Archives for January 2022

Rally for JSE Main market

January 12, 2022 by

Stocks prices rebounded in market activity on Wednesday, with the volume of shares trading rising 127 percent more than on Tuesday as the value rose just 26 percent higher at the close of the Jamaica Stock Exchange Main Market, with rising stocks exceeding declining ones.
The All Jamaican Composite Index advanced 2,908.68 points to 443,165.13, the JSE Main Index rallied 3,210.20 points to end at 400,565.67 and the JSE Financial Index popped 0.99 points to settle at 98.91.
Overall, 49 securities traded versus 53 on Tuesday, with 21 rising, 18 declining and 10 ending unchanged.
A total of 11,360,273 shares traded for $45,708,326 versus 4,998,746 units at $36,379,818 on Tuesday. Sagicor Select Financial Fund led trading with 35.7 of total volume after an exchange of 4.06 million shares followed by Transjamaican Highway, 19.9 percent with 2.26 million units and Wigton Windfarm with 17 percent for 1.93 million shares.
The PE Ratio, a formula for computing appropriate stock values, averages 16.4. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
The average trade for the day was 231,842 units at $932,823 compared to 94,316 shares at $686,412 on Tuesday and month to date, an average of 154,766 units at $1,113,600, against 144,586 units at $1,137,476 on Tuesday. December closed with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows thirteen stocks ending with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement advanced $2 to $73 with 25,388 shares crossing the exchange, Eppley Caribbean Property Fund rose $1.50 in closing at $43.80 after trading 1,200 stocks, First Rock Capital shed 60 cents in ending at $10.25 with the swapping of 4,200 units. GraceKennedy fell 49 cents to close at $99.50 with a transfer of 13,454 stock units, Guardian Holdings dropped $10 to end at $530 in an exchange of 193 units, Jamaica Producers rose $1 to $23 after 2,832 shares cleared the market. Jamaica Stock Exchange gained 35 cents to finish at $17 with 31 stocks changing hands, JMMB Group spiked 35 cents to close at $38.50 in exchanging 325,883 stock units, Palace Amusement popped $10 to $900 after swapping of 30 units. Proven Investments rallied 61 cents to end at $33.10 after 460 shares crossed the market, Sagicor Group climbed $4.67 in closing at $56.97 with 6,918 stock units clearing the market, Scotia Group advanced $1.49 to end at $37.49 with investors switching ownership of 43,152 stocks. Seprod fell 40 cents to end at $62.10 in transferring 29,290 shares and Wisynco Group rallied 87 cents to $17.89 in trading 46,077 stock units.

Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Profit drop at Elite but watch this stock

January 12, 2022 by

Revenue of $118 million for the first quarter in 2020 fell 7 percent to $110 million in the first quarter to September 2021, resulting in a loss of $10.3 million compared to a profit of $16.7 million the previous year for Elite Diagnostic.
Reduced revenues impacted profit margin with a decline to 61.4 percent from 66.25 percent in 2020 and from 63.3 percent for the fiscal year to June. Input cost climbed 6 percent to $42 million from $40 million and gross profit fell 14 percent to $67 million from $78 million.
On the surface, the last reported results for the company may drive fear into the minds of investors but that would lead to a miss of potentially profitable investment for the future. “Net profit was impacted by increased administrative expenses, depreciation and foreign exchange losses”, management advised shareholders in their commentary on the results.

