Investors’ attention turned to the Junior Market in both 2020 and 2021 as that market provided better values for stocks and therefore greater opportunities to make higher profits. Projected earnings of the listed companies suggest that the situation is unlikely to change in 2022.
The Main Market of the Jamaica Stock Exchange eked out a modest gain of 1.1 percent in the All Jamaica Composite index at the end of 2021, the index was 21.7 percent lower than the end of 2019.
The PE for the Main market is 14 times 2022 earnings compared to 16 based on 2021 earnings, that does not suggest a big uptick for the market with just a 14 percent increase expected in 2022 over 2021 that would push the index to 499,694 points, still well below the 559,853.26 points the market closed out 2019 at.
There are several stocks in the market, data suggest could more than double in 2022 and investor would be wise to not only pay attention but pick up some of these undervalued stocks in preparation for long term growth as the Jamaican economy rebounds and move into a new stage of long term positive growth that a number of these companies will benefit from.
Banks could be amongst the big performer as they shed the need for continued heavy provisioning of loans as well as grow their book of loans to deliver more income to profits. Added the increase in interest rates will help improve their net interest income.
ICInsider.com data indicates that there are 8 stocks that can double in the Main Market in 2022 into early 2023. 2021 finished with several stocks trading at or above 20 times earnings in the Main Market if that level of valuation continues into 2022 and is more widespread, then the gain in the market could exceed the above potential gains. In the final analysis, the market index is just a simple measure as to how the overall market is doing. It comes down to individual stocks that can do well and that is the case for ICInsider.com TOP15 stocks.
3 new ICTOP10 listings as Spur Tree exists
The Junior Market ICTOP10 stocks have three new listings in a week that saw Spur Tree Spices trading for the first time on Friday with the price climbing to $1.32 for a rise of 32 percent since the Initial Public offer at the end of 2021, there are no new Main Market listings.
Other stocks that were in the spotlight this past week were ones that lasted off to record new all-time highs and include AMG Packaging, Caribbean Assurance Brokers, Caribbean Producers and Dolphin Cove a TOP10 contender up to the week ending December 2, also hit a 52 weeks’ high of $23.50 this past week to be up more than 100% since it came into the top flight in August last year at $9.86.
With the rise in the price of Spur Tree Spices, the stock is one of four to move out of the TOP10, followed by Medical Disposables that 16 percent for the week and Caribbean Cream that reported terrible third quarter results with a loss being made in the period as revenues climbed 14 percent in the quarter. Coming into the TOP10 are Lumber Depot, Fontana and General Accident.
Junior Market, AMG Packaging rose a strong 45 percent, ahead of the first quarter results to November that showed profit after tax jumping a big 146 percent over 2020. Investors can expect more gains to come this coming week as the stock traded up $3.90 last week. Caribbean Assurance Brokers climbed to a new 52 weeks’ high during the week and closed $3.12 up 26 percent, Access Financial Services continues to seesaw and recovered 17 percent to $20 this past week and Elite Diagnostic gained 8 percent to $3.18.
The sharp price movements in the Junior Market reduced the potential gains markedly, with the average gains projected for the TOP 10 Junior Market stocks now 122 percent versus 148 percent last week.
The top three stocks are Access Financial Services followed by Lasco Distributors and Caribbean Assurance Brokers can gain between 124 and 160 percent, sharply down from 182 and 204 percent, previously.
Major Main Market TOP10 moving stocks are Caribbean Producers up 7 percent, to $15.99 and Radio Jamaica rallying 7 percent to $3.45 as increased buying interest came in for the stock.
The potential gains for Main Market stocks moved from 146 percent to this weeks’ 144 percent this week, with top three Main Market stocks being Guardian Holdings followed by JMMB Group and Radio Jamaica all projected to gain between 161 and 257 percent up from 199 and 258 percent last week.
The Junior Market closed the week, with an average PE of 14.7 based on ICInsider.com’s 2021-22 earnings and is currently well below the target of 20 and the average of 17 at the end of March this year based on 2020 earnings. 
The TOP 10 stocks trade at a PE of a mere 9.1, with a 38 percent discount to that market’s average.
The Junior Market can gain 36 percent to March this year, based on an average PE of 20 and 16 percent based on an average PE of 17. Eleven stocks representing 26 percent of all Junior Market stocks with positive earnings are trading at or above this level averaging 25.
