Lousy Monday trading on JSE

Monday’s trading on the Jamaica Stock Exchange was very moderate, as the prices of 3 stocks rose, 6 declined and 18 securities changed hands, resulting in 1,001,293 shares trading valued at a mere $4,627,847.
Main Market| By the close of trading the JSE Market Index inched up by 71.70 points to 70,259.21 and the JSE All Jamaican Composite index moved up 80.17 points to close at 77,270.76.
JSE sum 21-7-14Gains| Stocks recording gains at the end of trading in the main market, are Grace Kennedy with 7,725 units as the price gained 99 cents to $55, Pan Jamaican Investment traded only 1,558 shares but gained 25 cents, to land at $48.26 and Scotia Group with 94,278 units changing hands, gained a cent to close at $18.51.
Firm| The stocks in the main market to close without a change in price, are Carreras with 10,224 shares closing at $33.60. Mayberry Investments traded 3,943 units and closed at $1.55, Seprod traded 5,000 units and ended at $10.50 and Supreme Ventures traded 11,500 units to close at $1.95.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 2,000 units at $2.
Declines| The number of stocks declining in the main market, are Cable & Wireless with 502,916 shares, while losing 2 cents to end at 25 cents, Jamaica Broilers with 76,626 shares, lost 3 cents to close at $4.57, National Commercial Bank with 8,475 units, closed with a 2 cents loss at $18, Sagicor Group in trading 115,510 shares lost 5 cents to close at $9.05 and Sagicor Real Estate Fund, exchanged 4,500 units for 10 cents lower at $6.30.
Junior Market| The JSE Junior Market Index declined by 8.99 points to close at 679.40 as 5 securities traded, with none advancing and one declining.
Firm Trades| Stocks in the junior market that traded to close at the same price as the day before, are Caribbean Cream with 38,240 shares to close at 70 cents, Jamaican Teas with only 698 units at $3.25, Lasco Financial Services with 29,100 shares to close at $1 and Medical Disposables & Supplies with 86,000 shares at $2.
Declines| The only stocks declining in the junior market at the end of trading is Lasco Distributors with 3,000 units to close down 10 cents at $1.20.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 10 stocks with bids higher than their last selling prices and 4 stocks with offers that were lower.

Is the real estate price right?

In the heady days when Olint, the forex trading company was around, and many clients of that entity were reaping 10 percent per month, persons were paying almost as much for used residential units as new ones.

Apartment complex at East Oakridge in Kingston 8

The question arises how to know when the value of a property is right or not. Some persons rely on the valuation of a real estate valuator. The problem with this approach is that they use the prices paid for similar units, although other approaches are used. In times when buyers are paying over the top, the valuation is likely to be highly influenced by recent sales. Currently, there appear to be no excesses in the Jamaican market.
How can an investor get a good idea if the price is about right? Be like a valuator, do comparison pricing. A good place to start getting information on selling price per square foot are ads selling properties, especially new ones. Houses are of different sizes and make up, but by and large they have one thing in common, that is square footage. If the square footage is known, the value per square foot should be computed for all units, then prices can compared, because there is a common measuring rod. Without reducing values to a common measure, it becomes difficult to determine if one property is appropriately priced or not.

Interior of Model unit at East Oakridge apartment complex


Some advertisements and a news item in the newspapers, provide some useful information as to where values are in the local market currently. Location of course is an important element of pricing, this is not factored in here. The information gleaned have values per square foot, ranging form a low of $10,000 for lower income units to a high of $25,000 per square foot for a Montego Bay waterfront property. The typical upper income units seem to be price around $22,000 per square foot for units of 600-700 square feet to $16,000 to $20,000 on the upper end for larger units. Older units would normally be valued based on be discount from the current selling prices of new units for their age, at around 2 percent per annum.
According to a Sunday Gleaner publication on July 20, 2014 Real-estate developer Matalon Homes is investing in a residential project called Welwyn. Construction of the luxury townhouses and apartments at Millsborough in St Andrew is to last a year. The units are priced at US$210,000 for the apartments of 1,100 square feet and US$420,000 for the townhouses comprising 2,100 square feet or approximately $23.6 million and $47.3 million respectively. The selling price works at $21,570 and $22,250 per square foot respectively.

