Institutions losing out big time in stocks

The Jamaica Stock Exchange Junior Market is growing at more than twice the pace of the Main Market but institutional investors are missing out on the significant superior performance the newer market is delivering, all because institutional investors have not been reading the Junior Market properly, the end results are, pension funds and other investors who utilize institutions to manage their funds have lost out big time on the returns the newer market has provided.
But a host of newer investors are having a whale of a time making good money in the more investor friendly market. These newer investors are mainly interested in Junior Market stocks, two observers disclosed to ICInsider.com. The burst of new investors were attracted to the market by initial public offers of mainly Junior Market stocks, fed on a dose of wildly successful issues that they made great profits from. They are familiar with the market for new issues as they have done extremely well out of them and plan to do so until the situation changes.
In the summer of 2011, just 1,339 applications pumped in $2.4 billion for Caribbean Producers public share issue. Recent issues have attracted over 5,000 applicants, with Spur Tree pulling in excess of 5,000 investors. In 2018 the Fontana IPO attracted 3,406 applications for a total of 982 shares at $2 each. In 2018, Indies Pharma pulled in 2,800 applicants, covering over $1 billion and Wisynco hauled in 7,382 applications totaling $18.8 billion. These are in contrast to the first Junior Market listing Access Financial which struggled to get acceptance at the IPO stage.
A close look at the markets and individual stocks in recent months tends to confirm this view. It is not very surprising then that the Junior Market that has seen a number of new listings in the past three years has attracted sufficient buying interest to send that market up nearly 30 percent last year and up to 33 percent up to recently in 2022, far surpassing Main Market stocks. That performance is not unique to the past two years as the Junior Market outpaced the Main Market in 7 of the last 12 years and delivered more than twice the gains as the Main Market. The Junior Market gained 984 percent from the end of 2010 up to last week with an increase of 119 percent more than the Main Market’s 449 percent.

$10 billion chased Dolla IPO

Some $10 billion is said to have chased after the 500 million shares at $1 each, offered in the Initial Public offer in Dolla Financial from approximately 10,000 applications, ICInsider.com has been advised by persons who would be in a place to know.
This could mean that each applicant may end up with an average of approximately eight percent of which they applied if over 40,000 shares.
The issue that was clearly very popular and oversubscribed closed at 4.30 on Friday, the same day of opening.
The shares are slated for listing on the Junior Market of the Jamaica Stock Exchange and are expected to more than double based on the earnings for the first quarter to March this year, with profit before tax of $66 million up from $17 million in 2021 and the high level of oversubscription.
The company reported an audited profit of $129 million after taxation of $38 million for 2021, from revenues of $379 million and ended with shareholders’ equity of $315 billion.

Dolla IPO oversubscribed and closed

The Initial Public offer of shares in Dolla Financial was oversubscribed and closed at 4.30 on Friday, the same day that the issue opened.
The issue comprised 500 million shares of $1 each with the shares slated for listing on the Junior Market of the Jamaica Stock Exchange. A very popular issue that is expected to be heavily oversubscribed, with the stock expected to more than double based on the earnings for the first quarter to March this year, with profit before tax of $66 million up from $17 million in 2021.
When listed it will bring the total Junior Market listings to 46, with three listings for the year to date and the total number of ordinary shares to be listed on that market to 50, with one failure and three migrating to the Main Market.

$1 for Dolla IPO

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The latest IPO for a Junior Market listing is now out, with Dolla Financial Services, a company that is involved in the business of short term lending, with is set to sell 500 million Ordinary Shares at $1 each to the public, with the offer including  250 million newly issued Ordinary shares and the sale of 250 million existing Ordinary Shares by the Selling shareholders.
The 2021 financial statements show a total income of $395 million and a profit of $168 million before tax. Currently, the number of issued shares is 2.25 billion units, with earnings per share of 7 cents per share. Results for March 2022 show revenues of $141 million compared to $64 million in 2021, with a profit of $66 million, up from $17 million in 2021. For the full year earnings should hit the $300 million mark with earnings per share of 20 cents per share with a PE ratio of 5, compared to 13 for the overall Junior Market.
The Company intends to use the anticipated proceeds of the invitation of $250 million to expand its loan portfolio regionally through acquisitions and organic growth and strengthen its capital base. It currently operates eight branches in Jamaica and one in Guyana and has an equity base of $373 million, the issue if successful will take equity to just over $600 million.
The issue opens on May 27, 2022. Victoria Mutual Wealth Management, the receiving agent for the purposes of the Invitation.

