The Junior Market of the Jamaica Stock Exchange took another 37 points hit on Tuesday, following a similar decline on Monday, with the volume of stocks traded declining 20 percent but with a 35 percent greater value than on Monday after trading took place in 43 securities, down from 46 on Monday and ended with 17 rising, 19 declining and seven closing unchanged.
A total of 22,074,785 shares were exchanged for $73,296,318 compared to 27,627,621 units at $54,220,421 on Monday.
Trading averaged 513,367 shares at $1,704,566 down from 600,600 units at $1,178,705 on Monday, with the month to date averaging 242,042 stock units at $625,922 compared to 220,674 stock units at $540,974 on the previous day. November averaged 259,893 units at $711,335.
Future Energy Source led trading with 10.67 million shares for 48.4 percent of total volume, followed by Regency Petroleum with 5.64 million units for 25.5 percent of the day’s trade, ONE on ONE Educational with 1.57 million units for 7.1 percent of the day’s volume and MFS Capital Partners with 1.23 million units for 5.6 percent market share.
At the close, the Junior Market Index dropped 37.30 points to 3,818.73.
The PE Ratio, a measure of computing appropriate stock values, averages 11.7. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for financial year ends that fall between November this year and August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Access Financial fell $1.90 to end at $21.10 and closed after 3,429 shares were traded, Blue Power lost 45 cents in closing at $2.74 with a transfer of 4,590 units, Cargo Handlers rallied 50 cents ending at $12.50, with 1,600 stocks clearing the market. 
Caribbean Assurance Brokers advanced 30 cents to $2.15 with investors transferring 700 stock units, Fontana rose 21 cents to close at $9 with the swapping of 47,010 shares, Future Energy Source dipped 11 cents to $4.71 while 10,673,967 stock units passed through the market. Honey Bun climbed 35 cents in closing at $7 in an exchange of 34 stocks, iCreate increased 24 cents to $2.11 in switching ownership of 37,255 units, Indies Pharma gained 19 cents to close at $2.79 with an exchange of 61,150 stocks. Iron Rock Insurance popped 39 cents ending at $2.39 in exchanging 20,020 stock units, Knutsford Express dropped $1 to close at $8 after trading 8,063 shares, Lasco Manufacturing shed 30 cents to $3.95 while exchanging 4,009 units. Main Event advanced 10 cents to end at $9.60 as investors exchanged 10,095 units, MFS Capital Partners declined 79 cents in ending at $2.36, with 1,226,152 stock units crossing the market, Paramount Trading shed 17 cents in closing at $1.53 in trading 6,358 shares. 
Stationery and Office Supplies declined 30 cents, ending at $13 with an exchange of 21,568 stocks and tTech rallied 34 cents to $2.59 after exchanging 151 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market up but prices mostly fall
More money entered the Jamaica Stock Exchange Main Market on Tuesday, than Monday and ended with the volume of stocks traded rising 28 percent from a 46 percent increase in the value of shares trading as 57 securities were traded compared to 61 on Monday, with a mere 11 rising, 30 declining and 16 ending unchanged.
Investors traded 8,931,395 shares for $95,827,826 up from 6,957,337 units at $65,589,778 on Monday.
Trading averaged 156,691 units at $1,681,190, versus 114,055 shares at $1,075,242 on Monday and month to date, an average of 471,898 units at $2,359,483 versus 496,646 units at $2,412,737 on the previous day. November closed with an average of 202,406 units at $1,736,493.
Wigton Windfarm led trading with 4.57 million shares for 51.2 percent of total volume, followed by Jamaica Broilers with 1.11 million units for 12.4 percent of the day’s trade and Transjamaican Highway with 924,773 units for 10.4 percent market share.
