Sagicor Group & CAC jump IC TOP 10

April 20, 2019 by

Sagicor Group traded 5m shares on the JSE main market on Friday.

Sagicor Group jumped to $45 at the close of the market for the past week, from $38.15 and CAC 2000 climbed to $12 from a $10 bid to exit IC Insider.com’s TOP 10 stocks.
Investors responded to the release of Sagicor’s 2018 full year results showing earnings of $3.65 per share, pushing the price higher while CAC price dropped too far at the end of the previous week and encouraged buying that pushed the price higher this week. Making way for the stocks moving on are, Sygnus Credit Investments in the main market and Lasco Manufacturing entering the Junior Market list.
Several Junior Market stocks suffered losses this past week, as the market pulled back more than 9 percent for the year to date up to Wednesday and created greater potential gains for a number of stocks.
The three leading Junior Market stocks for the coming week are Caribbean Producers with projected gains of 246 percent, Elite Diagnostic with potential gains of 245 percent and Iron Rock with potential gains of 243 percent.
Victoria Mutual Investments is now the top Main Market stock with 163 percent likely gain, followed by Radio Jamaica with 161 percent and Sterling Investments with potential to gain 153 percent.
 Wigton Windfarm, Jamaica’s latest initial public share offer that came to the market this past week remains at number 4 position on the stock list. The stock comes to the market at 50 cents per share and boast a PE of 8.3 times based on normalized earnings for the year to March 2019.
The main market, closed the week with the overall PE at 13 and the Junior Market at just 10. The PE ratio for Junior Market Top 10 stocks average 6.3 and the main market PE is now 8.3. These levels, point to the huge upside for the TOP 10 stocks over the next 12 months.
The TOP 10 stocks now trade at an average discount of 36 percent to the average for the Junior Market Top stocks and main market stocks trade at a discount of 37 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Projected earnings, for each company’s current fiscal year, are used in determining, the selected stocks. The PE for and projected earnings for each stock are computed to show potential gains for the year, which are ranked in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis as new information is received that can result in changes in and out of the list.

This report is compiled by persons who may have interest in the securities commented on.

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Wigton IPO weights on JSE trading – Tuesday

April 16, 2019 by

Wigton IPO over shadows JSE trading.

Investors focus on the Wigton Windfarm initial public share offer that opens this Wednesday, continue to cast a shadow over the rest of the market, leading to reduced trading with just 1,271,826 units valued at over $41,461,461 exchanged on Tuesday compared to 1,439,179 units valued at just $37,607,638 on Monday.
Reports are that more than 4,500 applications were in the system before close of trading on Tuesday for what is turning out to be well sort after shares in the first renewable shares offer to come to the market.
Trading on the main market of the Jamaica Stock Exchange ended Tuesday with the JSE All Jamaican Composite Index climbing 2,743.03 points to 419,854.02 and the JSE Index advancing by 2,492.67 points to 382,527.84.
At the close of the main and US markets, 33 securities traded, compared to 28 on Monday leading to 10 advancing, 14 declining and 9 closing unchanged.
Mayberry Jamaican Equities led with 276,530 shares, accounting for 22 percent of total main market volume, followed by Sagicor Real Estate Fund  with 146,545 units with 12 percent of the day’s trades and Scotia Group with a mere 120,670 units for 9 percent of volume traded.
Market activity ended with an average of 43,856 units valued at an average of $1,429,706 for each security traded, in contrast to 55,353 units at $1,446,448 on Monday. The average volume and value for the month to date amounts to 145,107 shares at $2,305,661 for each security, compared to 153,425 shares at $2,384,798 previously. Trading for March resulted in an average of 438,501 shares at $9,851,307, for each security traded.
IC bid-offer Indicator|The Investor’s Choice bid-offer indicator ended with the reading showing 7 stocks ending with bids higher than their last selling prices and just 1 closing with a lower offer.
In main market activity, Barita Investments lost $1.90 to close at $37.60, with an exchange of 5,231 shares, Caribbean Cement declined $1 to $65.50, with a mere 770 shares changing hands, Carreras fell 28 cents trading 91,573 units at $8.75, Jamaica Broilers climbed $1.80 to close at $33, with an exchange of 53,160 shares. Jamaica Producers fell $1.15, to close at $22.25, after trading 5,990 shares, Jamaica Stock Exchange gained 67 cents to close at $17.25, after trading 18,622 shares, JMMB Group  concluded trading 27,058 shares at $30.50, after gaining 50 cents, Kingston Wharves  dropped $2 to settle at $68, with 1,500 units changing hands. Mayberry Jamaican Equities  rose 90 cents trading 276,530 shares at $9.50, PanJam Investment  fell $2 and ended at $79 trading 10,830 units, Sagicor Real Estate Fund dropped $1.30 in an exchange of 146,545 shares to close at a 52 weeks’ low of $9, Seprod closed at $42 with a loss of 50 cents while trading 1,236 shares. Stanley Motta  gained 50 cents to end at $5, exchanging 986 shares, Supreme Ventures gave up $1 in finishing at $25, with 34,782 units changing hands Sygnus Credit Investments shed 60 cents in trading 13,800 units to close at $11.40 and Wisynco Group gained 29 cents trading 64,250 units, to close at $11.35.
Trading in the US dollar market ended with 34,592 units valued $12,596. Eppley 5% preference share, closed at 98 US cents with 5,292 shares changing hands and JMMB Group 5.75% preference share settled gained 1 cent and ended at US$2.05 trading1,000 shares, Proven Investments ended trading with 20,000 units at 23 US cents and Sygnus Credit Investments shed 2 cents in trading 8,300 units to close at 9 US cents. The JSE USD Equities Index lost 0.89 points to close at 178.39.

