AS Bryden & Sons Holdings Ltd seems set to be the next listed company on the Main Market of the Jamaica Stock Exchange. The company, through its listing agents NCB Capital Market, posted an abridge financial statement on the JSE website on Monday, a sign that the listing will be in days, so far, there are no signs that is will list in Trinidad at the same time.
The company has shareholders” equity of TT$576.2 million of Jamaican J$13.25 billion as of June 2023 with total borrowings exceeding shareholders equity with long term loans of TT$285 million and medium term borrowings about two TT$534 million.
Current assets stand at TT$1.19 billion, with inventories and trade receivables amounting to TT$976 million and current liabilities at TT$576 million.
Sales revenue for the six months to June amounts to TT$1.18 billion with gross profit of TT$304 million, for a 25.7 profit margin. Pretax profit amounts at TT$74 million an after tax profit of TT$56 million.
Massey Holdings is trading around 10 times current year’s earnings if this is achieved by Bryden it would value the stock at J$12 billion or just a bit below book value.
The company focuses is on the distribution of fast-moving consumer goods (FMCG) and the sales divisions are grouped into three teams specialising in Premium Beverages, Food & Grocery, and Hardware & Housewares.
Seprod owns 54 percent of Bryden, which was acquired in 2022.
AS Bryden & Sons JSE listing imminent
More TTSE stocks rose than declined
Rising stocks dominated trading on the Trinidad and Tobago Stock Exchange on Tuesday, after trading occurred in 19 securities compared with 18 on Monday, and ended with prices of eight stocks rising, five declining and six remaining unchanged and, resulting in the volume of stocks traded rising 20 percent and the value climbing 42 percent more than on Monday.
Investors exchanged 282,937 shares for $2,364,755 versus 234,948 stock units at $1,661,450 on Monday.
An average of 14,891 shares were traded at $124,461 compared with 13,053 shares at $92,303 on Monday, with trading month to date averaging 15,711 shares at $151,451 compared with 15,751 units at $152,790 on the previous day. The average trade for September amounts to 21,948 shares at $198,506.
The Composite Index dropped 0.83 points to close at 1,194.04, the All T&T Index increased 3.13 points to settle at 1,824.90, the SME Index remained unchanged at 79.99 and the Cross-Listed Index skidded 0.71 points to close at 72.65.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Agostini’s shed $2.50 to end at $65 with investors trading 2,253 shares, Calypso Macro Investment Fund rallied 2 cents in closing at $22.52 after 20,000 stocks passed through the market, First Citizens Group fell 20 cents to end at $49.25 after 3,211 shares were traded. FirstCaribbean International Bank dipped 25 cents to close at $6.75 in an exchange of 1,304 stock units, GraceKennedy ended at $3.39 with shareholders swapping 8,800 shares, Guardian Holdings popped $1.33 to $19.99 after an exchange of a mere one unit. JMMB Group gained 1 cent to end at $1.41 in trading 46,700 stocks, L.J. Williams B share rose 4 cents in closing at $2.39, with 1,000 stock units crossing the market, Massy Holdings lost 1 cent and ended at $4.60 with an exchange of 168,455 shares. National Enterprises remained at $3.51, with 51 stock units crossing the market, National Flour Mills remained at $1.63 in an exchange of 50 stocks, One Caribbean Media ended at $3.89 after an exchange of 50 units. Prestige Holdings climbed 50 cents in closing at $11.50 with investors dealing in 14 shares, Republic Financial increased 1 cent to end at $118.75 after a transfer of 3,716 units, Scotiabank advanced 50 cents to close at $72.51 with investors exchanging 168 stocks. Trinidad & Tobago NGL popped 50 cents to $11.50 with a transfer of 20,067 stock units, Trinidad Cement dropped 2 cents to end at $2.93 as investors exchanged 3,191 shares, Unilever Caribbean remained at $10.60 in switching ownership of 3,421 stocks and West Indian Tobacco ended at $10.31 with traders dealing in 485 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Drop In JSE USD Market
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with the volume of stocks changing hands rising 315 percent but with a 54 percent lower value than on Friday, resulting in the trading of nine securities, compared to six on Friday with four rising, three declining and two ending unchanged.
Overall, 131,600 shares were traded, for a mere US$3,492 compared to 31,673 units at US$7,572 on Friday.
Trading averaged 14,622 units at US$388, versus 5,279 shares at US$1,262 on Friday, with a month to date average of 47,163 shares at US$4,258 compared with 49,625 units at US$4,551 on the previous trading day. Trading in September ended with an average of 73,281 units for US$5,102.
