Express Catering pops into ICTOP10

Paramount Trading dropped out of ICInsider.com following an earnings downgrade to 12 cents per share, with half year results continuing to fall coming from a fall off in revenues. Express Catering joins the ICInsider.com TOP 10 following an earnings upgrade to 55 cents per share and the stock price closing down at $3.61 on Friday in a week that the Main and Junior markets fell one percent during the week but there were some stocks with relatively sizable price changes.
There was just one stock with a notable gain in the Junior Market TOP 10 and four with sizable losses while in the Main Market, only one stock rose with a gain of three percent and 7 declined, with sizable moves by five. Junior Market listed Access Financial, rose 11 percent to $22.68 but Caribbean Cream fell a hefty 23 percent to close at $3.41 followed by a 7 percent fall by Jamaican Teas to $2.40, while Lasco Distributors lost 6 percent to close a $3.85 and Paramount Trading fell 4 percent to $1.54.
The Main Market General Accident dropped 17 percent to $4.75, followed by a 12 percent fall in Margaritaville to $15.50, 138 Student Living fell 11 percent to $3.50, while Key Insurance is down 6 percent to $2.19 and Caribbean Producers slipped 5 percent to $8.60.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.6 and the Junior Market TOP10 sits at 7.2, just over half of the market, with an average of 13.
The Main Market ICTOP10 is projected to gain an average of 311 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 185 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 110, with an average of 31 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market, there are 13 stocks, or 27 percent of the market, with PEs from 15 to 50, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. 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 on or around 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.
TOP 10 Stocks, Daily Trading, Jamaican Stocks, Junior Market, Jamaican Stock Exchange,