The markets are changing, with the Main Market up for three consecutive weeks but the Junior Market meandering for the last four weeks. Against this backdrop, there was one change to the TOP10, with iCreate coming in and Dolla Financial falling out, but Dolla and Honey Bun, that slipped out the previous week, sit immediately below the TOP10.
There were no significant winners for the past week in both markets’ TOP10 as losers dominated. The Junior market had Consolidated Bakeries falling 11 percent to $2.17 and general Accident down 10 percent to $5.40 and Lasco Distributors down 3 percent, with the stock selling at just 5.5 times 2023 estimated earnings and only 8.5 times the company’s nine month results. By any stretch, the stock is considerably undervalued and there are more profits to come in the current fiscal year.
Main Market stocks had a 13 percent fall in Key Insurance after the price closed at $3.08, Berger Paints contracted by 9 percent to $7.54 and 138 Student Living slipped 5 percent to $5.03, while Jamaica Broilers rose just 3 percent to $37.
Stocks are being prepped to rally, with early signals that interest rates will be declining across the board sooner than later. This stems from the continued slide of rates on BOJ CDs since March, that saw the rate falling by 23 percent to 8.11 percent against a background where inflation since November last year is running at less than one percent per annum.
At the week’s close, Image Plus released full year results showing profit after tax jumping 125.6 percent to $213 million or 21 cents per share. ICInsider.com revised earnings for the current fiscal year to 35 cents from 30 cents previously.
The Junior Market’s long history of rising around a month before the release of quarterly results and declining shortly after results are released seems to be starting with a rise of 108 points in the market index this past week, with the supply of some stocks falling sharply.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.4, well below the market average of 13.8, while the Junior Market Top 10 PE sits at 5.9 compared with the market at 11.6. The differences are important indicators of the level of likely gains for ICTOP10 stocks. The Junior Market is projected to rise by 257 percent and the Main Market TOP10 by an average of 280 percent to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15to 27, averaging 21, well above the market’s average. The top half of the market has an average PE of 17, suggesting that this may currently be the lowest fair value for Junior Market stocks.
The 18 highest valued Main Market stocks are priced at a PE of 15 to 115, with an average of 29 and 20 excluding the highest PE stocks and 20 for the top half excluding the stocks with the highest valuation.
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 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.
Investors traded 16,843,959 shares for $45,142,781 up sharply from 6,242,982 units at $15,183,837 on Thursday.
The PE Ratio, a measure of computing stock values, averages 11.4. 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.
Fontana climbed 16 cents to end at $8.50 closed with an exchange of 29,337 stock units. Fosrich shed 7 cents in ending at $2.70 after investors traded 394,931 stocks, Indies Pharma rallied 45 cents to $3.55 with an exchange of 1,369,691 shares, ISP Finance climbed $1.48 to end at $22.98 after an exchange of 20 units, JFP Ltd gained 7 cents in closing at $1.91 in an exchange of 2,764,674 stock units. Lasco Distributors popped 8 cents and ended at $2.29 with 171,499 shares clearing the market, Lasco Manufacturing rallied 20 cents to close at $4 after a transfer of 24,554 stock units, Limners and Bards gained 28 cents to close at $2.53, with 372,225 units crossing the market, Mailpac Group rose 10 cents to $2.24 after 102,442 stocks crossed the exchange. Main Event dipped 33 cents in ending at $13.15 as investors exchanged 3,582 stocks, MFS Capital Partners advanced 30 cents to end at $3.60 while exchanging 365,191 stock units, 
Regency Petroleum gained 25 cents to close at record high of $2.65 in an exchange of 1,459,284 units and Stationery and Office Supplies increased $2.47 in closing at $15.75 with a transfer of 121,763 shares.
Investors traded 7,960,577 shares for $17,940,729, up from 4,787,609 units at $11,820,076 on Tuesday.
At the close, the Junior Market Index fell 7.59 points to 3,692.92.