Elite Diagnostics

The report to shareholders continued, “revenue was affected by Covid-19 with reduction of operating hours and reduced procedures. Currently, the company’s operational hours are back to normal. An unusually lengthy breakdown of the CT also impacted our revenues during the quarter. Along with our regular preventative maintenance of the machines, the company has invested in equipment and parts to reduce some of the downtimes of the machine breakdowns”.
“The St Ann location revenue is increasing month over month since all modalities became operational in the first quarter of 2020. The company is cautiously optimistic as the effects of Covid-19 more negatively impact the rural areas of the country. The company continues to see steady demand for imaging services at all locations.”
Administrative expenses rose 13.5 percent to $46 million in the quarter from $40 million and depreciation jumped 44 percent to $25 million from $17.4 million in 2020. Finance cost was steady at $10 million, while foreign exchange movement resulted in a $3 million swing from a surplus of $1 million in 2020 to a loss of $2 million in 2021.
In spite of the loss incurred in the quarter, gross cash flow was positive with inflows of $15 million, down from $28 million in 2020. Additions to fixed assets offset by loan inflows utilized just over $15 million as net cash outflow for the period ended at $503,581. At the end of September, shareholders’ equity stood at $449 million, long term loans at $209 million and short term loans at $10 million. Current assets ended at $679 million, including trade and other receivables of $44 million, cash and bank balances of $39 million. Current liabilities ended the period at just $20 million, with net current assets ending at $659 million.
The results ended with earnings per share being a loss of 3 cents for the quarter, down from 4 cents for the quarter in the prior year. Based on the latest results, most investors would be looking elsewhere for investment opportunities. In doing so, they could miss one of the biggest winners in 2022. IC Insider.com forecasts 30 cents per share for the fiscal year ending June 2022, with a PE of 10 times the current year’s earnings based on the price of $3.05 the stock traded at the Jamaica Stock Exchange Junior Market. The company has more room for revenue growth from the addition of new equipment, continued growth in the relatively new St Ann location and additional branches in the future.

Drax Hall branch of Elite.

The company paid a dividend of 9 cents in October this year 2021. Net asset value is $1.29, with the stock selling at just over 2.4 times book value.
Reporting to shareholders in the annual report for the year to June, the chairman, Steven Gooden, stated, “we have been fortunate to see an increased demand for imaging services and were prudent to have sought to capitalize on this demand – through the acquisition of new equipment. We will continue to pursue this growth strategy by installing a new MRI system at the Liguanea branch, which we anticipate will be operational beginning early 2022. This new machine, we expect, will serve to reduce the company’s operating hours and thereby its related expenses. Additionally, with the St Ann branch issues finally resolved, the location is now operating at the desired capacity. Looking ahead, the near to medium term holds the classic combination of challenge and opportunity.On the one hand, we see continued challenges in terms of rising prices, compounded by the depreciation of the local currency; the company pays all its rent and purchases equipment and supplies from overseas in US dollar, so any depreciation in the dollar will affect the bottom line. On the other hand, we also see our cash flows remaining stable, if not strong, amid the continued high demand for our services. The demand is so strong that, were it not for dealing with the issues associated with the Drax Hall branch, the company might well have advanced plans for another branch. We intend to approach growing the company’s footprint with alacrity and all seriousness in the coming year”.

Filed Under: Buy Rated, Company News, Company Results, Investment 2024 Tagged With: , , , , ,

Caribbean Cream stock for the main course in 2022

January 12, 2022 by

Sale revenues rose 16 percent for the half year, to August 2021 $1.03 billion from $891 million but rose a mere 5.4 percent for the August quarter, to $486 million from $461 million in 2020 at ice cream maker Caribbean Cream. Management attributed the poorer second quarter performance to the several no movement days imposed by the government during the quarter.
Profit melted in the quarter by 85 percent to just $7 million from $47 million in 2020 and fell 17 percent for the six months to August, to $61 million from $74 million in 2020.
The company has not had a consistent and predictable profit outcome for some years, still, the trajectory has generally been up. In 2019 the company posted $89 million after tax that fell to $55 million in 2020 and $101 in 2021. The 2022 fiscal year profit is poised to beat that of 2021, notwithstanding the setback in the second quarter.

Caribbean Cream posted significant gains in profit in Q1.

