The Junior Market had an 85 percent winner during the past week, with only three stocks recording notable price changes in a market that remained fairly stable in the holiday-shortened week, with a slippage of only a few points. Price movements in the Main Market were moderate, with the highest being 5 percent at the end of the week, in which the JSE Index dropped more than 3,000 points, with the All Jamaica composite Index slipping just 90 points.
Edufocal was the star performer of the week with a big 85 percent surge in price to close at $2.50, following the company reporting that the board of directors is to meet on October 27 to discuss a possible rights issue and a stock split. Elite Diagnostic rose 13 percent to $1.77 and Everything Fresh dropped 11 percent to $1.40. The Main Market closed the week with JMMB Group falling 5 percent to $27.10, being the only stock with a notable change.
Market activity resulted in two new additions to the Junior Market ICTOP10 and one to the Main Market. Returning to the Junior Market TOP 10 are Lasco Financial Services and Lasco Manufacturing, replacing Caribbean Cream and Edufocal. Full year earnings for the former were downgraded to 55 cents per share following the release of second quarter results, which showed flat revenues for the August quarter and half year compared with 2022 and lower profit for the second quarter, with increased profit for the six months compared to 2022. Lasco Financial Services reported disappointing results for the first quarter of the new fiscal year to June. 
The company did not benefit as much from interest income as would be expected and had adequate funds on hand to expand the loan portfolio, development management indicated they would be pursuing for the rest of the year. Significant expansion of loans could radically transform both revenues and profit for the year. The extent of this improvement is unclear currently, however, the potential suggests that this is a stock to watch going forward as it could surprise to the upside. Lasco Manufacturing is, without question, a stock that is seriously undervalued, but investors pushed the price down during the week. This is clearly one for the future and one that investors should see continuous improvement in stock price over the next 12 months as the company rolls out improved profits in the quarters to come.
In the Main Market, Caribbean Producers returned to the ICTOP10 and replaced Scotia Group that was just squeezed out of the TOP10. CPJ performed well during the fiscal year ending June. The performance was obscured by a onetime charge related to past GCT claims that were booked in the past year, but for this charge, results would have been vastly better than reported, but investors may have been turned off by the results. 
The expectation is for profitability to improve during the current fiscal year ending in June 2024. The stock is clearly undervalued and has much room for growth over the next 12 months and beyond. Scotia Group, although out of the TOP10, reported a 74 percent in profit for the nine months to July and is terribly undervalued. Investors should be accumulated in the stock with the expectation for gradual appreciation, especially when the full year results are released with earnings expected to top $5.50 for the year to October 2023.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12. The Main Market ICTOP10 is projected to gain an average of 328 percent by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 105, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 6, just over half of the market at 10.7. There are 9 stocks or 19 percent of the market, with PEs from 15 to 26, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 14, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 261 percent by May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 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.
Investors exchanged 315,926 shares for $5,092,135 versus 261,618 stock units at $1,602,148 on Wednesday.
At the close, Agostini’s fell 1 cent to $67.15, with 42 shares passing through the exchange, Angostura Holdings ended at $22.95 with a transfer of 10,010 units, Ansa McAl lost 5 cents and ended at $56.95 with investors trading 8,789 stocks. Calypso Macro Investment Fund dipped 25 cents to close at $22.50 after 4,400 shares changed hands, Endeavour Holdings remained at $15 after an exchange of 50 stocks, First Citizens Group ended at $49 in trading 2,782 units. FirstCaribbean International Bank ended at $6.99 after 158 stock units passed through the market, GraceKennedy remained at $3.40 as investors exchanged 100,147 shares, Guardian Holdings ended at $19 with an exchange of 15 stock units. JMMB Group shed 1 cent to close at $1.40 while exchanging 71,430 units, Massy Holdings remained at $4.70 with traders dealing in 32,536 shares, National Enterprises ended at $3.55 after an exchange of 22,868 stocks. National Flour Mills rallied 1 cent and ended at $1.63, with 360 units changing hands, Prestige Holdings remained at $9.50 after trading 1,050 stocks, 
Republic Financial advanced $2 to end at $120 with investors dealing in 11,174 stock units. Scotiabank gained $1.10 in closing at $72.50 in switching ownership of 27,326 shares, Trinidad & Tobago NGL declined $1.25 to close at a 52 weeks’ low of $11, with shareholders swapping 8,635 stock units. Trinidad Cement ended at $2.95 with 13,046 stock units clearing the market, Unilever Caribbean slipped 1 cent to $11.56 and closed after 400 shares were traded and West Indian Tobacco remained at $10 in an exchange of 708 stocks.
