Stationery and Office Supplies boosted activity on the Junior Market of the Jamaica Stock Exchange on Wednesday with the price racing to another new record high of $34.98, as investors continued to respond aggressively to an announcement that directors would be considering a stock split and in the process pushed the price up 75 percent since Monday and just over 100 percent for the year to date, the move helped the Junior market advanced 25.03 points to 3,936.13.
Trading closed with a 15 percent rise in the volume of stocks traded, with 10 percent less value than on Tuesday after trading in 40 securities compared with 43 on Tuesday and ended with 12 rising, 17 declining and 11 closing unchanged.
A total of 10,079,171 shares were traded for $43,487,229 compared to 8,787,937 units at $48,253,320 on Tuesday.
Trading averaged 251,979 shares at $1,087,181 compared to 204,371 stocks at $1,122,170 on Tuesday with the month to date, averaging 193,268 units at $583,839 compared with 189,456 stock shares at $551,155 on the previous day. May closed with an average of 239,954 units at $648,811.
Dolla Financial led trading with 2.77 million shares for 27.5 percent of total volume followed by 
Image Plus Consultants with 1.84 million units for 18.3 percent of the day’s trade and ONE on ONE Educational with 668,531 units for 6.6 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 11.1. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Access Financial lost $1.20 in closing at $22 in an exchange of 15,750 shares, Blue Power shed 30 cents to close at $2.18 with 2,783 units changing hands, Cargo Handlers rallied $3.89 to end at $22.09 in trading 3,144 stock units, Caribbean Assurance Brokers gained 19 cents and ended at $2.69 with a transfer of 555,390 stocks, 
Caribbean Flavours popped 20 cents to $1.35 with investors trading 31,181 units, Dolla Financial dipped 14 cents in closing at $2.36 as shareholders swapped 2,774,569 stocks, Dolphin Cove rallied 28 cents to end at $15.28 and closed at 17,377 units, Express Catering rose 41 cents to $5.40 after investors exchanged 221 shares, Future Energy Source dipped 10 cents to close at $3.91, with stakeholders exchanging 174,638 stocks, iCreate rose 13 cents and ended at $1.20 after stakeholders trading 27,112 stock units, Indies Pharma fell 10 cents in closing at $3 as 352,201 shares passed through the market, Knutsford Express declined 80 cents to end at $11 12,605 units changing hands, Lasco Distributors dipped 17 cents to $3.21 crossing the market, with 72,561 stocks, Mailpac Group shed 10 cents to close at $1.85, with 256,349 units crossing the exchange, 
Medical Disposables dropped 19 cents to close at $4.06 after a transfer of 16,120 stock units, Spur Tree Spices fell 9 cents and ended at $2.33, with 50,188 shares clearing the market and Stationery and Office Supplies climbed $8.53 in closing at a record high of $34.98 in an exchange of 633,397 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated
SOS highlights Junior Market trading
Stationery and Office Supplies was the highlight of the Junior Market of the Jamaica Stock Exchange on Tuesday with the price closing at a record high of $26.45 with more than 500,000 share trading and closed with bids at $26.45 to buy 220,709 shares and at $26 to buy 114,415 shares, in contrast, stocks offered at the close were light starting at $30.50. The sharp rally follows an announcement of a directors’ meeting on Wednesday to discuss a possible stock split.
Trading closed with the volume of stocks traded rising 53 percent, with an increase of 182 percent in value compared to Monday, following trading in 43 securities compared with 44 on Monday and ended with 14 rising, 18 declining and 11 closing unchanged.
Investors traded 8,787,937 shares for $48,253,320 up from 5,733,266 units at $17,140,162 on Monday.
Trading averaged 204,371 shares at $1,122,170, with 130,302 shares at $389,549 on Monday, with a month to date, average of 189,456 units at $551,155 compared to 188,336 stock units at $508,304 on the previous day. May closed with an average of 239,954 units at $648,811.
Image Plus Consultants led trading with 1.28 million shares for 14.6 percent of total volume followed by Dolphin Cove with 1.17 million units for 13.3 percent of the day’s trade and Fosrich with 935,005 units for 10.6 percent market share.
At the close, the Junior Market Index advanced 31.19 points to settle at 3,911.10 and reclaimed the 3,900 mark, the highest since Mid-February.