Improvement in profit margin in the first half of the year was consistent at 41 percent, with the prior year’s six months but has increased over the 37 percent achieved for the fiscal year to February 2021. But it fell from 50 percent in the 2020 august quarter to 44 percent in 2021. The effect, operating profit fell 6 percent in the quarter to $215 million from $230 million but increased 15 percent for the year to date, to $423 million from $369 million in 2020.
Administrative expenses excluding depreciation rose 25.4 percent to $134 million in the quarter and increased 32 percent in the six months to $249 million, from $188 million in 2020. Sales and distribution expenses increased 8 percent to $30.5 million from $28 million in 2020 for the half year and were virtually flat at $15.5 million for the second quarter. Depreciation charge rose from $59 million in 2020 to $62 million in 2021 for the six months. Finance cost rose in the quarter to $6.7 million from $6 million in 2020 and $9 million to $12 million for the six months.
Gross cash flow brought in $151 million versus $160 million in 2020. Working capital growth used up all but $13 million in 2021 versus $81 million used up in 2020. Additions to fixed assets consumed $83 million for the 2021 half year versus $62 million in 2020. Loan repayment and paying $26 million dividends resulted in outflows of $114 million. At the end of December, shareholders’ equity stood at $869 million, with long term borrowings at $303 million and short term loans at $13 million. Current assets ended the period at $408 million, including trade and other receivables of $65 million, cash and bank balances of $103 million. Current liabilities ended the period at $173 million. Net current assets ended the period at $235 million.
The results in the past few years being inconsistent does not mean that the future will continue in that vein. One focus is on taking a more significant share of the market for ice cream and related products while finding avenues to cut costs. The company announced earlier this year that in collaboration with Power Factor Technologies, a power engineering services company, they embarked on a major project to install a 630 kilowatt capacity Combined Heat & Power plant fueled by LNG at the company’s premises. This project is scheduled to come on stream at the start of 2022 and is expected to generate considerable cost savings and should have a positive impact on results for 2022 onwards.
The stock closed 2021 at $5.70 with a PE ratio of 9 much lower than the average for the market around 15 and below many Junior Market stocks trading around 20 times earnings.

Filed Under: Buy Rated, Company News, Company Results, Investment 2024 Tagged With: , , , , , ,

Subdued trading for JSE Main Market

January 11, 2022 by
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Market activity ended on Tuesday with the volume of shares trading declining 55 percent, but with the value holding close to Monday’s level at the close of the Jamaica Stock Exchange Main Market as rising stocks were less than those declining.
The All Jamaican Composite Index shed 1,680.06 points to end at 440,256.45, the JSE Main Index dipped 2,598.25 points to finish at 397,355.47 and the JSE Financial Index fell 0.66 points to close at 97.92.
A total of 53 securities traded compared to 51 on Monday, with 20 rising, 24 declining and nine ending unchanged.
The PE Ratio, a formula used in computing appropriate stock values, averages 16.2. The PE ratio for the JSE Main and USD Market closing quotes are based on ICInsider.com earnings forecasts for companies with financial years ending up to August 2022.
Overall, 4,998,746 shares traded for $36,379,818 versus 11,148,306 units at $36,249,301 on Monday. Sagicor Select Financial Fund led trading with 22.1 percent of total volume transferring 1.11 million shares followed by Sagicor Select Manufacturing & Distribution Fund, 17.1 percent, with 856,909 units and Transjamaican Highway accounting for 15.9 percent trading 793,717 units.
Trading averaged 94,316 units at $686,412, compared to 218,594 shares at $710,771 on Monday and month to date, an average of 144,586 units at $1,137,476, compared to 152,965 units at $1,212,654 on Monday. December ended with an average of 479,143 units at $6,686,322.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Barita Investments popped 90 cents to end at $95.90 with the swapping of 10,281 shares, Berger Paints rallied 49 cents to close at $12.99 in exchanging 608 stocks, Caribbean Cement shed $1 in closing at $71 after switching ownership of 25,329 units. Eppley gained 50 cents to finish at $36 after exchanging 1,105 stock units, Eppley Caribbean Property Fund advanced $2.30 after ending at $42.30 in trading 700 stocks, First Rock Capital rose 70 cents to close at $10.85, with 6,146 stock units clearing the market. Guardian Holdings declined $10 after ending at $540 with 1,535 shares changing hands, Jamaica Producers lost 52 cents to close at $22 with a transfer of 76,000 units, Jamaica Stock Exchange shed 85 cents to $16.65 with 675 stocks crossing the market. JMMB Group fell 75 cents in closing at $38.15 with the swapping of 145,580 shares, Kingston Wharves lost 45 cents to end at $43 n trading 20,566 stock units, MPC Caribbean Clean Energy declined $10 to $100 with investors exchanging 158 shares. Palace Amusement advanced $10 to end at $890 in transferring 46 stocks, PanJam Investment shed $1.50 after ending at $66 with 53,482 units crossing the market, Proven Investments dipped 48 cents in closing at $32.49 with 13,577 shares changing hands. Scotia Group gained 50 cents to finish at $36 in switching ownership of 61,922 stock units, Seprod shed $2.49 to end at $62.50 in an exchange of 2,778 shares, Stanley Motta popped 30 cents in closing at $5.50 after trading 7,000 stock units and Supreme Ventures rose 60 cents to end at $17.80 in an exchange of 55,675 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Volume down value up on JSE USD Market

