The highlights of the week for ICTOP10 stocks is the price movement of stocks, with the big moves being Dolphin Cove with a recovery of 25 percent back to $10.25 and 14 percent for Access Financial in the Junior market and 21 percent rise, with the Junior market closing over the 3,400 points level for the first time since July and is now close to a two year’s high. Caribbean Producers to $8 after it hit an all-time high of $9 on Wednesday to be up 186 percent for the year to Friday.
Sygnus Credit Investment gave back the 5 percent increase last week to end at $17.80. Berger Paints and Proven Investments both gave up 3 percent during the week, while Junior Market Lasco Financial gave up six percent at the end of the week in closing at $3.05 and Caribbean Assurance Brokers lost three percent, from $1.79 to $1.74 as Medical Disposables rose four percent to $4.95 after hitting an intraday high of $5.80 on Friday and Lumber Depot rose four percent to $2.97.
There are no additions to the ICTOP10 this week, but with company results increasingly appearing, the markets could benefit from some of them. Caribbean Cement released third quarter results and investors responded negatively to them with the third quarter profit, down sharply from bot 2020 third quarter and the previous two quarters. The stock propped higher to close the week at $114 after it fell to almost $100. This stock now looks like one for 2022 as it seems fully valued based on probable results for 2021. Jamaica Stock Exchange released third quarter numbers with higher 2021 income and profit helped considerably by two big one off type trades in August and September, as such, investors should be careful that they do not read too much into those results about exciting prospects. Mayberry Investments released results for the year to September with profit up for the nine months from a loss of $664 million to a profit of $513 million and a profit of $224 million, down from $298 million in September 2020 quarter. Other comprehensive income that is positive for the nine months rising from a fall of $5 billion in 2020 to a surplus of $1.2 billion but a loss of $861 million for the September 2021 quarter. The company will be paying a hefty dividend of 32 cents per share. 
The company will be paying a hefty dividend of 32 cents per share. Lasco Manufacturing and Lasco Distributor reported second quarter results. The former enjoyed a 13 percent increase in revenues to $4.65 billion and a 6 percent rise in profit to $782 million after increased taxation in the period versus a lower rate in 2020. The distributing company enjoyed a 15 percent rise in revenues to $11.6 billion and a 14 percent fall in after tax profit to $197 million.
As 2021 slowly crawls to a close, the focus should be on 2022 and the current year’s values to determine the appropriate valuation of each stock for a hold or fold decision. Most of the top 2021 stocks will not make the top 10 in 2022, but some will. The IC 80/20 rule, with a long 40 year history, shows an average of only two of the top ten stocks in a year repeat in the following one, while 4 out of 10 of the worst performing stocks will end up as TOP 10 winners in the succeeding year.
The top seven stocks so far, with gains of 52 to 231 percent, are; Future Energy, Jamaican Teas, Fosrich, ISP Finance, Lumber Depot, Express Catering and Honey Bun. In the Main market, Caribbean Cement, Caribbean Producers, Salada Foods, Radio Jamaica and Grace.
The top three Main Market stocks are Guardian Holdings, Berger Paints and JMMB Group, with expected gains of 216 to 254 percent versus last weeks’ 238 to 264 percent.
The top three stocks in the Junior Market have undergone a metamorphose with only are Elite Diagnostic, remaining in the top three this week and is followed by General Accident and Lasco Financial, with all three having the potential to gain between 228 and 281 percent, from 238 percent and 287 percent, previously.
The average gains projected for the TOP 10 Junior Market stocks moved from 213 percent last week to 202 percent and Main Market stocks moved from 173 percent to 169 percent.
The Junior Market closed the week with an average PE 13.2 based on ICInsider.com’s 2021-22 earnings and is currently well below the target of 20 and the historical average of 17 for the period to March this year, based on 2020 earnings. The TOP 10 stocks trade at a PE of a mere 6.8, with a 52 percent discount to that market’s PE.
