138 Student Living

Record Friday for JSE stocks

December 18, 2015 by IC Insider.com

138 Student Living led the majors with 59m shares on Friday.

The main market recorded another day of strong gains of more than 2,200 points on Friday to reach a new record. The market closed with 117,491,770 units valued at $587,527,747 changing hands, in all market segments with 34 securities trading.
The junior market accounted for 55,544,624 units, valued at $296,776,261 as 13 stocks in the combined markets gained, 6 declined, 4 stocks closed at 52 weeks’ high.
138 Student Living had the largest trade in the main market with 58,949,590 units valued at $265,273,155 to close 10 cents up at a 52 weeks’ high of $4.50 while Honey Bun traded 55.2 million units valued at $295,438,307 in the junior market.
At the close the JSE Market Index climbed 2,213.58 points to 146,623.79, the all Jamaica Composite Index rose 2,473.80 points to end at 162,816.65 and the JSE combined index added 2,381.16 points to close at 153,343.26. The main market continues to face a test at the 165,000 points resistance level, on the all Jamaica composite index, but based on the churning of price movements in recent weeks, it is likely to take some more trading days to break through that level if the break takes place.

IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 8 stocks with bids higher than their last selling prices and 5 with lower offers.
In trading, Berger Paints ended with 19,344 units trading at $3.15, Cable and Wireless lost 10 cents with 266,406 units changing hands to close at $1.30, at the close, there were over 1.84 million units on the offer at $1.40 with bids not looking particularly strong at $1.30 and below. Caribbean Cement closed with a rise of 20 cents to end at $18.20, with 19,955 shares changing hands, Carreras gained 99 cents in closing at $60 with 18,184 units trading, Ciboney traded at 27 cents with 54,500 units changing hands, Grace Kennedy gained 50 cents, with 77,778 units changing hands, to finish at a 52 weeks’ closing high of $80. Jamaica Broilers price fell $1.86 to $8.64, with 32,234 shares changing hands, the stock was offered for sale at $9.90 at the close, Jamaica Producers traded 13,000 shares at $31.90,

The Jamaica Stock Exchange share traded 5,000 units to close at $18.95, Kingston Wharves saw trading in 10,000 shares at $11.35 as the price slipped 5 cents. National Commercial Bank rose 30 cents and ended at $39 with 22,500 units changing hands, Pan Jamaican Investment had 20,000 units changing hands at $92.50, having risen 39 cents, Sagicor Group closed with 50,628 units changing hands but the price gained 69 cents to end at $17.50 for a new 52 weeks’ closing high. Scotia Group gained $1.99 with 73,780 shares changing hands at a 52 weeks’ closing high of $30.99 and Supreme Ventures fell 50 cents to end at $4, with 2,300,000 units changing hands.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: 138 Student Living, Berger Paints, Cable & Wireless, Caribbean Cement, Ciboney, Gleaner, Grace Kennedy, Honey Bun, Jamaica Broilers, Jamaica Producers, Jamaica Stock Exchange, Kingston Wharves, National Commercial Bank, Pan Jamaican, Sagicor Group, Scotia Group, Supreme Ventures

No rescuer for JSE on Wednesday

December 2, 2015 by IC Insider.com

NCB closed at new high of $39 on Wednesday.

The number of securities trading on Wednesday increased and remains at elevated levels over 40 as the market closed with 9,838,406 units valued at $28,674,620 changing hands, in all market segments, but the market indices declined by the close.
At the close, 3 stocks ended at 52 weeks’ high and 1 at an intraday high in both markets.
The JSE Market Index fell 229.17 points to 140,250.54, the all Jamaica Composite Index declined by 256.11 points to end at 155,694.18 and the JSE combined index dipped 483.84 points to end at 146,612.97.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading of 12 stocks with bids higher than their last selling prices and 2 with lower offers.