January 11, 2022 by

Trading on Tuesday ended with the volume of shares changing hands declining 40 percent but with 164 percent greater value than on Monday, at the close of the Jamaica Stock Exchange US dollar market, resulting in a rise of the market index.
Trading ended with four securities changing hands, compared to six on Monday, with prices of two rising, one declining and one ending unchanged. The JSE US Denominated Equities Index gained 6.17 points to end at 203.87.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.4. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year up to August 2022.
Overall,283,917 shares traded for US$47,378 versus 473,373 units at US$17,944 on Monday.
Trading averaged 70,979 units at US$11,844 compared to 78,896 shares at US$2,991 on Monday and month to date an average of 40,636 shares at US$3,052 versus 36,843 units at US$1,953 on Monday. December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Capital USD share shed 0.03 of a cent in closing at 6.89 US cents after an exchange of 185 shares, Proven Investments rallied 0.01 of a cent to end at 22.01 US cents with the swapping of 117,127 stocks, Sygnus Credit Investments USD share gained 0.99 of one cent in ending at 13 US cents in exchanging 158,693 units and Transjamaican Highway ended unchanged at 0.87 of a US cent after trading 7,912 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: , , , , , , , , ,

Sharp rebound for Dolphin Cove

January 11, 2022 by


In March 2020, Jamaica closed its borders to incoming visitors by planes and ships as a result of the emergence of the deadly Covid-19 virus, thus bringing to a halt the important tourist industry and many others that relied on it.
The impact was immediate and devastating to the entertainment attraction entity, Dolphin Cove based in Ocho Rios, with locations on the north coast of the island. For the nine months to September 2020, the company posted revenues of just US$3.6 million and a loss of $864 million, with the September quarter generating revenues of just $320,000 and a loss of $590,000. By the third quarter last year, cruise shipping from which it generates a large portion of income had just 8,381 visitors in 2021 compared to 219,000 for the first nine months of 2019, but visitor arrivals by planes were back to 70 percent of the 2019 numbers for the third quarter and 54 percent in the June quarter and by November last year arrivals were down around 20 percent from the same month in 2019, an indication that the industry could well be nearly back on track in 2022 and provide a considerable boost to the company’s revenues.

Dolphin Cove closed at a 52 weeks’ high on Monday.

The company lost US$1.13 million for 2020, but chalked up a profit of $1 million in the 2021 third quarter, from $2.57 million in operating revenues, and a profit of $2.1 million for the nine months from operating revenues of $5.44 million. While revenues rose 51 percent in the nine months, expenses fell from $3.5 million to $2.9 million, with all categories of cost falling except for finance that rose from $96,000 to $215,000. Although operating revenues spiked 703 percent over the measly income for September 2020 quarter, direct expenses rose 61 percent to $258,000 and other operating expenses rose 139 percent from $548,000 to $1.31 million. The above numbers suggest that costs are down generally, it appears that some costs may have been fully trimmed from the system.
Gross cash flow brought in $2.5 million but growth in working capital, addition to fixed assets resulted in negative funds flow of $149,000 for the nine months. At the end of September, shareholders’ equity stood at US$29 million. Total long term borrowings amount to US$820,000 with bank overdraft at $1 million. Current assets ended the period at $6 million including trade and other receivables of $2.7 million, cash and bank balances of $2 million. Current liabilities ended the period at $2.6 million. Net current assets ended the period at $2.4 million.
At the end of December, the stock traded at $15 with a PE of 11 with the earnings per share of $1.35 and a PE of 5 with ICInsider.com projected earnings of $3 for the current year.

