Massy Holdings the T&T conglomerate is set to list on the Jamaica Stock Exchange, the second such company to do so, with Guardian Holdings having listed this week. The board made the decision at a meeting held on May 6.
According to a release from the company that has Patrick Hylton as one of its directors, who chairs Guardian Holdings, the directors in making their decision, considered the market sophistication and growth opportunities evident in the Jamaican securities market which has become increasingly more dynamic over the past few years. The release went on to further state, “the board anticipates greater regional and international interest in the company’s shares.”
Massy Holdings generated revenues of TT$3.2 billion up from $3.16 billion for the first quarter ending December and ended with a profit of $188 million up from $167 million resulting in EPS of $1.76 up from $1.57 in the first quarter in 2019. The group could end up with earnings around $6 per share with the stock that last traded at TT$65 on the Trinidad and Tobago Stock Exchange, trading at 11 this year’s earnings.
Massy has just 97,743,000 issued shares, well below the average listed company on the Jamaica Stock Exchange, so unless they do other things to create liquidity and demand for the stock it will languish from lack of investors’ interest.
Conglomerates are notorious for disappointing investors. Jamaicans will point to Grace Kennedy as a great example of a group that promised so much over the years but constantly disappointed investors who looked elsewhere while the company’s profit stagnated.
Another TTSE stock set to list on JSE
May 10, 2021 by
