Blog Page — Page 1201

Blue Power disappoints again

September 1, 2015 by IC Insider.com

For the six consecutive quarters, soap manufacturer, Blue Power, disappoints investors, with a fall in profit compared to the prior year’s results. For the three months to July this year, the company reported profit before tax of $21 million compared to $29 million in the same period last year, a fall of 28 percent.
Revenues for the period ended at $306 million that are up 8 percent from the $282 million for the same period last year and a big recovery from $260 million experienced during the poor April quarter.
The five-year tax-free concession the company enjoyed for listing on the junior market ended in April, resulting in an estimated tax liability of $2.19 million which reduces net profits to $18.60. The profit performance helped to generate gross cash flow from operations of $24 million versus $28 million in 2014.
While sales grew, gross profit fell and gross profit margin declined with the former falling to $64 million from $66 million and administrative and other expenses rose 14 percent to $46 million.
The contribution of Lumber Depot division to the before tax was $7.55 million and $6.09 million in 2014, while Blue Power division contributed $13.24 million and in 2014, profit of $22.6 million. Earnings per stock unit for the quarter fell from 51 cents to 33 cents.
Divisional sales had mixed fortunes with the lumber depot division enjoying an increase of $28 million to $212 million, while sales for the Blue Power division, declined by $3.5 million to $90 million in 2015 compared to July 2014 quarter. Sales for both divisions were higher in the July quarter than for April with the Lumber Depot sales also improved from $189 in April 2015 and Blue Power division from $71 million.

Blue Power jumped to a 52 weeks’ high of $14 on Monday

“We attribute some of the improvements in the Lumber Depot division to the whole range of changes made in the previous six months in terms of service, advertising, web site development, etc. In the Blue Power division, we resumed sales to one of our major customers while shipping a number of containers of laundry soap to Guyana,” Dhiru Tanna CEO said in a release with the financials.
Cash and equivalent has risen to $168 million from $156 million in 2014 and receivables declined to $74 million but Inventories jumped to $266 million from $220 million while loan financing amounts to just $8.7 million.
The stock which was previously given a BUY RATED grade lost it with the declining profits and no clear indication of a strong pick up in revenues to propel profits upwards to warrant a buy rating at this time.

Filed Under: Company News, Company Results Tagged With: Blue Power Group, junior market

J$ make slight gains on Monday

August 31, 2015 by IC Insider.com

Purchases by dealers of foreign currencies on Monday, resulted in the Jamaican currency selling rate making gains against the US dollar and the Canadian but slipping against the Pound sterling. The market closed with dealers buying the equivalent of US$50,144,764 in contrast to US$35,151,325 on Friday, while they sold the equivalent of US$46,892,333, previously US$38,752,539.
In US dollar trading , dealers bought US$45,236,465 compared to US$33,010,598 on Friday. The buying rate for the US dollar fell 20 cents to $117.18 and US$44,880,379 was sold versus US$36,624,907 on Friday, the selling rate eased by 1 cent to $117.86. The Canadian dollar buying rate rose 17 cents to $86.60 with dealers buying C$1,894,894 and selling C$1,171,602, at an average rate that fell 33 cents to $88.66. The rate for buying the British Pound climbed 88 cents to $179.30 for the purchase of £1,865,493, while £600,621 was sold, at an average rate that added 25 cents to end at $181.24. At the end of trading, it took J$132.27 to purchase the Euro, with a rise of 17 cents on Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.74, an increase of 46 cents on Friday’s rate. Other currencies bought, amounted to the equivalent of US$653,426, while the equivalent of US$206,879 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 5 cents to $118.30, the lowest buying rate remained at $96.23, the highest selling rate rose 5 cents to $123.37 and the lowest selling rate dropped $18.55 to $96.15. The highest buying rate for the Canadian dollar rose 65 cents to $89.80, the lowest buying rate fell 8 cents to $70.84 and highest selling rate rose 50 cents to $92. The lowest selling rate eased $1 to end at $84. The highest buying rate for the British Pound, climbed $1.70 to $183, the lowest buying rate declined by 49 cents to $145.71, the highest selling rate declined $2.78 to $187.84 and the lowest selling rate rose 55 cents to $175.55.

Filed Under: FX Market, Stock Market Tagged With: BOJ, British Pound, Canadian dollar, Daily Trading, FX Market, J$ vs euro, Jamaica dollar, Trading Activity, US Dollar

Only $10m traded on JSE on Monday

August 31, 2015 by IC Insider.com

NCB’s new Constant Spring Rd. branch. The company’s stock closed with a gain of 73 cents on Monday

The Jamaica Stock Exchange closed on Monday with main market indices declining again but advancing stocks were in the ascendancy. The market closed with 33 securities changing hands, resulting in 2,973,601 units trading, valued at $10,712,304, with 14 stocks rising, 6 declining and 2 junior market stocks closing at new 52 weeks’ high, in all market segments.
Unlike Friday when there were only 9 securities trading in the main and US dollar markets, Monday saw trading in 19 securities.
At the close, the JSE Market Index fell 334.02 points to 97,283.75. The JSE All Jamaican Composite index declined 373.34 points to 107,676.10 at support level on the downside and the JSE combined index added 227.26 points to end at 100,418.20.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had a reading that confirms that the decline in the market is ending.

