The bids and offers for recently listed Express Catering may have topped out,
based on the quotes this morning.
In early trading on Wednesday, bids amounted to over 1.53 million units up to $4.71 with offers of 1.285 million from $7 down to $4.98. Bids above $4.50 amounts to less than 40,000 units, suggesting that strong buying may have waned. It is early in the day and the feeling out process could be on to entice sellers to drop their offers and vice versa.
A total of 50,668 units traded so far down to $4.71, with a high of $4.98 for the day. Since the stock listed on the Exchange late in July, the price shot up sharply from the initial public price of $1.50 and induced more than 54 percent of the IPO issue to trade.
Express Catering may have topped out
August 2, 2017 by
Record $170M profit for Knutsford
August 2, 2017 by
One of Knutsford Express buses.
Profit after tax grew 40 percent at Knutsford Express for the year to May 2017 to $170.3 million but pretax profit was up a lower 28 percent to end at $164.4 million from revenues that rose 28.7 percent to $752.4 million.
Operating and administrative cost was up 29.6 percent to $580.6 million over the year ago period.
During the year, $107.6 million was expended on new fixed assets which pushed depreciation up sharply from $37 million in 2016, to $56 million in 2017. The financial statements reflect $49 million deposited to purchase vehicles, Managing Director, Oliver Townsend confirmed that they are adding “ a couple of buses to expand the fleet, some have already arrived with additional ones to come”.
Big expense items that grew sharply during the year are, Salaries up from $168 million to $194 million up 15.7 percent, toll charges rose from $11.4 million to $29 million, Fuel climbed from $64.7 million to $91 million and would be from a combination of higher prices and more bus trips. Parts cost $43 million fro0m $26 in 2016 while Insurance rose from $18.5 million to $27.2 million. Unfortunately, the company continues to present the financial information without breaking separation direct from indirect cost so that investors can determine more accurately the potential profitability.
Knutsford’s balance sheet presents a picture of strength with current assets of $231 million including cash funds of $156 million, up from $88 million in 2016. Shareholders’ equity stands at $483 million. Liabilities stand at $105 million including deferred tax of $12 million.
We will definitely open the transport centre at the Sangster International Airport later this month Townsend informed IC Insider.com. The centre is expected to capture a bigger slice of passengers disembarking from aircrafts as it become more convenient for them.
Subsequent to the year-end an interim dividend of 6.8 cents per share was declared as the final dividend for the year ended May 2017. The payment will be will be on September 15. The payment amounts to $34 million and is up 41.7 percent over the $24 million paid in 2016. The stock last traded on the Junior Market of the Jamaican Stock Exchange at $14.95. IC Insider.com is forecasting earning per share for 2018 at 53 cents, putting the PE for the stock at rich 30 times earnings, at this level the stock is likely to underperform the Junior Market movement for the next twelve months.
Trading up on Junior Market
July 31, 2017 by
Trading in the Junior Market of the Jamaica Stock Exchange closed on Monday with a number of stocks declining just edging out those rising and led to a small fall in the market index. At the close the volume of stocks and value of stocks traded increased compared to that on Friday.
Trading ended with 4,581,201 units valued at $21,905,678 changing hands, with the market index falling 7.65 points to close at 3,155.46. On Friday, trading closed with 3,193,325 shares changing hands valued at $14,765,053.
A total of 22 securities traded, versus 20 on Friday with 7 stocks gaining and 8 declining and trading closed with 10 stocks having bids higher than the last traded prices and 2 closing with lower offers.
The Junior Market ended trading with an average of 208,236 units for an average value of $995,713 in contrast to 159,666 units for an average value of $738,253 on Friday. 
The average volume and value for the month to date amounts to 536,395 units valued at $1,905,441 compared to 552,021 units valued at $1,948,762 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, stocks trading with their last traded prices are: AMG Packaging closed at $3.50 with 18,840 units changing hands, CAC 2000 traded 30 cents higher to $7 with a 32,193 shares being exchanged, Caribbean Cream had a loss of 15 cents, to close at $6.85 with a 731,500 shares trading, Caribbean Flavours closed at $12 with a 3,500 shares trading, Caribbean Producers rose 10 cent to $3.35 with a 618,208 shares traded, Consolidated Bakeries closed at $2.62 with a 15,000 shares being exchanged. C2W Music shed 1 cent to close at 39 cents with a 8,000 shares being switched, Express Catering fell 20 cents and closed at $5 with 1,302,903 shares being swapped,General Accident closed at $2.90 with a 61,215 shares traded, Honey Bun closed at $5.56 with a 2,000 shares changing hands. 