The overall Junior Market can gain 51 percent to March next year, based on an average PE of 20 and 29 percent based on an average PE of 17. Seven stocks representing 15 percent of all Junior Market stocks with positive earnings are trading at or above this level, down from nine last week, indicating that many others will rise above the 17 mark in the weeks ahead.
The average PE for the JSE Main Market is 15.6, which is 22 percent less than the PE of 19 at the end of March and 28 percent below the target of 20 to March 2022. The Main Market 
TOP 10 average PE is 7.8, representing a 50 percent discount to the market and well below the potential of 20. A total of 12 stocks or 25 percent of the market trade at or above a PE of 19, with most over 20, for an average PE of 25.5, suggesting that the accepted multiple maybe around 25 times the current year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. The TOP10 is a selection of stocks that are most likely to deliver the largest gains within fifteen months. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on possible increases for each company, considering the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in weekly movements in and out of the lists. Revisions to earnings per share are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Trading ended with six securities changing hands, down from nine on Thursday with prices of five rising and one declining.
Productive Business Solutions rallied 21 cents to 95 US cents with 338 stock units changing hands, Proven Investments fell 0.79 of a cent to finish at 22.21 US cents with 19,800 stocks traded. Sygnus Credit Investments USD climbed 0.8 of a cent to close at 12.8 US cents with investors switching ownership of 2,053 units, Sygnus Real Estate Finance USD rose 0.3 of a cent to 16.3 US cents with a transfer of 501 stock units and Transjamaican Highway gained 0.08 of a cent to close at 0.95 of a US cent with 406,031 shares crossing the exchange.
The All Jamaican Composite Index advanced 1,839.59 points to settle at 447,699.38, down nearly 8,992 points for the month, the Main Index rose 570.62 points to 403,965.02, down 10,924.94 points for the month and the JSE Financial Index fell 0.57 points to end at 97.73.
Investor’s Choice bid-offer indicator shows 16 stocks ending with bids higher than their last selling prices and one with a lower offer.
NCB Financial fell $4.85 to $125.15 after exchanging 11,556 shares, PanJam Investment rose 75 cents to $64.50 in trading 13,075 stocks, Radio Jamaica gained 48 cents to end at $3.79 with the swapping of 338,676 stock units. Sagicor Group advanced $4.01 in closing at $58 in switching ownership of 649,260 units, Sygnus Credit Investments shed 49 cents to $17.80 in trading 215,266 stock units and Wisynco Group spiked 64 cents to $16.50 after 83,769 units crossed the market.
Trading closed Friday, with the volume and value of stocks traded rising modestly over Thursday as the Jamaica Stock Exchange Junior Market closed out the week and month with the market index surging 42.50 points to close at 3,404.40, to be up 108 points for the month, with a gain just under 29 percent for the year to date. 
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and three stocks with lower offers.
KLE Group popped 13 cents to $1.46 with an exchange of 36,000 stocks, Lasco Distributors rose 25 cents to end at $3.85 in trading 217,988 stock units. Lasco Manufacturing climbed 48 cents to $4.78 with the swapping of 185,781 units, Lumber Depot spiked 7 cents to close at $2.97 with 60,602 stocks clearing the market, Paramount Trading lost 6 cents to close at $1.04 in switching ownership of 34,312 shares, Stationery and Office Supplies increased 50 cents to close at $6.50 after exchanging 2,434 stock units and tTech advanced 40 cents to $4.65 1,000 stocks changing hands.
First Citizens Group closed at $50.75 with an exchange of 1,771 units, GraceKennedy fell 5 cents in closing at $6.25 after trading 3,065 shares, Guardian Holdings remained at $30.50 in an exchange of 4,040 units. Guardian Media ended $3.21 in exchanging 8,000 stock units, JMMB Group traded 3,800 shares at $2.24, One Caribbean Media traded 7,921 stocks at $4.75. Republic Financial Holdings declined $1 to close at $136 in an exchange of 535 units, Scotiabank remained at $62.50 in trading 360 shares, Trinidad & Tobago NGL ended at $18.35, with the swapping of 970 stock units. Unilever Caribbean closed at $16.35 in switching ownership of 1,000 stocks and West Indian Tobacco slipped 1 cent to $30.59 in trading 10,548 shares.