JFP IPO pulls in 5,062 shareholders

Following a successful initial public offer of 280 million shares that were offered to the public to raise $280 million by JFP Limited a décor and furniture manufacturing company, amassed a total of 5,062 shareholders following the public issue.
The company was listed on the Junior Market of the Jamaica Stock Exchange and Monday brought the total listings on the market to 44, the number of listed companies to 43 and the listing of companies on the exchange to 97 companies.
“The JFP could not be listed without the work of its founder Stephen Sirgany and the staff of JFP, who worked tirelessly to ensure that the Company is what it is today and to achieve the status of being listed on the Board of the Exchange,” Metry Seaga, Chief Executive Officer stated in his address at the listing ceremony.
“I want to encourage SMEs to stay the course, overcome the hurdles and you will be able to achieve great results, such as listing on the Board of the Exchange,” JFP’s CEO advised.
“The markets have been busy creating millionaires and we are happy that the Jamaica Stock Exchange could have provided the facilities for persons in Jamaica to create wealth. Companies are creating wealth through JSE’s facilities. Jamaicans don’t have to sit on the sideline and watch these companies create wealth, but they can now share in the whole process”, Ryan Strachan, VP Investor Relations at GK Capital Management Limited, the Lead Broker, stated in addressing the audience.
The stock that was issued at $1 each traded on Thursday morning at $1.91 for a gain of 91 percent over the issue price.

Edufocal lists on Tuesday

Trading of shares in EduFocal that offered 129,689,219 ordinary shares to the public on March 3, will commence on Tuesday as the company shares will be listed on the Jamaica Stock Exchange Junior Market on that day and will bring the total listings on the market to 45.
The offer was oversubscribed, with Key Strategic Partners in this reserved pool will receive all their predetermined amount.
Applicants who applied for more than their predetermined amount will receive a pro-rata allocation of approximately 59.67 percent of the excess shares for which they applied, with any excess transferred to the General Public Pool.
All applicants from the General Public received 10,000 shares and approximately 16.57 percent of the excess shares.
Although the offer was handily oversubscribed, ICInsider.com gathers there were applications that came in after the close just after the issue opened and closed minutes after opening so there is added demand that should provide a bounce for the stock.

EduFocal IPO closed

EduFocal Limited offer of 129,689,219 Ordinary Shares to the public at $1 each that opened on March 3, 2022, has closed well ahead of the scheduled date of March 17, as was expected word emanating from the company indicates, with the issue attracting almost twice the amount that was on offer when it closed just seconds after the 9 o’clock opening.
The Company intends to apply to the Jamaica Stock Exchange for admission of the shares on the Junior Market and will bring the total listings on that market to 45.
The company experienced rapid growth with revenues of $27 million in 2019 rising to $103 million in 2020 and profit before tax of $15.6 million. For the period to September 2021 revenues rose 39 percent to $107.6 million with a loss of less than a million dollars, from $77.5 million in revenues and a small profit of $7.5 million before tax. Preliminary results to December 2021 saw revenues rising to $168.6 million with a profit of $15 million or 2.8 cents per share, putting the PE ratio around 36 times 2021 earnings.
The company is projecting revenues rising to $322 million in 2022 and $355 million in 2023, with profits of $50 million and $69 million respectively. The projected revenues for 2022 would result in growth of 91 percent, well above the December quarter revenues annualized of around $240 million. The forecasted profit appears reasonable if the performance in the December quarter carries over for the rest of 2022 and would represent earnings per share of 8 cents with a PE of 12.
EduFocal Learn encompasses the Company’s core business offering which is focused on providing a social learning platform that combines study with play, with the primary offering, focused on test preparation for Jamaica’s Primary Exit Profile exams, previously known as the Grade Six Achievement Test (GSAT). In September 2020, the Company launched the EduFocal Academy product which entailed a full-day learning programme.
The proceeds of the offer will be used to pay transaction costs of $12 million, $42 million will be used towards the repayment of short term debt and approximately $62 will be used towards expansion in new markets.
The company is involved in online education, relatively new business activity as such the risk associated with an investment in these shares may be higher than for long established businesses in tried and proven segments of the economy.