Iron Rock Insurance ended trading with a loss of 20 cents, at $3 with a 327,174 shares traded, ISP Finance closed at $16 with a 4,582 shares being traded, Jamaican Teas closed 25 cents higher to $4.50 with a 12,000 shares changing hands, Jetcon Corporation traded 15 cents higher, to close at $5.20 with a 442,571 units being swapped. Knutsford Express declined 5 cents, to close at $14.95 with a 5,184 shares switching owners, Lasco Distributors traded 30 cents higher to close at $6.80 with 325,195 shares changing owners, Lasco Financial rose 40 cents in trading 79,365 units to close trading at $4.20, Lasco Manufacturing traded with a lost 47 cents, and ending at $4.33 with a 6,963 shares being transferred, Main Event declined by 10 cents to close with 34,541 shares trading, to close at $5.50. Medical Disposables closed 45 cents higher at $5.95 with a 5,000 shares traded, Paramount Trading lost 49 cents to close at $2.50 with a 537,401 shares changing hands after the company posted a sharp fall in profits for the year to May and tTech lost 6 cents and closed at $9 with 7,866 shares trading.
Paramount chops profits by $72M
July 31, 2017 by
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Paramount’s new look
Paramount Trading chops its 2017 profits by $72 million according to a release by the company published over the week end to $101 million. According to the release sales revenues climbed 12.8 percent to $1.156 billion for an increase of $132 million.
Gross profit margin declined by 2.1 percent cutting $23 million from profit compared to 2016 and operating cost rose 16 percent or $31 million from $193.8 million in 2016. “This resulted mainly from investments to build capacity to facilitate business growth in line with strategic direction of the company” the report stated. “The company will maintain a leading position in chemical raw materials, while accelerating growth in lubricants due to our investments in fixed assets including a joint venture with Allegheny Petroleum to manufacture oils locally the report went on to say.”
In the fourth quarter revenues grew 17.65 percent to $320 million from $272 million in 2016 and profit ended at $20 million in the 2017 final quarter versus $42 million in 2016. The final 2017 quarter results deteriorated sharply from performance for the February 2017 quarter, with revenues of $297 million and profit $29.5 million. The one year delay in starting to operate the lubricant plant has been costly. The profit result translates to only 6.5 cents per share. The stock last traded on the Junior Market of the Jamaica Stock Exchange at $2.99 per share with a PE ratio of 46.
Express Catering volumes settling?
July 28, 2017 by
Trading in Express Catering shares declined sharply lower on the Junior Market on Friday, with just 1,663,796 units trading compared to 71,508,426 units traded on Thursday. The stock climbed 60 cents to close at a record of $5.20 with 368,228 on the offer at the closing price.
There is still a large number of bids to buy the stock in the high $4 range up to $5. At this price its valued at 20 times estimated 2018 earnings. Based on the behaviour of investors in Main Event it could well be pushed higher and then settle back lower, only time will tell.
Trading elsewhere on the Junior Market remained subdued on Friday with 3,193,325 shares changing hands valued at $14,765,053, from 72,244,997 shares valued at $309,765,128 traded on Thursday. At the close, the market index rose 36.68 points to 3,163.11.
Twenty (20) securities traded, versus 21 on Thursday with 7 stocks gaining and 3 declining and closed with 3 stocks having bids higher than the last traded prices and 4 closing with lower offers.