The PE Ratio, a measure of computing appropriate stock values, averages 11 The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Cargo Handlers declined $3.80 to close at $18.20 in trading 275 shares, Caribbean Assurance Brokers fell 10 cents to end at $2.50 in an exchange of 97,168 stock units, Caribbean Cream dropped 17 cents to $4 with stakeholders exchanging 95,150 units.
Caribbean Flavours dipped 21 cents in closing at $1.15, with 111,166 stocks crossing the exchange, Dolla Financial shed 9 cents and ended at $2.50 as investors exchanged 481,548 stocks, Elite Diagnostic rose 27 cents to close at $2.30 with a transfer of 692 units. Express Catering lost 21 cents to close at $4.99, with 105,200 stock units crossing the market, Fosrich fell 23 cents to $2.30 after 935,005 shares were traded, Honey Bun rallied 46 cents and ended at $6.96 with 8,515 stocks clearing the market. iCreate lost 18 cents to end at $1.07 in switching ownership of 118,688 units, Iron Rock Insurance climbed 15 cents to $2.15 as 237 shares passed through the market, ISP Finance dipped $6.49 to $19.91 after an exchange of 5,211 stock units. JFP Ltd shed 11 cents and ended at $1.57 in an exchange of 930,469 units, Lasco Manufacturing advanced 10 cents to close at $4.50 with investors transferring 344 shares, 
Main Event increased 86 cents in closing at $14.75, with 55,905 stocks crossing the market, Regency Petroleum declined 20 cents to close at $2.60 while exchanging 705,529 stock units and Stationery and Office Supplies gained $6.45 in closing at a record high of $26.45 with shareholders swapping 523,811 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market edged lower
The Junior Market of the Jamaica Stock Exchange closed lower on Monday after trading closed with trading occurring in 44 securities compared with 46 on Friday and resulted in 20 rising, 14 declining and 10 closing unchanged, with stocks traded moderately more than those on Friday.
Investors traded 5,733,266 shares for $17,140,162 up from 5,255,540 units at $16,475,124 on Friday.
Trading averaged 130,302 shares at $389,549 compared to 114,251 shares at $358,155 on Friday with a month to date, average of 188,336 stock units at $508,304 compared to 193,163 stocks at $518,181 on the previous trading day. Trading in May averaged 239,954 units at $648,811.
Fosrich led trading with 1.79 million shares for 31.1 percent of total volume followed by Future Energy Source with 406,539 units for 7.1 percent of the day’s trade and Dolla Financial with 395,974 units for 6.9 percent market share.
At the close, the Junior Market Index dipped 7.88 points to close at 3,879.91.
The PE Ratio. a measure of computing appropriate stock values averages 11.3, The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial gained $1.10 in closing at $23.20 in trading 413 shares, CAC 2000 popped 45 cents to $7.09, with 6 units crossing the market, Caribbean Cream advanced 28 cents to close at $4.17 in an exchange of 50,254 stock units. Dolphin Cove dropped 77 cents to $15 with a transfer of 41,886 stocks, Elite Diagnostic dipped 17 cents to end at a 52 weeks’ closing low of $2.03 in an exchange of 100 stock units, Express Catering rallied 35 cents in closing at $5.20 after 3,572 shares were traded. Fontana climbed 22 cents to $10 with investors transferring 296,898 units, Fosrich rose 18 cents to close at $2.53, with 1,785,528 stocks crossing the market, General Accident fell 20 cents and ended at $4.80 after stakeholders exchanged 58,696 stocks. 
Honey Bun shed 46 cents to end at $6.50 in switching ownership of 13,750 shares, Image Plus Consultants lost 9 cents in closing at $2 with shareholders swapping 363,700 units, Indies Pharma rose 12 cents to $3.17, with 3 stock units changing hands. ISP Finance rallied 40 cents to end at $26.40, with 202 shares clearing the market, Knutsford Express rose 80 cents to close at $11.80 after stakeholders traded 4,447 stocks, Lasco Manufacturing declined 9 cents and ended at $4.40 as investors exchanged 30,760 stock units. Limners and Bards climbed 9 cents to end at $2.20 after an exchange of 12,157 units, Main Event dropped 81 cents to $13.89 after a transfer of 5,855 stock units, 
Regency Petroleum gained 9 cents in closing at $2.80 after 85,023 units passed through the market and tTech shed 10 cents and ended at $2.20 while exchanging 1,394 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Kremi heads ICTOP10 after gaining 22%
The performance this past week in the Junior and the Main Market diverged significantly the Junior Market recorded gains in the week and put it back at early March levels this year while the main market declined further continuing negative performance since the beginning of June and is now back at August 2018 levels and is providing investors with a great opportunity to add some of these stocks to their early Christmas shopping at bargain prices.