The average PE for the JSE Main Market is 16.4, just 16 percent less than the PE of 19 at the end of March and 22 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8.5 representing a 48 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average roundabout 25, suggesting that the accepted multiple is between 20 and 25 times the current year’s earnings.
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.
Trading picks up on JSE USD market
Trading on Friday, climbed sharply by 105 times Thursday’s trade with 213,364 shares changing hands for US$35,831 in contrast to just 2,031 units at US$355 on Thursday at the close of the Jamaica Stock Exchange US dollar market, after the number of securities trading tripled the number on Thursday.
Nine securities traded, compared to three on Thursday with prices of two rising one declining and six trading unchanged. The JSE US Denominated Equities Index rose 0.83 points to end at 204.72.
The PE Ratio, a measure used to determine stock values, averages 12.7 at the close of trading on Friday. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year up to August 2022.
Trading averaged 23,707 units at US$3,981, compared to 677 shares at US$188 on Thursday and month to date averages 59,568 shares at US$3,226 versus 66,740 units at US$3,075 on the previous trading day. December averaged 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than their last selling prices and no stock with a lower offer.
In Trading, First Rock Capital USD share ended at 6.89 US cents, with 8,750 units trading, Margaritaville closed at 11.5 US cents with 55,150 shares changing hands, MPC Caribbean had an exchange of 27 stock units at $1.242, 
Proven Investments traded 122,129 units with the price rising 0.07 of a cent to 22.72 US cents. Sygnus Credit Investments lost 0.06 of a cent in closing at 12.4 cents with 4,277 shares changing hands, Sygnus Real Estate finished at 14 US cents trading 679 stock units and Transjamaican Highway traded 22,210 shares at 0.9 US cents.
In the preference segment, Eppley 6% exchanged just 3 units at 98 cents and JMMB Group 5.75% preference share gained 4 cents to close at US$2.14 with 139 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume surges pushing prices up
A big 442 percent surge in the volume of shares trading on Wednesday, pulled out 41 percent less funds than on Tuesday, as the close of the Jamaica Stock Exchange US dollar market ended with a pickup in the market index as six securities changed hands, up from four on Tuesday with four rising one declining and one ending unchanged.
The JSE US Denominated Equities Index rose 1.17 points to end at 205.04. The PE Ratio, a measure used in computing appropriate stock values, averages 12.7. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year up to August 2022.
Overall, 1,538,362 shares traded, for US$28,126 compared to 283,917 units at US$47,378 on Tuesday.
Trading averaged 256,394 units at US$4,688, compared to 70,979 shares at US$11,844 on Tuesday and month to date averaging 71,459 shares at US$3,286 versus 40,636 units at US$3,052 on Tuesday. December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows one stock ended with the bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital USD share ended with a loss of 0.03 of a cent at 6.89 US cents in switching ownership of 75 shares, Margaritaville advanced 2 cents to end at 11.5 US cents with 11,482 stocks crossing the exchange, Proven Investments climbed 0.01 cent of a cent in ending at 22.02 US cents 56,701 stock units changing hands. Sterling Investments popped 0.04 of a cent to 2.1 US cents with an exchange of 46,086 units and Transjamaican Highway rallied 0.03 of a cent to close at 0.9 US cents, with 1,423,718 stocks clearing the market.
In the preference segment, JMMB Group 6% remained at US$1.05 trading 300 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Volume down value up on JSE USD Market
Trading on Tuesday ended with the volume of shares changing hands declining 40 percent but with 164 percent greater value than on Monday, at the close of the Jamaica Stock Exchange US dollar market, resulting in a rise of the market index.
Trading ended with four securities changing hands, compared to six on Monday, with prices of two rising, one declining and one ending unchanged. The JSE US Denominated Equities Index gained 6.17 points to end at 203.87.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.4. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year up to August 2022.
Overall,283,917 shares traded for US$47,378 versus 473,373 units at US$17,944 on Monday.
Trading averaged 70,979 units at US$11,844 compared to 78,896 shares at US$2,991 on Monday and month to date an average of 40,636 shares at US$3,052 versus 36,843 units at US$1,953 on Monday. December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Capital USD share shed 0.03 of a cent in closing at 6.89 US cents after an exchange of 185 shares, Proven Investments rallied 0.01 of a cent to end at 22.01 US cents with the swapping of 117,127 stocks, Sygnus Credit Investments USD share gained 0.99 of one cent in ending at 13 US cents in exchanging 158,693 units and Transjamaican Highway ended unchanged at 0.87 of a US cent after trading 7,912 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Moderate trading for JSE USD Market
Trading continued on Monday with a moderate volume of shares changing hands on the Jamaica Stock Exchange US dollar market, resulting in more declining stocks having the edge over rising stocks at the close of market activity.