The All Jamaican Composite Index gained 27.39 points to end at 379,585.06, the JSE Main Index rallied 1,715.42 points to 340,381.86 and the JSE Financial Index advanced 0.93 points to settle at 81.42.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.1 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows 13 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Producers fell 79 cents in closing at $11.20 as investors exchanged 37,966 shares, Eppley declined $6.88 to end at $32.10, with 684 stocks clearing the market, First Rock Real Estate dropped $1.18 to close at $12.80 with a transfer of 7,000 stock units. Guardian Holdings jumped $118 after ending at $628 and finished with an exchange of 1,549 units, Jamaica Broilers shed $1.99 to $29, with 1,110,205 stock units crossing the exchange, 
Jamaica Producers dipped 40 cents in ending at $22.50 with the swapping of 2,524 stocks. Jamaica Stock Exchange gained 70 cents to close at $15.80 2,319 units crossing the market, Mayberry Investments lost $1.12 to end at $7 in switching ownership of 13,928 shares, NCB Financial fell $1 in closing at $79 with investors transferring 37,348 shares. 138 Student Living lost 65 cents to end at $5, with 35,284 stocks changing hands, Palace Amusement dropped $60 to end at $1390 in trading 437 units, Portland JSX dropped 98 cents in closing at $9.50 while exchanging 294 stock units. Sagicor Group rallied 50 cents to $48 after a transfer of 163,197 stocks, Scotia Group rose $1.25 to $33.50 after an exchange of 249,922 shares, Stanley Motta advanced 49 cents to close at $5.09 trading 200 stock units and Sygnus Real Estate Finance dipped $1.50 to close at $9.50 in exchanging 1,000 units.
In the preference segment, Eppley 7.50% preference share shed $1.15 in closing at $6.60 while 7 units passed through the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Big gains for JSEUSD Market
Trading picked up on the Jamaica Stock Exchange US dollar market on Tuesday, with the volume of stocks changing hands rising 4,079 percent valued 123 percent more than on Monday and resulting in seven securities traded, compared to four on Monday, with three rising, two declining and two ending unchanged.
Overall, 1,534,710 shares were traded for US$17,244 up from 36,726 units at US$7,737 on Monday.
Trading averaged 219,244 units at US$2,463 compared with 9,182 shares at US$1,934 on Monday, with a month to date average of 37,699 shares at US$1,259 compared to 24,180 units at US$1,169 on the previous day. November ended with an average of 33,854 units for US$3,351.
The JSE US Denominated Equities Index climbed 4.71 points to end at 235.69.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.8. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows none ended with a bid higher than the last selling prices and three with lower offers.
At the close, First Rock Real Estate USD share shed 0.52 of one cent to 7.18 US cents, with 29,500 shares crossing the exchange
, Proven Investments declined 0.04 of a cent to close at 19.85 US cents after an exchange of 203 units, Sterling Investments advanced 0.2 of a cent to end at 2.2 US cents, with 5,000 stock units crossing the market and Transjamaican Highway popped 0.06 of a cent in closing at 1 US cent after a transfer of 1,500,000 stocks.
In the preference segment, Equityline Mortgage Investment preference share ended at US$1.67 after three shares changed hands, JMMB Group 5.75% remained at US$2 after one unit passed through the market and JMMB Group 6% gained 6.99 cents in closing at US$1.0699 in trading three stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rising stocks dominant on Trinidad Exchange
Stocks mostly rose on the Trinidad and Tobago Stock Exchange on Tuesday, resulting in 22 securities trading up from 19 on Monday, with prices of 12 rising, five declining and five remaining unchanged following a 436 percent increase in the volume of stocks traded valued 8 percent more than on Monday, but a big fall in the price of Republic Financial pulled the market index down.
Investors exchanged 1,477,165 shares for $ 9,077,584 up from 275,828 units at $8,396,880 on Monday. An average of 67,144 units were traded at $412,617 compared with 14,517 shares at $441,941 on Monday. Trading month to date averages 44,759 shares at $455,249 versus 42,716 units at $459,141 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index shed 7.27 points to 1,311.66, the All T&T Index declined 10.54 points to 1,975.32 and the Cross-Listed Index fell 0.53 points to settle at 84.19.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and two with lower offers.
Republic Financial suffered the biggest fall of $2.88 on Tuesday.