The Junior Market has broken through the downward-sloping resistance line of the wedge. The Junior Market reclaimed the 3,800 handle last week and is close to retaking the 3,900 level shortly, with the market set for a big rally in the second half of the year a position supported by technical analysis of the market. The Main Market seems to be weighed down by concerns relating to inflation and interest rates, if so the reading is wrong as inflation is well under control and interest rates will start dropping before the year ends.
Against the background, the Junior Market recorded gains for six stocks during the week with iCreate jumping 26 percent to $1.20, Caribbean Cream moving up 22 percent to $3.89 and Edufocal putting on 6 percent to end the week at $1.89 hey worst performer was Iron Rock Insurance down 7 percent to $2 and General Accident fell 5 percent to $5, while One and One lost 3 percent to close the week at $1.04.
The Main Market had one price movement of note with Transjamaican rising 13 percent to close the week at $2.39. Declining are 138 Student Living down 11 percent to $4.60, Guardian Holdings, with a loss of 7 percent to $450.01 and Caribbean Producers lost 5 percent to end the week at $9.48.
Transjamaican moved out of the Main Market TOP10, with a gain of 27 percent since entering the TOP10 and 35 percent since it was added to Stocks to Watch at $1.77 in April, is replaced by Caribbean Cement, with projected earnings of $6.50 notwithstanding for the first quarter profit and in the Junior Market, Edufocal moved out while Everything Fresh returns after a brief absence to the TOP10 with the price having fallen to $1.50.
Transjamaican, although out of the top 10 has much more room to grow with the potential for an additional 200% increase in the stock price. A look at the order book for Transjamaican suggests that demand is likely to overwhelm supply over the next two to three weeks with a likely price target then of $3. Even then the potential dividend yield that could be 8 percent at that price could result in the price going higher.
Recent developments for some stocks – Lasco Distributors and Lasco Manufacturing increased dividends to 10 cents and 12 cents respectively, with both to be paid in July, while Stationery and Office Supplies hit a record high in the week at $24 but closed the week at $20 for a 17 percent gain for the year. The stock is now a prime candidate for a stock split. Earnings for Berger Paints were adjusted down to $1 per share for 2023.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.8, well below the market average of 13.1. The Main Market TOP10 is projected to have an average of 254 percent, to May 2024, based on 2023 forecasted earnings.
The 15 most highly valued Main Market stocks are priced at a PE of 15 to 98, with an average of 29 and 20 excluding the highest PE stocks, 23 for the top half and 18 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.8 compared with the market at 11.1. There are 11 stocks representing 23 percent of the market, with PE from 15 to 42, averaging 21 that are well above the average of the market. The top half of the market has an average PE of 16, possibly the lowest fair value for Junior Market stocks currently. Junior Market is projected to rise by 270 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation is an important indicator of the level of likely gains for ICTOP10 stocks.
In the market generally, Investors continue to nibble away at a number of stocks and in the process gradually reducing the supply of several stocks that are attractively priced as the market moves toward the summer months, the start of the stock market year.
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.
ICTOP10 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 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.
Big jump in Junior Market Index
The Junior Market of the Jamaica Stock Exchange closed higher on Friday, as upward momentum in the market is quietly shifting upwards, as it closed on Friday just 2.5 percent below December 2022 level, with indicators pointing to the market capturing higher grounds in the near future.
The Junior Market Index jumped 44.82 points to close at 3,887.79, the highest point since March 3 this year.
The volume of stocks traded declined 46 percent with a 29 percent lower value than on Thursday from trading in the same number of securities as the market closed with prices of 17 rising, 16 declining and 13 closing unchanged.
Investors traded 5,255,540 shares for $16,475,124 versus 9,723,498 units at $23,066,193 on Thursday.
Trading averaged 114,251 shares at $358,155 compared with 211,380 shares at $501,439 on Thursday with the month to date, averaging 193,163 units at $518,181 compared to 200,679 stock units at $533,422 on the previous day. May closed with an average of 239,954 units at $648,811.
