The ICTOP listing is meant to remove dreaming from investors’ arsenal of investment tools and place them on more solid grounds. The performance of Fosrich last week illustrates that vividly, with the stock hitting the pre-split equivalent of $54.20 on Wednesday only for the price to fall back to a low of $3 on Friday or the equivalent of $30 on a pre-split basis.
The above shows that many investors are groping in the dark, hoping that a stock with the wind behind its back must be one to buy to make money. They ignore the simple but profound principle of buying low and selling high. The other factor that shows up in the judgement is why buy the stock after the split when it is more expensive than if purchased before. this is an age-old issue where investors feel that they are buying the stock cheaper than before but in fact, they are paying more for it and therefore reduce potential profit.
Fosrich may have a bright future but what about the many stocks that are undervalued in the market, why chase expensive ones? When Fosrich reports second quarter earnings this coming week investors will get a glimpse to see whether it was smart to buy the stocks at the elevated prices last week. Investors made the same error with Salada Foods buying it at $10 when it was not worth much more than $3 now the stock is slowly adjusting to reality. Investors in Fesco at $8 are feeling the paid as the stock slowly retreats and is now under $6. Investors in SSL Venture Capital will soon discover some nastiness of speculating in the dark.
There was one change to the Junior Market TOP10 listings this past week, with General Accident returning at the expense of Dolphin Cove which rose 6 percent during the week to $15.93, the former price dropped to $5.07 from $5.99 at the close of the previous week.
Elite Diagnostic fell 9 percent to $3.21 and CAC 2000 dipped 3 percent to $8.25. Jetcon Corporation rose 9 percent to $1.27 and Caribbean Assurance Brokers rallied 8 percent to $2.60 after the company reported six months results showing a profit of $4.45 million, up from a loss of $31 million last year for the same period, ICInsider.com upgraded earnings to 45 cents per share, from 40 cents previously. The Main Market ended the week, with no significant price changes.
Investors should keep a careful watch on Caribbean Assurance Brokers, Dolphin Cove, Express Catering, General Accident, Jamaica Broilers, Lasco Distributors, Lasco Financial, Lasco Manufacturing, Stationery and Office Supplies and Paramount Trading. Dolphin Cove, Caribbean Producers, Express Catering will be major beneficiaries of the strong rebound in tourist arrivals and the supply of General Accident has declined sharply over the past few weeks, but investors may be reluctant to pile into the stock ahead of the hurricane season.
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 6 versus the market at 12.9. The Junior Market is projected to rise by 238 percent and the Main Market TOP10 is projected to gain an average of 235 percent each to May 2023.
The prospectus for One on One IPO is out with just over 125 million shares earmarked for the wider public. The PE ratio based on the company’s projections to August 2022 is just under 7 cents per share before tax for a PE ratio of around 14.5 just above the market average of 12.9. Based on where recent IPOs are valued investors can look for a price after listing around $1.50 but investors have priced many of them closer to 30 times 2022 earnings in which case a price of $2 is not out of the reckoning.
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 to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to 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 and result 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.
The All Jamaican Composite Index gained 1,802.80 points to close at 429,500.62, the JSE Main Index climbed 1,031.73 points to 375,693.41 and the JSE Financial Index inched 0.52 points higher to 89.64.
At the close, Eppley dropped $1.98 to end at $38.70 with an exchange of 866 shares, Guardian Holdings shed $5 in ending at $505, with 139 stocks crossing the market, Jamaica Producers climbed $1.71 to $22.49 in an exchange of 143,940 units. Jamaica Stock Exchange increased $1.54 to close at $19.49, with 235,971 stock units clearing the market, Mayberry Investments gained 89 cents in closing at $10.69 after trading 37,405 units, Mayberry Jamaican Equities lost 50 cents to end at $14.50 in exchanging 570 stock units. NCB Financial rallied $6.95 to $97, trading 15,437 stocks, Palace Amusement fell $1 to close at $889 in exchanging one share, PanJam Investment rose 54 cents in closing at $64.99 with the swapping of 11,910 units. Proven Investments declined 79 cents after ending at $32.51, with 44,818 stock units crossing the exchange, Salada Foods popped 50 cents to end at $5.10 in trading 4,882 stocks, Scotia Group advanced 47 cents while ending at $36.47 in trading 17,005 shares. 
