Knutsford Express posted half year results that show revenues up 72 percent to $813 million and up 65 percent for the second quarter to $398 million and delivered profit of $59 million for the November quarter, up from just $2 million in 2021 and $143 million for the six months from $13 million in 2021, sending investors to pounce on the stock on Friday and pushing it to an intraday 52 weeks’ high of $11.60. The stock closed at $9.60 to exit the ICTOP 10 with an increase of 7 percent for the week.
With the latest results, Knutsford’s 2023 fiscal year earnings have been adjusted to $1 per share and putting the stock on target for at least $20 this year, at the close there were only a few stocks on offer for sale.
Knutsford is replaced by baking company Honey Bun coming in with a $7.20 price, with the potential for the price to move to $20 this year.
Junior Market action resulted in Paramount Trading climbing 30 percent to $1.99, ahead of second quarter results that showed continued improvement in profit as revenues climbed 50 percent in the November quarter, to $601 million and 55 percent for the half year to $1.2 billion ahead the 2021 period. Profit surged 126 percent to November quarter to $65 million and 212 percent for the half year to $149 million. Knutsford rose 7 percent to $9.60, but Iron Rock Insurance dropped 14 percent to $2.01. All other movements in the 
Junior Market TOP10 were 3 percent or less and similarly for the JSE Main Market TOP10.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.4. At the same time, the Junior Market Top 10 PE sits at 6.2 versus the market at 12.8, important indicators of the level of the undervaluation of the ICTOP10 stocks currently. The Junior Market is projected to rise by 226 percent and the Main Market TOP10, an average now of 280 percent, to May this year.
The Junior Market has 16 stocks for 34 percent of the market, with PEs from 15 to 31, averaging 19.6 compared with the above average of the market. The top half of the market has an average PE of 18 and shows the extent of potential gains for the TOP 10 stocks. The situation in the Main Market is similar, with the 19 highest valued stocks priced at a PE of 15 to 100, with an average of 31 and 23 excluding the highest valued ones and 26 for the top half excluding the highest valued stock.
ICTOP10 focuses on likely yearly winners. Accordingly, the list includes some of the best companies in the market but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
