Surge in Junior Market trading

The Junior Market of the Jamaica Stock Exchange hit a new intraday record high in early trading on Monday, with the market index rising to 4,236.63 points within a minute of the opening, but it just failed to hold on to the record with a loss of just 0.42 points to settle at 4,205.36, after the volume of stocks traded surged 209 percent and the value jumped 189 percent over Friday’s levels.
At the close, 43 securities traded compared to 44 on Friday and ended, with 17 rising, 13 declining and 13 closing unchanged. Lasco Manufacturing and Tropical Battery traded at 52 weeks’ highs.
The PE Ratio, a measure used to compute appropriate stock values, averages 22.5. The PE ratio of each stock in the chart below is based on ICInsider.com earnings forecast for companies with financial years up to August 2022.
Some 71,534,884 shares traded for $242,214,271 up from 23,122,693 units at $83,802,194 on Friday. Spur Tree Spices led trading with 51.23 million shares for 71.6 percent of total volume. EduFocal traded 5.43 million units for 7.6 percent of the day’s trade. JFP Limited contributed 3.73 million units for 5.2 percent market share. Tropical Battery chipped in with 3.45 million units for 4.8 percent market share and Lumber Depot ended with 2.63 million units for 3.7 percent of total shares traded.
Trading averaged 1,663,602 shares at $5,632,890 in contrast to 525,516 shares at $1,904,595 on Friday with the month to date, averaging 688,614 units at $2,523,532 compared to 633,084 units at $2,346,443 on the previous trading day. February closed with an average of 370,064 units at $1,402,517.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and five with lower offers.
At the close, Access Financial declined $1 to end at $19, trading 1,010 shares, CAC 2000 shed 20 cents in closing at $7.50, in swapping 10,688 units, Cargo Handlers rose 15 cents to close at $11.95 after exchanging 1,500 stock units. Caribbean Cream advanced 10 cents to $5.22 after 703 stocks crossed the exchange, Dolphin Cove lost $1.20 in ending at $25.50 after 68,615 stock units were traded, EduFocal fell 23 cents to $3.30 in an exchange of 5,432,988 stocks. Elite Diagnostic dropped 19 cents to close at $2.81 in exchanging 119,389 shares, Express Catering climbed 10 cents after ending at $6.10, with 660,849 units clearing the market, Fontana declined 25 cents to $10 in trading 172,837 units. Future Energy Source gained 18 cents to end at $6.68, with 754,139 stocks changing hands, Jetcon Corporation lost 13 cents in closing at $1.04, with 704,605 shares crossing the market, Lasco Manufacturing rose 75 cents to a 52 weeks’ high of $5.75 in switching ownership of 119,232 stock units. Main Event fell 45 cents to end at $8.50 while exchanging 32,291 shares, Paramount Trading popped 27 cents to close at $1.72 after finishing trading 1,801 stocks, Spur Tree Spices rallied 23 cents to $3.89 with 51,227,729 stock units crossing the market. Stationery and Office Supplies advanced 52 cents to $7.55 with an exchange of 2,570 units and tTech increased 17 cents in closing at $4.22 after an exchange of 191 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.

Junior Market record slips Main Market climbs

The Jamaica Stock Exchange ended with the Junior Market trading at a new record in the early morning session at 4,236.63 but failed to hold on to close at another record high after slipping 0.42 points to end at 4,205.36.
The Main Market continue to recover from last week’s loss, with, the Combined Index rose 1,215.01 points to close at 400,188.77, the All Jamaican Composite Index rallied 2,588.02 points to 438,336.07 and the JSE Main Index rose 1,301.75 to end at 387,565.71.
The market’s PE ratio ended at 21.9 based on 2021-22 earnings and 12.6 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should make use of the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

New Junior Market record as Majors rise

The Jamaica Stock Exchange ended the week, with the Junior Market ending at a new record close, having surged 101.72 points to close at 4,205.78 to be up over 22.4 percent for the year to date.  At the same time, the Main Market eked out relatively modest gains as it struggles to break out of the consolidation zone it’s been in for months.
At the close of trading, the Combined Index rose 2,838.62 points to close at 398,973.76, the All Jamaican Composite Index rallied 3,161.89 points to 435,748.05, the JSE Main Index rose 2,067.22 to end at 386,263.96.  
The market’s PE ratio ended at 22.3 based on 2021-22 earnings and 12.7 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

Junior Market at record high on Friday

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The Junior Market of the Jamaica Stock exchange is now trading at a new record high of 4,197.38 at 11.40 on Friday, up from 4,104.06 at the close on Thursday, as Express Catering (ECL) climbed to $6, Lasco Manufacturing rose to $5 and Spur Tree Spices hit $3.80.
Since then the market pulled back slightly to trade at 4,196.81.
The Junior Market’s previous highest level was reached on Friday, March 4, when it ended at a record closing high of 4,168.16, up 95.60 points for the day after hitting all-time intraday high of 4,185.95 at 11.45 am that morning.
Trading the shares of ECL is suspended for breaching the 15 percent circuit breaker limit. The JSE Main Index is up to 386,151.14 from Thursday’s close of 384,196.74