Elite Diagnostic gained 20 cents to close at $2.60, with 9,873 units changing hands, Everything Fresh shed 6 cents to end at $1.45 after investors exchanged 11,885 units, Express Catering dropped 8 cents to $5.42 with a transfer of 98,289 stocks. General Accident rose 50 cents in closing at $5.50 after an exchange of 53,052 shares, Honey Bun declined 16 cents to end at $6.32 with 1,439 stock units changing hands, Image Plus Consultants fell 11 cents after ending at $1.89, with 879,036 units crossing the market. ISP Finance popped $1.99 to close at $21.50 while exchanging just 10 shares, Jamaican Teas climbed 15 cents to $2.25 in trading 1,952,779 stock units, Knutsford Express declined 54 cents in closing at $10.55, with 12,002 stocks crossing the market. Lasco Distributors increased 11 cents to end at $2.42 with the swapping of 155,467 units, Lasco Manufacturing advanced 39 cents to $4.05 in an exchange of 31,717 stock units, 
Main Event lost 51 cents to close at $13.49 as investors exchanged 7,268 stocks. Medical Disposables gained 14 cents to end at $5.14, with 1,212 shares crossing the exchange and Regency Petroleum rose 6 cents in closing at $2.45 after a transfer of 144,832 stock units.
Trading closed on the Junior Market of the Jamaica Stock Exchange Tuesday, with the volume of stocks traded slipping 42 percent and the value 42 percent lower than on Monday with 44 securities trading, down from with 47 on Monday and ended with prices of 12 rising, 13 declining and 19 closing unchanged.
Lumber Depot led trading with 2.52 million shares for 52.6 percent of total volume, Spur Tree Spices followed with 408,695 units for 8.5 percent of the day’s trade and JFP Ltd with 326,393 units for 6.8 percent market share.
At the close, Cargo Handlers dropped 25 cents to close at $13.70 after a transfer of 1,011 shares, Derrimon Trading advanced 5 cents in closing at $2.10 in an exchange of 32,930 stocks, Dolphin Cove popped 5 cents to $15 in switching ownership of 7,877 units. Elite Diagnostic lost 10 cents to end at $2.40 with the swapping of 134,561 stock units, Future Energy Source climbed 13 cents after ending at $4.13 and trading 78,546 stocks, General Accident declined 80 cents after ending at $5, with 17,081 stocks crossing the exchange. JFP Ltd rose 6 cents to end at $1.79 in an exchange of 326,393 shares, Knutsford Express fell 30 cents to $11.09 after 5,184 units changed hands, Lasco Distributors shed 9 cents to close at $2.31, with 15,650 stocks clearing the market. Lasco Manufacturing dipped 45 cents in closing at $3.66 with an exchange of 41,304 stock units, Main Event gained 50 cents to close at $14 after exchanging 7,603 shares. 
MFS Capital Partners dipped 7 cents to end at $3.08 while exchanging 258,159 units and Tropical Battery increased 5 cents in closing at $1.94, with and exchange of 84,307 units.
Investors traded 8,185,073 shares for $20,337,892 up from 3,670,324 units at $9,384,503 on Friday.
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.
General Accident shed 18 cents in ending at $5.80 after investors swapped 1,252 units, Honey Bun dipped 9 cents to close at $6.48, with 15,978 stock units clearing the market, iCreate dropped 14 cents to $1.45 in an exchange of 172,094 shares. ISP Finance dropped $1.49 to $19.51 as investors traded 83 stock units, Jetcon Corporation fell 24 cents to close at $1.06, with 2,925 units crossing the market, Knutsford Express lost 30 cents in closing at $11.39 after an exchange of 1,470 stocks. Limners and Bards gained 10 cents to $2.32 as 151 stock units passed through the market, Main Event dropped $1.20 after ending at $13.50 with an exchange of 19,614 stocks,
Spur Tree Spices shed 9 cents to end at $2.80 after exchanging 258,268 units and Stationery and Office Supplies dropped 89 cents in closing at $14.11 and closed, with an exchange of 10,980 shares.
The Junior Market’s long history of rising around a month before the release of quarterly results and declining shortly after results are released seems to be starting with a rise of 108 points in the market index this past week, with the supply of some stocks falling sharply.
The 16 highest valued Main Market stocks are priced at a PE of 15 to 114, with an average of 31 and 21 excluding the highest PE stocks and 20 for the top half excluding the stocks with the highest valuation.
Investors traded 3,670,324 shares for $9,384,503 down from 6,971,908 units at $15,464,261 on Thursday.
The PE Ratio, a measure of computing appropriate stock values, averages 11.6. The PE ratios of Junior Market stocks are computed using the last traded stock price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
EduFocal climbed 14 cents to $2.19 in switching ownership of 3,000 units, Elite Diagnostic fell 6 cents to end at a 52 weeks’ low of $2.40 with the swapping of 221,031 stock units, Honey Bun gained 32 cents in closing at $6.57, with 33,555 units crossing the market, Iron Rock Insurance increased 6 cents to end at $2.26 trading 3,932 stocks, Jamaican Teas rose 6 cents to $2.09 with investors transferring 132,792 shares, Lasco Financial lost 9 cents to close at $2.40 with an exchange of 2,247 stocks, Main Event increased 80 cents after ending at a record closing high of $14.70 with 51,499 shares changing hands, MFS Capital Partners climbed 23 cents to $3.19 after a transfer of 466,106 stock units, 
Stationery and Office Supplies gained 50 cents to close at $15 while exchanging 9,020 units and Tropical Battery rallied 6 cents to $1.94 after an exchange of 224,231 shares.
