Buy Rated: Ja Teas & JMMB big gains

Friday, 21st February 2014 |  This week on the Jamaica Stock Exchange, Jamaican Teas gained 19 percent and on the Trinidad Stock market, Jamaica Money Market Brokers (JMMB) 11 percent on the Trinidad market.

Meanwhile, Cable & Wireless, a new selection to the Buy Rated list gained 6% during the past week. General Accident also increased by 6 percent.

Lasco stock continue to be lacklustre with Lasco Distributors and Lasco Financial both shedding 7 percent and Lasco Manufacturing down 8 percent.

BuyRatedTable21FebUpdated reporting | The performance tracking of the Buy Rated Stock Chart shows details of stock gains since selection and now shows the performance for the week. Accordingly, there will no longer be weekly comments on changes as the chart shows the latest movements.

Related posts | D&G, Carreras & C&WJ now Buy RatedTeas profit up 32 percent | JMMB Q2 profits jumps 56%

Little change to TTSE PE values

Friday, 21st February 2014 | Prices mostly edged down during the past week and five stocks perked up on Friday but the movements had little impact on the market valuation of the stocks.

TTSE_PETable21FebThe general tone on the Trinidad market is more in line with sidewards movement. However, the potential for investors still rests with stocks that can gain over 100% like Trinidad Cement at 325%, Point Lisa (261%), Berger (206%), Guardian Holdings (198%), National Flour (154%), and Neal & Massy (151%).

Related posts | D&G, Carreras & C&WJ now Buy Rated | Buy Rated: Ja Teas & JMMB big gains

Eppley profit jumps

Eppley is an interesting play with limited income and limited cost in the short term but profit could explode to the upside in 2014 as increased funds under management are put to work.

The company reported a big jump in profits of $34 million or $61.04 per share earnings (EPS) for 2013. In 2012, profit was just $15 million and EPS of $50.21. In the December 2013 quarter, EPS came out at $13.88 as profit amounted to $11 million as no tax was charged due to the exemption for Junior Market companies.

The full year earnings came from income of $65.3 million. Operating expenses were $34 million and interest expense $16.5 million. Eppley generated $24 million in Other Income. Net interest income for the full year was roughly the same as in 2012 at $48.7 million, 2012 $50 million. Income should grow in 2014 as the proceeds of the preference shares issued at the end of 2013 which brought in $387 million at 9.5 percent per annum starts to generate income.

eppleytype150x150At the end of 2012, there was $463 million total assets under management but that has grown to $814 million, almost doubling the amount. Except for a very small amount, the remainder of the assets are all potentially income generating. At the end of December, only about $160 million of the assets was not placed to maximize returns and that should be corrected in 2014.

Stock outlook | The company stated that it had a $757 million portfolio with an average yield of 15 percent at year end; $474 million of these funds are borrowed but at lower cost than the rate being generated by the portfolio. Earnings for 2014 should be in the region of $60 million or $107 per share after paying preference dividends. If this materializes, the stock could move strongly upwards if enough trading takes place. Eppley announced a $9 per share dividend payable on February 28, 2014. The stock, which trades infrequently, last traded at $380.

Related posts | Eppley preference shares over | Profit up 92% for Eppley | IPO: What or who is Eppley?

Carreras is back

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Profits at Carreras is back on track dollar wise, as revenues hit $3.66 billion in the 2013 December quarter versus $3.745 billion in 2012.

Gross profit is above the 2012 period of $1.69 billion at $1.75 billion in 2013. Selling and administrative expenses declined in the latest quarter, which would have pushed the 2013 results above 2012. Carreras booked interest due on the debt owed by the tax department of $1.8 billion as other income, resulting in profits growing to $2.18 billion after tax, versus $1.17 billion in the prior year. Gross profit is down for the nine months to $3.98 billion from $4.34 billion in 2012. Profit after tax for the year-to-date is $3.1 billion versus $5.1 billion, with both periods having swollen figures due to exceptional income.