Filed Under: Feature Stories, JSE Main Market, Stock Market Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Watch Cement and Sagicor

April 15, 2019 by

Image courtesy of suphakit73/FreeDigitalPhotos.net


The past week saw stocks prices moving up and down with the announced initial Public offering of Wigton Windfarm, a pattern is likely to continue for a while.
The release of 2019 first quarter results could change the pattern for some stocks, with a few due for release before the end of April. Last week there was increased buying interest in Caribbean Cement, NCB Financial Group and Sagicor Group on Friday with the release of full year results for 2018. Investors should keep an eye on these, Wisynco, RJR, Seprod that remain attractive buys.
The Junior Market is being shaken up following the release of the prospectus for Wigton, as such there are no clear security to watch in this market during the week.

Filed Under: Stock Market, Stocks to watch Tagged With: , , , , , ,

The Lab, coming to a broker near you

April 13, 2019 by
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NCB Capital Markets is readying a number of new public share issues to come to market by the summer this year.
Numbered amongst them are, The Lab that styles itself as a fully integrated 100 percent Jamaican born and bred advertising agency with global reach and an island swagger. “We are a strategic, creative, passionate solutions oriented and no nonsense group with a heavy emphasis on getting stuff done.” Kimala Bennett is the company’s Managing Director. Clients include National Commercial Bank, JPS, Wendy’s, Dominos, Supreme Ventures, Wray and Nephew, Grace Kennedy, Caribbean Broiler and Digicel. Persons in the know say this is one of those IPOs to plan for, it unique and profitable. QWI Investments is another that NCB Capital Markets is readying to take to the Jamaica Stock Exchange main market by early summer.

Kimala Bennett, Managing Director of The Lab.

Another that will be coming to market is Sagicor Select Funds Limited an Exchange Traded Fund. According to a note in the Sagicor Group audited financial statements, “It is the intention of the company to apply to the Board of the Jamaica Stock Exchange for admission of the shares to trading on the main market if subscriptions of at least $5 billion are raised.”
The above will come on top of the current public offer of Wigton Windfarm that opens next week to raise $5.5 billion, earmarked to be paid over to the government after expenses associated with the offer.

Filed Under: Initial Public Offers, JSE Combined, Stock Market Tagged With: , , , , , , , , , , , , ,

