 October, contribution margin dollars increased 16%.
Management also reaffirmed its FY27 EBITDA guidance of $33 million to $40 million, which will be a significant improvement on FY26.
I think that's encouraging because stronger profitability could eventually allow Temple & Webster to invest more aggressively in growth.
With online shopping continuing to take market share from traditional retailers over time, I see plenty of opportunity ahead.
NEXTDC Ltd (ASX: NXT)
My final pick is NEXTDC. Its shares plunged last week after the company revealed delays to electricity infrastructure needed to power its M3 Melbourne data centre.
The setback forced management to reduce its FY27 underlying EBITDA guidance from $385 million to $410 million to between $245 million and $265 million.
That's an enormous disappointment. But I think the subsequent share price collapse could offer an opportunity for patient investors.
The capacity affected by the delay remains contracted, although customers have rights that could affect those agreements.
Management expects the additional electricity to become available in FY28. If NEXTDC can resolve these problems and deliver its contracted capacity, I think investors could eventually regain confidence in the business.
And with demand for data centre infrastructure being supported by cloud computing and artificial intelligence (AI), I believe its long-term growth opportunity remains substantial.
Foolish takeaway
I think all three businesses deserve consideration heading into November.
Breville offers an opportunity to benefit from the international expansion of an established consumer brand, while Temple & Webster is working towards greater profitability.
NEXTDC carries more uncertainty following its recent setback, but I think the potential rewards could be substantial if management gets its expansion plans back on track.
For investors with a long-term outlook, I'd be happy buying any of these three ASX shares.
The post Where I would invest $10,000 in ASX shares in November appeared first on The Motley Fool Australia.
Motley Fool contributor Grace Alvino has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group. The Motley Fool Australia has recommended Temple & Webster Group. 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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