Seprod gained $1.93 in closing at $70 after exchanging 23,844 units, Supreme Ventures climbed 62 cents to close at $30, with 184,773 stocks changing hands.
Overall, 1,735,411 shares traded for US$33,791 up from 117,636 units at US$21,357 on Thursday. Trading averaged 173,541 units at US$3,379, compared to 23,527 shares at US$4,271 on Thursday, with the month to date averaging 49,665 shares at US$3,449 versus 40,062 units at US$3,454 on the previous day. June ended with an average of 71,901 units for US$8,793. The JSE US Denominated Equities Index gained 3.86 points to end at 209.88.
gained 0.06 of a cent in closing at 0.96 US cents while exchanging 1,634,177 units.
A total of 16,884,408 shares traded for $53,033,472 compared to 15,150,891 units at $55,882,474 on Thursday. Trading averaged 367,052 shares at $1,152,902 in contrast to 344,338 shares at $1,270,056 on Thursday with month to date, averaging 512,709 units at $2,574,304 compared to 520,545 units at $2,650,777 on Thursday the previous trading day. June closed with an average of 429,016 units at $1,630,104. At the close, the Junior Market Index declined 57.37 points to 4,202.31.
At the close, CAC 2000 climbed 75 cents in closing at $8.25 after exchanging seven shares, Cargo Handlers increased by 20 cents to $13.95, with 3,220 stock units crossing the market, Caribbean Assurance Brokers rose 28 cents to close at $2.60 in exchanging 496,030 units. Caribbean Cream popped 19 cents to $4.29 after swapping 714 stocks, Derrimon Trading rallied 27 cents to $2.61 in trading 64,197 shares, Dolla Financial shed 10 cents to end at $3, with 1,181,787 stock units crossing the exchange. EduFocal fell 10 cents in closing at $2.50 after 25,773 stocks crossed the market, Fosrich lost 48 cents to end at $3.39 in an exchange of 3,973,213 units, Future Energy Source gained 20 cents to close at $5.70 after trading 312,441 units. iCreate advanced 37 cents to $4.86, with 621,486 stock units changing hands, Knutsford Express popped 35 cents to end at $7.35 after trading 1,568 shares, Limners and Bards increased 25 cents in closing at $3 with 176,273 stocks clearing the market. 
Main Event declined 30 cents to close at $7.80 in switching ownership of 16,148 stocks, Spur Tree Spices rallied 18 cents ending at $4.20, with 910,771 stock units changing hands, SSL Venture dropped 38 cents to $3.50 with an exchange of 110,635 units and Tropical Battery advanced 12 cents to $2.83 after an exchange of 221,911 shares.
Trading ended, with 41,017,992 shares changing hands well over Thursday’s 22,007,277 shares changing hands in the overall market, with a value of $222.7 million, while the JSE USD market ended with the value of stocks traded at US$33,791.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
Trading ended on the Trinidad and Tobago Stock Exchange on Friday, with the volume of stocks changing hands rising 11 percent with a 32 percent lower value than on Thursday after 18 securities traded compared to 19 on Thursday, with three rising, ten declining and five ending unchanged. 
JMMB Group shed 3 cents to $2.31 in trading 1,900 units, L.J. Williams B share dropped 14 cents to end at $2.01 while exchanging 42 stocks. Massy Holdings declined 5 cents to $5.05 with the swapping of 134,980 units, National Enterprises remained at $3.20 in switching ownership of 125 shares, National Flour Mills ended at $1.65 after exchanging five stock units. NCB Financial Group fell 5 cents to $5.2, with 932 shares crossing the exchange, Prestige Holdings slipped 9 cents to $6.71 with an exchange of 11,800 units, Republic Financial Holdings shed $1 to close at $141 in an exchange of 100 stocks. Scotiabank dropped 11 cents to $76.89, with 750 stock units crossing the market, Trinidad & Tobago NGL popped 20 cents to $21.49 and closed with 12,021 stock units changing hands and West Indian Tobacco increased 90 cents to end at $23.40 with an exchange of 3,000 shares.
