The Jamaica Stock Exchange Main Market closed higher at the close of trading on Monday as the JSE USD Market inched marginally lower but the Junior Market plunged 63 points, following a moderate rise in the volume of stocks traded with the value jumping above that on Friday.
At the close of trading on Monday, the JSE Combined Market Index popped 136.50 points to 329,091.28, the All Jamaican Composite Index jumped 2,334.48 points to 350,357.91, after shares of NCB Financial jumped $6.51 to $73.50, the JSE Main Index advanced 733.38 points to 315,732.62. The Junior Market Index rose 62.76 points to close trading at 3,765.99 and the JSE USD Market Index lost 0.10 points to 223.37.
Investors traded 31,517,364 shares in all three markets, versus 13,255,970 units on Friday. The value of stocks traded climbed on the Junior and Main markets to $149. 07 million from $118.38 million on Friday. The JSE USD market closed after 647,665 shares were traded, for US$35,342 up sharply from 126,524 units at US$3,325 on Friday.
In the preference segment, Jamaica Public Service 7% declined $8 and ended at $42.
The market’s PE ratio, the most popular measure used to determine the value of stocks, ended at 21.4 on 2022-23 earnings and 11.9 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily charts provide investors with regularly updated information to help decision-making.
The PE ratio chart covers all ordinary shares on the Jamaica Stock Exchange, grouped by industry, allowing for easy comparisons between the same sector companies and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Investors need pertinent information to successfully navigate numerous investment options in the local stock market. The ICInsider.com PE ratio chart and the more detailed daily report charts provide investors with regularly updated information to help decision-making.
Investors should use the chart to help make rational decisions when investing in stocks close to the average for the sector and not going too far from it unless there are compelling reasons to do so. This approach helps to remove emotions from investment decisions and place them on fundamentals while at the same time not being too far from the majority of investors. Investors who buy when the price of a stock is close to the average will find that they are not inclined to overpay for a stock.
The net asset value of each company is reported as a guide to quickly assess the value of stocks based on this measure. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends paid or payable and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume pertaining to the highest bid and the lowest offer for each company.
Profit climbs 22% at Stationery & Office Supplies
Profit climbed in 2023 at Stationery and Office Supplies an under the radar company until listing on the Jamaica Stock Exchange transformed it into one of the leading companies peddling office supplies in Jamaica. For the quarter ending September this year, profit after tax climbed 22 percent to $96 million from $79 million last year and for the nine months $294 million up 14 percent from $252.5 million.
The year-to-date figures include a gain on the sale of assets amounting to $7.1 million and $30 million in 2022 as such this year’s ongoing profit performance is greater than the net figures suggest.
Year to date, the operating profit before finance charges and gains or loss on the sale of fixed assets is up a solid 38 percent for the nine months and 12 percent for the quarter.
For the September quarter, revenues inched up from $473 million to $488 million. A fair bit of the slowdown is due to price discounts granted based on originally listed prices following falling input costs. For the year to date, revenues climbed 16 percent to $1.53 billion from $1.32 billion in 2022.
Administrative and general expenses rose 23.5 percent to $138 million from $112 million in the September quarter of 2022 and for the year to date, it climbed 20 percent to $378 million from $314 million. Selling and promotional costs fell to $29 million for the September 2023 quarter from $35.8 million last year, with the year to date figures being almost flat at $97 million in 2023 versus $96 million in 2022. Depreciation charges were slightly down from $8.7 million in the September quarter of last year to $8.4 million this year and year to date the numbers are flat at $26.4 million.
Earnings per share for the third Quarter was 4 cents compared to 3 cents in 2022 and for the nine months end September this year, 13 cents per share, up from 11.33 cents.
ICInsider.com projects 19 cents per share for the year, from revenues of just over $2 billion and 30 cents for 2024. The stock last traded at $1.72, with a PE of 8.9 times current year’s earnings, well below the market average of 12.
