New additions to ICTOP10

A series of third quarter company results were released during the past week, and most reported good numbers that augur well for the stock prices in the months ahead. Some of the results are companies in the ICTOP10. During the week the JSE Main Market rose but the Junior Market lost ground moderately for a second week.
Price movements in the market resulted in two new ICTOP10 listings for the Junior Market and one for the Main Market. In the Junior Market, Dolphin Cove rose 6 percent to $16.50 and AMG Packaging rose 4 percent to $2.44 after trading at a 52 weeks’ low of $1.95 during the week. Paramount Trading dropped 12 percent to $1.48, followed by Everything Fresh shedding 11 percent to $1.56, Iron Rock Insurance fell 9 percent to $2 and Caribbean Assurance Brokers declined 8 percent to end at $2.85.
The Main Market closed the week with Sygnus Credit Investments climbing 7 percent to $11.90, Margaritaville and Jamaica Broilers rising 6 percent to $17.58 and $34.97 respectively. General Insurance dropped 9 percent to end at $5.04.
Lasco Financial and Lasco Distributors released half year results but dropped out of the Junior Market ICTOP10 and Lasco Manufacturing also reported six months results but remained in the ICTOP 10. Following the release of the results, Lasco Distributors earnings were reduced from $1.65 to $1.60 for the full year and sits at number 12 in ICInsider.com rankings. Importantly selling in the stock has been drastically reduced with just 19 offers up to $15.90 amounting to less than 200,000 shares and 19 bids above $4, with the highest bid amounting to more than the total stocks being offered. Earnings per share for Lasco Financial were reduced to 15 cents for the year and holds the 31st spot on the list.
Jamaica Teas also released results for the year to September, showing an improvement over 2022 and disclosed expected improvements from major changes already undertaken, which should improve 2024 results added to that, stocks should do better in the coming year, resulting in exposure of projections for 2024 as such it along with Caribbean Cream are now in the ICTOP10.
Returning to the Main Market TOP 10 is Palace Amusement Company replacing Caribbean Cement.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12.2. The Main Market ICTOP10 is projected to gain an average of 319 percent by May 2024, based on 2023 forecasted earnings.
An indication of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
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 30 and 20 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 5.7, just over half of the market, with an average of 11.9. There are 11 stocks, or 23 percent of the market, with PEs from 15 to 48, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 260 percent on or around May 2024.
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.

Ciboney & Transjamaican JSE hottest stocks

Ciboney and Transjamaican Highway stocks recorded gains of 150 percent and 98 percent to September respectively in a period of poor performance for the Main Market of the Jamaica Stock Exchange that fell 8 percent over the same period. The Trinidad and Tobago based Massey Holdings was next with a 30 percent rise.
The above two leading stocks were not only dominant Main Market, they were the best performing ones in the overall market of the exchange bettering the next best, the Junior Market, ISP Finance with a gain of 94 percent.
The Main Market had only eight companies recording gains for the first nine months of 2023 as tight monetary policy pursued by Bank of Jamaica and poor profit results of several companies weighed down on stock prices.
Ciboney rise follows the acquisition of the majority shares from Finsac by the new majority owners IEC Energy Company. Transjamaican Highway the next performer was pushed by an outstanding jump in profits for the six months to June over the similar period last year, with earnings of 14 Jamaican cents per share versus just 3 cents for the same period last year. The stock’s performance was also helped by the declaration of a substantial increase in dividend of 18.66 cents up from 8.55 cents last year.
The commercial rental property company Stanley Motta, delivered a 12 percent increase, Jamaica Broilers chipped in with 10 percent and Productivity Business Solutions 9 percent.
Most of the Main Market worst performing stocks reported disappointing results compared to the previous year. Palace Amusement Company was the only listing of the worst performing stocks that recorded improved profit compared to 2022. Mayberry Investments suffered a sharp reversal in profit during 2023 compared to the previous year, Berger Paints profit fell sharply with the company reporting a loss during the period, Radio Jamaica reported a loss during the last two quarters compared to the previous year. Barita Investments profits are down sharply with the third quarter to June down from $1.5 billion in 2022 to just $504 million in the current year.
Jamaica Stock Exchange led the declining stocks with a 43 percent drop, First Rock Capital was next with a fall of 38 percent followed by Palace and Pulse down 35 percent each. Barita Investments dropped 32 percent and Radio Jamaica ended with a fall of 31 percent, Salada Foods ended up with the lowest decline of the TOP10 worst performing stocks with a loss of 20 percent.