Filed Under: Buy Rated, Investment 2024 Tagged With: , , , ,

More risers than decliners but index slips

January 11, 2022 by

Fewer companies’ stocks traded on Tuesday, leading to a slippage in the volume by 14 percent but the value rising by 15 percent higher than on Monday at the close of the Jamaica Stock Exchange Junior Market.

Dolphin Cove closed at a 52 weeks’ high on Tuesday.

Market activity led to 35 securities trading compared to 38 on Monday and ended with 15 rising, nine declining and 11 closing unchanged. The Junior Market Index dropped 16.62 points to settle at 3,400.66.
The PE Ratio, a measure used to compute appropriate stock values, averages 14.5. The PE ratio of each stock in the chart below is based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
Trading ended with 4,676,723 shares for $16,609,083 compared to 5,461,309 units at $14,393,557 on Monday. Jamaican Teas led trading with 1.24 million shares for 26.4 percent of the total volume followed by Future Energy Source, 838,006 units for 17.9 percent of the day’s trade and Tropical Battery, 526,823 units with 11.3 percent market share.
Trading averaged 133,621 shares at $474,545 compared to 143,719 shares at $378,778 on Monday and month to date, an average of 119,440 units at $464,910, versus 117,234 units at $463,411 on Monday.December closed with an average of 409,209 units at $1,318,877.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and two with lower offers.
At the close, AMG Packaging fell 28 cents to $2.62 in trading 1,483 shares, Dolphin Cove rose $2.45 in ending at $19.20 with an exchange of 164,259 stocks, Everything Fresh climbed 6 cents to end at 98 cents in switching ownership of 45,928 units. Express Catering advanced 5 cents to $5.40 trading 13,925 stock units, Fontana popped 15 cents to close at $7.25 after 62,032 stocks changed hands, Fosrich rallied 50 cents to end at $11.50 after exchanging 38,098 stock units. Future Energy Source gained 5 cents to end at $2.99, with 838,006 units clearing the market, Honey Bun dropped 6 cents in closing at $9.69 with the swapping of 9,875 shares, Indies Pharma popped 10 cents to close at $3.20 after trading 10,747 units. Jetcon Corporation fell 5 cents to 85 cents in exchanging 22,000 stocks, KLE Group gained 25 cents in closing at $2.50, with 2,742 stock units changing hands, Knutsford Express declined 45 cents to close at $7.55 in trading 728 shares. Limners and Bards increased 15 cents to end at $3.70 with an exchange of 44,053 units, Main Event rose 30 cents to $4.50, with 2,470 stock units crossing the market, Medical Disposables climbed 21 cents in ending at $6.70 after exchanging 65,529 stocks. Stationery and Office Supplies advanced 9 cents to $5.70 while trading 5,600 shares and tTech shed 53 cents to close at $4.25 in an exchange of 1,579 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Feature Stories, JSE Junior Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

