Last week Tropical Battery surged right to the top of the ICTOP10 Junior Market listing with the company seems poised to earn $280 million for the current year, with earnings per share of 22 cents. Investors who pounced on the stock immediately after the release of the first quarter results before the price pulled, drive the price up in the holiday shortened week to close with a 32 percent gain at $2.30.
In a week when the Junior Market came back to life to close at a new record high on Friday, following a new record on Thursday, the market index closed on Friday over the 4,100 mark for the first time and ended at 4,168.16, with a 21.6 percent gain for the year to date. At the same time, the Main Market continues to consolidate around the 440,000 points level, on the All Jamaica Composite Index.
The EduFocal initial public offer to raise $130 million at $1 per share, opened and closed on Thursday morning, ICInsider.com was informed that preliminary data suggests that the offer attracted around twice the amount on offer, resulting in the early closure. Elsewhere, the Jamaica Stock Exchange is enjoying robust business in 2022 over 2021, which should deliver a big bump in revenues and profit for 2022 should the trend holds, accordingly, ICInsider.com now puts 2022 earnings for the first quarter above the 2021 full year’s earnings of 71 cents, with a possible $3 per share for the full year. Watch this one.
In TOP10 developments this week, returning to the Junior Market are Cargo Handlers with the price holding at $8.99 and Medical Disposables after the price slipped from $7.27 to $6.60 this week. Dropping out of the TOP10 this week are Caribbean Assurance Brokers with the price falling 23 percent to $2.50 as investors dumped the shares after the company reported a 47 percent increase in profit to 21 cents per share, but vastly down on the 33 cents per share reported in the nine months to September. The Main Market had three changes, with Caribbean Producers and Carreras returning to the Top10 to be joined for the first time by Transjamaican Highway and out goes Berger Paints, Jamaica Broilers and Sagicor Group.
During the week, the Junior Market TOP10 listed AMG Packaging fell 8 percent to $3.14 and in the Main Market, Proven Investments rose 9 percent followed by Berger Paints 6 percent and a 4 percent fall for Jamaica Broilers, but Guardian Holdings and Sagicor Group fell 5 percent
The Junior Market potential gains for the TOP 10 Junior Market stocks moved from 113 percent to 105 percent much lower than the Main Market at 124 percent. The top three stocks in the Junior Market are Elite Diagnostic followed by AMG Packaging and Lasco Distributors to gain between 121 and 126 percent, compared to 120 and 153 percent, previously.
The potential gains for Main Market stocks moved from 125 percent last week to this weeks’ 124 percent, with the top three being Guardian Holdings followed by JMMB Group and Sygnus Credit Investments all projected to gain between 161 and 193 percent versus 161 and 180 percent last week.
The average PE for Junior Market has surpassed the average of 17 times 2020 earnings achieved at the end of March last year in moving to 19.2 based on ICInsider.com’s 2021-22 earnings and is ahead of the JSE Main Market at 16.1. The TOP 10 stocks trade at a PE of a mere 9.8, with a 49 percent discount to that market’s average.
All the stocks in the Junior Market can gain just 4 percent to the end of March this year, based on an average PE of 20. About a third of Junior Market stocks with positive earnings
are trading at or above this level, averaging around 23.
The average PE for the JSE Main Market is 16.1 just 18 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 9.2 representing a 43 percent discount to the market, well below the potential of 20. Around 15 stocks or a thirty 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. The depressed PE of the main market may be indicating 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.
Tropical drops ICTOP10 with 32% rise
JSE USD Market closed higher on Friday
Trading on Friday ended on the Jamaica Stock Exchange US dollar market with the volume of shares changing hands declining 39 percent with 92 percent higher value than on Thursday, resulting in an even number of stocks rising than falling.
A total of seven securities traded compared to 11 on Thursday with three rising, three declining and one ending unchanged.
The JSE US Denominated Equities Index gained 1.66 points to end at 208.68.
The PE Ratio, a measure used to compute appropriate stock values, averages 14.4. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 195,986 shares traded, for US$54,608 compared to 321,171 units at US$28,484 on Thursday.