The US Denominated Equities Index lost 12.69 points to settle at 213.33, down 8.8 percent for the year to date.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.5. 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 between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Real Estate USD share remained at 4.37 US cents after an exchange of 1,000 stocks, Margaritaville gained 1.68 cents to close at 12.7 US cents, with one unit crossing the market, Productive Business Solutions dropped 15 cents to close at US$1.40 in an exchange of 51 shares. Proven Investments popped 0.1 of a cent in closing at 14.6 US cents, with 4,400 stock units crossing the market, Sterling Investments increased 0.1 of a cent to end at 1.7 US cents after an exchange of 710 shares and Transjamaican Highway lost 0.11 of one cent in closing at 1.54 US cents, with 125,038 units changing hands.
In the preference segment, JMMB Group 5.5% skidded 33.9 cents to US$1.65 after 250 stocks passed through the market, JMMB Group 5.75% ended at US$1.74 with investors transferring 140 stock units and Productive Business Solutions 9.25% preference share climbed 84 cents to close at US$12.40 in switching ownership of 10 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trinidad & Tobago Stock Exchange drops
The Trinidad and Tobago Stock Exchange dropped at the close of the market on Monday, with the volume of stocks traded declining 83 percent with the value 87 percent lower than on Friday resulting from trading in 18 securities compared with 19 on Friday, with two stocks rising, seven declining and nine remaining unchanged.
Investors exchanged 234,948 shares for $1,661,450, down from 1,423,065 stock units at $13,187,235 on Friday.
An average of 13,053 units were traded at $92,303 compared to 74,898 shares at $694,065 on Friday, with trading month to date averaging 15,751 shares at $152,790 compared with 15,884 units at $155,773 on the previous day. The average trade for September amounts to 21,948 shares at $198,506.
The Composite Index shed 6.99 points to conclude trading at 1,194.87, the All T&T Index dipped 13.02 points to close at 1,821.77, the SME Index remained unchanged at 79.99 and the Cross-Listed Index shed 0.07 points to end at 73.36.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and four with lower offers.
At the close, Agostini’s ended at $67.50 with shareholders swapping 88 units, First Citizens Group declined 55 cents to end at $49.45, with 989 stock units traded, FirstCaribbean International Bank ended at $7 with investors trading 3,802 shares, GraceKennedy ended trading of 109,377 stock units at $3.39. Guardian Holdings lost $1.34 to close at $18.66 with traders dealing in 600 shares, L.J. Williams B share dipped 4 cents to $2.35 in an exchange of 830 units, Massy Holdings fell 7 cents in closing at $4.61 after 10,784 stocks passed through the market. National Enterprises ended at $3.51 in trading 2,852 stock units, NCB Financial ended at $2.84 after exchanging 75,568 shares, One Caribbean Media skidded 4 cents to close at $3.89, with 250 stock units crossing the market. Point Lisas remained at $3.50 in an exchange of 1,137 units,
Prestige Holdings ended at $11, with 4,086 stocks passing through the market, Republic Financial rose 46 cents in closing at $118.74 after a transfer of 4,340 shares. Scotiabank shed 74 cents to close at $72.01, with 3,663 stock units crossing the exchange, Trinidad & Tobago NGL remained at $11 with investors dealing in 1,430 stocks, Trinidad Cement ended at $2.95 while exchanging 11,000 units. Unilever Caribbean dived 89 cents to end at a 52 weeks’ low of $10.60, with investors transferring 4,132 stocks and West Indian Tobacco rallied 31 cents to close at $10.31 after an exchange of 20 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Carib Cement Q3 profit jumps 60%
Caribbean Cement recorded a solid 48 percent increase in pretax profit to $2.6 billion, from $1.7 billion in 2022 for the third quarter, with the nine months at $5.6 billion, marginally lower than the $5.8 billion reported in 2022. After taxation of $617 million in the third quarter and $517 million in 2022, profit ended at $1.94 billion, up a healthy 60 percent from $1.2 billion in 2022. For the nine months of 2023, profit after accounting for taxation of $1.5 billion and $1.86 billion in 2022 ended at $4.39 billion, from $4.25 billion in 2022.
Earnings per share for the quarter was $2.28, up from $1.42 in 2022 and $5.15 versus $5 for the year to September.
Revenues jumped a robust 13.4 percent to $7.0 billion for the third quarter to September this year over the $6.2 billion in the 2022 period and were up 8 percent to $21.27 billion for the nine months to September 2023 compared to $19.68 billion in 2022.
While revenues were racing ahead, cost of sales remained flat during the third quarter at $3.48 billion against $3.42 billion in the September 2022 quarter, but it rose 18 percent in the year to date period from $10.8 billion in 2022 to $12.77 billion. Gross profit in the quarter jumped 28 percent from $2.75 billion to $3.5 billion in the September quarter and, for the year to date, declined from $8.85 billion in 2022 to $8.5 billion. Administrative expenses rose a significant 36 percent from $225 million in the September 2022 quarter to $304 million in 2023 and popped 17 percent from $695 million in the year to September 2022 to $811 million in 2023.
