ISP Finance & AMG tops ICTOP10

The Junior Market slipped by a few points at the end of the week but the Main Market declined around one percent, with Carreras and Wigton Windfarm hitting new 52 weeks’ highs.

AMG Packaging in ICTOP10

The Junior Market closed the week with ISP Finance jumping 26 percent to close at $31.50, a pretty high price based on the earnings of 57 cents per share in 2023, with 25 cents in the final quarter, with income jumping a solid 39.6 percent, that augurs very well for revenues and earnings for 2024. A close examination of the 2023 fiscal results reveals significant potential for revenues and profit ahead that should start in 2024. Watch for the first quarter numbers for this one.
There was an 18 percent jump in the price of AMG Packaging to close at $3.55, following the holding at the company’s AGM, Lasco Distributors rose 9 percent to $4.55. Lasco Manufacturing closed 4 percent higher at $5.09 after the price reached $6.14 on Friday, with the supply of the stock being sold drying up. Iron Rock Insurance dropped back 16 percent to $2.11 and in the Main Market TOP10, Palace Amusement shed 14 percent to close at $1.07.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts for the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.5 just over half of the market, with an average of 13.4.
The Main Market ICTOP10 is projected to gain an average of 281 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 170 percent over the same period.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 31 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 12 stocks, or 25 percent of the market, with PEs ranging from 15 to 45, averaging 21, well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

ISP Finance & Guardian join ICTOP10

The performance of the Jamaica Stock Exchange in the near term is expected to be influenced by the pile of results dumped on the market in the past week, with varying degrees of success. Based on results for the December quarter, Caribbean Producers’ earnings were adjusted down to $1.15 per share, resulting in the stock falling out of the TOP10, with Guardian Holdings replacing it and ISP Finance entering the Junior Market listing in replacing Elite Diagnostic following the release of full year earnings, with ICInsider.com projected earnings per share of $4 for ISP for 2024.
For a second consecutive week, the Junior Market ended with minimal price changes, ranging from 4 percent and less and none with a negative price movement, while the Main Market had only two stocks with negative price changes, with Pulse Investments, the highest with a fall of 7 percent to $1.85 and 138 Student Living slipping 3 percent, while Margaritaville popped 18 percent to close at the week at $17.48, Caribbean Producers rose 6 percent to $9.64 following the release of nine months results that saw profit for the second quarter rising 17.6 percent to US$2 million but with the six months results, down marginally to US$3.28 million versus $3.35 million in 2022. Key Insurance rose 5 percent to $2.31 and Palace Amusement gained 4 percent to close at $1.25 following news of a sold-out opening night for the Marley movie that nearly doubled that of the highly successful Black Panther.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.4, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.3 just over half of the market, with an average of 13.4.
The Main Market ICTOP10 is projected to gain an average of 279 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 177 percent over the same period.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 110, with an average of 30 and 24 excluding the highest PE ratios, and a PE of 25 for the top half and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 45, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

ICTOP10 reaping from bullish market

The start of a bull market is appearing with the Jamaica Stock Exchange moving higher, partially helped by rising profits of some companies, as a result, the USD market is solidly in the black for 2024 to date, with a rise of 11 percent while the Main Market sits with a gain of 2.9 percent and the Junior Market is now back at the 2023 end of year level on Friday, but just below. At the same time two listings reported nine months results reflecting improving profit that should help the stock prices in the weeks ahead.
During the week new results were released to the market, with mostly positive profit outcomes that should aid the prices of stocks going forward as the results help to lay a foundation for prices in the short term as this provides investors with a better sense of valuations of these companies. There will be more releases this week as the deadline date for their release is this week for companies that have not opted for 60 days publication of audited accounts.
Earnings were revised downwards by a few cents for Lasco Distributors and Lasco Manufacturing, following the release of nine months results, that show continued growth in profits.
Last week IC Insider.com reported Scotia Group and TransJamaican Highway that traded at 52 weeks’ high they now seem to have topped out for a while, with both undervalued with quite some room to run for 2024. Scotia has an undisclosed amount on offer at $46.
The past week ended with minimal price changes for Junior Market stocks but the Main Market threw up a few, with General Accident rising 12 percent to close at $5.30, followed by JMMB Group up 10 percent to $26.38 and Caribbean Producers up 4 percent to $9.09 as Margaritaville dropped 15 percent to $14.86 and Palace Amusement lost 8 percent to close at $1.20.
As was the case for the previous week the markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.,5 just over half of the market, with an average of 13.6
The Main Market ICTOP10 is projected to gain an average of 287 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 169 percent over the same time frame.
In the Main Market ICTOP 10, 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 108, with an average of 30 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 45, averaging 22, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

ICTOP10 Scotia Group jumps 20% in 2024

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Scotia Group with the supply of the stock increasingly falling, with only 14 offers posted at the close on Friday the stock price jumped 14 percent this past week to a multi-year high of $46, for a gain of 20 percent since the start of the year and 25 percent since the publication on December 17 of “Why

Scotia Group Broke through the channel top on Friday following limited selling in the stock.