At the close, Angostura Holdings remained at $24 with a transfer of 345 shares, Ansa McAl rallied 5 cents in ending at $51.40 with 527 units changing hands, Ansa Merchant Bank increased 30 cents to close at $42.50 with investors transferring 1,000 stock units. Calypso Macro Investment Fund climbed $1 in closing at $21.50 after trading 45 stocks, CinemaOne rose 25 cents to $6.75 in an exchange of 348 units, Clico Investment Fund declined 25 cents to close at $26.75, with 24,471 stock units crossing the exchange. Endeavour Holdings popped 45 cents in ending at $8.75 with an exchange of 1,000 stocks, First Citizens Group ended at $50.05 with 3,172 shares clearing the market, FirstCaribbean International Bank dipped 23 cents to $5.10 in switching ownership of 6,971 stocks. GraceKennedy remained at $4.50 in trading 1,100 stock units, Guardian Holdings gained 89 cents to $26.99 after exchanging 2,369 shares, JMMB Group advanced 4 cents to close at $1.95 while exchanging 300 units.
L.J. Williams B share popped 35 cents to end at a 52 weeks’ high of $2.75 as investors traded 100 shares, Massy Holdings climbed 5 cents in closing at $4.50, with 1,357,706 stocks passed through the market, National Enterprises ended at $3.26 after trading 21,331 units. National Flour Mills dropped 5 cents to $1.50 with 2,300 stock units crossing the market, Point Lisas ended at $3.50 after a transfer of 1,525 stocks, Republic Financial shed $2.88 to end at $137.12 in an exchange of 3,362 shares. Scotiabank advanced 90 cents to close at $77.90 after exchanging 8,508 units, Trinidad & Tobago NGL rallied 18 cents in ending at $22.43 with the swapping of 21,764 stock units, Unilever Caribbean fell 15 cents to $12.85 after 12,019 stocks changed hands and West Indian Tobacco rose 1 cent to $22, with 6,902 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market dips
The Jamaica Stock Exchange Main Market closed lower on Monday, with trading in 61 securities compared to 52 on Friday, and ended with 21 rising, 28 declining and 12 ending unchanged with the volume of stocks traded declining 75 percent, with 36 percent lower than on Friday.
Trading ended with 6,957,337 shares for $65,589,778 down from 27,446,351 units at $101,999,333 on Friday.
Trading on Monday averages 114,055 units at $1,075,242 compared with 527,814 shares at $1,961,526 on Friday. For the month to date, trading averaged 496,646 shares at $2,412,737 down from 531,741 units at $2,535,424 on the previous trading day. November closed with an average of 202,406 units at $1,736,493.
Wigton Windfarm led trading with 2.37 million shares for 34.1 percent of total volume followed by Sagicor Select Financial Fund with 1.10 million units for 15.8 percent of the day’s trade and Transjamaican Highway with 829,965 units for 11.9 percent market share.
The All Jamaican Composite Index dropped 725.84 points to close at 379,557.67, the JSE Main Index dipped 107.55 points to 338,666.44 and the JSE Financial Index rallied 0.09 points to settle at 80.49.
The PE Ratio, a formula to ascertain appropriate stock values, averages 14.4 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments popped $1.28 in ending at $91.28 in an exchange of 4,615 shares, Caribbean Cement lost $3.97 to end at $57 after trading 1,954 stock units, Eppley gained $3.48 to $38.98 after five units passed through the market. First Rock Real Estate increased $1.48 in closing at $13.98 in switching ownership of 2,185 stocks, Guardian Holdings shed $65 to close at $510 with an exchange of 1,285 stock units, 
Jamaica Broilers fell $1.01 in closing at $30.99, with 118,084 shares clearing the market. Jamaica Producers rose 43 cents to $22.90 after an exchange of 5,699 units, JMMB Group rallied $1.34 to $32.34 after trading 64,210 stocks, MPC Caribbean Clean Energy declined $3 to close at $80 as investors exchanged 121 units. Palace Amusement advanced $70 to end at a 52 weeks’ closing high of $1,450 in exchanging 1,359 stock units, Proven Investments climbed $2.47 to $28.48 after 4,437 shares crossed the market, Sagicor Group dipped 50 cents in ending at $47.50 with the swapping of 14,639 stocks. Supreme Ventures dropped 79 cents to close at $29.70 after a transfer of 4,485 stock units and Wisynco Group advanced 50 cents to $17 after finishing with an exchange of 23,145 shares.
In the preference segment, Eppley 5% preference share dropped $1.45 to end at $21.03 with investors transferring 44 units and Productive Business Solutions 9.75% preference share declined $18 ending at $102 while exchanging 350 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading slipped on the JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks changing hands declining 38 percent, with a 51 percent higher value than on Friday, resulting in trading of four securities, compared to nine on Friday with two rising, one declining and one ending unchanged.