Future Energy Source led trading with 856,557 shares for 16.3 percent of the day’s volume followed by Tropical Battery with 854,433 units for 16.3 percent of the day’s trade and Dolla Financial ended with 799,524 units for 15.2 percent market share.
The PE Ratio, a measure of computing appropriate stock values, averages 11.1. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Access Financial dropped $2.87 to end at $22.10 with shareholders swapping 17,027 shares, AMG Packaging climbed 34 cents to $2.64, with 1,320 stocks changing hands, Blue Power dipped 10 cents to close at $2.55, with stakeholders exchanging 30 stocks. 
Cargo Handlers gained $2.80 in closing at 52 weeks’ high of $22, with 48 units crossing the exchange, with the stock being set up for a split, Caribbean Flavours popped 13 cents to $1.38 in an exchange of 395 stock units, Dolphin Cove rallied 77 cents to close at $15.77 with investors transferring 40,679 units. Elite Diagnostic advanced 16 cents and ended at $2.20 in switching ownership of 2,226 stocks, Express Catering declined 15 cents to $4.85 with investors trading 69,945 shares, Iron Rock Insurance shed 15 cents in closing at $2 with a transfer of 335 stock units. Limners and Bards lost 9 cents to end at $2.11, with 52,081 stocks clearing the market, Paramount Trading rose 8 cents to close at $2.19 in an exchange of 40 units, Regency Petroleum fell 10 cents to end at $2.71 and closed with 29,734 shares changing hands.
Spur Tree Spices declined 13 cents to end at $2.40 as investors exchanged 234,953 stocks and Stationery and Office Supplies dropped $1.96 to $20 after 10,704 stock units passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Junior Market drifts in trading
Trading dropped and the Junior Market of the Jamaica Stock Exchange pulled back on Thursday, with the volume of stocks traded declining 16 percent and the value 18 percent from Wednesday outturn, with 46 securities trading compared with 43 on Wednesday, with prices of 16 stocks rising, 22 declining and eight closing unchanged.
Investors traded 9,723,498 shares for $23,066,193 compared to 11,588,780 units at $28,016,741 on Wednesday.
Trading averaged 211,380 shares at $501,439, down from 269,507 shares at $651,552 on Wednesday, with a month to date average of 200,679 units at $533,422 compared with 199,552 stock units at $536,788 on the previous day. May ended with an average of 239,954 units at $648,811.
KLE Group led trading with 3.31 million shares for 34 percent of total volume, followed by Fosrich with 2.06 million units for 21.2 percent of the day’s trade and Future Energy Source with 479,757 units for 4.9 percent market share.
At the close, the Junior Market Index declined 23.99 points to 3,842.97.
The PE Ratio, a measure of computing appropriate stock values, averages 11.2. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, AMG Packaging dipped 15 cents in closing at $2.30 after a transfer of 25,113 shares, Blue Power advanced 45 cents to $2.65 in an exchange of 13,770 stocks, CAC 2000 declined 45 cents to $6.64 after stakeholders traded 11 units. Caribbean Flavours dropped 15 cents to $1.25 with a transfer of 1,860 stock units, Consolidated Bakeries popped 12 cents to $2.42 after an exchange of 156,000 stocks, Dolphin Cove shed 93 cents to end at $15 while exchanging 18,276 stock units. Elite Diagnostic lost 16 cents in closing at a 52 weeks’ low of $2.04, with 7,552 shares crossing the exchange, Express Catering rose 12 cents to close at $5, with an exchange of 22,988 units, Fontana rallied 15 cents to $9.75, with 95,969 stock units changing hands.
