Everything Fresh and Guardian Holdings continue to head the ICInsider.com TOP10 in a week when the Main Market fell 2.7 percent and the Junior Market dropped a hefty 7.8 percent and reversed all the gains of the previous week, but the Investors Choice bid-offer Indicator is flashing positive signals for both markets on Monday.
Guardian Holdings has a commanding lead over its next rival by almost 100 points, but Everything Fresh likely gain of 344 percent is just above Caribbean Assurance at 333 percent, but the latter is currently far more appealing, with the stock selling at a PE of a mere 7 times 2022 earnings and 4.6 times 2023. Everything Fresh PE based on 2022 earnings is at a much higher 17 and 4.5 based on projected 2023 earnings.
Earnings season had two companies in ICInsider.com TOP10 reporting very strong results that augur well for a full year’s profit.
Caribbean Assurance Brokers is selling at a PE of just 7 based on historical earnings.
Scotia Group reported a net income of $3.4 billion for the quarter that ended January 2023, an increase of $2.2 billion or 173 percent over the prior year period as loans the primary driver of profits increased a solid 18.8 percent to $237 billion while deposits grew only 7.7 percent to $4.05 billion and resulted in net interest income surging $2.6 billion as interest expenses actually declined. These results suggest ICInsider.com forecast for $5 per share may be a bit light with solid prospects that earnings of $5.50 seem possible. It noted that overall comprehensive profit shows a loss of $1 billion after accounting for pension obligations of $9.5 billion and other items of gains.
Jamaica Broilers continues to churn out strong growth in profits with their nine months results more than double that of the prior year while the January quarter is up 27 percent to $1.5 billion as revenues climbed a solid 20 percent after finance cost nearly doubled. With the tourism industry back to normal the company should get a further boost for the rest of 2023. ICInsider.com forecast for $6 per share for the current fiscal year from continuing operations seem well within reach and could be exceeded making it a solid buy for the long haul.
Scotia Group had a significant increase in profits for the January 2023 quarter.
Performance in the past week was mixed for the Junior Market TOP10 but was far better than the near 8 percent fall by that market, with only three stocks rising of which two rose by 2 percent or less. Iron Rock Insurance gained 15 percent this past week to $2.30 after falling 13 percent the previous week. Lasco Distributors fell 6 percent to $2.64, followed by AMG Packaging and Stationery and Office Supplies which fell by 3 percent to $2.51 and $14.50, respectively.
The Main Market TOP10 performed worse than the overall market with only two stocks gaining and six declining. Jamaica Broilers rose 6 percent to $38 as investors warmed to the stock following release of outstanding results, with the price having a far way to run, while JMMB Group a clear winner for the long term, put on just 2 percent to close at $31.01. Key Insurance fell 7 percent to $2.61 followed by a 5 percent for NCB Financial and 138 Student Living to $72 and $5.20 respectively.
There are no new additions in either market to the ICTOP10 this past week.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5, well below the market average of 13.3, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.3. The differences are important indicators of the level of likely gains of ICTOP10 stocks. The Junior Market is projected to rise by 238 percent and the Main Market TOP10 by an average of 274 percent to May 2024, based on 2023 forecasted earnings.
The Junior Market has 11 stocks representing 23 percent of the market, with PEs from 15 to 25, averaging 19.7, well above the market’s average. The top half of the market has an average PE of 16.
The Main Market 16 highest valued stocks are priced at a PE of 15 to 98, with an average of 30 and 22 excluding the highest valued stocks and 20 for the top half excluding the stocks with the highest valuation.
The above average shows the extent of potential gains for the TOP 10 stocks.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns up to the end of May 2023 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate 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.
A total of 10,856,108 shares were exchanged for $73,363,572 down from 17,712,923 units at $93,659,946 on Thursday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.2 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasts by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Mayberry Jamaican Equities shed 64 cents to end at $12 in switching ownership of 513,273 units, MPC Caribbean Clean Energy rallied $9 to end at $90 after trading 12 shares, NCB Financial popped $1.95 to $72 with a transfer of 15,018 stock units. Palace Amusement gained 49 cents in closing at $2.99 after clearing the market with 161,399 shares and Supreme Ventures lost 45 cents after ending at $24.05 as investors exchanged 27,819 units.
Jamaica Public Service 7% advanced $15.88 to end at a record $78.50 with the swapping of 373 stock units, 138 Student Living preference share advanced $7.44 to $77.44 after a transfer of 2 shares and Productive Business Solutions 9.75% preference share dipped $15.90 in ending at $90.10 after an exchange of 20 stocks.
A total of 17,712,923 shares were traded for $93,659,946 compared to 23,771,804 units at $827,732,498 on Wednesday.