Six securities traded compared to five on Friday with prices of one rising, two declining and three ending unchanged. The JSE US Denominated Equities Index lost 3.95 points to end at 197.70.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.3. The PE ratio uses ICInsider.com earnings forecasts for companies with the financial year to August 2022.
A total of 473,373 shares were traded on Monday for US$17,944, down from 450,320 units at US$19,475 on Friday.
Trading averaged 78,896 units at US$2,991, compared to 90,064 shares at US$3,895 on Friday, with the month to date averaging 36,843 shares at US$1,953 versus 27,139 units at US$1,714 on the previous trading day. December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one stock with a lower offer.
At the close, First Rock Capital USD share rose 0.82 of a cent to 6.92 US cents trading 30,804 shares, 
Proven Investments ended unchanged at 22 US cents after trading 39,420 stock units, Sygnus Credit Investments USD share fell 0.99 of a cent in closing at 12.01 US cents after exchanging 15,750 stocks. Sygnus Real Estate Finance USD share remained at 14 US cents with 16,900 units changing hands and Transjamaican Highway shed 0.04 of a cent to close at 0.87 US cents in switching ownership of 370,199 shares.
In the preference segment, JMMB Group 6% finished unchanged at US$1.05 after 300 stock units crossed the market
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
ICTOP10 scaling new highs
Main Market TOP10 stock, Sagicor Group price fell to $52.31 to return to the TOP10 after closing the previous week at $58 and replaced by Scotia Group that slipped from $36 to $35.50 as both the Main and Junior Markets displayed some bullish signs in the past week, with Caribbean Producers hitting a record high of $15 and gained 436 percent in just over a year.
Sagicor Group back in ICTOP10.
Other big news for the week was the continued rise of ICTOP10 Main Market stock, Caribbean Producers that closed the week with a gain of 15 percent at a record high of $15 and is now in the sixth spot with the potential to gain another 120 percent in months. Radio Jamaica rose 7 percent for the week to $3.23 and Guardian Holdings rose 5 percent.
Junior Market AMG Packaging rose 6 percent but could climb higher with the first quarter results to November, due this coming week and the company is also expected to announce a dividend. Lasco Financial put on 7 percent to land at $3.20, Elite Dynastic gained 4 percent to $2.95, Caribbean Assurance Brokers climbed as high as $2.75 during the week but closed down at $2.48 for a 3 percent gain, and Access Financial Services fell 10 percent to $17.08 and Lasco Distributors lost 6 percent to $3.20.
Elsewhere, investors in the Spur Tree Spices Initial Public offer will receive just over 11.76 percent of the shares they applied for in the heavily oversubscribed issue that is sure to drive the stock price with a big bang in the first week of trading which should be ahead of the end of January.
The top three Main Market stocks, this week are Guardian Holdings followed by JMMB Group and Radio Jamaica all projected to gain between 199 and 258 percent up from 183 and 261 percent last week.
The Junior Market’s top three stocks for the week are Access Financial Services followed by AMG Packaging and Caribbean Assurance Brokers. All three can gain between 182 and 204 percent versus 174 and 218 percent, previously.
The average gains projected for the TOP 10 Junior Market stocks is 148 percent and Main Market stocks moved from 152 percent to this weeks’ 146 percent.
The Junior Market closed the week, with an average PE of 14.8 based on ICInsider.com’s 2021-22 earnings and is currently well below the target of 20 and the average of 17 at the end of March this year based on 2020 earnings. The TOP 10 stocks trade at a PE of just 8.2, with a 45 percent discount to that market’s average.
The Junior Market can gain 35 percent to March this year, based on an average PE of 20 and 15 percent based on an average PE of 17. Ten stocks representing 26 percent of all Junior Market stocks with positive earnings are trading at or above this level and averaging 25.
The average PE for the JSE Main Market is 16.4, just 16 percent less than the PE of 19 at the end of March and 22 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8.4 representing a 49 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average roundabout 25, suggesting that the accepted multiple is between 20 and 25 times the current year’s earnings.
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.