Trading closed with a reading of 10 stocks with bids higher than their last selling prices, and 4 with offers that were lower, the same reading as on Friday.
In trading, Cable and Wireless rose just 1 cent with 1,764,685 units and closed at 46 cents. At the close, bids have built up with 159,000 units at 44 cents, at 43 cents, two bids form 779,586 units, and at 42 cents 710,209 units, 120,000 at 41 cents and 1,538,423 units at 40 cents. On offer between 46 and 52 cents, are 7 visible offers to sell 1,550,578 shares, IC Insider understands that there is an undisclosed amount at 46 cents. Grace Kennedy had 48,366 units changing hands at $64, Jamaica Broilers traded at $6.40 with just 2,500 shares

changing hands to gain 80 cents, JMMB Group traded 28,350 shares at $7.50, but lost 20 cents, National Commercial Bank traded 11,348 shares and closed with a gain of 73 cents at $28.75. Sagicor Group with 82,930 shares changing hands, closed at $13. Scotia Group traded 70,705 units to close with a gain of 60 cents at $24.36, Scotia Investments ended down 79 cents at $27 while only 1,000 units traded, Supreme Ventures ended with 21,362 stock units trading, with a gain of 2 cents to $3.42 and Proven Investments ordinary share, traded 23,350 units at 21 US cents for a loss of 1 US cent.

Filed Under: JSE Main Market Tagged With: Cable & Wireless, Daily Trading, Grace Kennedy, Jamaica Broilers, JMMB, National Commercial Bank, Proven, Sagicor Group, Scotia Group, Scotia Investments, Supreme Ventures

7 stocks up 3 down for juniors

August 31, 2015 by IC Insider.com

Add your HTML code here...

Blue Power jumped to a 52 weeks’ high of $14 on Monday

Trading picked finished on Monday with 896,833 units, valued at $2,532,872 changing hands from a total of 13 securities that traded. Only 3 stocks declined and 7 advanced with the junior market index gaining 9.69 points to close at 959.68.
At the close, 5 securities ended with no bids to buy, while 4 had no stocks being offered for sale and 4 stocks closed with bids higher than the last traded prices and none with the offer being lower.
Stocks trading are, Access Financial ended at $16.50 with a gain of $3.50 with 13,547 units changing hands, Blue Power rose $1.70 to a new 52 weeks’ high of $14 while 3,000 shares traded, Caribbean Cream ended with 300,018 shares changing hands at $2 for a 30 cents increase. Caribbean Producers traded 10,006 units at $2.51, for a decline of 9 cents, Consolidated Bakeries traded 17,950 shares at $1.20 after shedding 9 cents, Dolphin Cove

gained 85 cents to $13, while 62,000 shares traded, General Accident Insurance traded 30,000 units at $1.42, Honey Bun with 11,358 shares changing hands, closed with a gain of 25 cents at $4.25, for a 52 weeks’ high, Jamaican Teas had 4,149 shares trading, to close at $3.10, Lasco Distributors was up 8 cents to $1.70, with 224,468 units changing hands. Lasco Financial closed with 57,133 units trading to end at $1.65, after rising 1 cent, Lasco Manufacturing gained 10 cents in closing at $1.90 with 129,204 units changing hands and Medical Disposables traded 22,000 shares to close unchanged at $2.50.

Filed Under: Feature Stories, JSE Junior Market, Stock Market Tagged With: Blue Power, Caribbean Producers (CPJ), Consolidated Bakeries, Daily Trading, General Accident, Honey Bun, Jamaican Teas, Lasco Distributors, Lasco Financial, Lasco Manufacturing

31 seats for PNM poll suggests

August 31, 2015 by IC Insider.com

The voters in the twin island state of Trinidad and Tobago go to the polls on Monday, September 7 in general election to elect a new government with polls showing a possible massive victory for the main opposition party, the PNM. The incumbent, the People’s Party Coalition – United National Congress (PP/UNC) won the last election with 29 out of the 41 seats that makes up the parliament. A recent opinion poll shows the governing party trailing the main opposition party by a large percentage.
If the actual results of the elections are close to what the poll indicates, it would amount to a massive victory for the PNM, with approximately 54 percent to the (PP/UNC) 43 percent of the popular votes. The PNM is likely to garner 31 or 76 percent of the 41 seats up for grabs, IC Insider calculations show. Two of the 31 seats are very marginal and could go either way.
The recent poll was conducted by H.H.B. & Associates was carried out on behalf of Guardian Media Ltd. According to the poll results, the People’s National Movement (PNM) is leading the race in voter support with just eight days to go before the election with 37 per cent of respondents said the PNM, while 30 per cent said the PP/UNC. The undecided respondents accounted for 31 per cent, while two per cent said Independent Liberal Party.
The poll was conducted between August 22 and 28, through the regional corporations in Trinidad. A random sample of 1,000 persons were surveyed.