The Junior Market ended trading with an average of 159,666 units for an average value of $738,253 in contrast to 3,440,238 units for an average value of $14,750,720 on Thursday. The average volume and value for the month to date amounts to 552,021 units valued at $1,948,762 compared to 571,639 units valued at $2,009,287 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, Access Financial Services closed at $46.50 in trading 500 units, AMG Packaging fell 25 cents and closed at $3.50 with 4,000 units changing hands, Cargo Handlers ended trading 5,612 shares to close at $13.20, Caribbean Cream ended trading at $7, after trading 41,257 shares, Caribbean Producers shed 14 cents to close trading with 24,986 units, at $3.25, General Accident added 20 cents, closing trading with 340,315 shares at $2.90, 
ISP Finance closed with 6,633 units changing hands at $16, Jamaican Teas rose 20 cents in trading 655,573 shares to close at $4.25, Jetcon Corporation traded 200,930 shares to end at $5.05, after gaining 8 cents, Key Insurance traded 16,750 units to close at $3.85 after rising 80 cents, KLE Group ended at $2 with 30,044 shares changing hands, Knutsford Express traded 9,497 shares to end at $15 Lasco Financial rose 25 cents and ended with 46,624 shares changing hands at $3.80, Main Event gained 10 cents to close with 127,049 shares trading at $5.60, Paramount Trading rose 4 cents and ended with 3,000 units changing hands at $2.99, tTech traded 6,500 units to close at $9.60 and Eppley 9.5% preference share jumped $1.10 to close at a 52 weeks’ high of $7.20, with 645 units trading.
54% Express Catering IPO shares trade
July 27, 2017 by
Starbucks one of the brands Express Catering will sell at the Montego Bay Airport.
Investors traded 71.6 million of Express Catering shares in Junior Market activity on Thursday. The day’s trade brings the total since the company’s shares were listed in the previous week, to 176,255,281 units, a very high 54 percent of the 327,500,000 units sold in the Initial Public Offer (IPO).
“A number of the large investors in the stock who had planned to hold them for a while, decided to take profit in light of the sharp uptick in the stock price,“ Gary Peart of Mayberry Investments, brokers to the IPO, advised IC Insider.com. Peart also stated that there was strong institutional demand for the stock as well. The stock traded over 70 million units for the second day running having traded 71,996,755 units on Wednesday. Express Catering’s stock price closed with a rise of 30 cents to end at a record closing high of $4.60 with 71,508,426 units traded.
Trading on the Junior Market remained high on Thursday with 72,244,997 shares changing hands valued at $309,765,128, from 73,477,574 shares valued at $263,785,025 traded on Wednesday. At the close, the market index rose 30.21 points to 3,126.43.
A total of 21 securities traded, versus 20 on Wednesday with 11 stocks gaining and 5 declining and closed with 3 stocks having bids higher than the last traded prices and 4 closing with lower offers.
The Junior Market ended trading with an average of 3,440,238 units for an average value of $14,750,720 compared to 3,673,879 units for an average value of $13,189,251 on Wednesday. The average volume and value for the month to date amounts to 571,639 units valued at $2,009,287 compared to 420,660 units valued at $1,338,685 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, AMG Packaging rose 5 cents and closed at $3.75 with 10,000 units changing hands, Blue Power fell 90 cents, to close at $44 with only 213 units changing hands, CAC 2000 rose 20 cents with 200 shares trading to end at $6.70, Cargo Handlers shed 55 cents and ended trading 2,500 shares to close at $13.20, Caribbean Cream rose 20 cents, closing trading with 50,962 units at $7, Caribbean Producers gained 24 cents to close trading with 14,777 units, at $3.39, 
Dolphin Cove ended at $17.50 with 204 shares changing hands, Eppley lost 62 cents in trading 100 shares at $12.38, General Accident added 13 cents and closed trading with 6,500 shares at $2.70, Honey Bun gained 1 cent with 5,000 shares changing hands and closed at $5.56, ISP Finance closed with 367 units changing hands at $16, Jamaican Teas rose 20 cents in trading 427,263 shares to close at $4.20, Jetcon Corporation traded 32,162 shares to end at $4.97, after gaining 27 cents, KLE Group ended at $2 with 4,591 shares changing hands, Knutsford Express traded 8,340 shares to end at $15, Lasco Distributors closed at $6.50 after trading 300 units, Lasco Financial lost 5 cents and ended with 107,166 shares changing hands at $3.55, Main Event gained 10 cents to close with 50,700 shares trading at $5.60, Medical Disposables closed at $5.50 with 14,000 units trading and tTech traded 1,226 units, rising 10 cents to close at $9.60.
Stationery Company to list early August
July 27, 2017 by
Stationery and Office Supplies that issued shares to the public on the 19th of July should be listed on the Junior Market of the Jamaica Stock Exchange on August 9, after the public holidays, subject to the listing committee meeting to approve same, IC Insider.com has been informed by a person close to the issue.
JN Fund Managers announced the method of allocation of the 52 million shares that were offered to the public. The issue attracted 1,216 applications for 241.722 million shares.