EduFocal attractive based on 2022 earnings

EduFocal Limited is offering 129,689,219 ordinary shares to the public at $1 each with the issue opening on March 3, 2022, with the closing scheduled for March 17, but is expected to close earlier.
Only 80,499,272 Ordinary Shares will be available to the general public as 49,189,947 are reserved for Key Strategic Partners and a Lender who agreed to convert a loan into equity.
The Company intends to apply to the Jamaica Stock Exchange for admission of the shares on the Junior Market and will bring the total listings on that market to 45 if the issue is successful.
The company experienced rapid growth with revenues of $27 million in 2019 rising to $103 million in 2020 and profit before tax of $15.6 million. For the period to September 2021 revenues rose 39 percent to $107.6 million with a loss of less than a million dollars, from $77.5 million in revenues and a small profit of $7.5 million before tax. Preliminary results to December 2021 saw revenues rising to $168.6 million with a profit of $15 million or 2.8 cents per share, putting the PE ratio around 36 times 2021 earnings.
The company is projecting revenues rising to $322 million in 2022 and $355 million in 2023, with profits of $50 million and $69 million respectively. The projected revenues for 2022 would equate to growth of 91 percent, well above the December quarter revenues annualized of around $240 million. The forecasted profit appears reasonable if the performance in the December quarter carries over for the rest of 2022 and would represent earnings per share of 8 cents with a PE of 12.
The company had shareholders’ equity of $71 million, with borrowings of $114 million. Current assets stood at $138 million and includes cash of $17 million and a high degree of receivables of $114 million. Payables amount to $24 million at the same time.
The Company commenced operations in March 2012 and has two divisions, Learn and Business. Under the Learn division, the Company provides educational technology in the Business to Consumer space and more recently via the Business division, it offers Business to Business solutions.
EduFocal Learn encompasses the Company’s core business offering which is focused on providing a social learning platform that combines study with play, with the primary offering, focused on test preparation for Jamaica’s Primary Exit Profile exams, previously known as the Grade Six Achievement Test (GSAT). In September 2020, the Company launched the EduFocal Academy product which entailed a full-day learning programme.
The Company’s content is delivered over its proprietary e-learning platform, for which it charges monthly subscription fees. EduFocal Business division was launched in 2020. It is focused on delivering organisation or industry specific e-learning content using the Company’s platform architecture and know-how.
The proceeds of the offer will be used to pay transaction costs of $12 million, $42 million will be used towards the repayment of short term debt and approximately $62 will be used towards expansion in new markets.
The company is involved in online education, relatively new business activity as such the risk associated with an investment in these shares may be higher than for longer established businesses in tried and proven segments of the economy.
The directors are Peter Levy, chairman, Shauna Fuller Clarke, Lloyd Swaby Gordon Swaby, Grace Lindo and Kevin Donaldson