Operations produced cash inflows of $356 million, up from $259 million in 2022 and at the end of the period with a surplus of $189 million that brought the total to $320.8 million up from just $99 million at the end of September. The 2023 growth in Cash inflows is after spending $72 million on acquiring property, plant and equipment, $50 million in dividend payments and $40 million used in repaying loans. Some of the amount on hand is earmarked to fund the acquisition of properties to be used for storage to allow for continued expansion of the business.
Current assets closed the period at $1 billion, with Receivables rising from $194 million to $317 million and inventories at $349 million compared with $356 million in 2022. Current liabilities rose to $305 million from $148 million in 2022.
Shareholders’ equity stands at $1.35 billion which is up from $884 million from a year ago and borrowed funds used in its operations is only $65 million.
Going forward, the Seek manufacturing division is to get new machines to help meet growing demand as the current facility is said to be at its peak. The distribution of 3M stationery products has been added to the company’s line in the latter months of 2023 and will boost revenues in 2024, with a full year of sales.
JSE USD Market declines into the Weekend
Trading fell back on the Jamaica Stock Exchange US dollar market on Friday, compared with Thursday, with the volume of stocks changing hands declining by 59 percent and the value 37 percent lower, resulting in the trading of five securities, compared to four on Thursday with one rising, two declining and two ending unchanged.
Overall, 126,524 shares were traded for US$3,325 compared to 308,440 units at US$5,303 on Wednesday.
Trading averaged 18,075 units at US$475, versus 77,110 shares at US$1,326 on Thursday, with a month to date average of 28,374 shares at US$1,972 compared with 30,013 units at US$2,210 on the previous day. October ended with an average of 47,977 units for US$4,392.
The US Denominated Equities Index fell 4.00 points to end at 224.49.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.7. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and one with lower offers.
At the close of trading, Productive Business Solutions ended at US1.50 with 48 stocks crossing the market, Sterling Investments popped 0.3 of a cent to close at 1.78 US cents while exchanging 358 units, Sygnus Credit Investments inched 0.28 of a cent higher in closing at 7.23 US cents after 3,000 shares passed through the market and Transjamaican Highway dipped 0.01 of a cent to end at 1.62 US cents after trading 1112,820 stock units.
In the preference segment, Productive Business Solutions ended at US12.40, with 11 shares passing through the market
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rising stocks outshine decliners on Trinidad Exchange
Investors mostly pushed stocks higher in trading on the Trinidad and Tobago Stock Exchange on Friday, resulting in 19 securities trading compared with 17 on Thursday, with prices of seven stocks rising, only two declining and seven remaining unchanged as the market closed as the volume of stocks traded rose 43 percent and the value jumped 554 percent over Wednesday out turn.
Investors exchanged 335.666 shares for $2,934,595 compared to 329,768 stock units at $9,971,076 on Wednesday.
An average of 18,648 units were traded at $163,033 compared to 19,398 shares at $586,534 on Wednesday, with trading month to date averaging 12,166 shares at $186,672 compared with 11,217 units at $190,127 on the previous day. The average trade for October amounts to 15,711 shares at $151,451.
The Composite Index advanced 4.99 points to 1,199.46, the All T&T Index popped 10.46 points to conclude trading at 1,822.17, the SME Index remained unchanged at 79.99 and the Cross-Listed Index slipped 0.12 points to settle at 74.63.