Shares allocated to SOS’ staff members were not applied for in full and resulted in 4,061,000 units being added to the general public pool with the staff picking up 8.439 million units.
The general public were all allotted the minimum of 5,000 units with the balance allocated on a pro rata basis taking into account the number of units applied for as a percentage of the total application pool in this category. JN Fund Managers’ clients were allotted up to 77,585 units of the shares applied for. Cheques for refunds should start going out as of Thursday, IC Insider.com was reliably informed.
Express Catering up 187% to Wednesday
July 26, 2017 by
Ian Dear, Managing Director of Express Catering
Wednesday was the biggest day of trading in Express Catering since it listed last Friday on the Junior Market, the stock closed with an 89 cents rise to a record closing high of $4.30 with a massive 71,996,755 units trading out of a total of 73.5 million shares that traded in the market.
Express Catering’s stock price is up 187 percent from the IPO price of $1.50 so far, the stock closed with the bid at $4.30 to buy 303,034 units.
Trading on the Junior Market jumped sharply on Wednesday to 73,477,574 shares valued at $263,785,025 up from 35,527,220 shares valued at $124,668,100 traded on Tuesday. At the close, the market index rose 67.29 points to 3,096.22.
At the close 20 securities traded, down from 21 on Tuesday with 11 stocks gaining and 5 declining. Trading closed with 1 stock having a higher bid than the last traded price and 6 closing with lower offers.
The Junior Market ended trading with an average of 3,673,879 units for an average value of $13,189,251 compared to 1,691,772 units for an average value of $5,936,576 on Tuesday. The average volume and value for the month to date amounts to 571,639 units valued at $2,009,287 compared to 239,926 units valued at $680,321 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, Access Financial Services closed at $46.50 in trading 33,936 units, Blue Power rose $6.90 after diving $11 on Monday and Tuesday, to close at $44.90 with only 200 units changing hands, CAC 2000 lost 20 cents with 10,007 shares trading to end at $6.50, Caribbean Cream fell 20 cents and closed trading with 112,288 units at $6.80, Caribbean Producers fell 25 cents to close trading with 19,172 units, at $3.15, Consolidated Bakeries ended with 32,020 units changing hands, to close at $2.62. Eppley closed trading with 9,500 shares at $13, General Accident added 6 cents and closed trading with 25,000 shares at $2.57, 
Honey Bun gained 55 cents with 2,149 shares changing hands and closed at $5.55, ISP Finance jumped $4 and closed with 5,424 units changing hands at $16, Jamaican Teas lost 25 cents in trading 67,099 shares to close at $4, Jetcon Corporation traded 59,800 shares to end at $4.70, after gaining 9 cents, Knutsford Express traded 6,200 shares to end at $15, Lasco Distributors closed 1 cent lower at $6.50 after trading 216,522 units, Lasco Financial rose 4 cents and ended with 176,765 shares changing hands at $3.60, Lasco Manufacturing grew 58 cents and ended with 646,045 shares trading at $4.89, Main Event gained 30 cents to close with 14,214 shares trading at $5.50, Medical Disposables closed at $5.50 with 42,656 units trading and Derrimon Trading preference share ended with 1,822 units changing hands to close at $2.50.
Express Catering jumps 96% – Tuesday
July 25, 2017 by
Marlene Street Forrest – General Manager of the JSE is said to have intervened to reset the price Express Catering could trade at on Tuesday.
Good sense prevailed on the Jamaica Stock Exchange on Tuesday, finally allowing Express Catering to trade close to levels that large number of investors are prepared to trade the stock. In the process the price jumped 96% from Friday’s closing price and 127 percent from the IPO price of $1.50.
At the close on Monday, bids in the market above $2.29 were cancelled, an indication that the maximum price it could trade at being $2.97. IC Insider.com understands that regulations at the exchange permitted administrative intervention in the trading restriction that allowed the stock to enjoy the revised permitted price range of $2.52 to $3.41. The stock ended up trading 32,750,000 units to close with a gain of $1.67 to $3.41. During trading, the electronic board, showed that 65.6 million units traded up to $3.80. After the market closed a large portion were cancelled since the price exceeded the limit set for the day. The stock closed with the bid at $3.50 which will allow it to trade up $4.55 on Wednesday.
