Profit before tax for Trinidad’s Point Lisas Port Development Companyand excluding the impact of fair value gains was $15.3M, an increase of 358 percent compared to the same period last year of $3.3M this flowed from a 19.6 percent growth in revenues. Including gains on valuation of investment properties the company reported profit of TT$67 million versus $36 million in 2014.
Volumes handled by the port grew strongly with the containerized cargo operations experiencing a 25 percent increase in volume but general cargo operations suffered a 13 percent compared to the levels recorded in 2014. The growth in containerised cargo resulted from a 10 percent increase in imports, an 11 percent increase in exports along with a 94 percent increase in trans-shipment cargo. For general cargo there was an 88 percent decrease in exports, a 7 percent increase in imports and a 320 percent increase in trans-shipment.
Direct cost rose faster than the growth in revenues with an increase of 29 percent. Administrative expenses remained relatively stable during the quarter at $21 million but other operating expenses declined to 158 million from $20.5 million.
The Group’s total assets grew to $2.33B in the first quarter of 2015, an increase of 3 percent from December 2014 when the asset base was $2.26B. Working capital continues to remain strong having improved from $49M at December 2014 to $65M in March 2015. The shareholders’ equity stood at “PLIPDECO will continue to embark on various endeavours as determined in its strategic plan. These include among other things infrastructural improvements, information technology upgrades (some already implemented during the first quarter 2015), and continuation of the Port expansion project. The preceding undertakings would further enhance efficiency and productivity to effectively position PLIPDECO in its drive towards continued growth$1.966 billion” Ian Atherly, Chairman of the company told shareholders in his report accompanying the quarterly results.
At the rate of income generation in the first quarter Point Lisas could earn around $1.70 per share excluding cap gains in 2015. The stock which is listed on the Trinidad & Tobago Stock Exchange and traded as high as $8.25 in 2007, last traded at $3.69. The net asset value of the stock is $49.60.
The stocks is undervalued and seems to be an interesting, IC Insider is maintaining a BUY RATED status on the stock.
Point Lisas undervalued shares
JSE profit surged – 2016 could be big
Jamaica Stock Exchange reported a huge jump in first quarter earnings showing profit of $87 million or 62 cents, up from a loss of $3 in 2014, after tax. Revenues jumped from $82 million to $253 million, on the back of 10 fold increase in cess, due to primarily to the transfer of ownership of the controlling interest in Scotia Group, from the Canadian parent, to one set up to own the Caribbean entities directly.
Total cess income jumped to $161 million compared to only $15 million. Access Financial managing director switched ownership of his shares to a company, resulted in a transaction over the exchange of $1 billion and Pan Jamaican Investments had a $1.3 billion transaction in March. While the latter two unusual transactions would have increased the cess around $12 million, the cess for Scotia Group is estimated by IC Insider at around $120 million, leaving around $40 million as cess from normal ongoing operational activities. Trading values grew by 27 percent in the first quarter, including the two transactions in March. Fee income which rose by 67 percent would have been partially impacted by the big one off transactions, but increased value traded and a slight increase in listing fees would also have helped.
In the second quarter to mid May trading has increased 333 percent to $2.6 billion, the amount is equal to the total value traded for the entire second in 2014. The increased value of trading will lead to increased fees. In the 2014 second quarter, income from cess was only $10 million and fee income $45.5 million. Not only will the cess rake in more funds from the increased volume of trading now on the way but also from an increase in the rate charged for cess over the 2014 level.
While the increased trading activity so far will lead to increased fees for the second quarter, the potential income will be no more than around $100-120 million and will be sufficient to produce a profit for the quarter and help in lifting profit for the full year beyond $1 per share.
Looking forward, with more unit trust schemes being set up there will be more demand for stocks to satisfy the demand of equity funds. The Stock Exchange is poised to take over repo trading and acting as the registrar for them and result in additional fee income is going in the not too distant future, also of great import is that rising stock values increases the base for listing fees to be levied in 2016.
The exchange has cash and investments of $500 million with a working capital ratio of 2:1 and equity of $650 million. The stock remains IC Insider BUY RATED and is now available at $3.50 which it traded at on Friday, but won’t remain that way forever and investors should be buying this one for big long-term gains.
J$ slips against US & Pound Friday
On Friday, the Jamaican dollar slipped against the US dollar and British pound and gained against the Canadian dollar, as purchases of all currencies by dealers amounted to the equivalent of US$29,862,314 compared with US$32,964,911, on Thursday and selling of the equivalent of US$29,000,152 versus sale of US$27,642,328, previously.
In US dollar trading, dealers bought US$26,604,631 compared to US$28,792,177 on Thursday. The buying rate for the US dollar rose 10 cents to $115.57 and US$27,054,347 was sold versus US$26,502,659 on Thursday, the selling rate was up 7 cents to $116.10. The Canadian dollar buying rate slipped 9 cents to $94.60 with dealers buying C$1,106,157 and selling C$550,926, at an average rate that declined 67 cents to $96.61. The rate for buying the British Pound jumped $2.45 to $180.53 for the purchase of £1,449,736, while £860,481, was sold, at an average rate that rose 67 cents to $182.55. At the end of trading it took J$132.05 to purchase the Euro, 39 cents more than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.43 for an increase of 37 cents on Thursday’s rate. Other currencies bought, amounted to the equivalent of US$87,807, while the equivalent of US$134,455, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 19 cents to $116.50. The lowest buying, the highest and the lowest selling rates were unchanged at $94.77, $121.44 and $94.77 respectively. The highest buying rate for the Canadian dollar rose 55 cents to $97.50. The lowest buying rate was up 20 cents to $76.98, the highest selling rate rose just 12 cents to $99.24 and the lowest selling rate gained $1.75 to $92.75. The highest buying rate for the British Pound, rose 60 cents to $183.25, the lowest buying rate gained 42 cents to $146.50, the highest selling rate fell 94 cents to $185.54 with the lowest selling rate rising 74 cents to $174.30.