Apartment unit at Montego Freeport, priced at $25,000 per sq. Ft.

In East Oakridge, Kingston 8 area, there are 1 and 2 bedroom apartments of 986 and 1,486 square foot, priced at $19 to 24 million or $19,250 and $16,150 per square foot respectively.Over in Montego Bay, The Landings at the Spring Gardens, have studios of 872 square foot going for US$131,000 to US$137,000 or J$17,000 per square foot and 2 bedrooms of 1,575 square foot, going at US$219,000 t0 $229,000 or $15,700 per square foot. There is the requirement for 35 percent deposit in two tranches. Over at Montego Freeport, there are also units selling at $25,000 per square foot. While, properties in the main cities are going at the above prices for new units, out in rural Jamaica, smaller units of 800 square feet are priced around $10,000 per square foot. Many of these tend to be built on cheaper lands than say in Kingston, they are also benefit from the fact that the developers are building hundreds of them in one community thus enjoying economies of scale.

Investor’s Choice 2014 Investment issue now available

IC Special Issue 1 Contn Pg -1

One Caribbean Media drops $1.74

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OneCaribbeanMedia280x150The previous Buy Rated One Caribbean Media which was moved to the Market Watch, tumbled by $1.74 in Friday’s trading levels on the Trinidad Stock Exchange. The stock closed with a bid to buy 17,412 shares at the closing price, but there was no stock on offer for sale at the close.
Scotiabank closed at a new 52 weeks low. The price continues to adjust downwards, following the bank’s fall in second quarter results. At the close there was little demand for the stock, with the bid at $65 well off the last sale price.
There was activity in 12 securities, of which 3 advanced, 4 declined and 5 traded firm with 207,602 stocks changing hands, valued at $2,718,931. The market indices closed mixed, with the Composite Index losing 0.17 points to close at 1,164.85, the All T&T Index declined by 1.74 points to close at 2,008.78 and the Cross Listed Index inched up by 0.19 points to close at 42.02.
Gains| Stocks increasing in price at the close are Clico Investment Fund with 39,920 shares valued at $867,712, to advance by 15 cents to end at $21.85, First Citizens Bank traded 4,470 shares to close at $35.30, up 19 cents and Sagicor Financial Corporation contributed 27,883 shares with a value of $188,005, to close with a gain of 23 cents at $6.75.
Declines| The stocks declining at the end of trading, are One Caribbean Media suffering a loss of $1.74 to close at $23.26 while trading 5,333 shares, valued at $124,662, Prestige Holdings with 77,131 shares changing hands for a value of $725,091, closed down a cent at $9.40, Republic Bank with 70 shares changing hands, closed with a decline of 5 cent to end at $122 and Scotiabank with only 14 shares, declined by 4 cents to close at $68.41.
TTSE sum 18-7-14Firm Trades| Stocks closing with prices unchanged at the end of trading are Angostura Holdings with a volume of 45,206 shares being traded for $576,377 to close at $12.75, Grace Kennedy with 2,505 shares to end at $3.45, Guardian Holdings contributed 4,056 with the price closed unchanged at $14.40, Massy Group traded 14 units to close at $69.50 and Trinidad Cement traded 1,000 to close at $1.95
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 1 stock with the bid higher than the last selling price and 3 stocks with offers that were lower.

NCB & Paramount plan dividend payments

ncb-logoTimes may be tough for many Jamaicans but the majority of listed companies continue to distribute dividends to their shareholders.
The latest announcement of plans for dividends are from National Commercial Bank (NCB) and Paramount Trading.
NCB advises that the Board of Directors will consider the payment of an interim dividend to stockholders at a meeting to be held on Thursday, July 24, 2014. National Commercial Bank approved an increase dividend payment of 35 cents per share paid on May 22 and a dividend of 32 cents per ordinary stock was paid on February 20 this year.
Paramount advised that Board Meeting to be held at 8 Bell Road East on Thursday, July 24, 2014 receive the audited financials and consider a dividend. Paramount paid an interim dividend of 13.5 cents per share payable on December 10, 2013.