Notwithstanding the increase in revenues, distribution costs fell from $433 million in the September 2022 quarter to $354 million in the current year and moved from $1.2 billion down to $1.1 billion in the nine months to September.
Other expenses, mainly fees paid for management and royalty to the parent company that was flat year over year, rose to $254 million in the September quarter from $166 million in the prior year, and for the nine months, it was marginally down to $669 million from $680 million in the preceding nine month period.
Finance costs for the September quarter fell to $48 million, down from $154 million in the 2022 quarter and for the nine months, from $430 million to $142 million in the current fiscal year to September.
In relation to the cash flows, “Net cash provided by operating activities” was $5.7 billion for the nine months and $2.46 billion for the quarter. The cash flow generation during the quarter and the available cash at the beginning of the period have allowed the Group to invest $4 billion during the nine months of the year and $2 billion during the second quarter, leaving the company with $639 million in cash and bank balance at the end of the period.
As a result of the excellent performance, the company paid a dividend of $1.8976 per share, amounting to $1.6 billion, a 37 percent rise over the $1.17 billion paid in 2022 and resulting in Shareholders’ equity ending at $22.76 billion at the end of September, a sizable improvement over the $18.75 billion at the end of September 2022 and $20 billion at the end of December last year.
Total current assets ended at $10.67 billion as of September 2023, compared with $7.47 billion in 2022, with inventories being $4.68 million and $4.53 billion in 2022. Receivables from related parties amounted to $4.1 billion, up from $1.1 billion in 2022, with the 2023 balance including a deposit investment account of J$4 billion, the equivalent of US$26 million in CEMEX Innovation Holding Limited, which generates interest at a rate equal to the Western Asset Institutional Liquid Reserves Fund rate plus 30 basis points on a daily basis.
Total current liabilities stood at $7.1 billion, down from $8.2 billion in 2022. There was only $228 million in other financial obligations outstanding at the end of September, down from $1.89 billion at the end of September 2022.
Caribbean Cement “implementation of its requisite business strategies has been paying dividends as the company continues with expansion and the achievement of significant milestones. It also included the company’s ability to adequately supply the local market, having enough spare capacity to export 3,500 metric tonnes of high-early strength cement to the Turks and Caicos Islands. In the next quarter, the company expects to build on its current achievements and maximise its performance as it remains optimistic about its future. The company will also continue to undertake its flagship social impact initiatives of installing concrete pavements in certain communities across the island,” the company stated in their commentary on the results.
With ICInsider.com projected earnings at $7, the stock still has the potential to go higher from the current price of $50.32, with the current PE at just 7 times 2023 earnings compared to an average of 12 for the market. Not to be ignored are a few developments that augurs well going forward. The continuing expansion to hotel rooms and road expansion should ensure continued demand for cement for several years ahead. Immediately, the September quarter profit suggests that earnings in 2024 could exceed $9 per share if the current trend continues into 2024.
Trading plunged on JSE USD Market on Friday
Trading on the Jamaica Stock Exchange US dollar market ended on Friday, with the volume of stocks changing hands declining 86 percent valued 2 percent more than on Thursday, resulting in the trading of six securities, similar to that on Thursday and ended with one rising, three declining and two ending unchanged.
Overall, 31,673 shares were traded, for US$7,572 compared to 218,678 units at US$7,411 on Thursday.
Trading averaged 5,279 units at US$1,262, versus 36,446 shares at US$1,235 on Thursday, with a month to date average of 49,625 shares at US$4,551 compared with 51,979 units at US$4,725 on the previous day. September ended with an average of 73,281 units for US$5,102.
The US Denominated Equities Index rallied 0.42 points to end at 226.02.
The PE Ratio, a measure used in computing appropriate stock values, averages 8.4. 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 between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows two stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, MPC Caribbean Clean Energy dropped 2 cents to end at 54 US cents with 100 units being traded, Productive Business Solutions remained at US$1.55 with investors dealing in 155 stocks, Proven Investments fell 0.1 of a cent and ended at 14.5 US cents after 7,336 shares passed through the market. Sygnus Credit Investments skidded 0.3 of a cent in closing at 8.7 US cents with an exchange of 3,334 shares and Transjamaican Highway rose 0.03 of a cent to close at 1.65 US cents, with 17,937 shares clearing the market.
In the preference segment, JMMB Group 5.75% ended at US$2 as investors exchanged 2,811 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.