Lasco Financial heads Junior Market TOP10

Iron Rock Insurance rose 23 percent for the past week after closing at $2.72. It exited ICInsider.com TOP10 of Junior Market stocks while Lasco Financial climbed back into the top list to be the stock likely to gain the most into the first half of 2023, with 268 percent, at the same time, Key Insurance gained 8 percent to close the week at $3.76, enough to push it from the TOP10 to be replaced by Radio Jamaica that dropped to $1.81 on Friday.
Following Lasco Financial half year results, with profit up 26 percent in the September quarter, earnings for the full year were raised from 40 cents to 50 cents, with the company resuming growing the loan portfolio. Lasco Manufacturing released six months of results to September that rose 23 percent in the quarter, an improvement over the first quarter and retains earnings previously projected.
The past week ended with the Junior Market moving modestly higher, as it continues to consolidate ahead of a break that is poised to move it sharply higher, with third quarter results to start hitting the market in droves this week and next. The Main Market also closed marginally higher at the week’s end than the previous one.
The Junior Market rise during the week benefitted from three of the top 10 stocks gaining between 5 percent and 23 percent with only one decline of note. The Main Market’s highest loser fell 4 percent, while four stocks gained 4 to 8 percent.
Other notable price changes during the week include Dolphin Cove, with an increase of 8 percent to $14 and Paramount Trading, up 5 percent to $1.99, while Lasco Manufacturing declined 9 percent to close the week at $3.85 in the Junior Market and in the Main Market, Productive Business Solutions rose 6 percent to $1.38, Guardian Holdings jumped 5 percent to $519 following the release of impressive nine months results and VVM Investments popped 5 percent to $4.80 while Caribbean Producers slipped 4 percent to $13.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.6. At the same time, the Junior Market Top 10 PE sits at 5.9 versus the market at 12.6, an important indicator of the level of undervaluation of the ICTOP10s tocks. The Junior Market is projected to rise by 243 percent and the Main Market TOP10 by an average of 256 percent by May 2023.
The Junior Market has 14 stocks representing a third of the market, with PEs from 16 to 38, averaging 22 compared with the average of the market. The top half of the market has an average PE of 18.5. This data shows the extent of potential gains that the TOP 10 stocks possess. The situation in the Main Market is similar, with the 15 highest valued stocks priced at a PE of 15 to 80, with an average of 25 and 22 excluding the highest valued one and 21 for the top half excluding the highest valued stock.
ICTOP10 focuses on likely yearly winners. Accordingly, the list includes some of the best companies in the market but not always. 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 are likely to 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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