In trading, Cable and Wireless closed with 822,927 units changing hands at $1.52 after the price fell by 2 cents, Caribbean Cement traded at an intraday 52 weeks’ high of $20.44 but settled back at $18.50 having shed 60 cents, with 300,860 shares changing hands. Carreras closed at $56 with 19,808 units trading. Desnoes & Geddes ended with 5,000 shares trading at $30, Jamaica Broilers lost 4 cents in trading 156,111 shares, to close at $8.46, Jamaica Stock Exchange traded 10,000 units to end at $14 for a 52 weeks’ high, with a gain of 55 cents, JMMB Group rose 24 cents while trading 129,084 shares, to close at $10.25. Kingston Wharves traded 65,116 units and fell 27 cents to end at $11.20, Mayberry Investments ended with just 198 shares changing hands but fell 42 cents to $4.29, National Commercial Bank closed at a 52 weeks’ high of $39 with a gain of $2.66 while trading 7,840 units. 138 Student Living ended with 6,350 shares and recovered 35 cents to end at $4.35,

Pulse Investments had 20,000 units trading at the close at $2.18 after it traded earlier at $2.50, Radio Jamaica lost 4 cents in trading 58,547 units at $5.05, Sagicor Group fell 50 cents in trading 146,805 units to end at $15.50. Sagicor Real Estate X Fund gained 25 cents with 5,500 units changing hands at $10.25. Scotia Group had 42,660 shares changing hands at $27, Seprod gained 6 cents in trading 14,880 units at $18.61. Proven Investments closed with 16,020 units changing hands at 23 US cents, Jamaica Money Market Brokers 7.50% preference share ended trading with 117,000 units at $1.81 and Jamaica Money Market Brokers 8.50% preference share traded 110,800 at $4.19, with a fall of 31 cents.

Filed Under: JSE Main Market, Stock Market Tagged With: 138 Student Living, Cable & Wireless, Caribbean Cement, Desnoes and Geddes’, Gleaner, Jamaica Broilers, Jamaica Money Market Brokers, Jamaica Stock Exchange, Kingston Wharves, National Commercial Bank, Proven Investments, Pulse Investments, Sagicor Group, Sagicor Real Estate Fund, Scotia Group, Seprod, Supreme Ventures

138SL 2016 profit could hit $80M

August 16, 2015 by IC Insider.com

“Handing over of the buildings by the contractor will be in stages, scheduled for August 10, August 20 and mid-September. The Management team is now in place and support staff have been recruited to deliver a new experience in student living and to welcome the first batch of 576 students at 138 Student Living in early August 2015,” John Lee, Chairman of the company advised shareholders recently in the release of their June quarter financials.
Based on the completion the units, the company looks set to earn around $80 million in profit in its first full year of operating, well above a loss of $71 million that was projected in the prospectus. By year 2 profits should be hitting the $120 million mark or 30 cents per share, on the assumption that the exchange rate will remain relatively stable versus the US dollar.
Phase 1 of the Construction commenced September 2014 and is being financed by a joint $1.35B loan from Jamaica Mortgage Bank (JMB) and National Commercial Bank (NCB) and from proceeds of the public share issue of more than $500 million raised. Long term funding, by way of a bond, to repay the construction loan received from Jamaica Mortgage Bank and National Commercial Bank has been secured and will be paid on the completion of the buildings, Lee stated.
Construction of phase 2 consisting of another 576 rooms is scheduled to commence in September 2015 and will come into operation in August 2016. Negotiations have commenced with the preferred contractor which should lead to a final construction contract.
The company has signed a new concession agreement with UWI Mona for the restoration and

138 Student Living, artist impression of a block.

reconstruction of certain traditional halls, with the room count under this agreement totalling approximately 750, operational for a maximum period of 35 years. The Concession is being done under a 100 percent subsidiary, 138 SL Restoration.
The company incurred cost on construction of just over $1 billion up to June that was partially financed by $617 million in loans.
The company has not yet commenced operation, as such there is no income statement as all cost is capitalized as a part of the construction expenditure.
Profit or loss| The company had projected rental income of $335 million based on the exchange rate being at $122 by September 2015 and J$131 by September 2016. Nevertheless, rental income is more likely to be in the region of $320 million, assuming all rooms are rented for 12 months. On the plus side, the cost of electricity that was projected at $67 million may come in under that amount with the fall in the cost of electricity since last year. Interest cost was projected at $270 million but that seems to be far over the actual figure that is likely to be incurred and charged against income in the year to September 2015. Actual interest plus preference dividend chargeable against income in 2016 is likely to be the order of $100 million based on the amount borrowed to complete phase 1 and the issued preference shares of $168 million.