Insiders buy more shares

Inside trades continue apace with the latest once more in Sagicor Group Jamaica who advised that an Executive purchased 571,696 shares under the group’s Executive Long Term Incentive Scheme on July 16, 2014.SagicorBuilding280x150 Pan-Jamaican Investment that owns more than 30 percent of Sagicor also advised that a director purchased 5,000 shares on July 14, 2014.
Blue Power Group advised that a Director sold 687,285 ordinary shares to a connected party of Guardsman Group on July 11, 2014.
Grace Kennedy has advised that on June 26, 2014 GK Capital Management acquired by way of a trade across the floor of the Jamaica Stock Exchange (JSE), 10,200,000 ordinary stock units in the JSE from PWL Transition Ltd (formerly First Global Financial Services (FGFS)). The transfer of the stock units in the JSE was part of the larger transaction whereby all the shares in FGFS were sold by First Global Holdings a subsidiary of Grace to Proven Investments Limited and the price agreed took into account the overall deal.

8 stocks rose & 2 fell on TTSE

Trading on the Trinidad Stock Exchange was dominated by advancing stocks. Stocks of 15 securities changed hands of which 8 advanced, 2 declined and 5 traded firm, 433,166 stocks changed hands, with a value of $2,425,082.
The Composite Index rose 0.18 points, to close at 1,165.28, the All T&T Index rose fell just 0.16 points, to close at 2,011.05 and the Cross Listed TTSE Sum 16-7-14Index increased by a mere 0.07 points, to end at 41.83.
Gains| Stocks increasing in price at the close, are Clico Investment Fund trading 14,297 shares valued at $309,934, the price advanced by 3 cents to end at $21.70, First Citizens Bank traded 1,120 shares, to close at $35.03 with a cent gain, Grace Kennedy with 250 shares gained a cent and closed at $3.45, Guardian Holdings gained 9 cents to end the day at $14.40, with 6,544 units changing hands. Massy Group gained a cent with 5,645 units traded, to end at $69.51, while Sagicor Financial Corporation added 13,242 shares valued at $86,338, to close 2 cents higher at $6.52, Scotia Investments with 3,500 shares, was up a cent in closing at $1.55 and Unilever Caribbean with 1,990, shares, gained 5 cents close at $62.35, a new 52 weeks high.
Declines| The stocks declining at the end of trading are Scotiabank that lost 17 cents, to close at $68.48, a new 52 weeks low, while trading 445 shares and LJ Williams 10 cents A had shares, had 25,000 units changing hands, to close with a loss of 3 cents at 26 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are ANSA McAL with 100 shares, to close $66.30, Firstcaribbean International Bank with a volume of 43,968 shares traded for $220,240, closed at $5, Jamaica Money Market Brokers with 2,000 units, closed at 45 cents, Republic Bank with 4,110 shares changing hands, closed at $122.05 and Trinidad Cement with 310,955 shares changing hands for a value of $606,362, closed at $1.95.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 2 stocks with the bids higher than the last selling prices and 3 stocks with offers that were lower.

Knutsford enjoying the good times – now Buy Rated

KnutsFordExpressA strong 88 percent jump in fourth quarter revenues, spawned 55 percent increase in pretax profit of $22.9 million, up from $14.8 million in 2013, at Knutsford Express.
For the 12 months to May, pretax profit climbed marginally to $56. Earnings per share which ended at 50 cents for the full year, is up to 23 cents for the last quarter. The latter is what investors would be really interested in, as it gives a good indication, of a rise in profit for the 2015 year.
Management in commenting on the data, indicated in their report accompanying the results, that ridership on the south coast of the island is growing and “signals readiness for enhancement to our schedules on this side of the island.”
Revenues for the quarter, climbed a strong 89 percent, to $96 million from $51 million in 2013, and from $203 million in 2013, to $323 million in 2014.
The result for 2014 is an improvement over the February 2014 quarter, when they reported $90.6 million in revenues and profit of $9.9 million before taxation and is a reflection of continuing growth in business. With the latest figures and signs of continued growth in revenues, earnings for the 2015 year should be around $1 per shares which would place the stock at an interesting valuation with some growth potential, in the stock price to somewhere in the $8-10 range over the next nine months or so compare to $5.16 it last traded. The stock is not in abundant supply and has only traded on a total of seven days, since listing in January this year.
The company’s finances are in a healthy state, with little debt, equity of $159 million and cash of $54 million.

