New ICTOP10 listings

Stocks pulled back this past week from the month end Induced rally of the prior week on the Jamaica Stock Exchange, resulting in two new additions to the ICTOP10 stock, with mostly declining stocks dominating the ICTOP10.
Coming into the Junior Market TOP10 are Paramount Trading, with the price dropping to an appealing $1.50 and Everything Fresh dipping to $1.55. Leaving the Junior Market TOP 10 are Dolphin Cove and Lasco Distributors with modest price changes for the week. There are no changes to the Main Market TOP10.
The Main Market closed the week with Caribbean Producers rising 4 percent to close at $10.24, but Guardian Holdings dropped 13 percent to close the week at $440, followed by a 6 percent fall in Key Insurance and Scotia Group to $2.31 and $32 respectively.
There were no gains of worth in the Junior Market but One on One Educational Services fell 12 percent to $1.01, Caribbean Assurance Brokers fell 6 percent to $3.19 and Caribbean Cream slipped 4 percent to $4.
At the end of the week, the average PE for the JSE Main Market TOP 10 stands at 4.9, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 344 percent, by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 21 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 10.9. There are 11 stocks or 23 percent of the market, with PEs from 15 to 37, averaging 20 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 is projected to rise by 268 percent by 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.
ICTOP10 focuses on likely yearly winners. The lists include 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 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 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.

4 changes to ICTOP10 stocks

In a week with four changes to the ICTOP10 stock listings, the select list of stocks racked up some impressive gains to close out the past week and the ninth month of the year, following solid gains during the week for the Jamaica Stock Exchange Junior and the Main Market. Junior Market rose more than 150 points and rose above the August close, while the Main Market index jumped 14,765 points for the week and the All Jamaica Index is up 12,156 points with both up modestly over the August close.

Top performing stock in the past week.

Coming into the Junior Market TOP10 are Lasco Financial, Dolphin Cove and Lasco Distributors, as Everything Fresh, General Accident and iCreate dropped out. General Accident replaced Caribbean Cement that fell out of the Main Market TOP10.
The Main Market closed the week with Caribbean Cement jumping 16 percent to close at $56.80, Guardian Holdings ran up 14 percent to close the week at $506.60, followed by a 10 percent increase in Jamaica Broilers to $34 and a 6 percent rise in JMMB Group to $29, all other price changes were 4 percent or less.
The Junior Market saw Everything Fresh jumping 28 percent to $1.75, followed by Caribbean Assurance Brokers leaping 20 percent to $3.38 as supply of the stock below this price has dried up and One-On-One Educational Services and General Accident are up a notable 15 percent to $1.15 and $6 respectively and finally, Image Plus rose 7 percent to $2.17.
Caribbean Producers reported full year earnings to June of J$0.90 per share, excluding one off item. ICInsider.com projects earnings of $1.70 for the current year, pushing the stock jumps to 6th position in the top 10 to number 7 on the list.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 4.9, well below the market average of 12.4. The Main Market TOP10 is projected to gain an average of 330 percent, by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced with a PE of 15 to 109, with an average of 29 and 19 excluding the highest PE ratios, with a PE of 23 for the top half and 16 excluding the stocks with the over weighted valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 11.2. There are 13 stocks or 27 percent of the market, with PEs from 15 to 28, 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 is projected to rise by 255 percent down from 288 percent last week by 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.
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 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 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.

Profit climbs 16% at Jamaica Broilers

Profit rose a cool 16 percent at Jamaica Broilers Group for the quarter to July 2023, to $1.2 billion over the $1.1 billion in the July 2022 quarter from a mere two percent increase in revenues to $23.4 billion from $23 billion in 2022.