Overall, 36,726 shares were traded for US$7,737 compared to 58,857 units at US$5,115 on Friday.
Trading averaged 9,182 units at US$1,934 versus 6,540 shares at just US$568 on Friday, with a month to date average of 24,180 shares at US$1,169 compared with 24,847 units at US$1,135 on the previous day. November ended with an average of 33,854 units for US$3,351.
The JSE US Denominated Equities Index slipped 0.41 points to end at 230.98.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.7. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years ending between November and August 2023.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, Margaritaville ended at 14 US cents with investors trading 13 shares, Proven Investments increased 0.89 of one cent to close at 19.89 US cents with an exchange of 35,706 units,
In the preference segment, Eppley 6% preference share rose 8.25 cents after ending at US$1.06 as investors exchanged seven stock units and JMMB Group 6% shed 3 cents in closing at US$1 and ended with an exchange of 1,000 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Falling stocks overwhelmed Junior Market
Declining stocks overwhelmed those gaining at the close of the Junior Market of the Jamaica Stock Exchange on Monday, with the volume of stocks traded jumping 247 percent and the value surging 201 percent more than on Friday with 46 securities trading versus 41 on Friday and ended with 12 rising, 28 declining and six closing unchanged.
A total of 27,627,621 shares were exchanged for $54,220,421 up from 7,964,359 units at $18,013,451 on Friday.
Trading averaged 600,600 shares at $1,178,705 versus 194,253 units at $439,352 on Friday, with the month to date, averaging 220,674 units at $540,974 compared with 185,721 stock units at $482,303 on the previous trading day. November closed with an average of 259,893 units at $711,335.
Regency Petroleum led trading with 18.53 million shares for 67.1 percent of total volume followed by Fosrich with 1.93 million units for 7 percent of the day’s trade, JFP Ltd ended with 1.68 million units for 6.1 percent market share, Lumber Depot traded 1.51 million units for 5.5 percent of the market, Dolla Financial closed with 1.15 million units for 4.2 percent of total shares traded and ONE on ONE Educational exchanged 1.11 million units for 4 percent of stocks traded.
At the close, the Junior Market Index shed 37.46 points to settle at 3,856.03.
The PE Ratio, a measure of computing appropriate stock values, averages 11.6. The PE ratios of Junior Market stocks incorporate ICInsider.com projected earnings for companies with financial year end that falls between November this year and August 2023.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and two with lower offers.
At the close, Cargo Handlers lost 69 cents to end at $12 in switching ownership of 979 stock units, Caribbean Assurance Brokers fell 32 cents in closing at a 52 weeks’ low of $1.85 with an exchange of 3,653 units.
Consolidated Bakeries dipped 35 cents to close at $1.63 after 28,196 stocks changed hands, Dolphin Cove rallied 30 cents to $13.65 after an exchange of 35,839 units, EduFocal declined 11 cents in closing at $2.30 with investors transferring 83,917 stocks. Elite Diagnostic gained 27 cents to close at $3.30 after a transfer of 59,144 shares, Fontana popped 11 cents to $8.79, finishing after 23,349 stock units changed hands, Fosrich dipped 15 cents in ending at $3.80 in an exchange of 1,932,309 stocks. Future Energy Source shed 13 cents to close at $4.82 with the swapping of 302,046 stock units, Honey Bun dipped 26 cents to end at $6.65 after investors exchanged 17,881 shares, iCreate lost 28 cents in closing at $1.87, with 9,821 units crossing the market. Indies Pharma fell 15 cents to $2.60 with a transfer of 4,831 shares, Iron Rock Insurance increased 20 cents to $2 with one share crossing the market, Medical Disposables declined 63 cents to close at $4.52 with an exchange of 282 units. MFS Capital Partners rose 15 cents to end at $3.15 in trading 227,599 stock units, Paramount Trading dropped 20 cents to close at $1.70 as investors exchanged 82,128 stock units, 
Regency Petroleum shed 34 cents to end at $1.41, with 18,531,416 shares crossing the exchange, after hitting a new high of $1.79 in early trading, Stationery and Office Supplies climbed 28 cents ending at $13.30 in an exchange of 2,250 units and Tropical Battery fell 14 cents in closing at $2.33 after 279,683 shares changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading jumps on TTSE
Investors pumped 266 percent more money into the market than Friday and leading to a 50 percent pick up in the volume of stocks traded on the Trinidad and Tobago Stock Exchange on Monday, with trading in 19 securities compared with 20 on Friday and ended with prices of six rising, eight declining and five remaining unchanged.
