- Earnings season ends for most Jamaica Stock Exchange listed companies with a sleuth of results posted in the past week. With the Bank of Jamaica’s monetary policy squeezing the economy and hurricane disruptions added, most listed companies’ results reflect the battering inflicted by these developments. The end result, stock prices were mostly muted, with a few exceptions.
Some bright spots last week are, Transjamaican trading at a record high over $4, Scotia Group traded at 52 weeks’ high just shy of $49 and Sygnus Credit Investments at a 52 weeks’ high of $13.40, at the same time, the Jamaica Stock Exchange reported healthy third quarter results.
The two primary markets closed slightly down for the week, with the All Jamaica Composite declining 2,660 points or 0.7 percent, the JSE Main Index falling 4,228 points or 1.3 percent and the Junior Market Indices slipping 96 points or 2.6 percent.
Against the above developments, four stocks gained and 5 fell in the Junior Market TOP10, in the Main Market TOP10 only three stocks gained and 5 declined.
As was the case in the previous week, Guardian Holdings continues to hold on to the number one buy position by a wide margin, in all markets and the All JSE TOP10 compiled from all ordinary stocks listed on the Jamaica Stock Exchange. This list is more exact than the Junior and Main Market TOP10 listing 20 stocks. Caribbean Cream now holds the number one spot in the Junior Market followed by Elite Diagnostics.
In the Junior Market ICTOP10, tTech ran up 17 percent to close at $2.50, following the additional 20 percent of the company’s shares acquired by Simply Secure taking their ownership to 69.1 percent, effectively triggering a mandatory takeover offer. Express Catering ran up a 9 percent rally to $3.50 and Caribbean Cream gained 6 percent to close at $3.35. Iron Rock Insurance fell 8 percent to $4.05 and Elite Diagnostic shed 5 percent to close at $2.10.
In the Main Market ICTOP10, the only winning stock of note is 138 Student Living, with a 6 percent rise to $4.32. Berger Paints dropped 17 percent to $7, with Guardian Holdings falling 6 percent to $297.20.
Following third quarter results, tTech, One Great Studio and Caribbean Assurance Brokers fell out of the Junior Market IC TOP10. The three were replaced by Jamaican Teas, Caribbean Flavours and the intra-island passenger carrie, Knutsford Express. Margaritaville entered the JSE Main Market ICTOP 10, replacing Jamaica Broilers. tTech and Caribbean Assurance Brokers dropped out of the All JSE TOP10 and were replaced by Margaritaville and AMG Packaging.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 14.1 and the Junior Market TOP10 sits at 6.7, just more than half of the market, with an average of 13.1.
The Main Market ICTOP10 is projected to gain an average of 314 percent by May 2025, based on 2024 forecasted earnings and provide better values than the Junior Market with the potential to achieve 179 percent over the same period.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market have PEs between 15 to 103, with an average of 28 and 21 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, 27 percent of the market, with PEs ranging from 15 to 32 with an average of 21 and a PE of 17 for half of the market with the highest PEs.
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 2025 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, resulting 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.
In the Main Market ICTOP10, the only winning stock, Berger Paints popped 5 percent to $8.44. JMMB Group, 138 Student Living and Pulse Investments all fell 7 percent to end at $22.25, $4.06 and $1.49 respectively, with the rest losing 2 percent or less.
In the Junior Market IC TOP10 are 10 stocks, 21 percent of the market, with PEs ranging from 15 to 27 with an average of PE of 19 and a PE of 16 for half of the market with the highest PEs.
Guardian Holdings continues to hold on to the number one buy position by a wide margin, in all markets as well as the All JSE TOP10. Caribbean Cream holds the number one spot in the Junior Market followed by Elite Diagnostic, last weeks’ number three holder. The All JSE TOP10 is compiled from all ordinary stocks listed on the Jamaica Stock Exchange with the highest potential to gain, based on projected 2024 earnings. This list is more exact than the Junior and Main Market TOP10 lists.
In the Main Market ICTOP10, JMMB Group popped 5 percent to $23.91. Key Insurance suffered an 11 percent drop, to close at $2.24 and Pulse Investments lost 8 percent to end at $1.60.
In the Junior Market IC TOP10 are 13 stocks, 27 percent of the market, with PEs ranging from 15 to 25 with an average of PE of 17 and a PE of 16 for half of the market with the highest PEs.