Jamaica Broilers

Gross profit grew faster than revenues, with an increase of 8 percent to $5.7 billion from $5.3 billion in the prior year. The Jamaica Operations had segment results of $1.75 billion, down 7 percent below last year’s result of $1.88 billion. “The reduction was mainly driven by increased pressure from high levels of imports, affecting baby chick sales to our small farmers,” Robert Levy, Chairman and Christopher Levy, Group President & CEO advised investors in their comments on the quarter’s performance.
“The Jamaica Operations showed an increase of 5 percent over the corresponding quarter, which was mainly driven by poultry sales. Our US Operations reported a b segment result of $1.2 billion for the first quarter, 44 percent above last year’s results,” the directors went on to state. The group earned $815 million in segment results in 2022 from segment revenues of $9.2 billion which slipped to $9.1 billion in 2023 from external business in the US Operations.
“We did have a 3 percent decline in total revenue due primarily to falling prices in most of our product lines. However, a 56 percent year over year increase in poultry volumes assisted in offsetting the negative market pressures. Our South Carolina plant which produces the Best Dressed Chicken line of products has gained impressive market acceptance in the United States,” the directors reported.
The Caribbean operations segment that had positive results of $106 million in 2022 recorded a loss of $480 million in 2023.
Administrative costs declined marginally from $2.98 billion to $2.92 billion in the current period, distribution costs rose four percent from $690 million to $720 million, finance costs almost doubled, moving from $320 million to $633 million, taxation moved up from $332 million to $393 million during the 2023 quarter.
Total comprehensive income ended the quarter at $1.45 billion up from $920 million in 2022.
The group reported earnings per share of $1.24 versus $1.07 in 2022. ICInsider.com projects earnings of $7 for the current fiscal year and $9 for the following one. The stock last traded at $32.50, with a price earnings ratio of just under 5, compared to the average of the market of 12.4 based on current year’s earnings.
The group continues to fund expansion with $952 million invested in fixed assets during the quarter, down from $1.2 billion in the similar quarter in 2022, with net fixed assets climbing almost $7 billion from $15.4 billion to $22.2 billion at the end of the quarter. Funds were borrowed to finance the investment in fixed assets, with new loan funding of $2.44 billion during the quarter compared to $3.7 billion in the previous year. Loans repaid amounted to just $664 million versus $1.6 Billion in the previous year. The increased borrowing is the major factor in the climb in interest costs during the quarter, in addition to movement in interest rates internationally.
Cash inflows before working capital requirements for $3.4 billion and is up from $2.6 billion in the previous year after working capital funding rose, the group ended up with a negative cash flow of $2 billion that is up from $1 billion in the previous year.
After the investment in fixed assets, loan payments and receipts, the group was left with negative cash flows for the quarter of $1.9 billion which reduced cash from $4.6 billion at the beginning of the year to $2.8 billion.
The statement of financial position shows a healthy financial status with equity capital of $34 billion net current assets of $17 billion, total current assets amounting to $51 billion and total current liabilities of $34 billion which includes short term borrowings of $21 billion.

Solid gains for ICTOP10 stocks

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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.

Scotia climbs in ICTOP10

The Jamaica Stock Exchange Junior Market and the Main Market moved in opposite directions in the past week with the Junior Market enjoying some recovery from the fall in the past week and the Main Market suffering more pain, with a near 2 percent fall, with a few of the stocks hitting 52 weeks’ low, with Scotia Group being one of them and pushed to stock to 6 positions in the TOP10.
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 Scotia Group down to $30, but the bid closed higher than the last price, suggesting a rebound in the coming week. Scotia Group reported solid results for the nine months to July. ICInsider.com upgraded earnings to $5.50 but it could hit $6, with the stock being extremely undervalued. Caribbean Cement declined by 6 percent to close the week at $47.50 and JMMB Group fell 5 percent to $28.10
The Junior Market ICTOP10 closed the week with a 16 percent rise in the price of Caribbean Cream to $4.06 followed by a 12 percent decline for Elite Diagnostic to $1.61 and an 8 percent fall in General Accident Insurance to $4.55.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5, well below the market average of 12.3. The Main Market TOP10 is projected to have an average of 336 percent, to May 2024, based on 2023 forecasted earnings.
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.
The Junior Market Top 10 PE sits at 5 compared with the market at 10.6. There are 12stocks or 26 percent of the market, with PEs from 15 to 38, averaging 21 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 300 percent to May 2024.
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.
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 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 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.