Fosrich increased 25 cents to close at $2.40 with stakeholders trading 2,062,959 units, Future Energy Source climbed 11 cents and ended at $4 with shareholders swapping 479,757 shares after the stock traded at an intraday 52 weeks’ low of $3.75. General Accident 23 cents to end at $5 in switching ownership of 4,500 stocks, iCreate dipped 11 cents to $1.17 with an exchange of 20,000 units. ISP Finance declined 45 cents to close at $26 after 5,727 shares changed hands, KLE Group fell 17 cents in closing at $1.60 in an exchange of 3,309,710 stocks, Knutsford Express dropped 45 cents in closing at $11.05 in trading 4,536 stock units. Lasco Manufacturing gained 14 cents to close at $4.49 after exchanging 50,745 stocks, Regency Petroleum lost 10 cents to end at $2.81, with 126,729 stock units crossing the market, 
Stationery and Office Supplies shed $2.04 to $21.96 after 5,291 units passed through the market and tTech fell 20 cents to $2.30 as investors exchanged 163 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading climbs on the Junior Market
The Junior Market of the Jamaica Stock Exchange closed higher Wednesday with a 76 percent jump in the volume of stocks traded accompanied by a 58 percent rise in funds entering the market compared with that on Tuesday, following trading in 43 securities compared with 48 on Tuesday and ending with 14 rising, 19 declining and 10 closing unchanged as Stationery and Office Supplies traded at a record high of $24.40 and closed at $24 after rising $3 for the day and cementing the potential for a stock split this year.
Investors traded 11,588,780 shares for $28,016,741 compared with 6,594,218 units at $17,769,680 on Tuesday.
Trading averaged 269,507 shares at $651,552 compared to 137,380 shares at $370,202 on Tuesday with the month to date, averaging 199,552 units at $536,788, up from 191,918 stock units at $524,263 on the previous day. Trading in May ended with an average of 239,954 units at $648,811.
Tropical Battery led trading with 3.13 million shares for 27 percent of total volume followed by Fosrich with 2.89 million units for 24.9 percent of the day’s trade and Spur Tree Spices with 1.50 million units for 13 percent of the day’s trade.
At the close, the Junior Market Index climbed 22.06 points to end trading at 3,866.96.
The PE Ratio, a measure of computing appropriate stock values, averages 11.3. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, AMG Packaging advanced 20 cents to $2.45 after 105,783 shares changed hands, Blue Power gained 14 cents to end at $2.20 while exchanging 27,422 stocks, Caribbean Cream rose 43 cents to close at $3.98 with shareholders swapping 31,523 stock units, Consolidated Bakeries declined 10 cents and ended at $2.30 after stakeholders traded 8,893 units, Dolphin Cove popped 21 cents in closing at $15.93, with 5,807 shares crossing the market,
Fontana dropped 18 cents in closing at $9.60 in an exchange of 69,707 stock units, Honey Bun rallied 45 cents to $6.96 with investors transferring 66 stocks, Image Plus Consultants climbed 8 cents to end at $2.08 in an exchange of 119,636 units, Jamaican Teas fell 9 cents to $2.08 with a transfer of 27,123 shares, Knutsford Express dipped 28 cents to close at $11.50 after a transfer of 3,703 stock units, Lasco Distributors increased 15 cents in closing at $3.35 with 19,084 units clearing the market, Lasco Financial shed 10 cents to close at $2.30, with 7,185 stocks crossing the market, Lasco Manufacturing lost 13 cents and ended at $4.35 after 58,598 stocks were traded, Main Event shed 20 cents to $14.70 with an exchange of 37,646 stock units, MFS Capital Partners gained 10 cents to end at $3.10 after an exchange of 226,309 shares, 
Stationery and Office Supplies climbed $3 in closing at a record high of $24 as investors exchanged 48,804 units and tTech dropped 37 cents to end at $2.50 in switching ownership of 5,642 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Profit climbs at Caribbean Assurance Brokers
Caribbean Assurance Brokers (CAB) is not one of the more popular Junior Market stocks, coming to the market just when the Covid-19 pandemic broke out in Jamaica, and got little post-IPO bounce and has never won the support of the wider market. The company reported record full year and 2023 first quarter profits, yet the stock continues to struggle although currently trading up from the price before the release of both results.
Operating Revenues rose 11 percent from $423 million to $469 million for the year ending December 2022, while Other Operating Income generated $37 million which was down 7 percent from $40 million in 2021, resulting in total income rising 7 percent to $506 million from $463 million in 2021. Profit for the year rose 32 percent to $75 million from $57 million in the prior year, with earnings per share of 30 cents up from 21 cents in 2021.
Selling Expenses were virtually flat for the year at $146 million compared with $145 million in 2021, Administrative Costs rose 10 percent to $281 million from $255, depreciation charge fell 10 per cent to $16 million and finance costs fell 32 percent to $4 from $6 million in 2022.