Main Market drops, Junior Market rises

The Jamaica Stock Exchange market suffered losses on Thursday while the Junior Market indices recorded gains to close over the 4,100 points level yet again.
At the close of trading the Combined Index slipped 1,212.53 points to close at 396,135.14, the All Jamaican Composite Index dropped 2,001.01 points to 432,586.16, the JSE Main Index declined 1,679.51 to end at 384,196.7 and the Junior Market Index climbed 40.52 points to 4,104.06.
The market’s PE ratio ended at 21.7 based on 2021-22 earnings and 12.5 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should make use of the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

Gains allround for Jamaica Stock Exchange

The Jamaica Stock Exchange record gains all round in trading was mixed on Wednesday with the Main Market and Junior Market indices recording moderate gains as the markets continued to wander around current levels for the time being, while awaiting a stimulus to give it new life.
 At the close of trading the Combined Index gained 662.55 points to close at 397,347.67 the  All Jamaican Composite Index popped 1,681.76 points to 434,587.17, the JSE Main Index rose 642.46 to end at 385,876.30 and the Junior Market Index inched 6.87 points higher to 4063.54.
The market’s PE ratio ended at 21.4 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should make use of the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

IPO impact on stock exchange wanes

Trading was mixed on Tuesday with the Main Market declining and Junior Market recording moderate gain as the IPO impact on the market wanes with the two recent listed companies’ stock prices trading well down from their peak.
At the close of trading the Combined Index dropped 1,653.45 points to 396,685.12, the All Jamaican Composite Index dipped 1,389.99 points to end at 432,905.41 and the JSE Main Index declined by 2,176.27 to end at 385,233.79 but the Junior Market Index rose 43.25 points to close at 4056.67.
The market’s PE ratio ended at 21.7 based on 2021-22 earnings and 12.4 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should make use of the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

EduFocal rally runs out of steam

Since listing on the Junior Market on Tuesday last week, EduFocal jumped 306 percent from the IPO price of $1as it hit an all-time high of $4.06 on Monday and ran out of steam with nearly 30 million units traded valued more than $1.6 million, with the price pulling back to $3.15 at the close.
At the close of trading, the Combined Index jumped 2,519.74 points to 398,338.57, the All Jamaican Composite Index surged 5,036.59 points to end at 434,295.40 and the JSE Main Index rose 3,059.12 points to end at 387,410.06 and the Junior Market Index dropped 38.77 points to close at 4013.42.
The market’s PE ratio ended at 21.6 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of the Jamaica Stock Exchange.
Investors need a series of measures and pertinent information to successfully navigate the many investment choices in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help with decision-making.
Investors should make use of the chart to help make rational investment decisions by investing in stocks that are close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to take emotions out of the investment decision and put in on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The ICInsider.com PE Ratio chart covers all ordinary shares listed on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
The net asset value of each company is reported as a guide to assess the value of stocks based on this measure quickly. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices. Dividends payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

10 stocks for 10 years

In the world of investing, it would be nice to find big winners at all times and invest in them just before their prices explode; that is not how stock markets work. Most investors need to buy and wait, to be rewarded with much higher prices later on. History is replete with many examples that show patience paying off handsomely.
In more recent times, some investors are demonstrating levels of exuberance in buying some stocks at excessive values that will take a long time to generate a reasonable return on investment.
In Jamaica, over the past few years, there are several stocks that recorded huge gains, allowing persons who hold them for years to make a bungle. One of the most celebrated is Lascelles DeMercado is no longer listed on the Jamaica Stock Exchange having been acquired by Angostura in late 2007 for the equivalent of $643 or US$10.65 per share valuing the company at $61.7 billion. The stock traded at $4.25 (the equivalent of 10.5 cents) in 1983, with 2.4 million shares issued, valuing the group then at just $10 million and it gained 6,000 percent between 1983 and 2007. In other words, a $10,000 investment in 1983 would be worth over $6 million in 2007. How many persons saw that coming? Not many but some seasoned investors did. But Lascelles is not the only stock on the local market to provide rich rewards for Investors.
What the information above shows is that long term investment can be very rewarding. This is especially so for persons with limited time to spend monitoring their investment on an ongoing basis.
In 2017, this publication recited portions of an article captioned “Teachings from silly Unilever Investors.”  “In 2013 ICInsider.com posted a report on the Unilever Caribbean, a company based in Trinidad and traded on the country’s stock exchange. “
”Since the report, the company stock has been on a downward slope after rising to a new record in 2013. On November 8, 2017, Jamaica Stock Exchange Junior Market listed Knutsford Express, after a long period of overvaluation relative to the market, dropped $2.75 as demand for the stock evaporated. Similarly, Cargo Handlers was pushed unrealistically to $30, only for it to currently be trading at $10, which is still above normal valuation. This latter stock came as a big buy recommendation on the way up by a brokerage house at the time.
Unilever’s profit peaked in the period to September 2014 and started a downhill ride since, but investors kept on pushing the price higher until it peaked at an unrealistically high of TT$68.30 in December 2015.”
The IC Insider.com recommendation at the time was as follows: When stock prices rise much faster than the growth in profits, time out is needed to discover what is happening. That recommendation is as true then as it is now.