Overall, 117,636 shares were traded for US$21,357 down from 474,951 units at US$37,897 on Wednesday. Trading averaged 23,527 units at US$4,271, compared to 59,369 shares at US$4,737 on Wednesday, with a month to date average of 40,062 shares at US$3,454 versus 40,729 units at US$3,421 on the previous day. Wednesday. June ended with an average of 71,901 units for US$8,793. The JSE US Denominated Equities Index lost 2.09 points to end at 206.02.
At the close, First Rock Capital USD share declined 0.5 of a cent to close at 6.5 US cents with 19,841 shares crossing the market, Proven Investments lost 0.95 of one cent after ending at 22.05 US cents with 64,947 units clearing the market, Sygnus Credit Investments USD share finished at 11.11 US cents in exchanging 4,762 stock units and Transjamaican Highway dropped 0.03 of a cent in closing at 0.9 of one US cent in an exchange of 23,586 stocks.
The volume of stocks traded jumped 40 percent, with the value 26 percent more than Wednesday, ending with 44 securities trading versus 45 on Wednesday, with 15 rising, 21 declining and eight closing unchanged.
At the close, Access Financial popped $2.49 to close at $22.99 in an exchange of 104 shares, Blue Power dropped 24 cents in closing at $3.40, with 3,132 stock units crossing the market, CAC 2000 declined $1 to $7.50 in trading 1,992 stocks. Cargo Handlers rallied 45 cents to $13.75 while exchanging 25,119 units, Derrimon Trading shed 26 cents to end at $2.34 in exchanging 431,299 stocks, Dolla Financial advanced 18 cents to $3.10 after an exchange of 1,948,600 units. Dolphin Cove lost 57 cents to $15.93, with 21,035 stock units changing hands, EduFocal gained 20 cents in closing at $2.60, with 1,093,129 shares crossing the exchange, Elite Diagnostic fell 25 cents to end at $3.25 after exchanging 86,273 shares. Fontana increased 20 cents to close at $10.20 with an exchange of 112,256 stocks, Fosrich dropped $1.13 to $3.87 with the swapping of 5,508,248 stock units, following the additional from the stock split becoming available to trade, GWest Corporation fell 10 cents in closing at $1.02, with 103,170 units crossing the market. Honey Bun lost 41 cents to close at $8.09 in switching ownership of 22,349 stock units, iCreate shed 21 cents to end at $4.49, trading 519,090 units, Knutsford Express declined 38 cents after ending at $7, with 750 shares clearing the market. 
Limners and Bards fell 29 cents to close at $2.75 after trading 185,577 stocks, Main Event climbed 82 cents to end at $8.10 and closed with 5,366 units trading, Medical Disposables shed 30 cents in closing at $7 while exchanging 3,018 stocks. Paramount Trading lost 15 cents to $1.80 with 15,606 stock units clearing the market, SSL Venture declined 42 cents in ending at $3.88 after trading 730,499 shares, Stationery and Office Supplies dropped 10 cents at $17 in exchanging 37,135 units and tTech rose 10 cents to close at $3.11 in trading 6,586 stocks.
A total of 56 securities traded compared to 60 on Wednesday, with 13 rising, 18 declining and 25 left unchanged.
Massy Holdings rose 99 cents to $91 while exchanging two stock units, NCB Financial lost $7.45 to close at $90.05 in an exchange of 111,712 shares, PanJam Investment fell 55 cents to $64.45, with 502 stocks changing hands. Salada Foods dropped 50 cents to end at a 52 weeks’ low of $4.60 with an exchange of 11,370 shares and Supreme Ventures shed 62 cents in closing at $29.38 with an exchange of 196,312 stocks.
The ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