Main Market plunges as trading drops on Monday

The Junior Market of the Jamaica Stock Exchange inched higher at the close of trading on Monday but the Main Market dropped while JSE USD Market declined a tad, to start the week on a negative note as Palace Amusement traded with the issued number of shares now increased to 862 million units as it traded x-split at $5.94, to record a gain after the price maxed out for the day with a gain of 32 percent.
Trading levels dropped from that on Friday, with an exchange of just 14,950,243 shares in all three markets, down from 42,712,037 units on Friday, with a value of $100.26 million, well off from $322.7 million previously traded. Trading on the JSE USD market resulted in investors exchanging shares for US$13,457 compared to US$4,336 on Friday.
The JSE Combined Market Index fell 2,350.27 points to 343,477.95, the All Jamaican Composite Index dropped 4,790.29 points to 372,687.17, the JSE Main Index dropped 2,606.82 points to settle at 330,714.66, the Junior Market popped 8.41 points to 3,809.87 and the JSE USD Market Index slipped 0.92 points to end at 247.79.
The market’s PE ratio ended at 19.6 based on 2021-22 earnings and 12.9 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options 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 decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks 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 remove emotions from investment decisions 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 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 the 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.

Miraculous turnaround at Palace

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After nearly three years in the doldrums and on life support, helped by a number of popular and well patronized movies, Palace Amusement surged back to life in the December 2022 quarter when it made the first quarterly profit since March 2020. The profit back then was $44 million from revenues of $255 million, with the latest results surpassing it and easing much of the pain and nervousness the company and its staff encountered over the past three years.

Carib Cinema, the flagship for Palace Amusement.

“The company staged three block-buster pictures in the same Quarter – Woman King, Black Panther 2: Wankanda Forever and Avatar 2: The Way of Water; Our patrons’ response was close to 215,000 visits in the Quarter and this helped to push the overall attendance at the end of the six months to over 80 percent of pre-pandemic numbers,” the company’s management stated in a report accompanying the financials.
Palace aced the December quarter with revenues of $486 million, up 222 percent from just $151 million in 2021 and $736 million for the half year, up 218 percent from a mere $232 million in 2021. Accumulated profit of $304 million at June 2019, melted away by $772 million of losses, to a deficit of $468 million up to September last year as revenues were lower than cost, but profit surged to $79 million in the December quarter from a massive loss of $112 million in 2021 and for the half year a profit of $25 million from a loss of $191 million in 2021.
While revenues surged over 200 percent, direct expenses rose a more modest 98 percent in the December quarter and 97 percent, year to date, helping to swell the profit for both periods, but administrative expenses fell from $75 million to $47 million in the quarter and from $104 million for the half year to $75 million. Finance cost rose from $12 million in the 2021 last quarter to $14 million and from $17 million to $28 million for the half year. Legal and professional fees is one of the major areas of cost reduction in the period, dropping from $44 million to just $2 million for the six months period.
Segment Results show revenues of $266 million for Carib Cinema, up from just $91 million in 2021, with a profit of $11 million versus a $21 million loss in 2021. Cineplex had no revenues in 2021 but suffered a loss of $14 million and bounced back in 2022 with revenues of $99 million and profit of $20 million. Sunshine Palace generated revenues of $203 million versus $54 million in 2021 with profit of $41 million compared with a loss of $35 million in 2021. The 2022 revenues include $43 million classified as other activities for Sunshine Palace. Multiplex delivered revenues of $143 million in 2022, up from just $35 million in 2021 with a profit of $20 million versus a loss of $23 million in 2021.
Cash flow brought in $53 million compared with outflows of $163 million in 2021 and helped in boosting funds on hand at the end of the calendar year.

Palace Multiplex in Montego Bay.

From all that can be seen movies are still attracting patronage with what have been described as some good films and by the end of the fiscal year in June, the company seems set to be on its way to justifying their new bankers backing the company with a $700 million loan some of which was used to close out the Scotiabank loan and when the full history of this period unfolds the name Carol Lee, the financial controller will be high on the list for helping to save and restore the company to financial health.
The company now boast equity of $404 million thanks to the above profit and some $772 million in revaluation surplus, with $606 million of it coming in 2020. The company has some more lifting to do to steer them out of the woods while hoping that there will be no major setback in the recovery as they have $756 million in long term debt to be cleared in addition to $60 million of short term loans. There are halfway there with cash funds of $379 million on hand that should grow in the second half of the fiscal year. Palace also has accounts payable amounting to $435 million at the end of 2022 which is up from $386 million at the end of December 2021 and is covered by current assets of $481 million.
At this year’s annual general meeting, shareholders approved a 600 to 1 split as a result the stock trades x-split starting Monday, February 27, with the record date of February 28. The split will take the total number of shares to 862 million from 1.437 million currently.
The company should deliver earnings for the full year ending in June at around $100 per share.