The All Jamaican Composite Index dropped 3,915.38 points to 445,859.79, the Main Index fell 3,726.12 points to 403,394.40 and the JSE Financial Index advanced 0.03 points to end at 98.30.
Trading averages 301,075 units at $3,006,624 compared to 178,968 shares at $3,858,800 on Wednesday and month to date, an average of 231,162 units at $2,651,067, compared to 227,446 units at $2,632,171 on Wednesday. September closed with an average of 335,669 units at $7,507,404.
NCB Financial fell $1 to $130 with 321,890 stock units crossing the market, Palace Amusement rallied $60 to end at $1,015 with 77 stocks changing hands, PanJam Investment shed 65 cents to $63.75 with the swapping of 35,348 units. Radio Jamaica shed 49 cents ending at $3.31 with 2,248,574 shares crossing the market, Sagicor Group advanced $1.02 to $53.99 in switching ownership of 221,382 stocks, Scotia Group gained 35 cents to close at $35.35 with a transfer of 56,125 units. Sygnus Real Estate Finance spiked 25 cents in closing at $18.30 with an exchange of 3,767 shares and Wisynco Group fell $1.64 to end at $15.86 with 107,458 stock units clearing the market.
Nine securities traded, up from six on Wednesday, with stocks rising, declining and unchanged, sharing three each.
Margaritaville advanced 0.45 of a cent to 9.45 US cents with 5,550 stock units changing hands, MPC Caribbean Clean Energy rallied 20 cents to finish at US$1.20 with a transfer of 500 stocks. Productive Business Solutions fell 18 cents to 74 US cents with 5,503 units traded, Proven Investments gained 0.89 of a cent to close at 23 US cents with 39,836 shares passing through the market, Sterling Investments settled at 2.09 US cents with investors switching ownership of 200 units. Sygnus Real Estate Finance USD remained at 16 US cents with a transfer of 2,000 stock units and Transjamaican Highway lost 0.07 of a cent to close at 0.87 of a US cent with 2,519 shares crossing the exchange.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with a lower offer.
Lasco Manufacturing lost 20 cents to $4.30 after 27,840 shares crossed the exchange, Mailpac Group advanced 6 cents to $3.83 in exchanging 201,426 stocks, Main Event gained 24 cents to end at $4 with 7,500 shares changing hands. Medical Disposables fell 32 cents in closing at $4.93, after trading 47,340 stocks, Stationery and Office Supplies shed 10 cents to $6 with an exchange of 13,398 stock units and tTech fell 45 cents to end at $4.25, after 1,143 units crossed the market.
Clico Investment Fund traded 65 stock units at $26.79. First Citizens Group closed with an exchange of 2,216 stock units at $50.75, GraceKennedy remained at $6.30 with the swapping of 381 units, Guardian Holdings rallied 35 cents to $30.50 after trading 402 stock units. National Enterprises traded 1,800 stocks at $3.29, National Flour Mills climbed 6 cents to end at $1.96, with 2,732 shares crossing the exchange, Point Lisas declined 5 cents to close at $2.95, with 10,000 stock units changing hands. Prestige Holdings advanced 4 cents in closing at $7.05 after exchanging 4,155 units, Republic Financial Holdings remained at $137 after 1,519 stocks crossed the market, Scotiabank popped 50 cents to end at a 52 weeks’ high of $62.50 after trading 512 shares. Trinidad & Tobago NGL popped 32 cents to $18.35 in an exchange of 54 shares, Trinidad Cement fell 16 cents to $3.90 while exchanging 78,942 units, Unilever Caribbean remained unchanged at $16.35 in switching ownership of 60 stock units and West Indian Tobacco closed at $30.60, with 10,109 stocks changing hands.