Scotiabank jumps to $63 on TTSE
At the close of the market, the Composite Index advanced by 4.83 points to close at 1,159.62, the All T&T Index added just 2.43 points to close at 1,970.86 and the Cross Listed Index increased by 0.97 points to end at 45.71
Gains| Stocks increasing in price at the close are, Massy Holdings had 5,411 shares changing hands, for a value of $345,492, to end 45 cents higher at $64, National Commercial Bank had 13,787 units changing hands, 15 cents higher at $1.65. Scotiabank contributed 38,143 shares, valued at $2,402,950 and jumped 49 cents to end at $63 and Unilever Caribbean traded 438 units and closed 3 cents up, at a new 52 week high.
Shares declining| Clico Investment Fund ended with 23,987 shares trading, valued at $541,037 but lost 5 cents to end at $22.55 and First Citizens Bank trading 604 shares to close at $35.80, after losing 5 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Guardian Holdings ending with 3,154 shares at $14.20, JMMB Group ended with 1,904 shares trading at 55 cents, National Enterprises traded 1,561 units at $17.30. One Caribbean Media ended with 219 shares changing hands at $22.30, Prestige Holdings closed with 265,096 shares valued at $2,650,980 trading to end at $10. Republic Bank added 10,614 shares valued at $ to close at $115 and Trinidad Cement ended up with 10,000 units at $2.80.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than their last selling prices and 3 with a lower offer.
Stocks mostly gained Friday morning
Jamaican stocks prices are still cruising on a high with 17 stocks gaining and only 4 declining.
The junior market moving up to 878.73 points but after posting triple gains the main market indices slipped into negative territory with Scotia Group pulling back the $25.11. In the process the all Jamaica Composite index fell 451.62 points to 109,511.66 at midday and the JSE index was down 403.93 points to 99,095.50.
Trading is taking place in 28 securities with 3.27 million units as market interest spread to more stocks that were hardly active for months. So far there are a number of new 52 week’s high as the market continues to power away as positive company results are encouraging investors to buy.
6 stocks eke out gains on TTSE
Trading on the Trinidad Stock Exchange ended with 11 securities changing hands, 6 advanced, none declined and 5 traded firm, with a total of 223,324 units, valued at $8,904,407.
At the close of the market, the Composite Index advanced by 0.34 points to close at 1,154.79, the All T&T Index fell by just 0.11 points to close at 1,968.43 and the Cross Listed Index increased by 0.11 points to end at 44.74.
Gains| Stocks increasing in price at the close are, Firstcaribbean International Bank ended trading with 937 shares but added 2 cents to close at $5.03, First Citizens Bank traded 2,165 shares to close 5 cents higher at $35.85, Grace Kennedy contributed 18,691 shares, to end with a gain of 3 cents at $3.5. Guardian Holdings with 37,409 shares traded for a value of $531,322, gained 5 cents to end the day at $14.25, Massy Holdings had 76,650 shares changing hands for a value of $4,871,107 to end 6 cents higher at $63.55 and Unilever traded 3,314 shares and gained 2 cents in closing at a new 52 weeks’ high of $66.11.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Angostura Holdings with 6,099 units at $13.90, Clico Investment Fund ended with 60,533 shares trading, valued at $1,368,305 but remained at $22.60. One Caribbean Media ended with just 60 shares changing hands at $22.30, Republic Bank added 14,539 shares valued at $1,671,985 to close at $115 and Trinidad Cement ended up with 2,927 units at $2.80.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with the bid higher than their last selling prices and 1 with a lower offer.
J$ slips against all on Thursday
On Thursday, the Jamaican dollar slipped against the US dollar, British pound and Canadian dollar, as purchases of all currencies by dealers amounted to the equivalent of US$32,964,911 compared with US$29,494,214, on Wednesday and selling of the equivalent of US$27,642,328 versus sale of US$33,928,300, previously.
In US dollar trading, dealers bought US$28,792,177 compared to US$27,139,403 on Wednesday. The buying rate for the US dollar rose 5 cents to $115.47 and US$26,502,659 was sold versus US$31,570,143 on Wednesday, the selling rate was up 6 cents to $116.03. The Canadian dollar buying rate climbed 42 cents to $94.69 with dealers buying C$1,327,786 and selling C$713,715, at an average rate that rose 37 cents to $97.28. The rate for buying the British Pound fell 95 cents to $179.08 for the purchase of £1,915,229, while £310,883, was sold, at an average rate that rose 75 cents to $181.88. At the end of trading it took J$131.66 to purchase the Euro, $1.29 more than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.06 for an increase of $1.15 on Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$130,163, while the equivalent of US$53,985, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 6 cents to $116.31. The lowest buying rate was unchanged at $94.77 and highest selling rate fell $4.46 to $121.44, while the lowest selling rate dropped $18.53 to $94.77 The highest buying rate for the Canadian dollar slipped 10 cents to $96.95. The lowest buying rate was up 42 cents to $76.78, the highest selling rate rose just 5 cents to $99.12 and the lowest selling rate declined by $1 to $91. The highest buying rate for the British Pound, rose 5 cents to $182.65, the lowest buying rate gained 33 cents to $146.08, the highest selling rate fell $1.41 to $186.48 with the lowest selling rate falling 44 cents to $173.56.