Scotia Group should be on your buy list”.
Despite the move, the stock remains in the ICTOP10 with much upside potential, but the price broke through the top of a channel, formed in late November. This coming week may determine whether the price will move decidedly higher to confirm if the break is sustainable.
Elsewhere, TransJamaican, a former 2024 TOP10 stock has gone on to record several record highs during the past week and traded at a record $3.30 and is up 86 percent plus a dividend that represented an 11 percent return since ICInsider.com placed it on the Watch list in April last year, when the price was S1.77.
During the past week, the Main and the Junior markets gained over one percent, led by Scotia Group as the leading market mover, with AMG Packaging following with a 13 percent rise. General Accident was the leading declining stock, down by 11 percent in a week when only four stocks declined in both markets.
The markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.4, just over half of the market, with an average of 13.5
The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 175 percent over the same time frame.
In the Main Market ICTOP 10, 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 110, with an average of 31 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 47, averaging 22, well above the market’s average. The top half of the market has an average PE of 19, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

Positive moves for ICTOP10

At the end of the past week, the Main Market moved within less than one percent for the year’s highest close as the market is showing bullish signs. The junior Market closed the week higher than the close of the previous week but the market closed with the ICInsider.com TOP 10 stocks remaining unchanged.
Two stocks with a notable gain in the Junior Market TOP 10 are Caribbean Cream rising 11 percent to close at $3.79 and Express Catering rose 10 percent to $3.96. AMG Packaging skidded 18 percent to close at $2.60. In the Main Market, there were three stocks with outsize movements. 138 Student Living jumped 19 percent to $4.15 followed by a 13 percent rise respectively for General Accident to $5.35 and Margaritaville to $17.50.
For the full list of percentage changes for the week for the ICTOP10 stocks, check the attached charts that now show a column of the weekly price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.2, well below the market average of 13.4 and the Junior Market TOP10 sits at 7.2, just over half of the market, with an average of 13.4
The Main Market ICTOP10 is projected to gain an average of 294 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 181 percent over the same time frame.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 22 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 14 stocks, or 29 percent of the market, with PEs ranging from 15 to 48, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

Express Catering drops ICTOP10

Access Financial returns to the Junior Market IC TOP10 after a week’s absence, replacing Express Catering at the end of the week that saw Jamaican Teas as the only Junior Market stocks with any sizable move, as the stock rose 12 percent to $2.59. No other Junior Market stock moved by more than two percent for the week.
There is no change to the Main Market list in the week but General Accident surprisingly jumped 23 percent to $5.75 on limited volume while Scotia Group was up 4 percent to $39.38. Palace Amusement fell 12 percent to $1.23, but supply seems low around these prices and Pulse Investment slipped by 6 percent to $1.85.
There are some developments in the market and in some stocks that are worth noting as they could surprise to the upside. Buying for Scotia Group is gradually improving and selling is not and the price could move solidly into the $40 range this coming week. Transjamaican Highway a previous TOP10 stock climbed this week to close at $2.84, up from $2.71 the previous week as the supply of the stock faded and demand has increased. AS Bryden has just two offers at the close of the week but the price seems to be above the average for the market, at a PE of 23, but be careful. Jamaican Teas has undisclosed selling at $2.59 by an institution but there was more buying by insiders than selling during the week. Junior Market TOP10 listed AMG Packaging climbed on Friday as investors quickly snapped up nearly 600,000 shares that were on offer at $2.40 before the stock closed at $3.17 ahead of first quarter results that show a solid 64 percent jump in profit to $39.86 million from $24.34 million in 2022. Caribbean Cement has both limited buying and selling currently, suggesting the price may stay around the mid $50 range for some time. Selling in General Accident is down but buyers are not yet close to the prices for limited stocks on offer. Watch Seprod as a visible supply of the stock below the $90 range is very limited. Stanley Motta has only three offers amounting to 10,437 shares between $6.04 and $8
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.6 and the Junior Market TOP10 sits at 7.2, just over half of the market, with an average of 13.
The Main Market ICTOP10 is projected to gain an average of 287 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 191 percent over the same time frame.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 110, with an average of 32 and 22 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market, there are 13 stocks, or 27 percent of the market, with PEs from 15 to 49, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