Investors traded 275,828 shares for $8,396,880 up from 183,908 stock units at $2,293,268 on Friday.
An average of 14,517 shares were traded at $441,941 compared with 9,195 stocks at $114,663 on Friday. Trading month to date averages 42,716 shares at $459,141 versus 45,129 units at $460,613 on the previous day. The average trade for November amounts to 51,348 at $461,794.
The Composite Index rallied 8.22 points to 1,318.93 the All T&T Index climbed 10.42 points to 1,985.86 and the Cross-Listed Index rose 0.82 points to settle at 84.72.
Investor’s Choice bid-offer indicator shows six stocks ending with bids higher than their last selling prices and two with lower offers.
At the close, Agostini’s jumped $4 to close at $50 while exchanging 25 shares, Angostura Holdings ended at $24 after trading 51 stock units, Calypso Macro Investment Fund fell 5 cents to $20.50, with 348 units crossing the market. Clico Investment Fund declined $1 to end at $27 with the swapping of 51,817 stocks, First Citizens Group remained at $50.05 after an exchange of 400 stocks, FirstCaribbean International Bank increased 28 cents to end at $5.33 with a transfer of 2,500 units. GraceKennedy dipped 1 cent to $4.50 with an exchange of 155 stock units, Guardian Holdings dived $1.25 to close at $26.10 in an exchange of 1,000 shares, 
JMMB Group lost 4 cents in closing at $1.91 as investors exchanged 40,577 stock units, Massy Holdings slipped 4 cents in ending at $4.45 after 62,391 stocks passed through the market, National Enterprises ended at $3.26 in an exchange of 17,763 shares, National Flour Mills gained 5 cents in ending at $1.55, with 9,639 units crossing the market. Prestige Holdings advanced 75 cents to $6.65, with 187 stocks crossing the exchange, Republic Financial climbed $4.29 to close at $140 in switching ownership of 45,522 stock units, Scotiabank remained at $77 in trading one share. Trinidad & Tobago NGL declined 18 cents to $22.25 after 100 units changed hands, Trinidad Cement rose 2 cents to end at $3.90 after trading at 42,436 stocks, Unilever Caribbean ended at $13 and closed with an exchange of 866 stock units and West Indian Tobacco shed 1 cent in closing at $21.99, with 50 shares clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Scotia is back in ICTOP10
The Jamaica Stock Exchange had mixed results during the past week, with both the Junior Market and the Main Market closing slightly lower than at the close of the previous week and impacting the listings in varying degrees, resulting in the Main Market’s Scotia Group reentering the TOP10 at the expense of Radio Jamaica, with no Junior Market changes following the listing Regency Petroleum listing on Thursday and rising 75% in two days of trading.
Five Junior Market TOP10 stocks declined between one and 25 percent and just two gained one to 4 percent this past week, while the Main Market 10 had five rising and Three declining.
In the Junior Market, Elite Diagnostic popped 4 percent to $3.03 as the sole main gaining stock, But Iron Rock Insurance dropped 25 percent to $1.80, followed by Caribbean Cream, down 17 percent and Dolphin Cove 6 percent to $13.35.
In the Main Market, Jamaica Broilers jumped 19 percent to $32, 138 Student Living rose 10 percent to $5.70 and Guardian Holdings followed with a rise of 9 percent to $575, but Key Insurance slipped 9 percent to $3.20.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.6, well below the market average of 14. 
At the same time, the Junior Market Top 10 PE sits at 5.7 versus the market at 12, important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 256 percent and the Main Market TOP10, an average now of 270 percent, to May 2023.
The Junior Market has 14 stocks representing 30 percent of the market, with PEs from 15 to 33, averaging 19.5 compared with the above average of the market. The top half of the market has an average PE of 17 and shows the extent of potential gains that lie ahead for the TOP 10 stocks. The situation in the Main Market is similar, with the 17 highest valued stocks priced at a PE of 15 to 105, with an average of 32 and 23 excluding the highest valued ones 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, 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.