Trading on the Junior Market jumped sharply on Tuesday with the large trade in Express Catering, to 35,527,220 shares valued at $124,668,100, up from 1,438.180 shares valued at $7,648,204 traded on Monday. At the close, the market index rose 40.03 points to 3,028.93.
At the close, 21 securities traded, up from 17 on Monday with 9 stocks gaining and 7 declining. Trading closed with 5 stocks having a higher bids than the last traded price and 2 closing with lower offers.
The Junior Market ended trading with an average of 1,691,772 units for an average value of $5,936,576 compared to 84,599 units for an average of $449,894 on Monday. The average volume and value for the month to date amounts to 239,926 units at $680,321, compared to 74,820 units valued at $371,129 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, AMG Packaging rose 20 cents and closed at $3.70 with 1,733 units changing hands, Blue Power dived $7 after falling $ 4 on Monday to close at $38 with 8,588 units changing hands, Cargo Handlers ended trading 4,853 shares to close at $13.75, Caribbean Cream jumped by $1 and closed trading with 105,300 units at $7, Caribbean Producers gained 38 cents to close trading with 57,863 units, at $3.40, 
Consolidated Bakeries ended with 85,000 units changing hands, to close at $2.62. Dolphin Cove ended at $17.50 with 555 shares changing hands, Eppley gained 5 cents and closed trading with 16,985 shares at a new high of $13, General Accident added 1 cent and closed trading with 80,838 shares at $2.51, Honey Bun plunged $1 with 16,760 shares changing hands and closed at $5, ISP Finance slipped $2 and closed with 23,500 units changing hands at $12, Jetcon Corporation traded 62,653 shares to end at $4.61, after gaining 11 cents, Knutsford Express traded 4,481 shares to end at $15, Lasco Distributors closed 39 cents lower at $6.51 after trading 53,268 units, Lasco Financial rose 6 cents and ended with 57,505 shares changing hands at $3.56, Lasco Manufacturing shed 19 cents and ended with 2,107,735 shares trading at $4.31, Main Event lost 10 cents to close with 20,787 shares trading at $5.20, strong> Medical Disposables lost 1 cent in ending at $5.50 with 343 units trading, Paramount Trading ended with 72,354 units changing hands at $2.95 and tTech traded 4,699 units, falling 10 cents to close at $9.50.
Junior Market gains on Monday
July 24, 2017 by
Trading on the Junior Market dropped sharply on Monday to 1,438.180 shares valued at $7,648,204.78, from 8,428,003 shares valued at $32,387,101 on Friday. At the close, the market index rose 32.62 points to 2,988.90.
Trading ended with 17 securities changing hands, down from 20 on Friday with 5 gaining and 11 declining and with 6 stocks having a higher bids than the last traded price and 5 closing with lower offers.
The Junior Market ended trading with an average of 84,599 units for an average value of $449,894 compared to 421,400 units for an average value of $1,619,355 on Friday. The average volume and value for the month to date amounts to 74,820 units valued at $371,129 compared 74,208 units valued at $366,206 previously. In contrast, June closed with averages of 395,969 units valued at $1,799,200 for each security traded.
At the close of the market, 
AMG Packaging closed at $3.50 with 7,486 units changing hands, Blue Power dived $4 to close at $45 with 143 units, CAC 2000 lost 31 cents with 500 shares trading to end at $6.40, Caribbean Cream jumped by $1 and closed trading with 3,205 units at $6, Caribbean Producers lost 23 cents to close trading with 700 units, at $3.07, General Accident lost 20 cents and closed trading with 14,242 shares at $2.50, ISP Finance slipped $2 and closed with 23,500 units changing hands at $12, Jetcon Corporation traded 142,419 shares to end at $4.50, after slipping 4 cents, KLE Group ended at $2 with 31,325 shares changing hands, 
Knutsford Expressclimbed $1 in trading 591 shares to end at $15, Lasco Distributors closed 59 cents higher at $6.90 after trading 552,000 units, Lasco Financial lost 5 cents and ended with 235,000 shares changing hands at $3.50, Lasco Manufacturing shed 30 cents and ended with 418,482 shares trading at $4.50, Main Event lost 30 cents to close with 689 shares trading at $5.30, Medical Disposables rose 1 cent, ending at $5.51 with 250 units trading, Paramount Trading gained 20 cents and ended with 1,000 units changing hands at $2.95 and tTech traded 33,400 units, falling 40 cents to close at $9.60.