Trading averaged 27,998 units at US$7,801, compared to 29,197 shares at US$2,589 on Thursday and month to date averaging 28,321 shares at US$4,429 versus 28,447 units at US$3,118 on the prior trading day. February ended with an average of 87,719 units for US$9,318.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than the last selling prices and one stock with a lower offer.
At the close, First Rock Capital USD share rose 0.97 of a cent in ending at 7.98 US cents, with 1,050 shares crossing the market, Margaritaville fell 2.1 cents to 18 US cents in exchanging 1,900 stocks, Proven Investments rallied 0.95 of one cent in closing at 24.95 US cents after trading 96,033 units. Sygnus Credit Investments USD share popped 0.14 of a cent to end at 12.99 US cents, with 80,853 stock units crossing the exchange and Transjamaican Highway remained at 0.89 of one US cent, with 1,150 shares clearing the market.
In the preference segment, JMMB Group 5.75% lost 6 cents in closing at US$2.03 after trading 5,000 units and JMMB Group 6% declined 10 cents to US$1 with 10,000 stocks changing hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Surge in JSE USD securities trading
Trading on Thursday, ended with the volume of shares changing hands rising after trading 68 percent more than on Tuesday, at the close of the Jamaica Stock Exchange US dollar market, resulting in an even number of stocks rising and declining.
A total of 11 securities traded, compared to seven on Tuesday with three rising, three declining and five ending unchanged. The JSE US Denominated Equities Index lost 0.80 points to end at 207.02.
The PE Ratio, a measure used in computing appropriate stock values, averages 13.5. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 321,171 shares traded for US$28,484 up from 190,871 units at US$27,641 on Tuesday. Trading averaged 29,197 units at US$2,589, compared to 27,267 shares at US$3,949 on Tuesday and month to date averaging 28,447 shares at US$3,118. February ended with an average of 87,719 units for US$9,318.
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 slipped 1.39 cents to close at 7.01 US cents after 43,000 shares crossed the exchange, Margaritaville rose 2.1 cents to end at 20.1 US cents with 20,000 stocks changing hands, MPC Caribbean Clean Energy ended at US$1.26 after exchanging 1 unit. 
Proven Investments shed 0.97 cents in ending at 24 US cents with an exchange of 58,473 stock units, Sterling Investments lost 0.07 cents in closing at 2.3 US cents after 523 shares ended up crossing the market, Sygnus Credit Investments USD share remained at 12.85 US cents with the swapping of 10,000 stock units. Sygnus Real Estate Finance USD share rose 0.5 of a cent in closing at 15.9 US cents while exchanging 28,300 units and Transjamaican Highway finished at 0.89 of one US cent after exchanging 160,865 stocks.
In the preference segment, Equityline Mortgage Investment preference share gained 0.1 of a cent to close at US$2 in trading 3 stock units. JMMB Group 5.75% traded one unit at US$2.09 and JMMB Group 6% remained at US$1.10 in exchanging 5 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Positive March start for JSE USD Market
The volume of shares changing hands on Tuesday declined sharply by 89 percent, with an equivalent value as Monday’s as the Jamaica Stock Exchange US dollar market, with slightly more stocks rising than falling.
A total of seven securities traded, down from 11 on Monday, with four rising, three declining and none ending unchanged. The JSE US Denominated Equities Index rose 1.84 points to end at 207.82.
The PE Ratio, a measure used in computing appropriate stock values, averages 13.7. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 190,871 shares traded for US$27,641 versus 1,705,073 units at US$27,762 on Monday. Trading averaged 27,267 units at US$3,949, compared to 155,007 shares at US$2,524 on Monday. February ended with an average of 87,719 units for US$9,318.
Investor’s Choice bid-offer indicator shows no stock ending with the bid higher than the last selling price and four with lower offers.