Knutsford Express

Notably, after several years, all three of the above stocks are currently trading well below their peak while many other stocks in the markets have gone on to record high prices. At the last trade Unilever is trading at TT$15.20, Cargo Handlers for a long time around $7, but recently hit $12 and Knutsford that traded at a high of $17, with a PE of 31 now trades at $8, with a PE closer to 40.
Investing in undervalued stocks that have products to support growth, as was the case in Lascelles shares, can pay rich dividends over time.
Investors should be mindful of chasing after the popular stocks that are fully valued or overpriced as was the case in the above three stocks that failed to perform in more than four years while others have delivered outstanding gains. That is why ICInsider.com has come up with a list of 10 stocks in both the Main and Junior Markets that, in our estimation, are good candidates for long-term investment for the next ten years. The numbers climbed to 11 each as we could not separate the 11th ones from the lists. The listings are a compilation based on inputs from some knowledgeable investors as well as ICInsider.com’s own assessment. The selections are based on an evaluation of the quality of management, products and services each company offers to their customers, and prospects for growth by these companies and the economies they service.
Most importantly, the analysis considers that management has the quality or will get the talent to steer the companies successfully over a ten year period.
Note is taken of the local economy, the commitment to fiscal surplus or modest deficit financing if at all for a number of years. This will lead to low interest rates and stimulate long term economic growth, subject to world conditions. In such an environment investors can look to invest for the long term rather than a few months or years.
Caribbean Producers almost made the cut with expected strong growth in the tourism sector in which it is a major player, but the historical performance since it was listed on the Junior Market in 2012, leaves doubt if management can in fact deliver predictable good returns for investors over the next ten years.
ICInsider.com was assisted with the selection by Karl Wynter and an individual investor, with years of managerial experience working for some leading groups in the Caribbean. Karl Wright former head of VM Group and individual investor, Ryan Strachan of GK Capital and Nigel Coke former investment advisor and trader at one of the leading Jamaican stockbrokers and an individual investor.

Coming in two separate articles are commentaries on the rationale for each selection. 

More changes to ICTOP10

The only major move in the Junior Market ICTOP10 listing, this week was a fall of 8 percent for Tropical Battery, while in the Main Market, Carreras rose 6 percent followed by Caribbean Producers with 5 percent, both dropped out of the TOP10, while Guardian Holdings and 138 Student Living both lost 5 percent for the week. The week’s movements resulted in no change to the ICTOP10 Junior Market stocks but Transjamaican Highway and Jamaica Broilers return to the list.

BuyRated stocks from the long-ago past

The Junior Market index closed up to 4,052.19 points, ahead of the 4,031 close of the previous week, helped by the strong gains in the two newly listed companies; JFP limited and EducFocal that jumped sharply during the week, with the former topping out at $2 to close the week up by 36 percent at $1.36, with a PE of 19 times projected 2022 earnings, while the latter jumped to $3.07 for an incredible gain of 207 percent with a PE of 38 based on projected earnings of 8 cents for 2022.  Meanwhile, the Main Market continues to consolidate at a support level of around 440,000 points using the All Jamaica Composite Index, but the market drifted down below that level in the latter part of the week as NCB Financial dropped to a multi-year low of $91.01 on Wednesday, with little demand for the stock currently, but it may find support around the $105 level.
The Junior Market potential gains for the TOP 10 Junior Market stocks stand at 109 percent, much lower than the Main Market at 137 percent, an indication that Main Market is greatly undervalued. The top three stocks in the Junior Market are Elite Diagnostic, Medical Disposables followed by AMG Packaging, to gain between 122 and 133 percent.
The potential gains for Main Market stocks moved from 127 percent last week to this weeks’ 137 percent, with the top three being Guardian Holdings, JMMB Group followed by Sygnus Credit Investments all projected to gain between 169 and 198 percent versus 168 to 193 percent last week.
The average PE for Junior Market is well ahead of the average of 17 times 2020 earnings achieved at the end of March last year in moving to 21.8 based on ICInsider.com’s 2021-22 earnings, pushed up mainly by five stocks, with EduFocal and Main Event over 100 times 2021 earnings. Excluding the 5 highest PE ratios over 40, the average would be around 18. The JSE Main and USD Markets at 15.8 is well off from 19 in 2021. The TOP 10 stocks trade at a PE of a mere 8.6, with a 45 percent discount to that market’s average.
The average PE for the JSE Main Market is 20 percent less than the PE of 19 at the end of March and 24 percent below the target of 20 to the end of March this year. The Main Market TOP 10 average PE is 8.6 representing a 45 percent discount to the market, well below the potential of 20. The depressed PE of the main market is an indication that bigger investors are reluctant to be aggressive in buying into the market currently, with inflation, rising interest rates and war populating the headlines.
ICTOP10 focuses on likely yearly winners, accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios 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 per share 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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