Investor’s Choice bid-offer indicator shows seven stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Agostini’s climbed 50 cents to close at $67.50 as investors exchanged 23,845 units, Angostura Holdings had an exchange of 100 shares at $20.51, Ansa Merchant Bank rose 87 cents to $43.50 in switching ownership of 3,000 stocks, Ansa McAl closed trading of 300 shares after the price rose 5 cents to $54.05, First Citizens Group ended trading at $49.25 in an exchange of 10,697 stock units, FirstCaribbean International Bank ended at $7 after closing with an exchange of 174 shares, GraceKennedy popped 31 cents to $3.66 in trading 219 units. Guardian Holdings rallied by 10 cents to $1910, with 8,590 stocks crossing the market, JMMB Group ended at $1.41 with stakeholders exchanging 125,026 stock units, Massy Holdings added 2 cents to close at $4.49 after a transfer of 1,819 shares. National Enterprises remained at $3.55 after 2,503 stock units crossed the exchange, NCB Financial fell by 16 cents to $2.84 with a transfer of 5,640 units, National Flour ended at $1.63 after rising by 11 cents, with 147,325 stocks crossing the market. Prestige Holdings closed at $11.50 after an exchange of 350 shares, Republic Financial ended at $126 after 8,4625 stocks passed through the market, Scotiabank shed 23 cents to close at $72.52 with an exchange of 2,839 units. Trinidad & Tobago NGL ended at $12.50 after 14,198 stock units changed hands and Unilever Caribbean rose 1 cent and ended at $10.51 in an exchange of 1,920 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Profit rises at Jamaican Teas
Net profit attributable to Jamaican Teas for the September quarter more than doubled to $45 million from $21 million in the 2022 quarter. The net profit attributable to Jamaican Teas shareholders for the year was $237 million, an improved performance from the $194 million in the previous year, the group quarterly report released to the Jamaica Stock Exchange reveals.
Reduced administrative costs aided the improved performance.
Total operating revenues for the September quarter declined marginally from $655 million a year ago to $652 million and $2.7 billion for the year, up from $2.47 billion in 2022.
Earnings per share attributable to shareholders was 11 cents, up from 9 cents in 2022.
The group changed distributors in two important markets and appointed Wisynco as its exclusive local distributor effective November this year, as well as an Ansa McAl subsidiary as our exclusive distributor in Trinidad and Tobago, “these changes are expected to result in improved sales in the coming year, the report stated.”
Stockholders’ Equity rose to $2.96 billion from $2.66 billion in September 2022, with loan financing amounting to $735 million. Net current assets amount to $1.09 billion and investments of $2 billion.
The quarterly states, “the group has also taken decisions to increase our investment in additional machinery to better serve our customers and this is expected to enhance our capacity to meet current demand for some of our products.”
“The group has outgrown its capacity at Bell Road, resulting in us having to rent space at Montgomery Avenue in 2022. Accordingly, the company decided to acquire an existing factory in Temple Hall, St. Andrew and this purchase was concluded in October 2023. The property comprises some 60,000 square feet of factory buildings on about 3 acres of land. Relocation of our spice and dry pack facilities to the Temple Hall facility will commence by the end of Calendar 2023 and the tea factory will follow in 2024.“
“ As a result of the acquisition, the board is considering the sale of the Bell Road property. Combined with sale of the apartments at Belvedere, the possible sale of some of our investment properties and the changes of two of our manufacturing distributors, the Group expects increased sales revenue and improved liquidity in the new financial year commencing in 2024.”
Trading drops Thursday on JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Thursday, with the volume of stocks changing hands declining 30 percent, valued 91 percent lower than on Wednesday, resulting in the trading of four securities, compared to eight on Wednesday, with two rising, one declining and one ending unchanged.
Overall, 308,440 shares were traded for US$5,303 compared with 443,134 units at US$59,410 on Wednesday.
Trading averaged 77,110 units at US$1,326, versus 55,392 shares at US$7,426 on Wednesday, with a month to date average of 30,013 shares at US$2,210 compared with 25,303 units at US$2,299 on the previous day. October ended with an average of 47,977 units for US$4,392.
The US Denominated Equities Index popped 0.33 points to end at 227.49.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.7. The PE ratio is computed based on the last traded price divided by projected earnings done by ICInsider.com for companies with their financial year ending and or around August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Margaritaville ended at 12 US cents with 54 stocks crossing the market, Sterling Investments lost 0.1 of a cent to close at 1.75 US cents while exchanging 25 units, Sygnus Credit Investments inched 0.1 of a cent higher in closing at 9.1 US cents after 336 shares passed through the market and Transjamaican Highway rose 0.02 of a cent to end at 1.72 US cents after trading 308,025 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.