Is it finally time to ‘back the truck up’ for these 3 top ASX stocks?

Share price falls could mean it’s now time to buy Crown Resorts Ltd (ASX:CWN), Metcash Limited (ASX:MTS) and Worleyparsons Limited (ASX:WOR).

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While the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has put in a relatively stoic performance to only be down 4.1% in the last six months, the same can’t be said for a number of leading blue-chip stocks.

Take for instance leading domestic supermarket owner Woolworths Limited (ASX: WOW). Its share price has fallen 14.5%; meanwhile the share price of oil and gas giant Woodside Petroleum Limited (ASX: WPL), another widely owned stock, is off 17.9%.

Loading up the proverbial truck with undervalued stocks

Here are 3 stocks that all hit new 52-week lows last week and that could now be offering good value for long-term investors.

  1. Crown Resorts Ltd (ASX: CWN) sunk to $12 before ending the week’s trading at $12.06. According to analyst consensus data supplied by Morningstar, Crown is forecast to earn 84.8 cents per share (cps) this financial year (FY). This implies the leading domestic casino operator which also offers exposure to overseas casino operations too, is trading on a price-to-earnings (PE) ratio of 14.2x.
  2. Metcash Limited (ASX: MTS) hit a new low of $1.51 before finishing the week a few cents off its low at $1.54. With a consensus forecast of 21.6 cps in FY 2015 (and importantly a steady forecast in FY 2016), Australia’s third largest wholesaler is currently priced on a PE of 7.1x.
  3. Worleyparsons Limited (ASX: WOR) hit a new low of $8.52 before closing Friday’s trading session at $8.84; it has been close to a decade since Worleyparsons was at these levels! While Morningstar’s data does show a decline in earnings per share is forecast from FY2015 to FY2016, even on the lower number of $1.03 in FY 2016, the engineering services firm is trading on a PE of 8.6x.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor Tim McArthur does not own shares in any of the companies mentioned.  

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