The Junior Market could gain 60% in 2022

January 11, 2022 by

The Junior Market continues to offer opportunities for supper stock performance in 2022 with an average PE for the market at 9 times 2022 earnings versus close to 15 at the end of 2021, and offering a potential gain of more than 60 percent to the end of 2022. There are 26 Junior Market stocks that can double in 2022.
The market is technically at a support level that is steering the index upwards, more importantly, it is caught in a triangular formation that is set to push the market sharply upwards once it breaks out, which is not far off. The market is also trading in a channel that goes back to May 2020 and is pointing to a record high of more than 4,000 points in a few months.
Last year finished with a number of stocks trading at or above 20 times earnings in the Junior Market if that level of valuation continues into 2022 then the gain in the market could exceed the above potential gains.
The market will continue to benefit from the recovery of some of the companies that suffered major fallout due to the restrictions placed on operations as a result of the COVID19 epidemic in 2020 into 2021. Stocks that could benefit in a big way are, Access Financial, Main Event, Everything Fresh, Express Catering, Knutsford Express, Jetcon Corporation, Dolphin Cove and Stationery and Office Supplies.
Access Financial – Earnings per share are projected at $4.80 for the year to March 2023 and $2.60 for the 2022 fiscal year to March. The company showed signs of recovery from the beating taken in 2020 and 2021 as a result of steep provisioning for doubtful loans and a slowdown in lending. That situation started to reverse in 2021 up to September with loans net of doubtful loans up to $4.38 billion versus $3.9 at the end of September 2020. Revenues and profit in 2021 tripled the September 2020 quarter and the 2020 half year results. This trend is expected to gather pace in 2022 and beyond. See full article on the company recently published.
AMG Packaging – Earnings per share is projected at 35 cents for the year to August 2022 as new machinery facilitates cutting costs and creating more flexibility in the manufacturing operations. See full article on the company recently published.
Caribbean Brokers – Earnings per share is projected at 40 cents for 2022. The company reported strong earnings in the September quarter, with EPS at 41 cents for the quarter and 33 cents for the nine months. The company tends to get the bulk of its income in short periods with the other quarters reflecting relatively lower income that does not cover the cost. Unfortunately, the company failed to provide investors with appropriate information to fully glean what the results will mean for the full year and beyond. The end result is that the stock has suffered from investors’ interest when it really should have surged well over $4 per share, based on the latest results and what can be expected for the full year.
Elite Diagnostic – Earnings per share are projected at 80 cents for the year to June 2023. The stock is under pressure but that is due to investors not paying adequate attention to what the company is doing and the improvement in sales, quarter over quarter as well as the strong cash flow it’s generating. See full article on the company recently published.
Medical Disposables – Earnings per share are projected at $1.50 cents for the year to March 2023.

Technical indicators for the Junior Market are pointing to a record high of more than 4,000 points in a few months.