Filed Under: Breaking News, General Business News Tagged With: People’s National Movement, Trinidad and Tobago, UNC

Profit jumps 129% at Honey Bun

August 31, 2015 by IC Insider.com

Profit jumped 129 percent over the June 2014 quarter, after taxes for Honey Bun to $17 million for the June 2015 quarter and growth for the nine months period to $64 million versus $41 million, an increase of 58 percent, and cash flow from operation of $98 million from increased sales of 17.5 percent, to $672 million.
For the quarter sales grew 20 percent to $218 million from $181 million in 2014, whilst gross profit was up by a larger 24 percent. The company attributes the increase in sales to a strategic restructuring of the sales department. Gross profit margin increased to 45.5 percent up from 44 percent in the June quarter of 2015 versus 2014 and 44.9 percent for the nine months in 2015.
Export sales increased by 48 percent year to date. “The major increase in exports is as a result of our placement in ASDA stores in the UK” Michelle Chong, Chief Executive Officer said, in response to IC Insider.com enquiry, and is in keeping with the Company’s objective of increasing exports.
The problem in the past has been the last quarter with a tendency for lower sales and losses, is the company over this? “The company services a lot of schools and so the summer months are normally reduced due to the holiday season for July and August. We will always have this challenge but we have somewhat overcome a significant portion of it by way of the development of new products that are not directly geared for schools and by targeting other markets also. This has made a significant impact,” Chong stated in response to questions posed to her by IC Insider.com.
Last year there were problems and added cost in the distribution department, it appears that the company is over that for 2015 fiscal. “We have outsourced over 50 of the distribution that was costing us excessively very successfully and last year we were also suffering from 2 of our major distribution vehicles being out of service and so we had to pay a lot for other vehicles to service the deliveries. These critical vehicles are now back in service” Chong said.
Honey Bun would have enjoyed savings in electricity and flour cost with the reduction of prices of oil and wheat on the world market. Chong agrees and indicated, “yes but besides the reduced rates we have also undertaken significant energy conservation on our own. We have also commenced the first phase of a large solar energy project”.
Receivables remained static at $56 million over June 2014 figure while Inventories fell to $45 million from $51 for the same period while payables were up to $59 million from $55 million. The company ended the quarter with $72 million in cash and investments, borrowed funds of $38 million and equity of $363 million. During the fiscal year a dividend totalling $11 million was paid more than twice the $4.7 million paid in the prior fiscal year.
IC Insider’s project a slight loss in the final quarter ending September this year with earnings for the full year to end at 66 cents versus 68 cents reported for the three quarters to June and 43 cents for the fiscal year to September 2014.

Filed Under: Buy Rated, Company News, Company Results Tagged With: ASDA stores, Honey Bun, Michelle Chong

Securities trading jump on Monday

August 31, 2015 by IC Insider.com

Unlike last week Friday when only 8 securities traded after 75 minutes of the market’s opening, on Monday the number of stocks trading jumped to as 29 including 14 junior market stocks. Trading volume is a mere 477,223 units, with 6 stocks declining versus 11 rising.
Trading activity resulted in mixed fortunes for the indices with the main market one falling and the junior market increasing. The JSE Market Index fell 238.55 points to 97,379.22. The JSE All Jamaican Composite index gained 266.63 points to close at 107,782.81 and the JSE combined index lost 163.37 points to end at 100,482.09. The junior market gained just 6.80 point to close at 956.79.
The notable trades are Carreras trading at $50.30 with a gain of $1.30 but with only 1,000 shares, Jamaica Broilers with 2,000 units at $6.99 after jumping $1.39. From the junior market, Access made another big leap to $19 with a gain of $6 but with 13,840 units, Blue Power rose 70 cents to $13, Dolphin Cove gained 85 cents to $13, while 62,000 shares traded and Lasco Distributors was up 23 cents to $1.85 with 184,468 units.