JFP ipo requires careful thought

Jamaican investors will get another shot of investing in a new initial public offer of shares when JFP Limited issue of 280 million ordinary shares opens on February 21 at a price of $1 each on the Jamaican market as the second such issue for the year to date.
The company, a custom manufacturer of furniture was formerly operated as Jamaica Fibreglass Products Limited, up to December last year. The Company manufactures furniture for offices, hotels, restaurants and laboratories, schools, point-of-sale items and boasts many large companies in Jamaica and internationally as customers. “Historically, the Company’s revenues have been derived from the hotel industry, government agencies and restaurants. Combined, these three (3) industries have been the source of an average of 72 percent of revenues for the past five (5) years with one third of the Company’s revenues being earned from the restaurant industry,” the prospectus states.
The share offer is set to close on February 28, with such a small amount is expected to close earlier. Half of the offering is being sold by one existing shareholder, with the balance of 140 million units is offered by the company, with the proceeds to boost working capital to enable it to mobilize efficiently and take advantage of more opportunities for revenue and profit growth.
The company is slated to list on the Junior Market of the Jamaica Stock Exchange shortly after the offer closes. A total of 111.6 million of the shares are Reserved Shares, not initially available to the wider public. The company currently has 980 million shares issued and after the issue closes will end at 1.12 billion units.
The prospectus states that the directors intend to pursue a liberal dividend policy that projects an annual dividend of between forty percent and eighty percent of net profits available for distribution, subject to the need for reinvestment in the Company from time to time.
Metry Seaga is the Chief Executive officer and Ian Levy is the chairman of the board that comprises seven members in total.
Historical operating performance has not been all perfect with sales declining between 2016 and 2018 from $285 million to $244 million with negligible profit and loss, but sales rose to $503 million in 2019 and slipped to $443 million in 2020, but profit before tax rose to $69 million from a small $2 million loss and climbed further in 2020 to $83 million. While profit to September 2020 amounted to $87 million from revenues of $312 million but profit dropped to a mere $4.8 million from sales of $210 million for the nine months to September last year.
Indications are that revenues could get back to the $400 million region, in 2022 and profit around $75 million for earnings per share of 7 cents. With the company producing to order there are likely to be swings in revenues and profit that could result in big swings in the price of the stock. Of course, results could be better or worse as past results show.
Gross profit for the 2020 financial year was $233 million and was flat compared to the year prior.  Gross margins increased from 46.5 percent in 2019 to 52.5 percent. The prospectus stated that improved margins were due to a reduction in staff complement and streamlining its importation process as well as sourcing material locally where possible. Over the past five years, gross margin averaged 52 percent.
The Company’s revenues from contracted work for the nine (9) months to September last year was said to be delayed as a result of multiple unforeseen contract delays caused by the Covid-19 pandemic and the various COVID– 19 containment measures reduced the number of working hours which slowed the production and completion of work. The expected revenues from these delayed projects were $81 million.
The company reports a pipeline of $255 million in contracts for the nine months to September this year and includes a $153 million contract awarded to the Company to manufacture and outfit the check in counters and baggage scales at Sangster International Airport in Montego Bay, slated to be completed in the September quarter of 2022 and $32 million in revenues remaining to be recognized from a contract to furnish the ROK Hotel to be completed in the second quarter.
Investment in the stock carries added risk, but it is well noted that the last two Junior Market listings are trading well over the market average of 17.5, based on 2021 earnings and 10 times 2022 projected earnings, with Future Energy Source trading at an incredible PE of 40 times last year earnings and 29 times 2022/23 earnings, with Spur Tree Spices at 28 times last year’s earnings and 16 times that of 2022, both having strong medium term growth prospects.
There are distinct differences between the two previous listings and the latter. The former two have a very clear path that suggests fairly consistent growth, the same is not so for JFP as such the latter should trade at a discount to the former in a rational market.

30% gain for Spur Tree Spices

Shares in Spur Tree Spices started trading this morning at $1.30, with a mere 3 shares changing hands as the newly listed Junior Market stock attracts huge demand, with 389 bids posted ahead of the market’s opening, ranging from $1 to a high of $1.30, with demand totaling 6.46 million units at $1.30.
An indication of demand to buy below $1.30, is as follows; 527,000 units at $1.29, a total of 3.9 million shares at $1.25 and 3.6 million at $1.20. Sell orders start at $1.50 with 12,500 followed 1,500 units at $1.70, 26,000 at $1.80 56000 at $1.99 and 107,000 at $2 with other reasonable offers going up $3.20.
Under the stock exchange rules, trading in the stock is now frozen until 10.30 this morning and cannot trade at a higher price than $1.30 today. Following the reopening of the stocks for trading, after trading was frozen, bids have come in for more than 36 million units at $1.32, over 23 million at $1.31 and 38.46 million at $1.30.
The movement in the stock helped push the Junior Market Index over the 3,500 mark for the first time since early October 2019.

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