Caribbean Producers
Caribbean Producers (CPJ) returns to the TOP10 after a long period of absence, following the fall out of Berger Paints from the Main market Top10, even as CPJ earnings are based on June 2023 full year earnings with the company is yet to release these results.
Preliminary projection indicates earnings of $2.50 per share for the 2024 fiscal year that would put the stock into the third position on the TOP10 list. Until the full year results are in, the estimate for the 2023 year is used.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Main and Junior markets closed the week with moderate changes in market indices, with a slight fall in the Junior Market and a modest increase in the other.
The Junior Market had one stock rising 10 percent and two falling 12 and 10 percent, with more modest changes in most of the rest. The Main Market had one stock climbing 10 percent and one falling 6 percent as the largest movers.
Caribbean Cream the leading mover in the Junior Market ICTOP10, climbed 10 percent to $4.15, followed by Edufocal rising 4 percent to $1.45. Iron Rock Insurance was the worst performer, falling 12 percent to $2.10 and was followed by general Accident, down 10 percent to $4.43, while Caribbean Assurance Brokers slipped just 4 percent to $2.87.
Berger Paints rose 10 percent to $7.76 in the Main Market, followed by Guardian Holdings with a 4 percent rise to $439.80, JMMB Group also gained 4 percent to close the week at $28.79, but 138 Student Living fell 6 percent to $4.35 and Caribbean Cement fell 4 percent to $50.
Investors should note that Margaritaville is listed on both the Main and USD markets, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.2, well below the market average of 12.6. The Main Market TOP10 is projected to have an average of 322 percent, to May 2024, based on 2023 forecasted earnings.
The 2most highly valued Main Market stocks, representing 26 percent of the Main Market, are priced at a PE of 15 to 100, with an average of 31 and 20 excluding the highest PE ratios, with a PE of 23for the top half and 17excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.4 compared with the market at 10.7. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 38, averaging 20, well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and is projected to rise by 271 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes, Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
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 will likely deliver the best returns up to the end of 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.
A total of 10,571,793 shares were traded for $57,562,911 up from 9,151,844 units at $35,266,609 on Thursday.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Markets’ PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Jamaica Stock Exchange lost 23 cents and closed at a 52 weeks’ low of $9.77 after hitting an intraday 52 weeks’ low of $9.10 in trading 86,890 shares. Jamaica Producers shed 31 cents to end at $19.18 after an exchange of 1,100 shares, JMMB Group rallied $1.76 to $28.79 with traders dealing in 82,869 stock units, Kingston Properties skidded 39 cents to $7 with a transfer of 1,302 stocks. Kingston Wharves dipped $1.90 and ended at $27 with shareholders swapping 16,096 shares, Massy Holdings climbed 90 cents in closing at $101 in an exchange of 960 stocks, Mayberry Jamaican Equities popped 40 cents to end at $11.80, with 38,877 stock units crossing the exchange. NCB Financial rallied $1 to $74, with 26,455 units crossing the market, Sagicor Group lost 41 cents to end at $46.49 as investors exchanged 1,711 shares, 
Scotia Group dropped $1 in closing at $33 in trading 4,346 units, Seprod increased 50 cents to close at $68 with 18,577 stocks clearing the market and Wisynco Group rose 94 cents and ended at $17.95 trading 7,870 stock units.
A total of 9,151,844 shares were traded for $35,266,609 versus 7,549,896 units at $79,965,770 on Wednesday.
The JSE Main and USD Market PE ratios are calculated using the last traded prices in conjunction with ICInsider.com forecasted earnings for companies with the financial year ending up to August 2024.
Mayberry Jamaican Equities rose 40 cents to $11.40 with 78,223 stocks changing hands, MPC Caribbean Clean Energy skidded $12.30 to $69.70 with 2,285 shares clearing the market. NCB Financial shed $2 to close at $73 with investors dealing in 12,895 units, Sagicor Group increased $2.82 to $46.90 with traders exchanging 2,625 shares, Seprod dipped 50 cents in closing at $67.50 with 6,941 stocks crossing the market. Supreme Ventures shed 46 cents and ended at $27.99 with an exchange of 176,814 stocks, Sygnus Credit Investments popped 55 cents to end at $11.99 after trading 25,143 units and Wisynco Group skidded 84 cents to close at $17.01 with a transfer of 123,716 shares.
Jamaica Public Service 7% lost $5 and ended at $50 in an exchange of 1,000 units and Jamaica Public Service 9.5% dived $249.99 to end at $2800.01 after just one stock was traded.