AMG profit up 93% in Q3

amg-packaging280x150Junior market listed company, AMG Packaging, enjoyed increased revenues and profits in the May quarter than they did in the same period, the previous year.
Revenues rose 36 percent in the quarter, to $151.6 million and 40 percent in the nine months to May, to reach $442.4 million, but profits were up by a very strong 93 percent in the quarter to $13.37 million from $6.9 million in 2013, and just moderately better in the year to date period, with $36.87 million versus $35.5 in 2013. Units sold increased by an impressive 23.4 percent, management sated in a release accompanying the results.
There is a noted build-up of inventory from $93 million to $174 million which would be a combination of rising import cost resulting from the devaluation of the local currency, as well as a hedge against continued devaluation and the need for more inventory to service increased demand for the company’s products.
While profit is up, an area of concern is the slippage in the gross profit margin, with the latest quarter, coming in at 25.95 percent, down from 31.19 percent in 2013, and for the nine months, it fell from 34.62 percent in 2013, to 24.20 percent in 2014.
For the three months, gross profit grew by 17.95 percent, much slower than the sales growth. For the nine months, the growth was a mere 6 percent. Fall in administrative cost from $13.38 million to $10.6 million in the May quarter and a decline in the nine months period, from $32.98 million down to $30 million, helped in boosting net profit. Other areas of cost savings, include finance by $4.4 million and depreciation $2.5 million, for the nine months.
Return on equity is around 18 percent, down from 20 percent in 2013 and could be accepted as being good, but there appear to be room for improvement. Receivables are up by $19.5 million over the company’s previous fiscal year ending of August, and so too is amounts in payables, climbing by $63 million, which seems to be helping to fund the inventory build while cash is down from $34 million to $8 million.
The continued increase in volume sales and cost containment augurs well for profit improvement going forward. With increased through put, unit cost of production will fall, allowing more growth in gross profit to flow into overall profits. AMG has to continue to grow its business by continued strong volume growth, to become a more cost competitive producer with lower unit cost.
IC Insider’s forecast for 2014 is 60 cents per share and $1.20 for 2015 on the assumption that volume sales continue close to current growth levels. The stock has been restored to the Buy Rated list, based on the forecast for 2014 and 2015.

J$ gains on US$, others gain

In Tuesday’s trading the Jamaican currency saw a reduction in the selling rate for the United States currency but a fall in value against the Canadian Dollar and British Pound.
On, dealers bought the equivalent of $29,935,750 versus US$42,467,751 on Monday and sold the equivalent of US$29,376,851 compared to US$33,244,982 sold on Monday. In US dollar trading, dealers bought US$26,382,733 compared to US$37,691,477 on Monday as the buying rate for the US dollar, rose 13 cents to $112.16 and sold US$26,303,408 versus US$31,281,273 on Monday, with the rate falling 6 cents to $112.57.
FX sum 16-7-14The Canadian dollar buying rate climbed 30 cents, to $102.54 with dealers buying C$1,033,867 and selling just C$902,104 as the rate rose 2 cents, to $104.84.
The Pound closed at $190.48, for the purchase of £1,454,877, the rate rose 82 cents, while £966,414 was sold, with the rate rising by 70 cents, to $192.84. Other currencies bought, amounted to the equivalent of US$136,925 while selling was the equivalent of just US$577,731.
FX HL 16-7-14Highs & Lows| The highest rate for buying the US dollar and the lowest buying rate remained unchanged at $113.10 and $92.02 respectively, but the highest selling rate fell $4.09, to close at $117.91 and the lowest selling rate rose 16 cents to $92.01. The highest buying rate for the Canadian dollar fell by 10 cents, to $105 and the lowest buying rate fell 25 cents, to $83.37, the highest selling rate fell by $1.13 to $107.48 and the lowest settled 30 cents lower at $100.45.
The highest buying rate for the British Pound, was up 45 cents to $194.20, while the lowest buying rate eased by 33 cents to $154.38 and the highest selling rate declined by 43 cents to $199.02, the lowest selling rate was down by 40 cents at $186.

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