Coming soon 
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Volume rises on JSE USD market
Trading ended Friday, on the Jamaica Stock Exchange US dollar market with the volume of shares changing hands surging 417 percent and the value rising 148 percent higher than Thursday, resulting in more stocks rising than falling.
Five securities changed hands, compared to three on Thursday with prices of two rising, one declining and two left unchanged. The JSE US Denominated Equities Index lost 0.38 points to end at 201.65.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.3. The PE ratio is computed based on ICInsider.com earnings forecasts for companies with the financial year up to August 2022. Overall, 450,320 shares traded, for US$19,475 up from 87,172 units at US$7,865 on Thursday.
Trading averaged 90,064 units at US$3,895, compared to 29,057 shares at US$2,622 on the previous trading day. Trading month to date averages 27,139 shares at US$1,714 versus 12,157 units at US$1,195 on Thursday. Trading in December averaged 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and two stocks with lower offers.
At the close, First Rock Capital USD share ended unchanged at 6.1 US cents with an exchange of 4,898 shares, Proven Investments fell 0.5 of a cent in closing at 22 US cents trading 72,197 units, Sterling Investments remained at 2.06 US cents with 204 stock units changing hands Sygnus Credit Investments USD share inched 0.1 of a cent to 13 US cents trading 24 stocks and Transjamaican Highway gained 0.07 of a cent ending at 0.91 of one US cent in exchanging 372,997 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading slips on JSE USD market
Trading on Thursday, ended with the volume of shares changing hands falling 23 percent less with the value slipping 10 percent lower than on Wednesday, at the close of the Jamaica Stock Exchange US dollar market, resulting in three securities changing hands, versus six on Wednesday with none rising, two declining and one ending unchanged.
The JSE US Denominated Equities Index rose 4.45 points to end at 207.63. The PE Ratio, a measure used in computing appropriate stock values, averages 12.2. The PE ratio is computed using ICInsider.com earnings forecasts for companies with the financial year up to August 2022.
Overall, 87,172 shares traded, for US$7,865 versus 113,123 units at US$8,786 on Wednesday. Trading averaged 29,057 units at US$2,622, compared to 18,854 shares at US$1,464 previously traded and month to date an average of 12,157 shares at US$1,195 versus 9,340 units at US$957 on Wednesday. 
December ended with an average of 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows two stocks ending with the bid higher than their last selling prices and none with a lower offer.
At the close, First Rock Capital USD share fell 0.85 of a cent in closing at 6.1 US cents and trading 49,769 shares, Sygnus Credit Investments USD share declined 0.1 of a cent ending at 12.9 US cents after an exchange of 37,400 units and Transjamaican Highway ended unchanged at 0.84 of a US cent in exchanging 3 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading picks up on JSE USD market
Trading on Wednesday ended with the volume of shares changing hands rising 261 percent and the value increasing 187 percent higher than Tuesday at the close of the Jamaica Stock Exchange US dollar market, resulting in rising just being edged out by those falling.
Six securities traded down from eight on Tuesday with one rising, two declining and three ending unchanged.
The JSE US Denominated Equities Index lost 1.05 points to end at 203.18. The PE Ratio a measure used in computing appropriate stock values averages 12.4. The computation of the PE ratios uses earnings forecast by ICInsider.com for companies with the financial years ending up to August 2022.
Overall, 113,123 shares traded, for US$8,786 up from 31,355 units at US$3,063 on Tuesday. Trading averaged 18,854 units at US$1,464, compared to 3,919 shares at US$383 on Tuesday and month to date averages 9,340 shares at US$957 versus 4,584 units at US$703 on Tuesday. The average trade for December was 439,975 units for US$68,382.
Investor’s Choice bid-offer indicator shows two stocks ending with a bid higher than their last selling prices and one stock with a lower offer.
At the close, First Rock Capital USD share ended unchanged at 6.95 US cents after 1,176 sharescleared the market, Proven Investments remained at 22.5 US cents in exchanging 35,326 units, Sterling Investments shed 0.04 of a cent in closing at 2.06 US cents with the swapping of 1,135 stock units. Sygnus Credit Investments USD share gained 0.4 of a cent to 13 US cents with an exchange of 580 stocks, Sygnus Real Estate Finance USD share finished unchanged at 14 US cents with 90 shares crossing the market and Transjamaican Highway lost 0.06 of a cent to close at 0.84 of a US cent in exchanging 74,816 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.