Wigton storms into IC TOP 10

April 13, 2019 by

Wigton Windfarm is no 4 on IC Insider.com’s TOP 10

Wigton Windfarm, Jamaica’s latest initial public share offer that will come to the market this week, enters the number 4 position on the IC Insider.com’s TOP 10 main market stock list.
The stock comes to the market at 50 cents per share and boast a PE of 8.3 times, normalized earnings for the year to March 2019. IC Insider sees no great change in earnings going forward, until the present generating capacity for electricity expands.
With a new entrant to the top main market stock list, Grace Kennedy is now out of the top 10. The coming to market of this latest IPO seems to be having a negative impact on stock prices as investors gather funds to invest in what is proving to be a very popular issue. Reports reaching this publication is that a number of brokerage houses saw heavy traffic of applicants to purchase Wigton’s shares on Friday.
Several Junior Market stocks suffered losses this past week, as the Wigton IPO issue is about to open. Whether they are making a smart move or not will be known in a month or two.
Caribbean Cream slipped in price to $5.29 and Medical Disposables fell from $7.50 to $6.50 and moved back into the Junior Market TOP 10. Everything Fresh moved to $1.49 from $1.41 at the close of the previous week and Jamaican Teas closed at $4.05, up from the bid price of $3.50 to move out of the top tier of stocks.
The three leading Junior Market stocks for the coming week are Caribbean Producers with projected gains of 281 percent, Elite Diagnostic with potential gains of 238 percent and Iron Rock with potential gains of 224 percent.
Radio Jamaica is now the top Main Market stock with 163 percent likely gain, followed by Victoria Mutual investments with 153 percent and Sterling Investments with potential to gain 151 percent.
The main market, closed the week with the overall PE at 13 and the Junior Market at just 10. The PE ratio for Junior Market Top 10 stocks average 6.4 and the main market PE is now 8.2. These levels, point to the huge upside for the TOP 10 stocks over the next 12 months.
The TOP 10 stocks now trade at an average discount of 36 percent to the average for the Junior Market Top stocks and main market stocks trade at a discount of 37 percent to the overall market.
TOP 10 stocks are likely to deliver the best returns within a 12 months period. Projected earnings, for each company’s current fiscal year, are used in determining, the selected stocks. The PE for and projected earnings for each stock are computed to show potential gains for the year, which are ranked in descending order. Potential values will change as stock prices fluctuate and will result in movements of the selection in and out of the lists for most weeks. Earnings per share are revised on an ongoing basis as new information is received that can result in changes in and out of the list.

This report is compiled by persons who may have interest in the securities commented on.

Filed Under: Buy Rated Tagged With: , , , , , , , , , , , , , , , , , , , , , ,

Wigton Windfarm’s profit upgraded

April 10, 2019 by

Wigton IPO propectus is out.

Net profit for the nine months to December 2018 for Wigton ended at J$730 million compared to $1 billion reported in 2017 before taxation.
IC Insider.com now projects normalized earnings for the 2019 fiscal year between $600-700 million resulting in earnings per share of 6 cents. As earnings for the above periods, include foreign exchange gains and losses. Included in other income is $552 million to December 2018 of foreign exchange gains and in Finance cost, $748 million, in foreign exchange losses. With the company repaying the foreign currency loans, the main source of foreign exchange gains or losses no longer exits, hence the need to normalize results without them.
Based on the updated earnings, with the price of the stock at 50 cents each, the PE ratio is now
8.5, valuing the company at just $5.5 billion. The stock now sits at number 4 on IC Insider.com TOP 10 main market stocks, making it more attractive than the value based on the projection to March this year, included in the public bodies’ document.
“Wigton Windfarm IPO out very soon” an article published last week is running at the number one best read article on IC Insider.com and represents a clear sign of the popularity of the issue that opens on April 17.
IC Insider has now updated certain aspect of a second article, Wigton Windfarm IPO prospectus is out, carrying a more detailed look at the offer, and is proving to be quite popular but running well behind the first one currently.The lead broker for the IPO is Mayberry Investments.

Filed Under: Initial Public Offers Tagged With: , , , ,

Wigton Windfarm IPO prospectus is out

April 8, 2019 by

The long awaited prospectus for Wigton Windfarm is now available to the public, with an offer of 11 billion shares priced at 50 cents each. The offer will officially open on April 17 and scheduled to close at 4.30 pm on May 1.   
The company’s net energy output can only be sold to Jamaica Public Services Company, the country sole marketing entity, supplying energy to consumers. According to the government’s public bodies accounting records, the company projects profit of $587 million to the end of March this year, down from $826 million earned in 2018, helped by other income of $637 million versus just $52 million in 2018. The company generated sales revenue of $2.5 billion in 2019 and $2.36 in 2018. The annual growth in profit before finance cost is minimal grew just over 11 percent in 2015 and 2016 and a much slower 7 percent in 2017 and 2018, with a 6 percent decline in 2019.

Wigton IPO propectus is out.