CarrerasTobaccoFree280x150Volumes are still down, but not as badly as in the June quarter, when sales were negatively affected by the hike in cigarette prices in March 2013 and the stock piling of inventories by the trade ahead of the price hike, a practise that goes back for several years. The December quarter’s performance is in stark contrast to the June quarter when revenues plummeted from $3.1 billion in June 2012 quarter to just $2.16 billion, a sharp 30 percent drop, but profit after tax fared even worse, dipping by 40 percent.

Expenses rise | Administrative, sales & marketing expenses fell in the latest quarter to $600 million from $710 million in 2012 but is marginally up to $1.655 billion for the nine months compared to $1.58 billion for the same period as of December 2012.

Tax Recovered | The tax now recoverable is down to $980 million from $1.733 billion at the end of March and is expected to be fully recovered over the next 12 months and will most likely be distributed as dividends to shareholders.

Carreras ended up with cash funds of $3.8 billion at the end of December, equity is at $4.7 billion or $9.60 per share.

Earnings appears to be back on track to deliver around $6 per share annualised, which would result in some increase in the quarterly dividend that was cut from $1.50 to $1 last year in light of the drop in profit. Carreras declared $1.62 as the latest dividend to be paid March after paying a special capital cash distribution of $1.18 on January 30, 2014.

Carreras is an IC Insider Buy Rated Stock.

Related posts | D&G, Carreras & C&WJ now Buy RatedCarreras pays out liquidation money | Carreras takes a big hit but tax recovery starts | Carreras grew income

D&G, Carreras & C&WJ now Buy Rated

IC Insider has added Desnoes & Geddes, Carreras and Cable & Wireless Jamaica to the Buy Rated list.

Desnoes & Geddes reported gains of 21 percent for the six months to December, earnings excluding one-off items and is poised to earn 80 cents for the full year ending in 2014. Forecasted earnings for the 2015 year is $1.10.

For Carreras the worse seems to be over with the last set of interim figures showing sales starting to recover from the impact caused by the price increase and the stock piling of cigarettes in the 2012 December and March 2013 quarters. IC Insider’s forecast is for earnings of around $5 per share for the year to March 2014.

Cable & Wireless’ sharp increase in cellular revenues and cost cutting will change the bottom-line markedly going forward.

Berger Paints Jamaica has been added to the market watch list flowing from a revival in earnings for the March 2014 year.

Related posts | D&G elevated to Buy Rated!Carreras is backCWJ loss down with much progress | Berger keeps profit gains

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Image courtesy of suphakit73/FreeDigitalPhotos.net

Caribbean Producers results pushes stock

Investors were evidently impressed with the results of Caribbean Producers Jamaica (CPJ) for the half year to December 2013 and pushed the stock price up to $3 on Thursday, February 13th, the first trading day after the release.

The company released second quarter results to December showing profits up by 202 percent to US$1.624 million for the six months and 65 percent for the December quarter to US$1.18 million from US$711,712 in 2012. Earnings per share for the six months amounted to US$0.148 cents.

Sales revenues rose by 24 percent for the December quarter and 22 percent year to December hitting US$37.5 million for the 6 months and US$20.46 for the quarter. Gross profit margins came out at 41 percent for the quarter and 42.4 percent year to December. In the prior year, the margins were 42 percent for the quarter and 39.8 percent for the six months period.

CaribbeanProducers(CPJ)280X150Expenses up | Selling and administrative expenses are up 16.4 percent in the December quarter and 18.2 percent for the six months, while finance cost rose by 19 percent in the latest quarter and 14.4 percent for the year to December. Depreciation charge also rose sharply due mainly to their expansion into meat and juice processing.

CPJ’s performance for the next quarter should push profits up quite sharply as historically the March quarter generates the highest amount of sales and profit during the peak winter tourist season. IC Insider has forecast earnings for the full year at 70 cents Jamaican and J$1.35 for 2015 fiscal year.

Finances | The company is still not comfortably funded with borrowed funds of US$25 million at an elevated level and in excess of equity of just US$14.7 million. Short term loans are at $11 million, well in excess of the annual cash flow of approximately US$9 million.

Caribbean Producers is an IC Insider Buy Rated stock.