The PE Ratio, a formula to ascertain appropriate stock values, averages 13.2 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Portland JSX shed $1.74 to close at $9.81 in transferring seven stock units, Proven Investments popped $1.40 in closing at $28.55 after 122 stocks passed through the market, Sagicor Group gained 73 cents in ending at $49.75 after switching ownership of 35,337 shares. Salada Foods lost 47 cents to end at $3.53 with the swapping of 10 units, Seprod rose $1 to close at $63 with an exchange of 5,014 stock units, Supreme Ventures lost 50 cents to finish at $24.50 after trading 23,003 shares and Sygnus Credit Investments dipped 60 cents to $12 after an exchange of 36,971 stocks.
Jamaica Public Service 7% declined $12.38 after ending at $62.62 in trading 6,154 stock units. 138 Student Living preference share fell $7.44 to close at $70 in exchanging 10 shares and Productive Business Solutions 9.75% preference share shed $1 to settle at $106 as investors transferred 10 stocks.
A total of 23,771,804 shares were exchanged for $827,732,498 up from 21,485,881 units at $273,787,529 on Tuesday.
JSE Main Index shed 1,635.68 points to end at 331,311.42 and the JSE Financial Index dipped 0.22 points to 77.89.
Key Insurance popped 46 cents to $3.16 in an exchange of 100 shares, Kingston Properties gained 60 cents in ending at $7.20 with the swapping of 10,005 units, MPC Caribbean Clean Energy rose $11 to close at $81 in exchanging 55 shares. NCB Financial rallied 35 cents to end at $74 after 48,650 stock units passed through the market, Palace Amusement shed 66 cents to close at $2.44 trading 769,317 stocks, PanJam Investment dipped 55 cents to $56.50 after an exchange of 4,552,272 units. Proven Investments lost $1.35 to close at $27.15 with the swapping of 995 units, Sagicor Group declined $3.98 to end at $49.02 with a transfer of 4,583 shares, Scotia Group gained 35 cents in closing at $34.85 with 3,917 stock units changing hands and Seprod declined $7.89 to $62 in switching ownership of 3,226,556 stocks.
In the preference segment, Jamaica Public Service 7% climbed $11.50 to a record $75 as investors traded 1,179 stocks and JMMB Group 7.15% – 2028 lost 39 cents to close at $2.43 after 8,005 shares passed through the market.
A total of 21,485,881 shares were exchanged for $273,787,529 versus 8,954,820 units at $121,663,893 on Monday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.7 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Key Insurance lost 10 cents in closing at a 52 weeks’ low of $2.70 following the trading of 1,016 shares. Kingston Wharves shed $1.06 after ending at $32 in swapping of 36,090 units, MPC Caribbean Clean Energy dipped $9 in closing at $70 after investors exchanged 41 stock units, NCB Financial gained 65 cents to close at $73.65 after 20,065 units passed through the market. Palace Amusement lost 58 cents to end at $3.10 in an exchange of 104,053 stocks, Proven Investments rose $2.25 to $28.50 with investors transferring 6,840 shares, Scotia Group lost 25 cents in ending at $34.50 after switching ownership of 79,694 stock units. Seprod advanced $3.39 in closing at $69.89 in trading 12,573 stock units and Sygnus Credit Investments gained 25 cents to end at $12.60 with the swapping of 12,579 units.
In the preference segment, Jamaica Public Service 7% advanced $13.07 to close at a new record high of $63.50 as investors exchanged 1,758 stocks and JMMBGL 7.25% preference shares traded 226 shares and gained 20 cents to land at a 52 weeks’ high of $4.53.
A total of 8,954,820 shares were exchanged for $121,663,893 versus 7,443,601 units at $130,741,691 on Friday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.5 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Kingston Wharves fell $2.14 to $33.06 in an exchange of 2,821 units. Mayberry Investments shed $1.27 to end at $8.98 with 7,875 shares changing hands, NCB Financial dipped $2.49 to $73 after 18,540 stock units passed through the market, Palace Amusement lost 82 cents to end at $3.68 with the swapping of 756,211 stocks. PanJam Investment gained 55 cents in closing at $57.05 in trading 2,706 units, Proven Investments fell $2.65 after ending at $26.25 as investors exchanged 9,563 stock units, Sagicor Group declined $1.03 to $52.97 in switching ownership of 26,935 shares. Salada Foods rose 46 cents to end at $4 with investors transferring 3,204 stocks, Seprod fell $1.39 to $66.50 with an exchange of 4,965 stocks, Stanley Motta rallied 63 cents to $5.44 trading 495 shares and Supreme Ventures shed $1.20 to close at $24.60 after 74,008 units passed through the market.