Trading jumps as JSE markets fall

The total amount of funds entering the Jamaica Stock Exchange markets surged on Thursday over Wednesday but the Main and Junior markets suffered declines after opening up in the morning sessions but the JSE USD market inched higher.  
At the close of market action Palace Amusement surged to a record high of $3,250 after posting a gain of $350 as trading on the market ended with an exchange of 29,715,470 shares down from 44,186,085 units on Wednesday, with a value of $285.4 million from a mere $71.79 million on the previous day. Trading on the JSE USD market resulted in investors exchanging US$36,261 versus US$3,947 on Wednesday.
At the close, the Combined Market Index dropped 2,149.90 points to 351,278.98, the All Jamaican Composite Index lost 3,148.60 points to close at 383,016.56, the JSE Main Market Index declined 1,743.19 points to 338,349.97, the Junior Market dived 56.62 points to 3,884.06 and the JSE US dollar market popped 0.37 points to close at 199.46.
The market’s PE ratio ended at 22.2 based on 2021-22 earnings and 13.8 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options 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 decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks 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 remove emotions from investment decisions 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 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 the 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.

 

Palace jumps to $1380, Regency at $1.75

As the 48th listing is heading for the Junior Market of the Jamaica Stock Exchange to fill the pockets of young investors, Regency Petroleum that was listed on the Junior Market on Thursday jumped 75 percent to $1.75 on Friday and seems poised to move higher when trading opens next week. At the same time, the Palace Amusement stock has come to life with the prospects of a stock split and hit a new 52 weeks’ intraday high of $1,699 but closed at $1,380 as the Main Market slipped from Thursday’s close and the Junior Market closed higher.
At the close of the market, the volume and the value of stocks traded rose well above that on Thursday.
At the close, the Combined Market Index dropped 744.44 points to 351,765.66, the JSE Main Index fell 1,031.70 points to 338,773.99, while the All Jamaica Composite Index lost 1,890.91 points to settle at 380,283.51, the Junior Market climbed 23.76 points to settle at 3,893.49 and the JSE US dollar market jumped 2.56 points to 231.39.
Trading ended, with 35,469,567 shares changing hands, for $120 million, versus $68.76 million, with 11,071,300 shares traded in all markets on the previous trading day. The JSE USD market ended with the value of stocks traded amounting to US$5,115 from US$5,493 on Thursday.
The market’s PE ratio ended at 23 based on 2021-22 earnings and 13 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options 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 decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks 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 remove emotions from investment decisions 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 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 the 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.

 

Palace more than doubles, Regency gains 32%

Palace Amusement jumped just over $268 on Thursday to $1,354.75 and has risen 118.5 percent since Monday in response to a proposed stock split. Elsewhere, the recent IPO, Regency Petroleum was listed on the Junior Market and traded at $1.32 for a gain of 32 percent and closed with the bid for 3.6 million shares at 41.32. At the close of the market, the volume and value of stocks traded declined from that on Wednesday.
The Main Market of the Jamaica Stock Exchange recorded gains in the market indices but the Junior Market and JSE USD markets dipped at the close.
At the close, the Combined Market Index popped 480.40 points to 352,510.10, the JSE Main Index gained 850.19 points to 339,805.69, the All Jamaica Composite Index rallied 1,068.13 points to 382,174.42, the Junior Market lost 34.08 points to close at 3,869.73 and the JSE US dollar market dipped 0.13 points to 228.96.
Trading ended, with 11,071,300 shares changing hands, for $68.76 million, versus $266.2 million, with 12,607,683 shares traded in all markets on the previous trading day. The JSE USD market ended with the value of stocks traded amounting to US$5,493 from US$5,795 on Tuesday.
The market’s PE ratio ended at 22.6 based on 2021-22 earnings and 12.8 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many investment options 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 decision-making.
Investors should use the chart to help make rational investment decisions by investing in stocks 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 remove emotions from investment decisions 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 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 the 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.

 

Lasco Financial & 138SL now Stocks to Watch

Lasco Financial and 138 Student Living are added to the Stocks to Watch list following release results recently showing increasing profits over 2021, both stocks are on the ICInsider.com TOP10 list.
ICInsider.com watch list comprises Access Financial, Barita Investments, Caribbean Assurance Brokers, Consolidated Bakeries, Dolphin Cove, Caribbean Producers, Elite Diagnostic, Everything Fresh, General Accident, Guardian Holdings, Jamaica Broilers, Key Insurance, Knutsford Express, Lasco Distributors, Lasco Manufacturing, Medical Disposables, NCB Financial, One on One, Palace Amusement, Paramount Trading, Scotia Group, Stationery and Office Supplies and Wisynco Group
Major factors to consider going forward. The rebound in tourist arrivals only came to 2019 levels since June. Providing there are no reversals, then companies who are highly dependent on the sector will enjoy a big bounce for the next nine months compared to the lower business generated since last year to April this year. The same applies to the entertainment industry as the sector only opened up after March this year. Banks will make a fortune from increased interest rates.