Image Plus Consultants IPO looks attractive but…
Yet another company is heading to the Junior Market of the Jamaica Stock Exchange on the heels of the recent successful Regency Petroleum public issue that culminated in a listing on Thursday. The prospectus of Image Plus Consultants limited offers up to 247.89 million new ordinary shares at the price of $2 each, projected to raise $495,779,872 before expenses and to list on the Junior Market.
The issue will amount to 20 percent of the increased share capital of 1.2394 billion shares, up from 991.56 million currently issued. The offer values the company at $2.5 billion and that should rise to around $5 billion sometime after listing.
The issue opens on December 28 and is slated to close on January 11, but should close on the same date of opening or soon thereafter. Based on recent IPOS, if $5 billion goes into the Public allocation, investors can expect to get around eight percent of the offered amount.
Image Plus Consultants Services owns and operates the 25 years old Apex Radiology a Medical Imaging Company that was established in 1996. Services provided include multiple modalities such as X-Ray, Ultrasound, CT Scan, Fluoroscopy and Nuclear Medicine at three locations in Kingston and one in Ocho Rios. The prospectus states that “With a view to growing at a faster pace, the Board took the decision to employ professional management experience and recruited a Chief Executive Officer in late January 2020. That step has resulted in very evident benefits demonstrated by the significant increases in patient cases, revenue and net profit margin over the last thirty months.”
Shareholders’ equity of $267 million in February 2022 was up 55 percent over the previous year and moved to $362 million in August. Profits before tax of $113 million increased 318 percent over the fiscal year to February 2021, representing the return of equity of 43 percent that flowed from revenues of $778 million which was up 10 percent over the prior year.
Total assets stood at $619 million at the end of August this year. Current assets ended the half year at $325 million and include receivables of $248 million that climbed from just $99 million at the end of August last year and from $139 million at the end of February this year. Current liabilities amount to $$124 million, while borrowed funds ended at $132 million.
Dr. Karlene McDonnough – Chairman of Image Plus Consultants Ltd.
Results to August show revenues and profits growing with revenues up 53 percent to $555 million from $363 million in 2021 with profit before tax of $153 million up 237 percent above the 2021 outcome of $45 million. Prior to the current year directors’ fees were paid at a higher rate than normal but are expected to reflect market rates going forward as a result the $66.5 million expensed in 2022 will drop sharply in the fiscal year 2023 and should result in a fall in administrative expenses.
“The Company intends to use funds raised to strategically and sustainably grow the business by acquiring property to be identified in Kingston which is suitable to relocate our largest operations, thereby ensuring control of our revenue and allowing for even further expansion of our offerings. Procuring suitable new bio-medical equipment to offer additional diagnostic modalities at our Ocho Rios location. Expand our offering of interventional procedures, maximizing this fast growing area of diagnostic imaging” the prospectus states.
The PE ratio will be just 7 times current year’s earnings and puts the stock in a strong position to move towards $6 during 2023. A comparison with Elite Diagnostic makes for interesting reading. While the reported profit is better for Image Plus, most other measures are in favour of Elite. The best comparison is EBITDA which shows Image with $152 million versus Elite with $190 million for the 2022 fiscal year. The interim figures annualized show Image with $359 million versus Elite with $220 million for the 2023 fiscal year. At $2 per share for the Image IPO, the stock is priced at 5.6 times EBITDA and Elite trades around 5.3 times. With three locations Elite net fixed assets amount to $885 million versus Image with $279 million and resulting in Depreciation charge being more than three times that of Image with four locations and higher finance costs as well.
If listed, the company would be the second such entity of the exchange following Elite Diagnostic. A successful IPO will raise the Junior Market listings to 48 and the total to list on that market to 52, including three that migrated to the Main Market and one that failed.
The board of directors is dominated by doctors in the medical profession and could do with some other directors with wide-ranging business experience. The directors are Karlene McDonnough, Lilieth Bridgewater, Gordon Bradshaw, Steve Lewis, Marian Vaughn and Leon Vaughn all medical-related doctors, Carolyn DaCosta, Jacqueline Leckie and Kisha Anderson.