At the close, First Rock Capital USD share popped 0.4 of a cent in ending at 8.4 US cents trading 4,789 shares, Margaritaville shed 2 cents to end at 18 US cents with 950 units changing hands, 
Proven Investments gained 0.97 of one cent in closing at 24.97 US cents, with 33,388 stocks clearing the market. Sterling Investments rallied 0.27 of a cent to close at 2.37 US cents after 5,059 stock units changed hands, Sygnus Credit Investments USD share declined 0.09 of a cent to 12.85 US cents with an exchange of 123,767 stock units, Sygnus Real Estate Finance USD share advanced 1.41 cents to 15.4 US cents in switching ownership of 19,088 shares and Transjamaican Highway lost 0.06 of a cent in closing at 0.89 of one US cent after exchanging 3,830 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading volume jumps on JSE USD Market
The volume of shares changing hands on Monday jumped 283 percent more than on Friday with the value dropping 58 percent lower at the close of the Jamaica Stock Exchange US dollar market resulting in slightly more stocks rising than falling.
A total of 11 securities were traded, up from seven on Friday with four rising, three declining and four ended firm. The JSE US Denominated Equities Index lost 2.00 points to end at 205.98.
The PE Ratio, a measure used to compute appropriate stock values, averages 14.6. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 1,705,073 shares traded, for US$27,762 compared to 444,902 units at US$66,249 on Friday. Trading averaged 155,007 units at US$2,524, compared to 63,557 shares at US$9,464 on Friday and month to date an average of 87,719 shares at US$9,318 versus 82,196 units at US$9,876 on the prior trading day. January ended with an average of 91,572 units for US$7,142.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share gained 1 cent to end at 8 US cents, with 1,569 shares crossing the market, Margaritaville lost 1 cent after ending at 20 US cents, with 33 stocks, changing hands MPC Caribbean Clean Energy finished at US$1.26, with 2 units crossing the market. 
Productive Business Solutions fell 9 cents to close at US$1.01 after exchanging 27 stock units, Proven Investments climbed 0.97 of a cent in closing at 24 US cents after trading 54,252 stock units, Sterling Investments remained at 2.1 US cents after the swapping of 832 stocks. Sygnus Credit Investments USD share dropped 0.01 of a cent to 12.94 US cents after exchanging 2,867 units and Transjamaican Highway popped 0.08 of a cent to end at 0.95 of one US cent in exchanging 1,645,477 shares.
In the preference segment, Equityline Mortgage Investment preference share ended unchanged at US$1.999 in switching ownership of 4 shares, JMMB Group 5.75% advanced 5 cents ending at US$2.09 after one stock unit crossed the exchange and JMMB Group 6% ended unchanged at US$1.10 after trading 9 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Tropical Battery tops ICTOP10
Tropical Battery surges to sit on top of the ICTOP10 Junior Market listing with the company seemingly poised to earn $280 million with earnings per share of 22 cents, more than five times 2021 full year earnings, with potential for the price to deliver gains of 153 percent as the stock helped in creating a complete overhaul of the TOP 3 stocks at the end of the week.
Tropical Battery heads the Junior Market ICTOP10.
In the past week, the Junior Market came back to life and clawed back much of the 226 points lost in the previous week while the Main Market continues to consolidate around the 440,000 points level, on the All Jamaica Composite Index.
The focus this past week was on the FJP Limited IPO that opened on Monday at $1 per share and closed on Tuesday, having been oversubscribed. As the FJP offer closed, up came the third new offer for the Junior Market in 2022, with the release of the EducFocal prospectus to raise $130 million at $1 per share, with the issue opening on March 3 and expected to close shortly thereafter.
In TOP10 developments this week, returning to the Junior Market are Tropical Battery with the price slipping from last week’s $1.79 to $1.74 and Medical Disposables after the price slipped from $7.27 to $6.60 this week. 
Leaving the TOP10 this week are iCreate and Cargo Handlers. The Main Market had one change, with Carreras moving out after hitting $8.90 and Jamaica Broilers coming in to replace it.
During the week, the Junior Market TOP10 listed Cargo Handlers surged 27 percent to $8.89, iCreate rose 28 percent to close at 77 cents, while Elite Diagnostic and Lasco Distributors both lost 9 percent to end at $3.30 and $3.63 respectively and Lasco Financial lost 8 percent to close at $3.30.
In the Main Market, Carreras rose 8 percent to close of $8.90 while Sagicor Group added 6 percent to end at $57, but 138 Student Living lost 5 percent to end at $5.20.