Persons who compiled this report may have an interest in securities commented on.

Medical Disposables now a Stock to Watch

One on One Education climbed 11.4 percent during the past week to close at $1.66 following addition to the Stocks to Watch list while Knutsford Express climbed back to close at $9.10 from $8 at the end of the previous week and hit a new 52 weeks’ high of $9.75 on Thursday.

Medical Disposables

Medical Disposables dropped out of the ICTOP10 into the Stocks to Watch, but this publication gathers that the half year results due out by next week will continue to reflect increased cost outpacing the rise in sales. ICInsider.com forecast is for increased profits for the year to March 2023 at 75 cents per share which is likely to eventually push the stock price higher and trigger a stock split in 2023.
Buffetted by the closure of the entertainment business in 2020, Palace Amusement had another tough two years, with the 2022 fiscal year ending with a loss of $257 million, down from a loss of $383 in 2021. The improved result was mainly occasioned by a small profit of $12 million in the final quarter as revenues climbed to $275 million in the fourth quarter bettering the $106 million generated in all of the 2021 fiscal year. Revenues in the fourth quarter were well up on the third quarter with $142 million. The much improved June quarter revenue is still some distance from the $338 million generated in the June 2019 quarter, with a profit then of $36 million, but the 2022 results suggest that the company is not far from getting back to normal levels and if so could boost the stock price, currently in the $800 range and by far the highest priced ordinary share on the market currently.
ICInsider.com watch list comprises Access Financial, Barita Investments, Caribbean Assurance Brokers, Consolidated Bakers, Dolphin Cove, Caribbean Producers, Elite Diagnostic, Everything Fresh, General Accident, Guardian Holdings, Jamaica Broilers, Key Insurance, Knutsford Express, Lasco Distributors, Lasco Manufacturing, Medical Disposables, NCB Financial, One on One, Palace Amusement, Paramount Trading, Scotia Group and Stationery and Office Supplies.

Palace Portmore cinema

Based on recent releases of quarterly results Caribbean Assurance Brokers should be releasing nine months’ results this week that should reflect record earnings, which could move the stock price. The same goes for Lasco Distributors and Lasco Manufacturing and Stationery and Office Supplies should report nine months’ results around November 11.
Major factors to consider going forward. The rebound in tourist arrivals only came back to 2019 levels since June. Providing there are no reversals, then companies who are highly dependent on the sector will enjoy a big bounce for the next nine months compared to the lower business generated since last year to April this year. The same applies to the entertainment industry as the sector only opened up after March this year. Banks will make a fortune from increased interest rates.

Persons who compiled this report may have an interest in securities commented on.

The Show Goes On at Palace

After unprecedented closure of nearly four months, Jamaica’s sole nationwide cinema operators, Palace Amusement reopens its cinemas in Kingston and Montego Bay today with Half of Specials at the Early Show and on Thursday at the Evening Show.
Due to the current curfew, Early Shows will now start at approximately 4:45 pm and Evening Shows at 7:45 pm,
The Company has been granted a provisional 14-day period to resume operations by government, with mandatory health requirements to mitigate the spread of COVID-19.
Marketing Manager, Melanie Graham says Palace Amusement welcomes the opportunity to reopen after a painful but necessary closure. Palace is ready with a new operational model designed for the safety of its patrons and staff.
The Company will sell approximately 60 percent of capacity, to maintain safe social distancing for patrons seated in its auditoriums. Patrons will be required to wear masks and observe social distancing in queues at the box office and concession. A maximum of four persons from the same household will be able to sit together as a group.  Individual patrons or groups, will be separated by a gap of two seats, among other safety measures as stipulated by the authorities. Sanitisation stations will be set up at convenient points throughout the cinemas and cleaning and sanitisation will be ramped up between shows to ensure a safe and relaxed atmosphere for all. The company stated.
Movies Opening Today My Spy– Breaking all the Rules  with Jamaica’s Parisa Fitz-Henley playing Kate, a single mother to her nine-year-old daughter, Sophie (Chloe Coleman). My Spy is an action-comedy directed by Peter Sega. I Still Believe – Hope in midst of tragedy. From the makers of I Can Only Imagine comes the true life story of Christian music mega star Jeremy Camp and his remarkable journey of love and loss that proves that faith tested is the only faith worth sharing. strong>I Still Believe is a 2020 American Christian musical romantic drama directed by the Erwin Brothers and starring KJ Apa, Britt Robertson, Shania Twain, Melissa Roxburgh, and Gary Sinise and Bloodshot and Bad Boys for Life.

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