Profit surges 74% at Scotia Group

Scotia Group generated a huge 74 percent jump in net profit to $12.8 billion for the nine months to July 2023 over $7.3 billion in 2022. Profits for the quarter rose a much more subdued 40 percent to $5.16 billion and is up strongly from $3.68 billion in 2022 as well as form profit $4.2 billion in this year’s April quarter.
Earnings per share for the July quarter was a strong $1.66, up from $1.18 in July 2022 and $4.11 for the nine months to July this year and puts the group on track to generate income close to $6 per share for the fiscal year end in October 2023. ICinsider.com is forecasting $5.50 in earnings for the current fiscal year.
Loans grew by $40.5 billion or a solid 18.5 percent compared to July 2022, with loans net of allowances for credit losses increasing to $259.6 billion. “Our core loan book continues to perform well with mortgages increasing year over year by 29 percent, consumer loans by 10 percent and commercial loans by 20 percent,” the group informed investors in their commentary on the results.

Audrey Tugwell Henry Scotia Group’s CEO

Total revenues excluding expected credit losses for the nine months to July, grew by $10 billion to $41.5 billion reflecting an increase of 31.5 percent over the comparative prior year period. “This was primarily driven by an increase in net interest income of $7.1 billion stemming from the strong growth in our loan portfolio, higher insurance revenue as well as higher fee and commission income earned given the significant increase in transaction volumes” the directors informed shareholders in their commentary on the financial performance.
The directors hiked the dividend to 40 cents per stock unit, payable on October 19, to stockholders up from 35 cents per stock unit last paid.
ICInsider.com is accordingly placing an ICBuyRated seal of approval on the stock, which is one of ICInsider.com TOP10 Buy Rated list of stocks. Investors have hardly noticed this performance with the share price falling from $33.44 in the morning session to $33 mid morning with trading in just over 54,000 shares with the stock trading at 5.5 times earnings currently, compared with an average of 12.2 for the overall Main Market, with a huge upside potential for growth for the next 12 months or so.

Elite Diagnostic moves into ICTOP10

Elite Diagnostic returns to the Junior Market ICTOP10 listing at the number 2 spot, Dolphin Cove dropped out but there are no changes to the Main Market Listing.
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.
Developments in the past week, the Main Market, now reflects the Jamaica market price for Margaritaville that climbed 16 percent to $16.30, followed by an eight percent increase for JMMB Group to$29.70 following an announcement from the company that the will be implementing a $10 million stock buyback, while 138 Student Living popped 5 percent to $4.33 and Key Insurance shed 13 percent to close the week at $2.50.
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.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to have an average of 330 percent, to May 2024, based on 2023 forecasted earnings.
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 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.1 compared with the market at 10.6. There are 10 stocks or 21 percent of the market, with PEs from 15 to 39, averaging 21 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 298 percent to May 2024.
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.
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.
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 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 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.

Key Insurance leads movers in ICTOP10

The impact on the market with the presence of an Initial Public Offer opening was not very pronounced this time around, with the One Great Studio opening and closing this past week with the issue being oversubscribed, but the Junior Market did experience a sharp fall early in the week that could well be related to investors seeking funds to invest in the IPO.

In the Main Market, Key Insurance climbed 14 percent to $2.88 to be the sole winner of note, while 138 Student Living crashed 6 percent to $4.11, just a fraction above the APO price for shareholders of $4.05, that is projected to raise just over $2 billion. JMMB Group shed 5 percent to close the week at $27.40, making for a compelling long term investment and Sygnus Credit Investments fell 4 percent to $11.47.
The Junior Market ICTOP10 closed the week with Caribbean Cream dropping 16 percent to $3.50, this comes against the background of sharply falling cost for milk solids, one of the significant input cost in the production of ice cream. Caribbean Assurance Brokers slipped 7 percent to $2.68 and Everything Fresh dropped 14 percent to $1.37 and Image Plus slipped percent to $2.05. Iron Rock Insurance was the gainer of note, rising 10 percent to $2.30.
The pending additional issue of 138 Student Living shares kept the price depressed and with the offer coming public with 513 million shares with an option to upsize by 318.5 million units, it will satisfy a great deal of demand and, therefore, put a short term lid on price appreciation. The situation will be worse as the company lacks the ability to inform investors about its operations in a manner that is befitting of a company its size.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.7. The Main Market TOP10 is projected to have an average of 322 percent to May 2024, based on 2023 forecasted earnings.
The most highly valued Main Market stocks, representing 32 percent of the Main Market, are priced at a PE of 15 to 80, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.8. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 21, that is 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 271 percent to May 2024.
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 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.
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 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, 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.