The Junior Market potential gain for the TOP 10 Junior Market stocks has moved up from 104 percent to 113 percent, much lower than the Main Market at 125 percent. The top three stocks in the Junior Market are Tropical Battery followed by Elite Diagnostic and Lasco Distributors to gain between 120 and 153 percent, compared to 109 and 129 percent, previously.
The potential gains for Main Market stocks moved from 122 percent last week to this weeks’ 125 percent, with the top three being Guardian Holdings followed by JMMB Group and Sygnus Credit Investments all projected to gain between 161 and 180 percent versus 165 and 185 percent last week.
The average PE for Junior Market has moved to 19.4 based on ICInsider.com’s 2021-22 earnings and is ahead of the JSE Main Market at 16.7. In the process, the Junior Market has surpassed the average of 17 that was achieved at the end of March last year. The TOP 10 stocks trade at a PE of a mere 9.5, with a 41 percent discount to that market’s average.
All the stocks in the Junior Market can gain just 3 percent to the end of March this year, based on an average PE of 20. About a third of Junior Market stocks with positive earnings are trading at or above this level, averaging around 23.
The average PE for the JSE Main Market is 16.9 just 12 percent less than the PE of 19 at the end of March and 18 percent below the target of 20 to March this year. The Main Market TOP 10 average PE is 9.1 representing a 46 percent discount to the market, well below the potential of 20. Around 17 stocks or a third 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 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.
Slippage for JSE USD Market Friday
The volume and value of stock trading on Friday on the Jamaica Stock Exchange US dollar market, declining by 38 percent and 90 percent respectively below trades on Thursday and resulting in declining stocks edging out those rising.
A total of seven securities traded on Friday, similar to Thursday, with two rising, three slipping and two ending unchanged, leaving the JSE US Denominated Equities Index down 1.07 points to end at 207.98.
The PE Ratio, a measure used in computing appropriate stock values, averages 14.6. The PE ratios use ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 444,902 shares traded, for US$66,249 compared to 717,581 units at US$690,333 on Thursday.
Trading averaged 63,557 units at US$9,464, compared to 102,512 shares at US$98,619 on Thursday and month to date an average of 82,196 shares at US$9,876 versus 83,223 units at US$9,899 on the previous day. January ended with an average of 91,572 units for US$7,142.
Investor’s Choice bid-offer indicator shows no stock ending with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share fell 1.95 cents to 7 US cents while exchanging 146,823 shares, Margaritaville popped 1 cent to 21 US cents, with 1,350 stock units crossing the market, Proven Investments increased 0.02 of a cent to end at 23.03 US cents after 172,163 units were traded. Sterling Investments declined 0.2 of a cent to close at 2.1 US cents after exchanging 502 stocks, Sygnus Credit Investments USD share ended unchanged at 12.95 US cents in switching ownership of 117,132 units and Transjamaican Highway dropped 0.01 of a cent in ending at 0.87 US cents after exchanging 6,928 stocks.
In the preference segment, JMMB Group 6% remained at US$1.10 with the swapping of a mere four shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
All round gains for JSE USD stocks
The volume of shares changing hands surged 472 percent and the value ballooned 937 percent higher on Thursday than Wednesday, at the close of the Jamaica Stock Exchange US dollar market, resulting in a pickup in the market index as advancing stocks outnumbered declining ones by a big margin.
Seven securities traded similar to Wednesday with five rising, one declining and one ending unchanged. The JSE US Denominated Equities Index climbed 6.27 points to end at 209.05.
The PE Ratio, a measure used to compute appropriate stock values, averages 14. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 717,581 shares traded for US$690,333, up from 125,545 units at US$66,575 on Wednesday. Trading averaged 102,512 units at US$98,619, compared to 17,935 shares at US$9,511 on Wednesday and month to date an average of 83,223 shares at US$9,899 versus 82,098 units at US$4,723 on the previous day. January ended with an average of 91,572 units for US$7,142.
Investor’s Choice bid-offer indicator shows no stock ending with a bid higher than the last selling prices and one stock with a lower offer.