Jamaica Public Service 7% advanced $2.43 to another record high of $50.43 after exchanging 1,000 stock units and Jamaica Public Service 9.5% dropped $450 to end at $2550 trading 25 units.
Price changes resulted in Paramount Trading, 
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.5, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 6.1 compared with the market at 11.8. The differences are important indicators of the level of the undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 240 percent and the Main Market TOP10 by an average of 284 percent to May 2024, now that TOP10 stocks earnings are based on 2023 profits.
A total of 7,443,601 shares were traded for $130,741,691 versus 11,506,995 units at $127,421,242 on Thursday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.9 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Mayberry Investments rose $1.75 in closing at $10.25 after an exchange of 143,406 units, MPC Caribbean Clean Energy dropped $18 to end at $79 with 100 stock units changing hands, NCB Financial rallied $1.99 to $75.49 as investors exchanged 28,900 stocks. Palace Amusement lost $2.20 to close at $4.50 after trading 603,232 stocks, PanJam Investment dipped 60 cents ending at $56.50 after investors transferred 439 shares, Proven Investments gained $1 in closing at $28.90 after exchanging 5,160 units. Sagicor Group popped 65 cents to close at $54 with the swapping of 16,081 stock units, Salada Foods fell 45 cents to end at $3.54 after 4,000 stocks changed hands, Scotia Group popped 70 cents to close at $34.75 as investors traded 231,052 shares, Seprod advanced $5.84 to $67.89 with a transfer of 8,737 units and Sygnus Credit Investments lost 44 cents in closing at $12.24 in switching ownership of 32,719 stocks.
In the preference segment, Jamaica Public Service 7% climbed $9.77 to end at a record $48 as 1,766 shares passed through the market.
A total of 11,506,995 shares were exchanged for $127,421,242 versus 5,390,205 units at $37,625,972 on Wednesday.
Investor’s Choice bid-offer indicator shows eight stocks ending with bids higher than their last selling prices and five with lower offers.
Jamaica Stock Exchange rose 57 cents to $14.55 with 8,700 stocks changing hands, JMMB Group dropped 71 cents to $31.18 with a transfer of 52,761 stock units. Mayberry Investments rallied 69 cents to end at $8.50 with an exchange of 219,534 stock units, NCB Financial shed $2 in closing at $73.50 after trading 16,302 shares, 138 Student Living rallied 49 cents to $5.50 after a transfer of 38,968 stocks. PanJam Investment gained 58 cents to end at $57.10 in exchanging 2,387 units, Proven Investments popped 40 cents to $27.90 as investors traded 212 stocks, Scotia Group dipped 70 cents to $34.05 after a transfer of 38,513 units. Seprod declined $4.95 to close at $62.05 as investors exchanged 109,920 shares and Wisynco Group popped 41 cents in ending at $18.01 with the swapping of 95,604 stock units.
In the preference segment, Jamaica Public Service 7% continues to defy gravity in advancing $8.23 to a new record high of $38.23 with 1,720 units changing hands and 138 Student Living preference share advanced $3.45 to end at $77.45 in trading 158 stock units.
A total of 5,390,205 shares were traded for $37,625,972 down from 15,655,244 units at $89,795,027 on Tuesday.
The JSE Main and USD Market PE ratios combine the last traded price and earnings per share forecasted by ICInsider.com for companies with the financial year ending between November 2022 and August 2023.
Guardian Holdings dropped $9.50 to end at $500.50 after investors traded 134 shares, Jamaica Broilers shed 75 cents to close at $35.75 with the swapping of 26,083 stock units, Jamaica Producers dipped $2.41 to $20.31 after an exchange of 8,604 stocks. Jamaica Stock Exchange shed 72 cents to $13.98 with investors transferring 7,620 stock units, JMMB Group rallied $1.38 in ending at $31.89 after an exchange of 20,197 units, MPC Caribbean Clean Energy rose $13.10 to $97 trading 10 shares. NCB Financial advanced $2.89 to end at $75.50 in switching ownership of 12,797 stocks, 138 Student Living lost 49 cents to close at $5.01 with a transfer of 508 stock units, Palace Amusement declined $1.05 in closing at $6.70 as investors swapped 33,208 shares. PanJam Investment shed 58 cents in closing at $56.52 with 1,032 units clearing the market, Proven Investments popped 48 cents to $27.50 in an exchange of 5,212 stock units, Sagicor Group fell $1.02 to close at $52.97 with 16,208 shares changing hands.
Seprod advanced $3.75 to end at $67 exchanging 624 stocks and Stanley Motta shed 74 cents ending at $4.90 with the swapping of 30,567 units.