The All JSE TOP10 is compiled from all ordinary stocks listed on the Jamaica Stock Exchange with the highest potential to gain, based on projected 2024 earnings. This list is more exact than the Junior and Main Market TOP10 lists.
In the Junior Market ICTOP10, Iron Rock Insurance rose an impressive 31 percent to close at a 52 weeks’ high of $4.80 and moved out of the TOP10. AMG Packaging gained 10 percent to $3.13 and tTech climbed 9 percent to $2.30. Caribbean Assurance Brokers fell 15 percent to $3.06,with very limited buying interest currently, Caribbean Cream shed 8 percent to close the week at an even more enticing price than last weeks’ $3.45 to end at $3.17 and Elite Diagnostic lost 4 percent to close at $2.30.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market have PEs between 15 to 108, with an average of 28 and 20 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
Guardian Holdings continues to hold on to the number one buy position in all markets and Elite Diagnostic the best in the Junior Market.
Image Plus fell out of the Junior Market IC TOP10 and was replaced by Express Catering. No stock moved in or out of the JSE Main Market ICTOP 10 this week. 
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market have PEs between 15 to 108, with an average of 28 and 20 excluding the highest PE ratios, and a PE of 23 for the top half of the market with the highest values and 17 excluding the stocks with overweight values.
With the decline in the price of NCB Financial, the stock is so close to the TOP10 and is now peeping in but could be a struggle before moving sustainably upwards. The demand for the stock is weak currently and the price could be trading in the $40 region. Technical reading suggests a $45 price is not far-fetched before in finding a bottom.
Guardian Holdings moved up on the JSE TOP10 listing, with earnings per share revised from $71 to $92 helped by a fall in the price at the close of the week. Price gain for Access Financial resulted in it moving from the 5th spot last week out of the list this week and Caribbean Assurance Brokers moved into the listing, following price slippage during the week.
In the Junior Market IC TOP10 are 10 stocks, or 21 percent of the market, with PEs ranging from 15 to 20, averaging 18, well above the market’s average. The average PE for the top half of the market is 17, possibly the lowest fair value measure for stocks currently.
In Junior Market ICTOP10, Consolidated Barkeries rose 14 percent to close at $3.85, Caribbean Cream gained 13 percent to $3.75 and tTech rose 5 percent to $2.50 following a switch in ownership of the company. Access Financial fell 9 percent to $19.95 followed by One Great Studio, down 7 percent to 77 cents.
The Main Market ICTOP10 is projected to gain an average of 312 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 207 percent over the same period.
ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
The Junior Market ICTOP10 closed with two stocks rising and two declining with notable losses. The Main Market has three stocks with notable gains and two losses of size. 
Iron Rock Insurance drops out of the TOP10 with trading in the stock suspended and is replaced by Dolla Financial that fell back in price during the week following the big month end run up last week.
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.
Other than the b moves in the TOP10, the market got some good news this past week. For one Jamaica Broilers reported positive full year results that were helped by a $2.3 billion one off gain, excluding those gains normal profits would have been in the order of $4.80 when taxes relating to the capital gains are excluded. The other positive news is that the Bank of Jamaica will officially start to ease the tight monetary policy pursued over the past three years. In reality, they commenced easing in early May, with CD rates falling from 11.59 percent in early April to mostly under 10 percent during June.
JMMB Group was the star performer in the Main Market TOP10, climbing 13 percent to $25.10 and Berger Paints was up 6 percent in closing at $8.52. Declining stocks are 138 Student Living and Pulse Investments dipping 6 percent to $3.86 and $1.50 respectively and Guardian Holdings dropped 4 percent to close at $345.
In the Junior Market IC TOP10 are 14 stocks, or 30 percent of the market, with PEs ranging from 15 to 53, averaging 21, well above the market’s average. The average PE for the top half of the market is 18, possibly the lowest fair value measure for stocks currently.
In a week when the Junior Market fell 1.72 percent and the Main Market was down 0.97 percent the ICTOP10 stocks ended with declining stocks outnumbering those rising. JSE Main Market had two winners and three losers of note and just two winners and four losers of note in the Junior Market.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 13.9 and the Junior Market TOP10 sits at 6.4, just over half of the market, with an average of 12.4.
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.