CAB back atop ICTOP10

The ICTOP10 top performing stock for the previous week – Caribbean Assurance Brokers (CAB), was the biggest loser last week with a 15 percent decline and returns to the top of the listing as some selling came into the market, with most buyers remaining at the $2 or lower level with a pullback in prices of more Junior Market TOP10 stocks than those that rose.
Earning season delivered solid profit gains for several companies, but that did little to move prices substantially upwards, even as interest rates are softening. A few exceptions are CAB, Dolphin Cove, Consolidated Bakeries, Everything Fresh and earlier Image Plus and Tansjamaican Highway, which enjoyed increased buying interest that sent higher prices. Things have since cooled, as is the norm after most results were released in May, as investors await the critical second quarter number in late July into August before pulling the trigger.
Action in the markets this past week resulted in the ICTOP10 Junior Market stocks recording mostly losses with only a few winners. Main Market stocks recorded mostly wins, with few losses. Dolla Financial dropped out of the TOP10 with Everything Fresh moving back in.
Consolidated Bakeries jumped 20 percent to $2.44, followed by Iron Rock Insurance, which increased 9 percent to $2.50. Dolphin Cove climbed 8 percent to $16.44, helped by robust first quarter results, following an 88 percent increase in revenue to US$4.9 million over the first quarter in 2022, with profit after tax rising 97 percent to US$1.57 million from US$796,000 in 2022. Following CAB, the leading decliner, Image Plus, fell 7 percent to $2.04, while Edufocal and Dolla Financial lost 4 percent to end at $1.87 and $2.71, respectively.
The price of Main Market listed Sygnus Credit Investments gained 13 percent to finish at $13.04 and was followed by Key Insurance, up 7 percent to $3.65 and 138 Student Living with an increase of 5 percent to $5.67, while Caribbean Producers dropped 7 percent in closing at $9.05.
Interest rates on BOJ CDs and Treasury bills have declined in recent weeks below 8 percent, but the Bank of Jamaica held the overnight rate at 7 percent as they cite concerns about the implication of increased minimum wages and the usual agricultural price hikes in the summer months amongst other issues that could derail the reduced inflation rates in recent months. Although many stocks are severely undervalued, a real market bounce may be some time off and may not happen until BOJ starts reducing rates later in the year.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.9, well below the market average of 13.8. The Main Market TOP10 is projected to have an average of 250 percent, to May 2024, based on 2023 forecasted earnings.
The 15 highest valued Main Market stocks are priced at a PE of 15 to 115, with an average of 28 and 18 excluding the highest PE stocks and 18 for the top half excluding the stocks with the highest valuation.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 10.8 there are ten stocks or 21 percent of the market, with PEs from 15 to 24, averaging 19, well above the average of the market. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 250 percent to May 2024.
The differences between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
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, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely 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, resulting 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.

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