Filed Under: JSE Main Market, Stock Market Tagged With: Blue Power, Carreras, Dolphin Cove, Jamaica Broilers, Lasco, Lasco Distributors

Polls suggest big win for T&T PNM

August 30, 2015 by IC Insider.com

The voters in the twin island state of Trinidad and Tobago go to the polls on Monday, September 7 in general election to elect a new government. The incumbent, the People’s Party Coalition – United National Congress (PP/UNC) has been in government since May 2010 is said to be trailing in recent public opinion polls conducted by H.H.B. & Associates Ltd for Guardian Media Ltd.
According to the poll results, the People’s National Movement (PNM) is leading the race in voter support with just eight days to go before the election, with 37 per cent of respondents said they would vote for the PNM, while 30 per cent said they will vote PP/UNC. The undecided respondents accounted for 31 per cent, while two per cent said they supported the Independent Liberal Party.
The poll was conducted between August 22 and 28 using a random sample of 1,000 person.
If the actual results of the elections are close to what the polls indicate it would amount to a massive victory for the PNM with approximately 54 percent of the to the (PP/UNC) 43 percent of the popular votes.

Filed Under: Breaking News, Feature Stories Tagged With: Independent Liberal Party, People's Party Coalition - United National Congress, People’s National Movement, PNM, T&T, UNC

Carib Flavours profit up – Now BUY RATED

August 29, 2015 by IC Insider.com

Ingredients input into Caribbean Flavours products

Focusing on the end results of Caribbean Flavours & Fragrances for the year to June 2015 with increased profit of 22 percent over 2014 would lead one to look elsewhere, but that would be a big error.
For while the nine months to March showed profit down marginally to $39 million from $40 million, profit for the March quarter was up 20 percent over March 2014 quarter but the June quarter increased by 143 percent to $18.77 million from just $7.6 million for June 2014.
The future much brighter that the past year, for the company that manufactures and distributes flavours mainly for the beverage, baking and confectionery industries and also sells food colouring and fragrances. The company audited financial statements show profit of $58 million or 64 cents per share versus $47 million or 56 cents in 2014, from sales that were up to $307 million from $255 million in 2014. It is the performance of revenues that is the most telling message to flow from the report that points to big improvement in profits to come. Revenues jumped 44 percent in the quarter to reach $96 million the best quarter by far for the financial year.

According to the company’s board, “the economic environment has allowed the company to grow its revenues and profits by securing new markets for fragrances and increasing the volume of sales of flavours to existing and new customers in foreign markets. Based on the outlook for the coming year, it is expected that the company will continue to improve its profits whilst increasing its market share in the domestic and overseas markets”.
IC Insider has projected profits for 2016 at $100 million or $1.10 per share with increased sales and improving profit margins.
Net asset value is $2.25 per share, with the price of the stock on the junior market trading at $2.55 for a PE of just over 3 and 2.3 based on the forecast, indicative of much upside price potential.

Filed Under: Buy Rated, Company News, Company Results Tagged With: Caribbean Flavours & Fragrances

More slipping of J$ on Friday

August 28, 2015 by IC Insider.com

Purchases by dealers of foreign currencies on Friday, resulted in the Jamaican currency selling rate continuing to slip against the US dollar and the Canadian but it rose against the Pound sterling. The market closed with dealers buying the equivalent of US$35,151,325 in contrast to US$26,734,325 on Thursday, while they sold the equivalent of US$38,752,539, previously US$31,646,639.
In US dollar trading , dealers bought US$33,010,598 compared to US$23,291,048 on Thursday. The buying rate for the US dollar rose 35 cents to $117.38 and US$36,624,907 was sold versus US$30,577,320 on Thursday, the selling rate inched up 9 cents to $117.87. The Canadian dollar buying rate fell 82 cents to $86.43 with dealers buying C$804,406 and selling C$979,253, at an average rate that increased 42 cents to $88.99. The rate for buying the British Pound dropped $1.78 to $178.42 for the purchase of £927,782, while £669,448 was sold, at an average rate that fell 76 cents to $180.99. At the end of trading, it took J$132.10 to purchase the Euro, with a fall of $2.12 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.28, a decline of $2.20 from Thursday’s rate. Other currencies bought, amounted to the equivalent of US$138,160, while the equivalent of US$360,382 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 12 cents to $118.25, the lowest buying rate gained 4 cents to $96.23, the highest selling rate rose 6 cents to $123.32 and the lowest selling rate jumped $18.26 to $114.70. The highest buying rate for the Canadian dollar fell 85 cents to $89.15, the lowest buying rate gained 20 cents to $70.92 and highest selling rate rose 34 cents to $91.50. The lowest selling rate eased 20 cents to end at $85. The highest buying rate for the British Pound, eased $1.70 to $181.30, the lowest buying rate declined by $1.66 to $146.20, the highest selling rate declined $1.98 to $190.62 and the lowest selling rate fell $2 to $175.