Filed Under: Company News, Company Results Tagged With: 138 Student Living, Jamaica Mortgage Bank, National Commercial Bank

JSE poised to rise on Wednesday

June 23, 2015 by IC Insider.com

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Activity on the Jamaica Stock Exchange picked up with one of the better trading days in terms of the number of securities being active. At the close there were 14 stocks rising, 8 declining as 39 securities changed hands, including 4 that closed at new 52 weeks’ high and ending in 4,671,007 units trading, valued at $73,832,092, in all market segments.
The changes in the market indices were very small with the JSE Market Index gaining just 13.43 points to 97,452.41, theJSE All Jamaican Composite index rising by 15.01 points to close at 107,864.54 but the JSE combined index declined by 4.07 points to end at 100,255.47.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 14 stocks with bids higher than their last selling prices and just 3 with offers that were lower, a suggestion that advancing stocks should have the upper hand again on Wednesday.
In trading, Cable & Wireless closed with 1,149,216 units trading to end at 45 cents, Carreras traded 321,462 shares and gained $2.19 to end at $50.50, Desnoes & Geddes gained 44 cents in trading 733,245 shares to close at $8. Gleaner ended with 108,114 shares changing hands but lost 8 cents at the close, Grace Kennedy had 26,700 units changing hands and put on 64 cents to $64, Jamaica Broilers gained 55 cents while trading 8,410 units to end at $6. JMMB Group ended with 20,085 shares trading unchanged at $7.50, Kingston Wharves put on 30 cents in closing at $7 having traded just 2,900 units. Mayberry Investments traded 252,867 shares to close at $2.60 after shedding 30 cents, National Commercial Bank lost 44 cents in trading 1,008,211 shares at $29.01 at the end. 138 Student Living regained the 40 cents it lost recently to close at $4.40 with 20,000 units changing hands, Pan Jamaican dropped $2.70 with 59,230 units to close at $60.80, Proven Investments traded 305,252 shares between 22 US cents and the closing price of 19.01 US cents, for a slight gain at the end. Radio Jamaica closed with a gain of 30 cents to a new 52 weeks’ high of $3.50 with just 4,214 shares changing hands, Sagicor Group was up 55 cents with 191,448 units trading to end at $12.95, Sagicor Real Estate X Fund closed 1 cent higher at a new high of $8.01 after 4,000 shares were exchanged. Scotia Group had 95,808 units trading 10 cents higher at $23.25 and Scotia Investments traded 15,000 shares at $29.85 at the close.

Filed Under: JSE Main Market, Stock Market Tagged With: 138 Student Living, Cable & Wireless, Desnoes & Geddes, Gleaner, GraceKennedy, Jamaica Broilers, JMMB Group, Kingston Wharves, Mayberry Investments, National Commercial Bank, Pan Jamaican, Proven Investments, Radio Jamaica, Sagicor Group, Sagicor Real Estate X Fund, Scotia Group, Scotia Investments