In the nine months to December 2018 sales revenue was $1.95 billion compared to J$1.91 billion in the prior comparable period in 2017. Cost of Sales closed at J$544 million compared to J$535 million in the nine-month period for 2017. Gross Profit ended at J$1.4 billion compared to J$1.38 billion in 2017. Net profit for the nine months to December 2018 ended at J$730 million compared to J$1 billion reported in 2017.
Earnings for these periods, include foreign exchange gains and losses. With the company repaying the foreign currency loans, the main source of foreign exchange gains or losses no longer exits, hence the need to normalize results without them. IC Insider.com projects normalized earnings for the 2019 fiscal year between $600-700 million, resulting in earnings per share of 6 cents.
The company is heavily indebted with $6.3 billion of borrowed funds carrying interest rates of 6.65 percent to 8.4 percent with an average rate of just under 8 percent. Cash funds on hand amounts to $1.4 billion and equity of $2.4 billion. Current assets exclusive cash and payables are minimal. The company had borrowed most of it loans in US dollars, resulted in annual swings in net profit as the

Mayberry Investments is the lead broker.

exchange rate of the Jamaican dollar moved up and down. Loans in US dollars were paid off and the company raised Jamaican dollar funds, in preparation for the initial public offer.
The company’s generating capacity is 63 mega-watts. Wigton I Power Interchange Agreement expires in April 2024 and accounts for up to 20MW, Wigton II Power Purchase Agreement expires, December 2030 to supply up to 18MW and Wigton III Power Purchase Agreement ends in March 2036 for up to 24MW.
The price of the stock results in a PE ratio of just under 8.5, the company would be valued at just under $5.5 billion and sits at number 4 on IC Insider.com top 10 stocks. The big question that should be on investors minds, when will meaningful growth in revenues and profits come to justify holding the shares beyound what may well be an initial bounce.
The company directors are; Oliver Holmes, B.Sc., M.Sc. (Acct.) Non-Executive Chairman, Nigel B. Davy, B.T., J.P. Non-Executive Director, M. Georgia Gibson-Henlin, Q.C., B.A. LL.B. LL.M., F.C.I. Arb. Non-executive Director Hugh Johnson, Non-executive Director Gregory Shirley, B.A., M.B.A. Non-executive Director, Jacqueline Stewart-Lechler, J.P. Non-executive Director.

Filed Under: Feature Stories, Initial Public Offers Tagged With: , , ,

Up to $50m loan to buy Wigton shares

April 8, 2019 by

NCB Capital Markets will be providing investors up $50m in margin funding to assit with buying of Wigton’s shares in the IPO.

Investors in Wigton Windfarm initial public offer of shares will be able to access up $50 million in loan financing from NCB Capital Markets (NCBCM) to fund up to 50 percent of the purchase, NCBCM’s CEO Steven Gooden informed IC Insider.com.
The Wigton IPO, is generating lots of interest, amongst Jamaicans, residing locally and overseas and should pull in around $6 billion before expenses for the sellers, PetroJam. It will be one of the larger issues, to hit the Jamaican capital market.
In addition to providing margin funding to assist in purchasing the new IPO issue, NCBCM online portal, dubbed ‘GoIPO’ and created in conjunction with the Jamaica Central Securities Depository , will be available for their investors to use in making application for the shares. The application will allow investors with accounts at NCBCM, to easily fill out application forms as the system will automatically populate the form with the other information for persons with login access codes.
The GoIPO was born out of the major challenges that NCB encountered when they brokered the Wisynco IPO.
Investors with login codes can use them to access NCB system and access accounts that will fund the application. The system will be show the Wigton IPO application from which the appropriate application form is to be fill out. The required information will be the sum being invested. The system will compute the number of shares being applied for and the applicant will identify the account that the funds will come from.

Wigton IPO with propectus expected in a day or two.

Persons having no login code will have go online and fill in name, JSCD account number and TRN and enter the sum they are investing and method of payment as well as upload a photo ID to go with the application.
The new system will eliminate the need to visit a locations to deliver applications and significantly reduce errors associated with manual processing.
Of the GoIPO solution, platform is encrypted, providing security and confidentiality to users, who can access the digital portal once they have a JCSD number. Gooden said, too, that as selling agents of the IPO, NCBCM possesses the largest distribution channel within the broker space and clients who do not wish to apply digitally are encouraged to complete and return their forms to NCBCM locations islandwide.
NCBCM say that investors can apply through the NCB system to apply for shares to go into other brokerage accounts.