On Tuesday 153,665 shares were traded for $1,867,304 versus 79,447 stock units at $1,144,682 on Monday.
Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and five with lower offers.
Massy Holdings remained at $4.70 with investors transferring 58,726 units, National Enterprises ended at $3.55 after 43,072 stock units passed through the market. NCB Financial declined 4 cents to end at $2.95 while exchanging 5,000 stocks, Prestige Holdings rallied 5 cents to $9.05, with 933 shares changing hands, Republic Financial ended at $118.50 in an exchange of 5,011 units, Scotiabank remained at $72 with 4,214 stock units clearing the market. Trinidad & Tobago NGL skidded 25 cents and ended at a 52 weeks’ low of $12.50, with 4,002 stock units crossing the market, Unilever Caribbean dropped 1 cent to $11.57 as investors exchanged 243 stocks and West Indian Tobacco fell 5 cents in closing at $10, with 1,300 shares crossing the market.
A total of 79,447 shares were traded for $1,144,682 versus 186,266 stock units at $1,092,245 on Friday.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and four with lower offers.
Prestige Holdings popped 10 cents in closing at $9 in an exchange of 3,851 shares, Republic Financial dipped $1.10 to $118.50 as investors exchanged 720 units, Scotiabank shed 50 cents in closing at $72 in trading 500 stocks. Trinidad & Tobago NGL dropped 14 cents and ended at $12.75 with traders dealing in 3,518 stocks, Unilever Caribbean fell 1 cent to close at $11.58 with an exchange of 1,550 stock units and West Indian Tobacco ended at $10.05 with stakeholders exchanging 455 shares.
Market activity resulted in three new additions to the Junior Market ICTOP10 and one in the Main Market. Returning to the Junior Market TOP10 are 
The average PE for the JSE Main Market TOP 10 stands at 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 328 percent, by May 2024, based on 2023 forecasted earnings.
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.
Investors exchanged 186,266 shares for $1,092,245 versus 181,247 stock units at $1,483,387 on Thursday.
First Citizens Group ended at $49.10 after 62 shares passed through the market FirstCaribbean International Bank advanced 22 cents in closing at $6.97 with investors trading 2,851 stocks, GraceKennedy lost 35 cents to end at $3.40 with shareholders swapping 75,001 units, Guardian Holdings popped 10 cents to close at $19.10 with traders dealing in 2,533 stock units. Guardian Media increased 29 cents to end at $2.30 as investors exchanged 1 share, JMMB Group gained 1 cent and ended at $1.41 with a transfer of 3,273 stocks, L.J. Williams B share skidded 31 cents and ended at $2.09 in an exchange of 15 stock units, Massy Holdings fell 10 cents to end at $4.70 with 58,102 units clearing the market. National Enterprises climbed 1 cent in closing at $3.55 while exchanging 3,353 stocks, National Flour Mills rallied 3 cents to $1.63 after just 1 share was traded, NCB Financial remained at $2.99, with 346 units crossing the market, One Caribbean Media ended at $3.30 after 18,500 stock units passed through the exchange. 
Prestige Holdings rose 15 cents to close at $8.90 in trading 182 stocks, Republic Financial rose 10 cents and ended at $119.60 after closing with an exchange of 430 shares, Scotiabank remained at $72.50 after an exchange of 109 units, Trinidad & Tobago NGL shed 6 cents in closing at $12.89 with stakeholders exchanging 16,033 stock units. Trinidad Cement dropped 14 cents to close at $2.99 after exchanging 11 stock units, Unilever Caribbean ended at $11.59 with an exchange of 574 shares and West Indian Tobacco rallied 5 cents to end at $10.05, with 1,628 stocks changing hands.
Investors exchanged 181,247 shares for $1,483,387 versus 90,677 stock units at $1,457,104 on Wednesday.