Profit after taxation surged 455 percent to $21.5 million for the second quarter to September from a loss of $6 million in 2020. For the year to date, profit after tax spiked 458 percent to $47 million, up from a loss of $13 million in 2020. Income from sales jumped 49 percent to $936 million for the September quarter, up from $630 million in 2020 and climbed 42 percent for the six months ended September 2021 to $1.62 billion, from $1.14 billion in the prior year. The acquisition of majority ownership of Cornwall Enterprises along with new distributorships helped in fueling the sales surge. See full article on the company recently published
Caribbean Cream – Earnings per share is projected at $1.30 cents for the year February 2023 from 65 cents projected for the 2021 fiscal year. Management is building an enterprise that can go up against the competition successfully and deliver superior returns for shareholders. They have cut costs in the past two years and grew their market reach by setting up a distribution depot in the Ocho Rios region that helped to push sales. The implementation of their own power generating plant will lead to a reduction of energy and other utility costs. Excluding the slowdown in sales in the August quarter when the government introduced no movement days, sales increase is been robust and is expected to be on track again for the second half of the year into the 2023 fiscal year.
Dolphin Cove – Earnings per share is projected at $3 for this year and $1.35 for 2021.  This company is in a period of major recovery with profit surging and set to get even better with the tourism industry rebounding strongly and closing in on 2019 arrivals.  See full article on the company recently published.
Spur Tree Spices – Earnings per share is projected at 19 cents for this year.  A recent IPO, this stock is set to do extremely well over the next few years. Expect local sales to surge as a result of the publicity they received due to the IPO.  See full article on the company recently published.
Stationery and Office Supplies – Earnings per share is projected at 95 cents for the current year and reflect a full recovery from the fall out of the Covid19 disruption to sales.  The company has made major strides since 2020 when sales were badly affected by the shutdown of businesses and schools. That has changed and the company posted a 175 percent increase in pre-tax profit of $78 million versus $29 million for the nine months to September 2020, from a 13.5 percent rise in revenues. Earnings per share for the third Quarter of 2021 was 8 cents, compared to 3 cents in 2020. For the 9 months ended September 2021 earnings per share was up to 31 cents from 11 cents in 2020. reports are that the company had the best four quarter in its history and the performance seems to have carried over into 2022 and should continue to be robust with opening and expansion in the wider economy.
Lasco Distributors – Earnings per share is projected at 50 cents for the year to March 2023.  For the half year to September, revenues rose 15 percent to $11.6 billion and profit increased 6 percent to $615 million as margins were squeezed in the period from higher input cost, followed by delayed price increase. With price adjustments since implemented, margins should increase and result in higher profits. Revenues should pick up as tourist traffic rose sharply throughout the year and schools are now back in operation both activities will impact revenues positively.
With earnings per share of 14 cents for the half year, full year earnings should exceed 30 cents making the stock undervalued at $3.45 with a PE of 11, versus the market average of just over 14.
The company has no borrowed funds and possesses $2.8 billion in cash funds, with annual gross cash flows of over $1.2 billion.
Everything Fresh – Earnings per share is projected at 15 cents for the year. The company seems to have turned the corner with a small profit in the September quarter. Importantly, gross cash flow for the nine months to September was positive at $15 million despite a loss of $20 million. The hotel sector is enjoying a strong rise in visitor arrivals with December last year down 24 percent compared to 2019 compared to a fall of 45 percent for 2021 versus 2019 preliminary data shows, this is a very positive development for the company going forward. The current year should see an even greater number of visitors that should better the performance in December. This is good news for a company that markets the bulk of sales to that sector.
Lasco Financial – Earnings per share is projected at 45 cents for the year March 2023. Net Profit for the second quarter ended at $134 million compared with $30 million in the similar period of 2020. The second quarter suffered revenue reduction from $617 million in 2020 to $554 million in 2021, due to disruption in business during the period as a result of no movement days, while cost rose from $400 million to $424 million leaving profit after tax at $59 million from $136 million in 2020. Earnings per share ended September at 10.5 cents and that should climb sharply in the second half with the impact of the high volume Christmas period having a positive impact. The company has cash funds of $1.7 billion at the end of the period as they curtailed lending.
Lasco Manufacturing – Earnings per share is projected at 60 cents for the year March 2023. For the half year to September, revenues rose 13 percent over the $4.1 billion generated in 2020 to $4.65 billion and profit popped 6 percent to $782 million, but the second quarter saw profit falling 3.8 percent to $380 million from revenues that increased 2.7 percent to $2.34 billion. Earnings per share came in at 19 cents for the half year on target for around 40-45 cents for the full year as margins increase based on price adjustments.
Cash on hand stood at $1.8 billion with borrowings at $600 million.
General Accident – Earnings per share are projected at 80 cents for the year.

General Accident spreading wings

Net profit after tax of $351 million, was generated for the nine months to September up from $125 million in 2020, with earnings per share of 39 cents versus 14 cents in 2020. Profit in the third quarter was $177 million compared to just $12 million in 2020. Earnings per share in the September quarter was 19 cents.
The company is in an expansion mode, with the establishment of operations in Barbados and Trinidad and Tobago, with both operations expected to break even in 2022. Higher interest rates locally and the ability to increase investment in higher yielding assets are measures expected to boost investment income in 2022.
Jetcon Corporation – Earnings per share is projected at 15 cents for the year but don’t be surprised if it ends as high as 25 cents, depending on how rapid sales increase becomes. On a recovery path from the pandemic slump in 2020, revenues to September 2021 were up 30 percent but and should end the year above that level based on what the company reported in the third quarter, that sales for the fourth quarter are strong, with units sold in November back at regular pre-pandemic levels and already exceeded sales for the third quarter, at $196 million with the upward swing continuing into December, and with increased bookings to date. The improved sales position in the final quarter should result in an increased gross profit margin and a better net position than in 2020.
The above developments augur well for 2022 that should see revenues climbing appreciably again, with growth of 50 percent not out of the picture. If that were to happen it could lift profit margins closer to 20 percent from much lower levels in 2020 and 2021.
Bonus Pick
Honey Bun is our bonus pick for the year. Earnings per share are projected at $1 for the year to September 2022, as revenues continue to climb at a healthy pace. Earnings may be too low for it to qualify for the TOP15, but the stock could double from its current price of $9.30 per share during the year.