Investors exchanged a total of 6,971,908 shares for $15,464,261, compared to 11,018,178 units at $34,448,601 on Wednesday.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. The PE ratios of Junior Market stocks are computed based on the last traded stock price and ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
Fontana rallied 17 cents to end at $8.32 in trading 34,738 units. Fosrich dropped 9 cents in closing at $2.64 after trading 346,736 stocks, Honey Bun lost 7 cents to end at $6.25 in switching ownership of 2,208 shares, iCreate rose 7 cents to close at $1.59 after exchanging 165,128 shares. Knutsford Express rallied 69 cents after ending at $11.69 in an exchange of 12 units, Lasco Distributors climbed 21 cents to close at $2.40 as investors exchanged 12,727 stock units, Lasco Manufacturing increased 14 cents in closing at $4.14 in an exchange of 388 stocks. Limners and Bards declined 12 cents to end at $2.22, with 33,460 units crossing the market, Lumber Depot declined 8 cents after ending at $2.41 while exchanging 13,855 stocks, Main Event rallied 63 cents to $13.90, with 26,278 stock units changing hands. 
MFS Capital Partners dropped 35 cents to $2.96, with 874,948 shares crossing the exchange and Regency Petroleum shed 8 cents to close at $2.41 but only after hitting an intraday 52 weeks’ high of $2.58, with a transfer of 577,333 stocks.
Investors traded 11,018,178 shares for $34,448,601, up from 7,029,208 units at $15,932,727 on Tuesday.
The PE Ratio, a measure of computing appropriate stock values, averages 11.5. The PE ratios of Junior Market stocks are computed using the last traded price in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
General Accident gained $1.31 in closing at $6 after an exchange of 35,881 stocks. GWest Corporation popped 12 cents to $1.04 with 2,001 stock units clearing the market, Honey Bun dropped 15 cents to end at $6.32 after a transfer of 3,088 stocks, KLE Group rallied 19 cents to close at $2.06 with investors trading 101 units. Knutsford Express shed 70 cents to $11 with 18,214 shares crossing the market, Lasco Distributors lost 21 cents after ending at $2.19 in an exchange of 569,604 stock units, Lasco Manufacturing declined 15 cents to close at $4 with trading in 25,306 stocks. Main Event rose 47 cents to $13.27 in switching ownership of 53,571 units,MFS Capital Partners fell 18 cents to end at $3.31, with 3,074,181 stocks crossing the exchange. 
Regency Petroleum increased 19 cents in closing at a record high of $2.49 after exchanging 728,168 shares, Spur Tree Spices climbed 17 cents to $2.80 with the swapping of 1,205,767 stock units and Stationery and Office Supplies dropped 65 cents after ending at $14.50 in an exchange of 594 shares.
Investors traded 7,029,208 shares for $15,932,727 compared with 5,812,729 units at $12,880,143 on Monday.
The PE ratios of Junior Market stocks are computed using the last traded stock price in conjunction with ICInsider.com’s projected earnings for the financial years ending between November 2023 and August 2024.
GWest Corporation shed 12 cents to end at 92 cents in trading 7,176 units, Honey Bun gained 17 cents after ending at $6.47, with an exchange of 2,398 stocks, iCreate increased 16 cents to close at $1.59, with 118,218 stocks changing hands, ISP Finance rose $1.49 in closing at $21 with the swapping of 200 units, Jetcon Corporation rallied 24 cents to $1.30 as 102,293 shares passed through the market, KLE Group gained 17 cents to close at $1.87 with 159 stock units clearing the market, Knutsford Express price increased 70 cents in closing at $11.70 after 26,178 stocks were traded, Lasco Distributors dipped 18 cents in ending at $2.40 after a transfer of 59,283 shares, Lasco Manufacturing fell 15 cents to $4.15 in an exchange of 57,213 stock units, 
Main Event shed 25 cents after ending at $12.80, with an exchange of 19,904 units and Stationery and Office Supplies advanced 85 cents to end at $15.15 as investors exchanged a mere 140 shares.
