Stocks pulled back this past week from the month end Induced rally of the prior week on the Jamaica Stock Exchange, resulting in two new additions to the ICTOP10 stock, with mostly declining stocks dominating the ICTOP10.
Coming into the Junior Market TOP10 are Paramount Trading, with the price dropping to an appealing $1.50 and Everything Fresh dipping to $1.55. Leaving the Junior Market TOP 10 are Dolphin Cove and Lasco Distributors with modest price changes for the week. There are no changes to the Main Market TOP10.
The Main Market closed the week with Caribbean Producers rising 4 percent to close at $10.24, but Guardian Holdings dropped 13 percent to close the week at $440, followed by a 6 percent fall in Key Insurance and Scotia Group to $2.31 and $32 respectively.
There were no gains of worth in the Junior Market but One on One Educational Services fell 12 percent to $1.01, Caribbean Assurance Brokers fell 6 percent to $3.19 and Caribbean Cream slipped 4 percent to $4.
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.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 21 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 10.9. There are 11 stocks or 23 percent of the market, with PEs from 15 to 37, averaging 20 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently and is projected to rise by 268 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. 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.
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.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 4.9, well below the market average of 12.4. The Main Market TOP10 is projected to gain an average of 330 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.
The Main Market had just two stocks with notable price changes this past week, with 
The PE of the Junior Market Top 10 sits at 5.2 just half of the market at 10.4. There are 10 stocks or 26 percent of the market, with PEs from 15 to 29, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 288 percent to May 2024.
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.
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 30 and 21 excluding the highest PE ratios, with a PE of 21 for the top half and 17 excluding the stocks with the highest PEs.
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.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
The markets are not in a bullish state, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Caribbean Cream the leading mover in the Junior Market ICTOP10, climbed 10 percent to $4.15, followed by Edufocal rising 4 percent to $1.45. Iron Rock Insurance was the worst performer, falling 12 percent to $2.10 and was followed by general Accident, down 10 percent to $4.43, while Caribbean Assurance Brokers slipped just 4 percent to $2.87.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the likely gains for ICTOP10 stocks.
Dolphin Cove reported a 5 percent increase in revenues to US$4.4 million in the June 2023 quarter over the June 2022 quarter and a 37 percent jump for the half year to US$9.2 million from US$6.76 million, with profit of US$1.153 million for the second quarter, up 10.5 percent over the $1.04 million in the June 2022 quarter and US$2.72 million for the half year, up 48 percent to US$1.84 million in the half year to June 2022.
The markets are not bullish, but there continue to be cases of slow upward movements in some prices as investors respond to some recent attractive results leading them to quietly nibble away at many stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event and Transjamaican Highway.
Everything Fresh reported a 14.4 percent increase in revenues to $827 million for the June quarter and a 32 percent jump for the half year to $1.67 billion and a profit of $43 million for the second quarter compared with $30 million in 2022 for the June quarter, and $78 million r the half year versus $38 million in 2022.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
The 14 most highly valued Main Market stocks representing 30 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, with a PE of 23 for the top half and 18 excluding the stocks with the highest PEs.
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.