More choices for investors

May 5, 2015 by IC Insider.com

Barita

There were times, not so long ago, when things in the local financial markets were much simpler than they are now. Well up to just a few years ago there were only three unit trust companies operating and about 6 or 7 schemes. At the end of 2014 there were 22 different unit trust offerings and currently there are 27.
NCB Capital Markets added two new ones this year and Barita has just launched two new ones. By the end of 2015 the field is likely to get even more crowded with a number of institutions already indicating that they will be launching new schemes, included are JMMB Securities and Stocks and Securities. Part of the reason for the mush rooming of these schemes is occasioned by the dictates of the IMF and the World Bank who considered the risk financial institutions were taking by issuing repos using government securities as the flip side of the trades as too high and could pose major problems to the financial system. The result is a change in the rules that now require smaller amounts of funds to be routed through managed schemes, where the liability is left with the investors rather than the financial institutions, as is now the case. The market has also changed, with investors looking for a greater number of opportunities to invest in.
Barita Unit Trust is the latest entity to launch new schemes, bringing their suite of schemes to 6 in April. The latest are; the Barita US$ FX Growth Portfolio which invests mainly in international equity, and the Barita JA$ Real Estate Portfolio which invests primarily in commercial and residential buildings for lease or sale.
The US$ FX Growth Portfolio is a US Dollar denominated equity portfolio with investments in foreign currency ordinary and preference shares of countries within the Commonwealth, Caricom and the United States and may extend to other sovereign governments as prescribed by the Financial Services Commission and the Bank of Jamaica. A minimum purchase of 100 units is required to open an account, the current price per unit is US$1.

Barita Property Fund invested in 138 Student Living shares

The real estate portfolio is JA$ denominated with investments in commercial or residential buildings for lease or sale and may also become financiers of real property developments and or participate in construction or financing of such structures.
Real Estate Portfolio investments must be held for a minimum of three years with a moratorium of 6 months’ notice required for encashment of the investment. At the launch, the managers stated that the fund has started off with an investment in 138 Student Living shares that are listed on the Jamaica Stock Exchange (JSE). A minimum purchase of 100 units is required to open an account and the current price is $5,000 per unit.
How the new funds will perform is left to time. What is known is the Cameron Burnett who is associated with the US dollar equity fund, has been investing in the overseas’ market for several years successfully, the fund should benefit from his experience. Hopefully, they will be able to navigate what is set to be a choppy period ahead for the US stock market, with interest rates set to go up.
Locally, real estate values should grow at an increasing pace as the government keeps the target of a balance fiscal operation firmly in sight and be committed to achieving it, which will lead to lower interest rates and higher asset values.
Barita Unit Trust is a subsidiary of Barita Investments a JSE listed stock.

Filed Under: Company News, General Business News, Real Estate, Stock Market Tagged With: 138 Student Living, Bank Of Jamaica, Barita, Barita Unit Trust, Cameron Burnett, Financial Services Commission, IMF, JMMB Securities, NCB Capital Markets, Stocks & Securities, World Bank

JSE near 20 months’ high

February 26, 2015 by IC Insider.com

Thursday’s activity on the Jamaica Stock Exchange, ended with big gains in the main market indices, as heavily weighted National Commercial Bank traded as high as $24, Desnoes & Geddes end at $5.50, Kingston Wharves closed up at $6.50 and Sagicor Group gained 10 cents. At the end, the prices of 8 stocks rose 5 declined as 21 securities changed hands, with 3,414,320 units trading, valued at $11,037,316, in all market segments.
Main Market| The JSE Market Index gained 922.34 points to 81,141.21, the JSE All Jamaican Composite index rose 1,031.22 points to close at 89,437.94, the highest since July 15, 2013 and the JSE combined index gained 841.81 points to close at 82,939.38.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 5 stocks with bids higher than their last selling prices and 2 stocks with offers that were lower.

Scotia Investments put on $2.05 on Thursday.

Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Desnoes & Geddes trading 55,000 units, gained 50 cents to end at $5.50. Jamaica Broilers closed with 26,000 units, 3 cents higher to $4.05, Jamaica Money Market Brokers closed with 79,568 ordinary shares changing hands, with a 20 cents increase to $7.10, Kingston Wharves ending with 699,136 shares, closed 75 cents higher to $6.50, Pan Jamaican Investment finished with 20,000 shares trading, while adding 1 cent to $53.51. Sagicor Group in closing with 2,000 units ended with an increase of 10 cents to $10.50, Scotia Investments finished with only 1,000 shares trading as the price jumped $2.05 to $25.05 and Supreme Ventures closing with 16,800 shares and increase 18 cents to end at $2.
Firm| The stocks in the main market to close without a change in the last traded prices are, Gleaner ending with 2,007,266 units trading at 85 cents. Grace Kennedy finishing with 1,000 shares at $60.51, followed by 138 Student Living, closing with only 2,500 units at $4.40, Radio Jamaica ending with 1,200 shares changing hands to close at $1.35 and Scotia Group finishing with 20,450 shares trading at $21.

Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Berger Paints concluding trading with 49,151 shares changing hands, to close down by 2 cents at $1.55. Caribbean Cement closing with 20,172 units trading as the price slipped 25 cents to $2.60, Carreras ending trading with 17,074 shares trading lower by 45 cents to $44.05, National Commercial Bank in having 40,112 shares changing hands, closed 15 cents lower at $22 after trading at a new intraday 52 weeks’ high of $24.

Filed Under: JSE Main Market, Stock Market Tagged With: 138 Student Living, Berger Paints, Caribbean Cement, Carreras, D&G, Daily Trading, Gleaner, Grace Kennedy, JMMB, Kingston Wharves, Pan Jamaican Investment, Radio Jamaica, Sagicor, Sagicor Group, Scotia, Scotia Investments, Supreme Ventures

Insider sold 2.77m Student Living shares

February 4, 2015 by IC Insider.com

Newly listed 138 Student Living advises that a related party sold 2,775,000 of the company’s shares on January 30, 2015. T
he shares traded at $4.40 and realised $12,210,000. When the company went public in December last year, some of the initial investors offered shares they owned to the public which was packaged with the public offer. Shares offered by the company were taken up in full, but those by shareholders were only partially bought by the public.
A related party to a directors sold 250,000 Jamaica Broilers Group’s shares on February 2, 2015, the Company advised the Jamaica Stock Exchange.

Filed Under: Company News, Insider Trades Tagged With: 138 Student Living, Insider Trades, Jamaica Broilers, Jamaica Stock Exchange

2 new highs, 7 stocks rise 2 declined

January 30, 2015 by IC Insider.com

138 Student Living closed at a new high on Friday

138 Student Living, the stock closed at a new high on Friday

Friday’s activity on the Jamaica Stock Exchange, resulted in the prices of 2 stocks making new all-time highs as 7 stocks rose and only 2 declined. A total of 18 securities changed hands, ending in 5,219,205 units trading, valued at $27,852,702, in all market segments.
Main Market| The JSE Market Index lost 176.81 points to 76,539.17, the JSE All Jamaican Composite index fell/ decline 197.68 points to close at 84,292.66 and the JSE combined index gained declined 40.34 points to close at 78,413.24.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator maintains a bullish stance with 10 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower.
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, Carreras finishing with 129,395 shares while gaining 80 cents to close at $39.50. Recently listed, 138 Student Living ending with 2,775,000 units 30 cents higher, at a new all-time high of $4.40 and Proven Investments closed with 100,000 shares while gaining 0.04 cents 21 US cents.

Firm| The stocks in the main market to close without a change in the last traded prices are, Cable & Wireless having 557,504 units trading at 50 cents. Caribbean Cement closed with 18,006 shares changing hands at $2.36, Desnoes & Geddes finished with 284,000 units trading to end at $4.90, Grace Kennedy finished with 4,665 units traded at $62, Jamaica Producers had 287 shares changing hands at $17. Pan Jamaican Investment ending with 1,100 units trading, to end at $52.01, Sagicor Group ending with 224,299 shares trading at $10 and Scotia Investments closed with 287 shares trading at $23.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, Supreme Ventures in trading 104,000 units and lost 15 cents in closing at $2 and National Commercial Bank closing with 27,860 shares trading lower by 10 cents to $19.90.
Preference| Jamaica Money Market Brokers 7.50% preference share traded 5,700 shares trading at $2 and Proven Investments 8% preference share traded 391,000 units traded at $5