Related posts | D&G, Carreras & C&WJ now Buy Rated | Caribbean Producers’ impressive profit | CPJ’s new St Lucia venture

D&G elevated to Buy Rated!

Desnoes & Geddes brewers of the world renown Red Stripe beer reported profit before taxation of $2.45 billion, a 102 percent increase over the $1.2 billion generated in 2012 and net profit of $1.95 billion. The huge jump in the bottom line came from booking capital gains from the sale of its interest in two eastern Caribbean Breweries in the December quarter, which contributed $970 million to the profit. Excluding this one-off capital gain would result in the 2013 numbers coming in at $1.479 billion for pretax profit or an increase of 21 percent, and $976 million after tax versus $808 in 2012. This translates to 35 cents per share for the six months period.

Profit in the local market before administrative and selling expenses rose 22 percent to reach $1.56 billion but export profits fell slightly to $402 from $468 million in 2012. Based on the latest results, IC Insider is forecasting 80 cents per share earnings for the year to June 2014 and $1.10 for 2015. Based on the company’s expected performance, IC Insider has elevated Desnoes & Geddes to Buy Rated status.

D&GBeerCap280x150pxSales | Revenues grew 12 percent to $7.30 billion, compared with $6.5 billion in 2012 for the six months and grew by a more robust 18.5 percent in the latest quarter to $4 billion.

“The domestic portfolio continues to grow, increasing by 23 percent on growth in the brewed portfolio as well as improved pricing. Export sales declined 28 percent as the shift in production from Jamaica to the USA during the last financial year,” management stated in their release with the financials.

Gross Profit margin ended at 72 percent for the December quarter and 70.8 percent for the six months but the 2012 six months numbers were at a high of 75.8 percent.

Expenses | D&G was able to cut cost even as revenues rose. Marketing cost declined by 9 percent to $497 million, which the company attributes savings as a result of funds expended in 2012 on Jamaica’s 50th independence celebration. Cost containment and the outsourcing of the distribution of its products led to the reduction in general, selling and administrative cost with a fall of 9 percent to $542 million for the six months to December.

Finances | Cash resources climbed to $1.7 billion at the end of 2013 from $1.2 billion in 2012 but receivables jumped to $2.95 billion from just over a $1 billion in 2012 and $1.1 billion in June 2013. The company attributes the rise due mainly to full credit being given to its associated distribution company.

Related posts | D&G, Carreras & C&WJ now Buy RatedD&G $1billion pay day | Profit inches up at D&G

CWJ loss down with much progress

Cable & Wireless Jamaica released quarterly results showing a loss of $315 million compared to $438 million in 2012 from lower revenues and $120 million in restructuring cost.

The latest quarterly results showed improvement in several areas with changes in revenues and cost. The December quarter showed an overall revenue reduction of 19 percent but cost was down as well. The end result is growth in gross margin with gross profit up to $3.65 billion from $3.27 billion in 2012 and moderate improvement in the bottom-line. However, there is far more happening here than meets the eyes. The company is reporting increased revenue from cellular phone usage coming from both voice and data with a growth in the customer base year-over-year. The pace has been growing since 2012 and is up 11 percent for 2013 in US dollars and is expected to increase even more as data usage grows.

Image courtesy of nokhoog_buchachon/FreeDigitalPhotos.net

Image courtesy of nokhoog_buchachon/FreeDigitalPhotos.net

These quarterly numbers have lots of coded information about current and future performances of a company that has bled much blood in the past few years and is trying hard to recover. For the nine months, loss is $1.75 billion and is down from $2.2 billion in 2012. More importantly, the stage is set for a sharp reduction in losses going forward. Landline revenue was down in keeping with the reduction in local termination rates as well as  CWJ’s cut in landline call rates during the period. A large part of the revenue reduction came from restructuring of the telephone directory cost which now leaves CWJ in a better position as the risk was reduced.

Cost savings were also achieved in restructuring commission payments to mobile credit distributors and the wage bill was down in the quarter. However, administrative and other cost rose due to the outsourcing of the maintenance work for the phone system. IC Insider believes the future is bright for CWJ and is forecasting an absolute profit in the March quarter and an overall profit in 2015 fiscal year.