For the 2023 March quarter, revenues climbed 12 percent to $101.9 million from $90.6 million for the 2022 March quarter. Other Operating Income fell from $14 million to $12 million resulting in total revenues of $114 million rising 9 percent above $105 in 2021. The company earns the bulk of its income and profit in the September quarter. Profit jumped 840 percent to $17 million after tax from just $2 million in 2021, with earnings per share of 7 cents.
Selling Expenses fell by 30 percent to $25 million from $36 million in 2022, Administrative Cost rose 7 percent to $70 million from $66 million, depreciation charge rose 21 percent to $5 million from $4 million in 2021 and finance costs fell 45 percent to $593,176 from $1 million in 2021.
Caribbean Assurance Brokers selling at a PE of just 8 based on historical earnings & 5 times 2023.
Cash inflows from operations delivered $24 million, up from just $7 million in 2022, but cash funds climbed by $132 million by the end of March after spending $37 million on addition to fixed assets with a reduction in receivables and an increase in payables contributed $146 million in positive flows during the three months period.
At the end of March, shareholders’ equity stood at $480 million up from $390 million at the end of March 2022 and $463 million at the end of December 2022. The company continues to be lightly leveraged with borrowings of $59 million of which $53 million is short term and due to be repaid within twelve months.
Current assets stood at $536 million at the end of March versus $418 million in 2022. Cash and equivalent was $385 million up from $286 million at the end of March 2022, with receivables at $148 million, up from $127 million in 2022.
Current liabilities ended the 2023 quarter at $345 million at the end of March, up from $229 million at the end of March 2022.
ICInsider.com projects EPS of 50 cents for the current year, with the stock priced at $2.53 it last traded on the Junior Market and sits at the number 2 spot on ICInsider.com TOP10. The PE is a mere 5 times 2023 earnings and 8 times 2022 earnings and is one of the most undervalued stocks on the market currently.
The directors approved a modest dividend of 2.67 cents per share, well below the target stated in the prospectus of up to 25 percent of profits. The payment will be on October 26, with the ex-dividend date of September 14.
Junior Market heads north
Trading levels fell on the Junior Market of the Jamaica Stock Exchange Tuesday, with a 29 percent decline in the volume of stocks traded, with the value 14 percent lower than on Monday with trading in 48 securities compared with 47 on Monday and resulting in prices of 23 rising, 18 declining and seven closing unchanged.
Investors traded 6,594,218 shares for $17,769,680 compared with 9,341,590 units at $20,596,072 on Monday.
Trading averaged 137,380 shares at $370,202 compared to 198,757 shares at $438,214 on Monday with the month to date, averaging 191,918 units at $524,263 compared to 199,484 stock units at $545,636 on the previous day. Trading in May averaged 239,954 units at $648,811.
Indies Pharma led trading with 1.76 million shares for 26.6 percent of total volume followed by Image Plus Consultants with 901,230 units for 13.7 percent of the day’s trade and Lasco Financial with 575,734 units for 8.7 percent market share.
At the close, the Junior Market Index popped 42.50 points to end trading at 3,844.90, the highest close since March 8 this year, but the market has broken a downward sloping trendline that suggests a rising market ahead.
The PE Ratio, a measure of computing appropriate stock values, averages 10.5. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows no stock ending with a bid higher than the last selling price and four with lower offers.
At the close, AMG Packaging dropped 33 cents in closing at a 52 weeks’ low of $2.25 with shareholders swapping 85,524 shares, Blue Power dipped 24 cents and ended at $2.06 in an exchange of 23,107 stocks, CAC 2000 climbed $1.09 to close at $7.09 after an exchange of 200 units. Cargo Handlers climbed $3.59 to $19.20 with 200 stock units being traded, Caribbean Cream shed 39 cents to end at $3.55 with 847 units changing hands, 
Consolidated Bakeries rose 17 cents to close at $2.40, 2,756 shares crossing the market. Dolphin Cove popped 47 cents to end at $15.72 as investors exchanged 2,039 stocks, Elite Diagnostic dipped 19 cents to $2.20 with investors transferring 21,085 stock units, Express Catering fell 10 cents and ended at $4.88 after an exchange of 28,333 stock units. Fontana gained 25 cents in closing at $9.78, with 66,824 shares clearing the market, Future Energy Source shed 8 cents and ended at $3.93 while exchanging 114,480 units, General Accident rallied 55 cents to end at $5.30, with 20,029 stocks crossing the exchange. Honey Bun declined 44 cents in closing at $6.51 after shareholders ended trading 1,937 stocks, Jamaican Teas increased 9 cents to close at $2.17 with a transfer of 500 stock units, 
KLE Group rallied 16 cents to $1.77 after a transfer of 6,296 units. Lasco Manufacturing rose 20 cents to end at $4.48 in trading 100 shares, Main Event gained 25 cents in closing at $14.90 as 29,817 units passed through the market and MFS Capital Partners lost 10 cents in closing at $3 in switching ownership of 422,182 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
6 circuit breaker hits on Junior Market
The major feature of trading on the Junior Market of the Jamaica Stock Exchange on Monday was the halt in trading of six stocks in the morning session within 90 minutes of opening. The early circuit breakers are CAC 2000, Cargo Handlers and ISP Finance declined while Caribbean Cream and tTech rose but Stationery and Office Supplies joined the action late in the morning session to hit the circuit breaker at 52 weeks’ high of $21 just before midday, with just two units being exchanged.