Filed Under: Company News, General Business News Tagged With: , , , , , ,

Cement still top stock to watch

April 8, 2019 by

Caribbean Cement traded at a new high of $73.90 recently.


Jamaican stocks continue to consolidate as they await some major price moving events to change direction. During the past week, Caribbean Cement make a gallant move to break out but selling pushed the price back to close at $60.61, after posting a high of $73.90. On Friday, it traded at $66 but sellers pushed it back lower by the close. 
Buying interest remains good for Carib Cement while selling seems a bit muted. With first quarter results due by the last week in April, investors could be positioning to get ahead of those results, expected to be well ahead of the 2018 profit. The stock could close higher during the week based on demand and supply.
Earlier in last week, NCB Financial looked as if it was going to move back to the $150 range with no offers below $150 for an extended period of trading. That never lasted as sellers entered, keeping the price in the $145 range. Other main market stocks to watch include, Barita Investments, Berger Paints, Jamaica Producers, Radio Jamaica and Wisynco Group that has some selling around the $12 level and my take some more time to move higher.
While there are stocks that are pregnant with possibility to move, the sideways movement of the market, seems set to continue this coming week. The situation will be made worse, with the pending Wigton Windfarm IPO, that should be coming the market this week, and will suck up approximately $6 billion, at around 50 cents per share.

Wigton IPO with propectus expected in a day or two could pressure existing stock prices.

The Junior Market is currently, supported by two major technical indicators, indicating a rising market ahead. One is a triple bottom that it is bouncing off and the other a triangle formation, both indicate a big breakout. The last time the market had a triple bottom was between March and July last year and the market gained more than 500 points after.
Junior Market stocks to watch this week and beyond include, Caribbean Cream with full year results due towards the end of April that could help the stock. Caribbean Producers supported by technical indicator suggesting a higher price down the road. General Accident currently at a PE of 15 times 2018 earnings but well below likely 2019 earnings. Investors continue to demand Elite Diagnostic stock at $3.20 or lower with sellers mostly wanting close to $3.50. Honey Bun is showing all the signs of moving higher. Fontana remains fluid at $4 level. Express Catering that will benefit from the double-digit upsurge in Tourist arrivals so far in 2019. Lasco Manufacturing was in the news with expansion of the storage facilities to accommodate increased production, the stock gained last week and could record further gains this coming week, regardless it one worth watch for longer term gains.

Filed Under: Stock Market, Stocks to watch Tagged With: , , , , , , , , , , ,

Wigton Windfarm IPO out very soon

April 1, 2019 by

Report reaching IC Insider.com is that the long awaited prospectus for Wigton Windfarm is due this week. The stock is set to come to the market at 50 cents each.
According to the government’s public bodies accounting records, “the divestment will be by way of listing PCJ’s 100 percent shareholding in WWFL on the Jamaica Stock Exchange.” The company is expected to report profit of $587 million to the end of March this year, down from $826 million earned in 2018. The 2018 earnings were helped by other income of $637 million versus just $52 million in 2018.
The company generated sales revenue of $2.5 billion in 2019 and $2.36 billion in 2018. Depreciation charge is high at nearly $700 million, this will result in a healthy cash flow per annum, allowing to either pay down debt or fund expansion from internally generated resourses and provide a basis of growing profits going forward.
The annual growth in profit before finance cost is minimal, growing just over 11 percent in 2015 and 2016 and a much slower 7 percent in 2017 and 2018, with a 6 percent decline in 2019.
The company is heavily indebted with $7 billion of borrowed funds, $1.4 billion in cash funds on hand and equity of $2.4 billion. Current assets exclusive of cash and payables are minimal. Borrowed funds were mostly in US dollars and resulted in annual swings in net profit, as the exchange rate of the Jamaican dollar moved up and down against the United States dollar. Loans that were previously denominated in US dollars, were swapped for Jamaican dollar funds, in preparation for the initial public offer.
The company’s generating capacity is 63 mega-watts with the output contracted to Jamiaca Public Seervice Company. Assuming a PE ratio of 10, the company would be valued at just under $6 billion.

Filed Under: Breaking News, Initial Public Offers Tagged With: , , , ,
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