At the close, Angostura Holdings ended at $22.98, with 255 shares crossing the market, Ansa McAl remained at $57 after closing trading of 700 stocks, Endeavour Holdings fell $1.75 to end at $13.25 after an exchange of 226 units, First Citizens Group increased 10 cents and ended at $49.10 with a transfer of 890 stock units. FirstCaribbean International Bank declined 24 cents to $6.75 as investors exchanged 1,000 stocks, Guardian Holdings ended at $19 in switching ownership of 9,830 units, JMMB Group skidded 1 cent and ended at $1.40 with stakeholders exchanging 19,000 stock units, L.J. Williams B share shed 4 cents to close at $2.40 with an exchange of 93 shares. Massy Holdings slipped 4 cents in closing at $4.80 with 123,204 shares clearing the market, National Flour Mills remained at $1.60 in an exchange of 1,745 stocks, 
Point Lisas lost 43 cents to end at $3.07, with 1,000 units crossing the market, Prestige Holdings rallied 25 cents to $8.75 with traders dealing in 1,420 stock units. Republic Financial remained at $119.50, following 1,147 units crossing the exchange, Scotiabank ended at $72.50 with investors transferring 2,903 shares, Trinidad & Tobago NGL dipped 5 cents in closing at $12.95 in an exchange of 8,661 stocks, Unilever Caribbean rose 85 cents to end at $11.59 after trading of 6,921 stock units and West Indian Tobacco shed 1 cent to end at $10 while 2,252 stocks were exchanged.
Investors exchanged 136,863 shares for $2,907,508 versus 41,915 stock units at $689,675 on Monday.
FirstCaribbean International Bank rose 2 cents to $7 with traders dealing in 2,540 units, GraceKennedy rose 35 cents to close at $3.75 after an exchange of 140 shares, Guardian Holdings ended at $19 with investors transferring 3,900 stock units, Guardian Media ended at $2.01 with investors dealing in 500 stocks. JMMB Group remained at $1.41 while exchanging 5,000 units, Massy Holdings advanced 3 cents and to $4.88 as investors exchanged 7,711 stocks, National Enterprises ended at $3.55 with investors trading 81,600 shares, National Flour Mills popped 8 cents to end at $1.60 with 2,000 stock units clearing the market. One Caribbean Media dropped 48 cents in closing at $3.30 with shareholders swapping 220 stocks, 
Prestige Holdings ended at $8.50 in switching ownership of 1,111 shares, Republic Financial dropped 75 cents to a 52 weeks’ low of $119 after an exchange of 14,984 units, Scotiabank ended at $72.50 with 2,053 stock units being traded. Trinidad & Tobago NGL increased 10 cents to end at $13 with 450 shares crossing the market, Unilever Caribbean rose 5 cents in closing at $11.60 in trading 380 stocks and West Indian Tobacco advanced 5 cents and ended at $10.05 in an exchange of 3,286 units.
Investors traded 41,915 shares for $689,675 compared to 130,504 stocks at $898,029 on Friday.
At the close, Angostura Holdings remained at $22.98 with a transfer of 60 shares, Ansa McAl ended at $57.20, with 91 stocks clearing the market, First Citizens Group fell 5 cents to $49, in trading 7,212 stocks. FirstCaribbean International Bank dipped 2 cents to end at $6.98 after exchanging 5,909 units, Guardian Holdings declined 5 cents to $19 with stakeholders exchanging 100 stock units, JMMB Group ended at $1.41 as investors exchanged 8,602 units. Massy Holdings increased 1 cent to close at $4.85 after a transfer of 100 shares, National Enterprises shed 5 cents to end at $3.55 with traders dealing in 88 stock units. NCB Financial skidded 1 cent and ended at $2.99, with 1,646 stocks passed through the market, 
Prestige Holdings remained at $8.50 with shareholders swapping 143 shares, Republic Financial lost 24 cents and ended at $119.75 after closing, with an exchange of 499 units. Trinidad & Tobago NGL dropped 10 cents to close at $12.90 after 10,588 units were traded, Unilever Caribbean fell 11 cents in closing at $11.55 with investors dealing in 1,031 shares and West Indian Tobacco dipped 10 cents to end at $10 with an exchange of 5,846 stock units.
At the end of the week, the average PE for the JSE Main Market TOP 10 stands at 4.9, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 344 percent, by May 2024, based on 2023 forecasted earnings.
ICTOP10 focuses on likely yearly winners. The lists include 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.