The ICTOP10 stocks racked up some solid gains to close out the past week, even as the Jamaica Stock Exchange Junior and the Main Market that suffered losses last week declined further this past week.
The Main Market had just two stocks with notable price changes this past week, with Scotia Group jumping 13 percent to $34 and Key Insurance slipping 8 percent to close the week at $2.55. There were more changes of note in the Junior Market ICTOP10 that closed the week with a 15 percent rise in General Accident Insurance to $5.24, the price of Elite Diagnostic rose 11 percent to $1.79 and Iron Rock Insurance gained 5 percent to end at $2.20. Image Plus with a 4 percent loss to $2.02, was the only declining stock of note.
Earnings for Margaritaville was adjusted to $3.10 for the current fiscal year ending May 2024, placing the stock at number 5 on the list.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 298 percent, to May 2024, based on 2023 forecasted earnings.
A total of 11 of the most highly valued stocks representing 23 percent of the Main Market are priced with a PE of 16 to 84, with an average of 31 and 21 excluding the highest PE ratios, with a PE of 21 for the top half and 17 excluding the stocks with the over weighted valuations.
The PE of the Junior Market Top 10 sits at 5.2 just half of the market at 10.4. There are 10 stocks or 26 percent of the market, with PEs from 15 to 29, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 288 percent to May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent results leading them to quietly nibble away at the supplies of a number of stocks on offer and paving the way for price appreciation ahead. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors, Lasco Manufacturing and Transjamaican Highway.
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.
ICTOP10 stocks are likely to deliver the best returns up to the end of May 2024 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 changes 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.
Developments in the past week, the Main Market, Key Insurance rose 11 percent to close the week at $2.77, followed by a 10 percent fall in 
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 30 and 21 excluding the highest PE ratios, with a PE of 21 for the top half and 17 excluding the stocks with the highest PEs.
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.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
The markets are not in a bullish state, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Addition to fixed assets absorbed $2.4 billion during the year and includes work in progress of $1.4 billion. In 2022, addition to fixed assets was $637 million as the group increased investments in plant and machinery to expand its operation, which William Mahfood advises is targeted to expand factory and warehouse space by 60 percent to meet growing demand locally and overseas for its products.
Caribbean Cream the leading mover in the Junior Market ICTOP10, climbed 10 percent to $4.15, followed by Edufocal rising 4 percent to $1.45. Iron Rock Insurance was the worst performer, falling 12 percent to $2.10 and was followed by general Accident, down 10 percent to $4.43, while Caribbean Assurance Brokers slipped just 4 percent to $2.87.
The divergence 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.
The 2023 full year results reflect a greater level of rebound from the declines suffered following the fallout in the economy as a result of the advent of covid-19 and, in particular, the fallout in the global market with higher input costs that flowed from supply disruptions as well as tourism sector that were still recovering during the 2023 fiscal year that ended in March.
Dolphin Cove reported a 5 percent increase in revenues to US$4.4 million in the June 2023 quarter over the June 2022 quarter and a 37 percent jump for the half year to US$9.2 million from US$6.76 million, with profit of US$1.153 million for the second quarter, up 10.5 percent over the $1.04 million in the June 2022 quarter and US$2.72 million for the half year, up 48 percent to US$1.84 million in the half year to June 2022.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at many stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Everything Fresh reported a 14.4 percent increase in revenues to $827 million for the June quarter and a 32 percent jump for the half year to $1.67 billion and a profit of $43 million for the second quarter compared with $30 million in 2022 for the June quarter, and $78 million r the half year versus $38 million in 2022.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.