Honey Bun jumps into ICTOP 10

Honey Bun jumped into the Junior Market IC TOP10 this week in the sixth place, while Access Financial dropped out in a week when both of the Main and Junior markets declined in value compared to the 2023 year end close. Honey Bun rose to the ICTOP 10 following the release of the 2023 full year results, showing profit after tax rising 14 percent to $232 million, with indications that the 2024 performance should see profits hitting 80 cents per share with a PE of 8 currently.
Honey Bun sales income rose 16 percent for the fiscal year but only 8 percent in the final quarter.
t the close of the market on Friday, five Junior Market stocks gained between two and eight percent and three fell by 2 percent and 18 percent, while just two Main Market stocks rose at 2 and to four percent and seven fell by 7 percent or less.
The Main Market ICTOP10 ended with, 138 Student Living gaining 4 percent to $4.05. Declining stocks include JMMB Group down seven percent to $24.25, Pulse Investments with a six percent fall to $1.97 and General Accident down four percent to $4.66.
The Junior Market ended the week, with Lasco Manufacturing rising eight percent to $4.64, Lasco Distributors up seven percent to $4 and AMG Packaging climbing six percent to $3.20. Jamaican Teas dropped eighteen percent to $2.31, as investors seem to ignore a positive report on the group that was published in the Financial Gleaner on Friday.
The average PE for the JSE Main Market ICTOP 10 stands at 5.2, well below the market average of 13.4 and the Junior Market TOP10 sits at 7.3, just over half of the market, with an average of 13.4.
The Main Market ICTOP10 is projected to gain an average of 292 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 189 percent over the same time frame.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 110, with an average of 32 and 21 excluding the highest PE ratios, and a PE of 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market, there are 12 stocks, or 25 percent of the market, with PEs from 15 to 50, averaging 23, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

ICTOP10 bounce as Main Market breaks higher

2023 was not a great year for the Jamaica Stock Market, with all three JSE markets declining moderately and sending powerful messages to investors, with several companies reporting increased profit, enjoying increased prices. Transjamaican Highway delivered an outstanding performance, ending the year up 93 percent and paid a 19 cents dividend for an overall return of 106 percent for the year.

Transjamaican Highway gained 93%  for 2023. 

Readers of this publication would have gotten a good lead ahead of the first set of results in the year with the stock listed as a Stock to Watch in April, with the price then at $1.77 and gained 53 percent since, plus the dividend.
Other notable gains were recorded by Ciboney at 107 percent, following a change in ownership of the company, Main Event rising 55 percent, Regency Petroleum rallied at 47 percent, Knutsford Express at 45 percent and Dolphin Cove at 39 percent plus paying dividends of $1.85 during the year thus raising the returns to 53 percent.
There were several disappointing performances but one message is the import of proper stock selections and the benefits of portfolio diversification.
The Main Market all Jamaica Composite Index rose 17,082 points or 5 percent and the Junior Market just 2 percent during December, with technical indicators showing the Main Market now in a bullish state, having broken out sharply from a wedge formation, but the Junior Market remains under pressure for the time being, except for a limited number of stocks.
At the close of the market, four Junior Market stocks gained between eight and 26 percent and 5 fell by 7 percent and less, while three Main Market stocks rose between one to 15 percent and two fell by 6 percent each.
The Main Market ICTOP10 ended with, Palace Amusement gaining 15 percent to $1.40, followed by JMMB Group up 4 percent to $26 and Margaritaville 3 percent to $17.58, while 138 Student Living and Key Insurance declined 6 percent each two $3.89 and $2.25 respectively.
The Junior Market ended the week, with Caribbean Cream jumping 26 percent to $4.59, Jamaican Teas popping 21 percent to $2.80, a 52 weeks’ high. AMG Packaging climbed 12 percent to $3.02 and Tropical Battery rose 8 percent to end the week at $1.90. Lasco Manufacturing fell 7 percent to $4.31, Lasco Distributors and Paramount Trading fell by 4 percent each to $3.75 and $1.60 respectively.
Tropical Battery dropped out of the IC Junior Market TOP10, and Access Financial replaced it.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 14 and the Junior Market TOP10 sits at 7.3, just over half of the market, with an average of 14.1.
The Main Market ICTOP10 is projected to gain an average of 286 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 184 percent over the same time frame.
In the Main Market ICTOP 10, 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 108, with an average of 32 and 23 excluding the highest PE ratios, and a PE of 26 for the top half and 19 excluding the stocks with overweight values.
In the Junior Market, there are 16 stocks, or 33 percent of the market, with PEs from 15 to 55, averaging 22, well above the market’s average. The top half of the market has an average PE of 20, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