At the close, First Rock Capital USD share climbed 1.45 cents 8.95 US cents after trading 4,700 shares, 
Productive Business Solutions popped 10 cents to US$1.10 in switching ownership of 612,721 stocks, Proven Investments gained 0.01 of a cent in closing at 23.01 US cents after exchanging 24,954 units. Sygnus Credit Investments USD share increased 0.15 of a cent to 12.95 US cents after finishing with 56,457 stock units changing hands, Sygnus Real Estate Finance USD share rallied 0.99 of a cent to close at 13.99 US cents while exchanging 11,480 stock units and Transjamaican Highway ended at 0.88 of a US cent with the swapping of 6,686 shares.
In the preference segment, JMMB Group 5.75% fell 6 cents to US$2.04 in an exchange of 583 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Slippage for JSE USD Market
Trading on Wednesday ended with the volume of shares changing hands declining, with 86 percent higher value than on Tuesday, at the close of the Jamaica Stock Exchange US dollar market, resulting in slightly more stocks rising than falling.
A total of seven securities traded, compared to nine on Tuesday with three rising, two declining and two ending unchanged.
The JSE US Denominated Equities Index slipped 0.99 points to end at 202.78.
A total of 125,545 shares traded, for US$66,575 compared to 146,802 units at US$35, 811 on Tuesday.
The PE Ratio, a measure used in computing appropriate stock values, averages 14.4. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 125,545 shares traded for US$66,575 compared to 146,802 units at US$35,811 on Tuesday. Trading averaged 17,935 units at US$9,511 compared to 16,311 shares at US$3,979 on Tuesday and month to date averages 82,098 shares at US$4,723 versus 86,072 units at US$4,42 on the previous day. January ended with an average of 91,572 units for US$7,142.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share ended unchanged at 7.5 US cents after trading 10,779 shares, Proven Investments remained at 23 US cents in exchanging 88,223 units, Sterling Investments lost 0.07 cents in ending at 2.3 US cents, with the trading of 600 stock units. Sygnus Credit Investments USD share dropped 0.03 of a cent in closing at 12.8 US cents, with 313 stocks crossing the market and Transjamaican Highway rose 0.01 of a cent to 0.88 of a US cent with an exchange of 3,946 stock units.
In the preference segment, JMMB Group 5.75% rose 1 cent to US$2.10 after exchanging 21,666 stocks and JMMB Group 6% popped 10.9 cents to end at US$1.10 in exchanging 18 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market falls
Trading on Tuesday, ended with the volume of shares changing hands declining 47 percent, with 23 percent less value than on Monday, at the close of the Jamaica Stock Exchange US dollar market, resulting in more stocks declining than rising.
A total of nine securities traded, down from 11 on Monday with one rising, four declining and four ending unchanged.
The JSE US Denominated Equities Index lost 1.90 points to end at 203.77.
The PE Ratio, a measure used in computing appropriate stock values, averages 14.4. The PE ratio uses ICInsider.com earnings forecasts for companies with financial years, up to August 2022.
Overall, 146,802 shares traded for US$35,811 compared to 279,179 units at US$46,660 on Monday.
Trading averaged 16,311 units at US$3,979, compared to 25,380 shares at US$4,242 on Monday and month to date averages 86,072 shares at US$4,427 versus 92,110 units at US$4,465 on the previous day. January ended with an average of 91,572 units for US$7,142.
Investor’s Choice bid-offer indicator shows no stock ended with a bid higher than the last selling prices and none with a lower offer.
At the close, First Rock Capital USD share remained at 7.5 US cents while exchanging 1,490 shares, 
Margaritaville finished at 20 US cents, with 353 stocks changing hands, Productive Business Solutions dropped 9 cents to end at US$1 after 26 units crossed the market. Proven Investments inched 0.01 cents higher in closing at 23 US cents after trading 39,728 stock units, Sterling Investments shed 0.01 cents to end at 2.37 US cents trading 3,939 shares, Sygnus Credit Investments USD share ended unchanged at 12.83 US cents with an exchange of 4,301 stock units and Transjamaican Highway fell 0.02 cents to 0.87 US cents in switching ownership of 84,153 stocks.
In the preference segment, JMMB Group 5.75% finished at US$2.09 in trading 11,180 units and JMMB Group 6% declined 10.9 cents to end at 99.1 US cents after exchanging 1,632 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