Filed Under: JSE Main Market, Stock Market Tagged With: 138 Student Living, Berger Paints, C&WJ, Caribbean Cement, Carreras, D&G, Grace Kennedy, Jamaica Producers, JMMB, NCB, Pan Jam, Proven, Sagicor, Scotia, Supreme Ventures

Scotia Group pushes market down sharply

January 6, 2015 by IC Insider.com

The Jamaica Stock Exchange main market indices fell back sharply on Tuesday as suggested in yesterday’s commentary with Scotia Group being the main mover of the index. Today the banking group stocks closed at $20.25 well off the close on Monday added to the fall National Commercial Bank stock price also fell and helped pulled down the indices.
Trading activity saw moderate activity for the first time in 138 Student Living, in both ordinary and preference shares helping the overall market in recording prices gain for 8 stocks and decline in 4 as 23 securities changed hands, ending in 1,347,407 units trading, valued at $7,189,700, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator shows 14 stocks with bids higher than their last selling prices and 3 stocks with offers that were lower.
Main Market| The JSE Market Index gained points to , the JSE All Jamaican Composite index fell/ rose/ decline points to close at and the JSE combined index gained declined by points to close at
Gains| Stocks gaining with last traded prices, at the end of trading in the main market are, trading for the first time, since listing in December, 138 Student Living ordinary shares, ended trading with 5,000 units to gain 10 cents on the IPO price, to close at $4.10. Grace Kennedy closed with only 135 shares changing hands to gain 1 cent at $61.01 and Radio Jamaica had 20,000 shares with the price rising 15 cents at $1.30.
Firm| The stocks in the main market to close without a change in the last traded prices are, Cable & Wireless closing with 191,250 shares trading at 48 cents, Carreras finished with 14,640 shares changing hands to close at $37. Desnoes & Geddes ended with 3,798 shares changing hands at $4.90, Jamaica Broilers closed with 2,350 shares at $4.10, Kingston Wharves with 1,400 shares changing hands, closed at $6, Proven Investments finished with 35,000 shares at 20.5 US cents and Sagicor Real Estate Fund ended with 2,000 shares trading at $7.02.
Declines| The last traded prices of stocks with losses at the end of trading in the main market are, National Commercial Bank closing with 7,430 units trading, the price slipped 34 cents to $18.65. Sagicor Group finished with 266,000 shares trading lower by 2 cents at $9.98, Scotia Group ended with 36,488 shares trading $2 lower at $20.25 and Supreme Ventures ended trading with 30,000 shares changing hands to close 24 cents lower at $1.76.
Preference| Jamaica Money Market Brokers 8.75% preference shares traded 601,215 units to end at $3,Jamaica Money Market Brokers 7.50% preference shares traded 21,781 units at $2 and 138 Student Living Variable Preference share closed with 11,000 shares trading with a gain of 10 cents t0 $5.10 on the IPO price.

Filed Under: JSE Main Market, Stock Market Tagged With: 138 Student Living, C&WJ, Carreras, D&G, Grace Kennedy, Jamaica Broilers, Jamaican Stock, JMMB, Kingston Wharves, NCB, Proven, Radio Jamaica, Real Estate Fund, Sagicor, Scotia, Supreme Ventures

138 Student Living gets money

December 5, 2014 by IC Insider.com

138 Student Living Jamaica received the full amount they sough from the capital market, when the initial public offer, was fully taken up at the close of the offer, on Thursday 4 December, JMMB Securities Ltd reported to the Jamaica Stock Exchange.
According to a release from the brokers “all of the Ordinary Shares and Preference Shares offered for subscription by the Company, valued at $500m in the aggregate were fully taken up. All Applicants will receive a full allotment of the amounts that they applied for.”
The Company offered 82,900,000 Ordinary Shares at $4 each and initially, 33,680,000 subject to an option to increase the amount up to 60,000,000 Cumulative Redeemable Preference Shares at $5. In addition shareholders of the company offered for sale 15,716,667 ordinary shares at $4 each to raise $62.8 million and received $31.3m.
The Company will now apply to the Jamaica Stock Exchange for the listing of the Ordinary Shares and the Preference Shares on the Main Market of the JSE.