Mostly price gains for ICTOP10

The Main Market of the JSE rose around two percent and Junior Market just under one percent for the week and led the top 10 mostly higher, with 7 Main Market and 4 Junior Market stocks rising with declining stocks recording losses of 4 percent or less, at the same time one stock moved out of the TOP10.
The Main Market ICTOP10 ended with, General Accident declined 11 percent to $4.50. Buying interest picked up during the week for Scotia Group pushing the stock to several 52 weeks’ highs and a rose of 7 percent for the week to a 52 weeks’ closing high of $38.40. This stock has much more juice left that should take it into the $40 range by early 2024. Caribbean Producers rallied 6 percent to $9, while Margaritaville also rose 6 percent and closed at $17 and Pulse Investments rose 5 percent to $2.09 and Key Insurance slipped 4 percent to $2.40.
The Junior Market ended the week, with AMG Packaging climbing 17 percent to $2.70, buying is not aggressive currently while supplies up to $3.15 is limited, with none on offer until $10. Investors should expect a big bounce in the first quarter profits due by mid-January. The company states that they are exploring the possibility of new equipment and expanded facilities that could shape a future expansion of momentous proportions. Caribbean Cream rose 10 percent to $3.64 and Stationery and Office Supplies gained 9 percent and dropped out of the TOP10 and is replaced by Tropical Battery. There were no notable declines at the end of the week.
There was no new addition to the IC Main Market TOP10.
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.1. The Main Market ICTOP10 is projected to gain an average of 288 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market with the potential to gain 195 percent over the same time frame.
In the Main Market ICTOP10, 15 of the most highly valued stocks,  31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 29 and 18 excluding the highest PE ratios, and a PE of 24 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 7, just over half of the market, with an average of 13.2. There are 14 stocks, or 29 percent of the market, with PEsfrom 15 to 49, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

Big price movements for ICTOP10

The Main and Junior Markets closed the week slightly lower, resulting in big gains and losses in the Junior Market while movements in the Main Market were more moderate than the Junior Market stocks and surprisingly there is only one new entrant into the top 10 listings, this week.
Scotia Group released full year results with EPS of $5.54 and announced the payments of a dividend of 40 cents per share, with the price hitting a new one year high on Friday. The dividend suggests a minimum payment of $1.60 per share over the next twelve months. Based on historical norms of 40-50 percent payout of profits it should be a higher payout. With the release of 2023 full year results, ICInsider.com switched over to 2024 earnings, with EPS at $7.50. Buying interest picked up during the week. The stock trades at an extremely low PE of 4.8 times projected 2024 earnings and still only 6.5 times based on earnings for 2023. AMG Packaging trades at 6.5 times 2024 earnings with only 58,816 shares on offer at the close on Friday and so is Jamaica Teas, with offers now generally above $2.53, with buyers mostly at $2.30, some selling came in for Access Financial this week, Caribbean Cement also has limited stocks on offer and so does Seprod.
Three Junior Market stocks gained 9 to 21 percent and three ended with 10 to 20 percent losses, while the Main Market had two stocks with worthwhile gains of 9 and 13 percent and three with sizable losses of 6 to 11 percent.
The Main Market ICTOP10 ended with, Key Insurance popping 13 percent to $2.49 and Scotia Group up 9 percent, while General Accident declined 11 percent to $4.50, Palace Amusement down 8 percent to $1.19 and Caribbean Producers lost 6 percent to close at $8.50.
The Junior Market ended, with Iron Rock Insurance jumping 21 percent to $2.50, followed by Lasco Distributors and Lasco Manufacturing rising 9 percent each to $3.93 and $4.63 respectively. AMG Packaging dropped 20 percent to $2.30, Caribbean Cream and Jamaica Teas fell 10 percent to $3.31 and $2.30 respectively.
Tropical Battery dropped out of the Junior Market ICTOP10 and is replaced by Elite Diagnostic. There were no changes in the IC Main Market TOP10
Indications of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 12.8. The Main Market ICTOP10 is projected to gain an average of 299 percent by May 2024, based on 2023 forecasted earnings and now provides better values than the Junior Market with the potential to gain 204 percent over the same time frame.
In the Main Market ICTOP 10, 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 108, with an average of 28 and 18 excluding the highest PE ratios and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.8, over half of the market, with an average of 13.2. There are 13 stocks, or 27 percent of the market, with PEs from b>15 to 50, averaging 21, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 will likely deliver the best returns on or around 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.

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