Trading closed with the volume and value of stocks traded declining 40 percent and 37 percent respectively, compared to Friday, following trading in 47 securities compared with 41 on Friday and ended with 13 rising, 27 declining and seven unchanged.
Investors traded 9,341,590 shares for $20,596,072 compared to 15,463,887 units at $32,509,692 on Friday.
Trading averaged 198,757 shares at $438,214, compared to 377,168 shares at $792,919 on Friday, with the month to date averaging 199,484 units at $545,636 compared to 199,598 stock units at $562,522 on the previous trading day. May closed with an average of 239,954 units at $648,811.
Tropical Battery led trading with 5.19 million shares for 55.5 percent of total volume followed by Derrimon Trading with 1.13 million units for 12.1 percent of the day’s trade and Dolla Financial with 565,488 units for 6.1 percent market share.
At the close, the Junior Market Index dipped 3.64 points to close at 3,802.40.
The PE Ratio, a measure of computing appropriate stock values, averages 10.4. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Access Financial increased $2.68 to $25 after an exchange of 35 shares, AMG Packaging fell 9 cents in closing at $2.58 after 1,806 stocks were traded, CAC2000 shed $1.09 to close at $6, with 36 units crossing the market, Cargo Handlers declined $3.59 to end at $15.61 as investors exchanged 65 stock units. Caribbean Cream rallied 74 cents to $3.94 after a transfer of 9,525 stocks, Caribbean Flavours gained 12 cents in ending at $1.36 after an exchange of 1,408 shares, Consolidated Bakeries fell 17 cents to $2.23 in switching ownership of 807 stock units, Dolla Financial fell 10 cents to $2.54 with a transfer of 565,488 units. Dolphin Cove dropped 69 cents in closing at $15.25 after an exchange of 4,653 stocks, Elite Diagnostic advanced 19 cents to close at $2.39 after 156 shares passed through the market, Everything Fresh fell 18 cents to close at $1.51 after 45,914 units crossed the market, Express Catering rose 8 cents to $4.98, with 17,892 stock units changing hands. 
Fontana dipped 17 cents in closing at $9.53 in an exchange of 145,680 stock units, Future Energy Source lost 11 cents to end at $4.01, with 203,561 stocks crossing the exchange, General Accident shed 53 cents and ended at $4.75 in trading 10 shares, iCreate climbed 31 cents to $1.26 in an exchange of 133,986 units. Jamaican Teas declined 14 cents to $2.08 while exchanging 25,550 shares, JFP Ltd dipped 10 cents to end at $1.65 with 519 units clearing the market, KLE Group lost 19 cents and ended at $1.61 with investors trading 50 stocks, Lasco Distributors dropped 16 cents to close at $3.15 after an exchange of 30,878 stock units. Lasco Manufacturing shed 20 cents and ended at $4.28 with shareholders swapping 479 shares, Limners and Bards declined 14 cents in closing at $2.21 with shareholders swapping 6,324 stocks, 
Main Event dipped 15 cents to close at $14.65, with 12,853 stock units crossing the exchange after hitting a 52 weeks’ intraday high of $14.89. Medical Disposables fell 30 cents to end at $4.20 after 3,389 units changed hands, Stationery and Office Supplies popped $5.01 to close at a 52 weeks’ high of $21 with 2,252 stocks clearing the market and tTech climbed 67 cents to end at $2.90, with 89,040 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.