Four new ICTOP10 stocks

ICTOP10 has four new additions this week. The changes followed release of new company results that saw upward and downward movements in earnings per share, while the price of one stock rose to exit the list.  
At the end of the week, Paramount Trading jumped 17 percent to $2.58 after the supply of stocks in the market fell sharply during the week as the stock hit a 52 weeks’ intraday high of $2.95 before pulling back by the end of the week and Honey Bun rose 4 percent to $7.35. Lasco Manufacturing fell 8 percent to close at $4.33, General Accident slipped 6 percent to $4.70, Lasco Distributors lost 5 percent to end at $2.60 and Iron Rock Insurance fell 4 percent to $2.39.
Stocks rising in the Main Market TOP10 were hard to come by as losers outgunned winners. Jamaica Broilers jumped 8 percent to close at 52 weeks’ high of $32.50, but 138 Student Living dropped 10 percent to $5.00, as investors reacted negatively to a board decision to raise added capital by issuing more shares to the public. Radio Jamaica fell 7 percent to $1.90 after reporting poor results to December, while Caribbean Producers and Sygnus Investments fell 6 percent to $10.80 and $12.25, respectively, followed by a 5 percent decline for Guardian Holdings to close at $505.70.
Tropical Battery returns to ICTOP10 after a one week absence, Main Event posted better than expected full year results and moved into the TOP10 with projected earnings of $1.45 for the 2023 fiscal year and One on One Education moved into the TOP10, while Lasco Manufacturing moved out followed by Lasco Financial and Paramount Trading. In the Main Market, Radio Jamaica slipped out of the TOP10 and Scotia Group reentered after a brief respite.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14.7, while the Junior Market Top 10 PE sits at 6.6 compared with the market at 12.3, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 207 percent and the Main Market TOP10, an average of 280 percent, to May this year. The primary concern for the Main Market achieving such gains by May is that the list is dominated by financial companies that are out of favour and may need to see the summer months before the total interest of investor start to show.
The Junior Market has 15 stocks representing 31 percent of the market, with PEs from 15 to 30, averaging 20 compared with the above average of the market. The top half of the market has an average PE of 18. The above average shows the extent of potential gains for the TOP 10 stocks.
The situation in the Main Market is similar, with the 18 highest valued stocks priced at a PE of 15 to 90, with an average of 27 and 22 excluding the highest valued stocks and 27 for the top half excluding the highest valued stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but not always. 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 2023 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.

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