Jamaica’s top financial corporation, NCB Group is now in the All JSE ICTOP10 with another financial institution, Key Insurance falling out, in a week that saw the number one stock in the market, NCB’s subsidiary dropping on Friday to an intraday 52 weeks’ low of $270 as it also fell to a new 52 weeks’ low in Trinidad, with a PE of a mere 3.4 curent year’s earnings, providing a huge upside move when investors pounce eventually.
The All JSE TOP10 is compiled from all ordinary stocks listed on the Jamaica Stock Exchange with the highest potential to gain, based on projected 2024 earnings. This list is more exact than the Junior and Main Market TOP10 lists.
The markets had mixed fortunes during the week, with the Jamaica Stock Exchange Main Market index posting losses of 3,931 points, the All Jamaica Composite Index declined 2,476 points and the Junior Market slipped a mere 2.53 points. The moves resulted in prices of 6 stocks rising and 3 declining in the Main Market TOP10 while the Junior Market TOP10 had just 3 stocks rising and 5 declining.
ICTOP 10 Main Market listed Jamaica Broilers gained 7 percent for the week and dropped out of the TOP 10 with more room to run. The stock is in the news with several staff and directors buying. Historically, insider buying tends to be a very good indictor of price gains ahead for this stock but there is still selling in the $38 region with solid buying not currently visible in the order book.
Guardian Holdings continues to hold on to the number one buy position in all markets while Caribbean Assurance Brokers took over the Junior Market top spot from Elite Diagnostic.
In the Junior Market ICTOP10, Iron Rock Insurance rose an impressive 31 percent to close at a 52 weeks’ high of $4.80 and moved out of the TOP10. AMG Packaging gained 10 percent to $3.13 and tTech climbed 9 percent to $2.30. Caribbean Assurance Brokers fell 15 percent to $3.06,with very limited buying interest currently, Caribbean Cream shed 8 percent to close the week at an even more enticing price than last weeks’ $3.45 to end at $3.17 and Elite Diagnostic lost 4 percent to close at $2.30.
In the Main Market ICTOP10, Key Insurance recovered from last week’s 27 percent drop, to close at $2.53 for a 20 percent rise, General Accident dropped 13 percent last week and rose 18 percent this week, to end at $6.78, Jamaica Broilers rose 7 percent to $37.98, JMMB Group popped 5 percent to $22.78 and Berger Paints fell 5 percent to $8.
Iron Rock fell out of the Junior Market IC TOP10 and is replaced by Access Financial and Lasco Distributors returns to the JSE Main Market ICTOP 10, replacing Jamaica Broilers.
The average PE for the JSE Main Market ICTOP 10 stands at 5.2, well below the market average of 14 and the Junior Market TOP10 sits at 6.6, just more than half of the market, with an average of 12.
The Main Market ICTOP10 is projected to gain an average of 294 percent by May 2025, based on 2024 forecasted earnings and provide better values than the Junior Market with the potential to achieve 215 percent over the same period.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market have PEs between 15 to 108, with an average of 28 and 20 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 10 stocks, 21 percent of the market, with PEs ranging from 15 to 23 and a PE of 15 for half of the market with the highest values.
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 2025 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.