 

 

Healthy climb in profit at Wisynco

Profit jumped 21 percent at Wisynco Group to a record $4.9 billion for the year to June, this year after corporation tax, over the 2022 earnings, resulting in earnings per share of $1.31 from sales revenues that climbed 20 percent to $58.45 billion up from $48.7 billion in 2022 but after investment and other income of $697 million compared with $453 million in the prior year.

Wisynco Group’s profit rose 21% for the 2023 fiscal year.

The profit margin improved during the year, with cost of sales dropping from 66 to 65 percent, with gross profit rising faster than sales, up 27 percent to $16.9 billion from $13.25 billion.
Loss at JP Snacks, an associate, worsened during the year with a modest 4 percent rise in revenues moving from $1.65 billion to $1.72 billion, with the loss jumping from $94 million to $194 million. Wisynco wrote down their investment due to impairment by $105 million during the year.
Administrative expenses jumped 25 percent to $1.8 billion from $1.4 billion. Sales and distribution expenses increased 29 percent to $9.2 billion from $7 billion. Staff cost climbed well ahead of inflation by nearly 25 percent to $6.33 billion, with wages up 23 percent to $5 billion. Finance cost declined to $131 million from $149 million in 2023. Depreciation rose 22 percent to $1.09 billion.
The operations generated Gross cash flow of $7.6 billion, but growth in working, addition to fixed assets offset by loan inflows and increased payables and dividend payment of $1.6 billion during the year, up from $1.5 billion in 2022, resulted in net inflows of $3.5 billion of which $1.17 billion was used to purchase investments.
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.
Current assets climbed from $17.8 billion to $22.8 billion, including trade and other receivables of $5.45 billion cash and bank balances of $11.2 billion. Current liabilities ended at $8.3 billion versus $7.3 billion in 2022. Net current assets stood at $14.58 billion, up from $10.5 billion in June 2022.
At the end of June, shareholders’ equity climbed to $21 billion from $17.8 billion in 2022, long term borrowings stood at $3 billion, up from $747 million in 2022 and short term loans at $1.1 billion, up from $822 million. 2022.
Going forward, the group is set to acquire the distributorship of additional products during the year, in addition to the expansion now being undertaken to meet ongoing demand.
IC Insider.com computation projects earnings of $1.80 per share for the fiscal year ending June 2024, with a PE of just over 10 times current year’s earnings based on the price of $17 the stocks traded on Thursday morning on the Jamaica Stock Exchange Main Market.
Net asset value ended the period at $5.63, with the stock selling at 3 times book value.
The stock is one for the future. Investors may not see any notable price movement from the current level in the short term, but with the expansion now on the way and new products to be distributed, a successful future seems assured and the stock price will grow appreciably into the future.

CPJ returns to ICTOP10

Caribbean Producers

Caribbean Producers (CPJ) returns to the TOP10 after a long period of absence, following the fall out of Berger Paints from the Main market Top10, even as CPJ earnings are based on June 2023 full year earnings with the company is yet to release these results.
Preliminary projection indicates earnings of $2.50 per share for the 2024 fiscal year that would put the stock into the third position on the TOP10 list. Until the full year results are in, the estimate for the 2023 year is used.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Junior Market had one stock rising 10 percent and two falling 12 and 10 percent, with more modest changes in most of the rest. The Main Market had one stock climbing 10 percent and one falling 6 percent as the largest movers.
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.
Berger Paints rose 10 percent to $7.76 in the Main Market, followed by Guardian Holdings with a 4 percent rise to $439.80, JMMB Group also gained 4 percent to close the week at $28.79, but 138 Student Living fell 6 percent to $4.35 and Caribbean Cement fell 4 percent to $50.
Investors should note that Margaritaville is listed on both the Main and USD markets, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.2, well below the market average of 12.6. The Main Market TOP10 is projected to have an average of 322 percent, to May 2024, based on 2023 forecasted earnings.
The 2most highly valued Main Market stocks, representing 26 percent of the Main Market, are priced at a PE of 15 to 100, with an average of 31 and 20 excluding the highest PE ratios, with a PE of 23for the top half and 17excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.4 compared with the market at 10.7. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 38, averaging 20, 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 is projected to rise by 271 percent to May 2024.
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 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 a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes, Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event 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.
IC TOP10 stocks will likely 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 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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