CWJ grew its mobile subscriber base, increasing by 23% and quarterly mobile service revenue rose 43 percent over the 2012 prior year quarter in local currency. This increase is after the company changed its method of accounting for active users from counting customers having credit on their phones to those who actually used their phones during the last 60 days. Gary Sinclair, LIME’s Managing Director, stated that 55,000 customers were removed from the total as a result of the change. Nevertheless, the overall number of subscribers are up year-over-year and continues to grow in 2014.

In response to the question, “Is December’s income now representative of what can be expected baring growth or contraction on a quarterly basis,” Sinclair stated that EBITA is actually up in January and that is more indicative of what can be expected.

The strategy is clear, cut cost some more and grow the mobile base, the area of strong growth potential.

In trading on Thursday, investors reacted negatively to the news and sold CWJ’s stock down to 31 cents but some buying came in and drove the price up.

With growth to come in revenues and lower cost on the horizon, Cable & Wireless Jamaica is now a Buy Rated stock.

Related posts | D&G, Carreras & C&WJ now Buy RatedCWJ: Making headway but slowly | Cable & Wireless up 56% in January | $2B slide in landline revenues sinks C&WJ | C&W: Less jobs, more capital spend

Huge mobile growth for C&WJ

Buy Rated Alert! Cable & Wireless Jamaica now elevated to Buy Buy rated from Market Watch based on the strong increase to subscriber base and mobile revenue growth.

Cable & Wireless Communications Plc is reporting that Cable & Wireless Jamaica continued its momentum in growing its mobile subscriber base, increasing by 23% in the December quarter last year over the last quarter of 2012. In a release to investors the UK listed aren’t company said, “Subscriber growth momentum in our Jamaica business was sustained and quarterly mobile service revenue rose 42% on the prior year in local currency”.

cable-and-wireless-worldwide280x150Cable & Wireless Jamaica stock traded on Wednesday, February 5th as high as 32 cents to record a gain of 100 percent for the year to date. However, the price, closed at 31 cents, a gain of 94 percent for the year-to-date and a new 3 year high.

IC Insider understands that between May and November, 250,000 new cellular customers were added to the network and new customers continue to be added at the same pace. In addition, the Christmas promotion went well with some phones sold out ahead of December and most of the phones sold involved data plans. Going forward, it will translate to billions of dollars in increased revenue per annum for the company.

At the close of trading on Monday, there were 5,147,967 shares on offer by Mayberry Investments at 32 cents to sell. The broker switched from selling and instead bought 5,000,000 units at 32 cents at the start of trading on Tuesday.

Related posts | Cable & Wireless up 56% in January

Cargo Handlers’ solid quarter

For the December quarter 2013, revenues excluding interest income, grew by 23 percent for the Montego Bay based and junior listed Cargo Handlers and profit reached $27.99 million, up from $22 million in 2012. Total revenues amounted to $51 million, up from $41.6 million in the previous year’s quarter and operating revenues grew by 9 percent to $44.3 million. Operating expenses grew from $20 million to $23.4 million, an increase of 15 percent.

Earnings per share rose from 53 cents to 67 cents in the quarter, an increase of 26 percent. Earnings for 2014, which ends in September, should be close to $3 per share. For the year to September 2013, the company earned $2.27 per share.

CargoHandlersLiquidBulkCarriersThe results do not yet reflect the proposed acquisition of the tanker operating company for transporting fuel. The company indicates that the acquisition should be concluded during February. A deposit of $69 million against the purchase was made and is included in receivables on the balance sheet in December at $95 million, an increase over $19 million as of September 2013. Cash is down from $131 million in September to $69 million at the end of December. The company is debt free.

The purchase will be fully in cash so there should be further depletion of cash when the deal is concluded. There should be some administrative cost savings as some of the functions now done by the transport company can be transferred to Cargo Handlers thus saving on cost.

A dividend of 50 cents per share was just declared by the company and is payable in March 6, 2014.

Related posts | Cargo Handlers announces acquisition | Profits up at Cargo Handlers

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