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3 Stocks That Are Good To Buy in January 2024

January is a good month for stock investment as the enthusiasm for the 2024 resolutions is still high. We certainly want to make the best investment by focusing on good stocks in the US Stock Market in 2024. While January marks the beginning of the year, the full-year performance for 2023 has not been published yet. We still refer to the financial reports from Q3 2023. There are many promising stocks in the US stock market, and here are three recommended stocks that we have analyzed and have strong fundamentals, making them promising investments for 2024.

Good Stocks to Invest

1. Axcelis Technologies (ACLS)

Axcelis Technologies Logo ACLS

In the first three quarters of 2023, Axcelis Technologies (ACLS) recorded a revenue of $820.31 million, a 25.44% increase from $653.95 million year on year. Earnings per share (EPS) also increased by 40.8% from $3.75 to $5.28. Financially, ACLS has a Debt-to-Equity Ratio (DER) of 0.50, indicating a strong financial position. Over the past year, ACLS stock has risen by +30.2%, aligning with its strong fundamental performance. At a price of $116.08, ACLS has a Price-to-Earnings (P/E) ratio of 22.16 and a Price-to-Book Value (PBV) ratio of 4.9. With the anticipated increase in EPS in 2023, the forward P/E ratio for ACLS is estimated at 15.4 at the current price, indicating undervaluation compared to its rapid growth. The semiconductor industry is continuously expanding, and ACLS is a company supporting this industry with strong performance in 2023.

2. Jiayin Group (JFIN)

Jiayin Group Logo JFIN

For those unfamiliar with Jiayin Group (JFIN), it is a fintech company facilitating individual and institutional borrowing. In Q3 2023, JFIN reported a revenue of RMB 3.86 billion, a 74.4% increase from RMB 2.22 billion year on year. The EPS increased by 45.12% from $1.64 in Q3 2022 to $2.38 in Q3 2023. JFIN has a DER ratio of 1.48, which is reasonable for a fintech company in the lending sector. At a price of $5.71, JFIN has a past P/E ratio of 1.8 and a PBV ratio of 1.09, indicating a very low valuation. The P/E ratio of 1.8 is based on 2022 earnings, and considering the anticipated rapid increase in EPS in 2023, JFIN's current potential forward P/E ratio is estimated at 1.28, still very cheap. In the past year, JFIN stock has risen by +81.2%, reflecting its strong performance and very low valuation. The fintech industry in China continues to grow, and JFIN proves it with outstanding performance in 2023.

3. Business First Bancshares (BFST)

Business First Bancshares Logo BFST

US banking stocks have faced negative sentiment since the bankruptcy incident of Silicon Valley bank last year. However, this has led to undervaluation, and banking stocks began to recover from mid-2023, including Business First Bancshares (BFST), which has risen by +55% since June 2023. In Q3 2023, BFST reported a revenue of $288.89 million, a 58.17% increase from $182.64 million the previous year. The EPS also increased by 23.17% from $1.64 to $2.02 in the same period. Looking at its debt ratio, BFST has a DER ratio of 973%. At a price of $23.1, BFST has a past P/E ratio of 9.9 and a PBV ratio of 1.1, which seems undervalued for a banking stock. The rising EPS makes BFST's potential forward P/E ratio at 8.3, indicating a cheap valuation. BFST stock has already risen by +11.2% in the past year.

Conclusion

January is a favorable time to invest due to financial resolutions in the new year. These three stocks represent companies that experienced rapid growth in 2023. This article is for informational purposes only, and all risks are borne by each individual investor.

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