At the close, the All Jamaican Composite Index climbed 1,340.21 points to 356,869.10, the JSE Main Index rose 1,279.01 points to close at 323,635.78 and the JSE Financial Index popped 0.32 points to end trading at 71.55.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Market PE ratios are computed based on the last traded prices and earnings forecasted by ICInsider.com for companies with the financial year ending up to August 2024.
Mayberry Jamaican Equities fell 40 cents to close at $11 with 37,481 units being traded. Pan Jamaica advanced 86 cents in closing at $48.05 after a transfer of 23,977 stock units, Sagicor Group shed $2.82 to end at $44.08 with investors exchanging 28,063 shares, Scotia Group climbed 99 cents to close at $34 in trading 1,066 stocks. Seprod fell $1.99 to $68 with a transfer of 5,919 stocks, Sygnus Credit Investments dropped 55 cents in closing at $11.44, with 9,330 shares crossing the market and Victoria Mutual Investments gained 33 cents to close at $3.03 after a transfer of 4,947 units.
In the preference segment, Jamaica Public Service 7% declined $1 and ended at $55 after three units cleared the market and Jamaica Public Service 9.5% lost $50 to end at $3050 in an exchange of 9 stocks.
A total of 8,602,396 shares were traded for $48,412,908 compared with 9,803,797 units at $75,092,515 on Monday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
NCB Financial gained $2.98 to close at $75, after 64,578 units crossed the exchange, 138 Student Living rallied 40 cents to close at $4.65 in switching ownership of 1,400 shares. Pan Jamaica rose $4.19 to $47.19 with 500 units clearing the market, Sagicor Group rallied $1.81 to $46.90, with 29,098 stocks changing hands, Scotia Group lost 99 cents to end at $33.01 after a transfer of 109,584 stock units. Seprod popped 99 cents to close at $69.99 after an exchange of 53,646 stocks, Supreme Ventures climbed $1.39 and ended at $28.50 with investors swapping 5,620 units, Sygnus Credit Investments rose 67 cents in closing at $11.99 and closed with 28,630 stocks being traded and Victoria Mutual Investments declined 30 cents to close at a 52 weeks’ low of $2.70, with 104,183 shares crossing the market.
In the preference segment, Productive Business Solutions 9.75% preference share rallied $8 to end at $100 while exchanging 2,195 stocks.
A total of 9,803,797 shares were traded for $75,092,515 against 10,256,198 units at $39,416,576 on Friday.
The All Jamaican Composite Index surged 4,373.19 points to close at 357,810.90, the JSE Main Index jumped 4,153.40 points to 324,224.20 and the JSE Financial Index popped 1.39 points to 71.87.
Massy Holdings fell 75 cents to close at $100.25 in trading 691 units, Mayberry Jamaican Equities dropped 40 cents in closing at $11 with investors exchanging 36,852 stocks, NCB Financial declined 98 cents to $72.02 with an exchange of 562,220 shares. 138 Student Living shed 40 cents to end at $4.25 with stakeholders trading 2,445 stock units, Pan Jamaica dipped $4.18 to $43 after a transfer of 630 units, Portland JSX popped 50 cents to $10 in switching ownership of 144 shares. Proven Investments dipped 36 cents in closing at $22.35 with shareholders swapping 4,445 stock units, Radio Jamaica fell 16 cents to a 52 weeks’ low of $1.38 after an exchange of 45,658 shares, Sagicor Group gained $1.01 and ended at $45.09, with 58,600 stocks crossing the market. Scotia Group rose $1 to end at $34 after an exchange of 7,749 shares, Seprod popped $1.99 to end at $69 in an exchange of 1,343 units, Supreme Ventures lost 39 cents to close at $27.11 in an exchange of 36,633 stocks and Sygnus Credit Investments dropped 68 cents and ended at $11.32, with 30,018 shares changing hands.
In the preference segment, Jamaica Public Service 7% climbed 75 cents in closing at $56, with 6,058 units clearing the market, Productive Business Solutions 10.5% preference share increased by $2 to $1002 after trading 200 stock units and Productive Business Solutions 9.75% preference share shed $8 to close at $92 while exchanging three stock units.
Investors may want to note the latest report on the court judgement on the Mystic Mountain sale as there were indications that Dolphin Cove was an interested buyer and they may well be amongst the preferred bidders. If they succeed, expect the stock that currently has limited offers posted on the JSE platform to jump.