Filed Under: Buy Rated, Feature Stories, Investment 2024, JSE Junior Market, Stock Market Tagged With: , , , , , , , , , , , , , ,

Declining stocks dominate on Trinidad exchange

January 11, 2022 by

Declining stocks doubled those rising at the close of market activity on the Trinidad and Tobago Stock Exchange on Tuesday and resulted in a big drop in volume and value of stocks trading compared to Monday.
Seventeen securities traded, down from 21 on Monday, with five rising, 10 declining and two closing unchanged.
The Composite Index popped 0.95 points to 1,521.58, the All T&T Index rose 2.58 points to 2,131.58 and the Cross-Listed Index lost 0.11 points to settle at 121.77.
A total of 139,988 shares traded, for $972,176 in contrast with, 2,793,605 units at $10,485,578 on Monday. An average of 8,235 units traded at $57,187 versus 133,029 at $499,313 on Monday, and month to date averaging 38,423 units at $235,117 compared to 43,264 units at $263,655. The average trade for December ended 21,703 units at $306,768.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, Agostini’s spiked $1 in closing at a 52 weeks’ high of $36 after exchanging 56 shares, Ansa McAl ended at $59.50, with 239 units changing hands, Clico Investment Fund remained at $30 after exchanging 550 stock units. First Citizens Group slipped 1 cent to $66.98 while exchanging 14 stocks, FirstCaribbean International Bank shed 1 cent in ending at $6.14 with an exchange of 25,210 stock units, GraceKennedy fell 5 cents to $6.15 after trading 200 shares. Guardian Holdings rose 25 cents to end at $30 in switching ownership of 98 units, JMMB Group gained 3 cents to close at $2.30, with 42,800 stocks changing hands, L.J Williams B share lost 4 cents to close at $1.80 in trading 964 shares. Massy Holdings declined 1 cent to $106.49 after trading 1,500 units, National Enterprises dipped 1 cent in closing at $3.75, with 42,816 stocks clearing the market, NCB Financial Group declined 1 cent in ending at $8 with the swapping of 10,000 stock units. Point Lisas climbed 47 cents to $3.62 in exchanging 500 stocks, Scotiabank rose $1 to close at $70, with 425 stock units crossing the exchange, Trinidad & Tobago NGL lost $1.21 to end at $18.78 with 210 shares changing hands. Unilever Caribbean shed 4 cents to land at $16.15 in an exchange of 13,600 units and West Indian Tobacco fell 12 cents to $28.38 after trading 806 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Stock Market, TTSE Market Tagged With: , , , , , , , , , , , , , , , , , , , , ,

Moderate trading for JSE USD Market

January 10, 2022 by

Trading continued on Monday with a moderate volume of shares changing hands on the Jamaica Stock Exchange US dollar market, resulting in more declining stocks having the edge over rising stocks at the close of market activity.
Six securities traded compared to five on Friday with prices of one rising, two declining and three ending unchanged. The JSE US Denominated Equities Index lost 3.95 points to end at 197.70.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.3. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year to August 2022.
A total of 473,373 shares were traded on Monday for US$17,944, down from 450,320 units at US$19,475 on Friday.
Trading averaged 78,896 units at US$2,991, compared to 90,064 shares at US$3,895 on Friday, with the month to date averaging 36,843 shares at US$1,953 versus 27,139 units at US$1,714 on the previous trading day. December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, First Rock Capital USD share rose 0.82 of a cent to 6.92 US cents trading 30,804 shares, Proven Investments ended unchanged at 22 US cents after trading 39,420 stock units, Sygnus Credit Investments USD share fell 0.99 of a cent in closing at 12.01 US cents after exchanging 15,750 stocks. Sygnus Real Estate Finance USD share remained at 14 US cents with 16,900 units changing hands and Transjamaican Highway shed 0.04 of a cent to close at 0.87 US cents in switching ownership of 370,199 shares.
In the preference segment, JMMB Group 6% finished unchanged at US$1.05 after 300 stock units crossed the market
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Filed Under: Global Market, Stock Market Tagged With: , , , , , , , , , , ,
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