Dolphin Cove reported a 5 percent increase in revenues to US$4.4 million in the June 2023 quarter over the June 2022 quarter and a 37 percent jump for the half year to US$9.2 million from US$6.76 million, with profit of US$1.153 million for the second quarter, up 10.5 percent over the $1.04 million in the June 2022 quarter and US$2.72 million for the half year, up 48 percent to US$1.84 million in the half year to June 2022.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at many stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
The All Jamaican Composite Index rose 129.65 points to end at 353,437.71, the JSE Main Index dropped 684.90 points to close at 320,070.80 and the JSE Financial Index popped 0.16 points to end trading at 70.48.
Wigton Windfarm led trading with 3.51 million shares for 34.2 percent of total volume, followed by Stanley Motta with 2.80 million units for 27.3 percent of trading and Transjamaican Highway with 1.45 million units for 14.1 percent of market share.
GraceKennedy fell $1 to close at $76 while exchanging 9,262 units. Guardian Holdings shed $18.25 to $421.50 after 51 stock units were traded, Kingston Wharves dropped $2.89 in closing at a 52 weeks’ low of $26.01 with an exchange of 6,154 shares, Massy Holdings popped 75 cents to end at $101 with stakeholders exchanging 5,500 stock units. Mayberry Investments climbed 64 cents to $8.64 in switching ownership of 14,745 shares, NCB Financial rose 60 cents to close at $73 after an exchange of 28,933 stocks, Stanley Motta fell 48 cents to end at $4.52 in an exchange of 2,800,110 units and Supreme Ventures declined 50 cents to $27.50 with 34,040 units clearing the market.
JMMB Group 7.25% preference share traded 9,271 units and slipped 5 cents to close at a 52 weeks’ low of $1.45 and Productive Business Solutions 10.5 % preference share dived $100 and ended at $1000, with 150 shares crossing the market.
A total of 5,505,100 shares were exchanged for $37,890,404 versus 27,243,669 units at $116,951,925 on Wednesday.
The PE Ratio, a formula used to compute appropriate stock values, averages 13 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Kingston Properties shed 44 cents in closing at $6.95 as investors traded 14,986 stocks. Kingston Wharves rallied 40 cents to close at $28.90, with 3,673 stock units crossing the market, Massy Holdings dropped 75 cents and ended at $100.25, with 4,035 units clearing the market, Mayberry Investments declined 65 cents to close at $8 after a transfer of 19,470 shares. MPC Caribbean Clean Energy advanced $12.33 in closing at $81.99 with investors trading 1,000 stocks, NCB Financial rose 65 cents to end at $72.40 after 104,630 stocks crossed the exchange, 138 Student Living increased 40 cents to $4.65 in trading 50,330 units, Proven Investments gained 50 cents in closing at $23 in an exchange of 2,211 shares, Pulse Investments advanced 55 cents and ended at $2.66 after traders swapped 132,000 stock units, Scotia Group lost $1 to end at $33 in switching ownership of 53,613 stocks. 
Seprod shed $1.99 to close at $67.01 with an exchange of 10,929 units and Supreme Ventures dropped $1 to $28 with investors transferring 33,173 shares.
A total of 27,243,669 shares were traded for $116,951,925 compared to 12,623,404 units at $40,299,945 on Tuesday.
The PE Ratio, a formula used to compute appropriate stock values, averages 12.9 for the Main Market. The JSE Main and USD Market PE ratios are calculated based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Massy Holdings rallied 75 cents to end at $101, with investors transferring 45,101 units, Mayberry Investments climbed 53 cents to $8.65, with 878 shares crossing the exchange, NCB Financial rose 75 cents to $71.75 after investors traded 23,986 stock units. 138 Student Living lost 39 cents and ended at $4.25 after a transfer of 282 units, Pan Jamaica traded 8,554 shares and rose 9 cents to close at $47.29, but only after hitting an intraday 52 weeks’ low of $40.01, Proven Investments lost 50 cents to close at $22.50 with a transfer of 190 stocks. Pulse Investments shed 71 cents to end at $2.11 while exchanging 24,170 units, Radio Jamaica gained 1 cent to close at $1.54 after hitting an intraday low of $1.40 in trading 101,142 shares, Seprod dipped 92 cents to close at $69 with stakeholders trading 7,423 stocks. 
Stanley Motta advanced 31 cents to $5 in an exchange of 6,134,145 shares. Sygnus Credit Investments increased 58 cents to end at $12.05 in switching ownership of 10,712 stock units and Wisynco Group climbed 85 cents to $17.75 in an exchange of 80,898 stocks.