The Jamaica stock market is coming to the end of earnings season this week, with some results released from late July but the bulk of them are due this week. Some results will likely impact stock prices in the short run if they show sharp changes from prior periods. Junior Market TOP10 stocks suffered heavy losses while the Main Market TOP10 stocks enjoyed mostly gains.
The All JSE ICTOP10 are the ten most likely stocks to profit from listings on the JSE and had one change, with Access Financial gaining 16 percent and fell out All JSE TOP10 and was replaced by Consolidated Bakeries with a drop of 27 percent since the last report.
In the JSE Main Market ICTOP 10, General Accident gained 15 percent and fell out and was replaced by Pulse Investments, while Berger Paints jumped 23 percent to $7.38, before releasing positive six months results, Key Insurance was up 26 percent to $2.59 and Palace Amusement rose 5 percent to $1.15 and JMMB Group slipped 5 percent to $22.25.
In the Junior Market TOP10, Caribbean Assurance dropped 18 percent to $2.99 before the company released six months’ results showing a 38 jump in revenues for the second quarter with a loss for the quarter and for the half year and tTech dropped 19 percent to $2.31.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 13.9 and the Junior Market TOP10 sits at 6.2, just over half of the market, with an average of 12.2.
The Main Market ICTOP10 is projected to gain an average of 317 percent by May 2025, based on 2024 forecasted earnings and providing better values than the Junior Market with the potential to achieve 244 percent over the same period.
In the Main Market ICTOP 10, a total of 16 of the most highly valued stocks representing 31 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 21 excluding the highest PE ratios, and a PE of 23 for the top half and 17 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 7 stocks, or 15 percent of the market, with PEs ranging from 15 to 22.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market, but this is not always so. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks will likely deliver the best returns on or around May 2025 and are ranked in order of potential gains, computed using projected earnings for the current fiscal year. Expected values will change as stock prices fluctuate, resulting in weekly movements in and out of the lists. Revisions to earnings are ongoing, based on receipt of new information.
Persons who compiled this report may have an interest in securities commented on in this report.
Trading plunged on the JSE USD Market
Trading activity dived on the Jamaica Stock Exchange US dollar market on Monday, with an 85 percent drop in the volume of stocks exchanged, with an 81 percent lower value than on Friday, resulting in trading in seven securities, compared to five on Friday with prices of one rising, four declining and two ending unchanged.
The market closed with an exchange of 126,060 shares for US$3,535 compared to 861,865 units at US$18,856 on Friday.
Trading averaged 18,009 stock units at US$505 versus 172,373 shares at US$3,771 on Friday, with a month to date average of 50,271 shares at US$2,155 compared with 57,329 units at US$2,516 on the previous day and July that ended with an average of 30,304 units for US$2,118.
The US Denominated Equities Index fell 0.37 points to end the day at 221.44.
The PE Ratio, a most used measure for computing appropriate stock values, averages 7.9. The PE ratio is calculated based on last traded prices divided by projected earnings done by ICInsider.com for companies with financial year ending and or around August 2025.
Investor’s Choice bid-offer indicator shows three stocks ended with bids higher than their last selling prices and none with a lower offer.
At the close of the market, First Rock Real Estate USD share fell 0.3 of one cent in closing at 3.8 US cents after 23,385 shares passed through the market, 
Margaritaville remained at 8.4 US cents after a transfer of 103 stocks, MPC Caribbean Clean Energy rose 4.75 cents and ended at a 52 weeks’ high of 74.75 US cents with 13 shares crossing the market. Proven Investments skidded 0.19 of a cent to close at 10.81 US cents with traders dealing in 1,974 stock units, Sterling Investments sank 0.11 of a cent to finish at 1.64 US cents with 140 shares changing hands, Sygnus Credit Investments ended at 7 US cents with investors trading 9,591 stock units and Transjamaican Highway slipped 0.01 of a cent in closing at 1.99 US cents with 90,854 units clearing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Mixed trading for JSE Main Market
The Jamaica Stock Exchange Main Market closed higher on Monday, with a 32 percent fall in the volume of stocks traded valued at 52 percent more than on Friday, following trading in 57 securities compared with 56 on Friday, with prices of just 14 rising, 27 declining and 16 ending unchanged.
The market closed with an exchange of 7,412,487 shares at $47,727,836 compared with 10,938,538 units at $31,392,756 on Friday.
Trading averaged 130,044 shares at $837,330 compared to 195,331 units at $560,585 on Friday and month to date, an average of 341,224 units at $3,526,031 compared to 382,589 units at $4,052,684 on the previous day and July with an average of 602,415 units at $5,405,031.
Wigton Windfarm led trading with 3.50 million shares for 47.3 percent of total volume followed by Transjamaican Highway with 1.18 million units for 15.9 percent of the day’s trade and Kingston Wharves with 359,790 stocks for 4.9 percent market share.
The All Jamaican Composite Index rose 633.88 points to end at 351,430.31, the JSE Main Index rallied 139.96 points to 310,098.96 and the JSE Financial Index popped 0.38 points to end at 65.25.
The Main Market ended trading with an average PE Ratio of 14.1. The JSE Main and USD Market PE ratios are based on last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending around August 2025.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, General Accident slipped 94 cents to $6.35 after a transfer of 8,003 shares, Jamaica Broilers climbed $2.25 to $35.75 in switching ownership of 45,276 units, Jamaica Producers fell 96 cents to end at $24 after an exchange of 2,802 shares. Jamaica Stock Exchange declined 85 cents and ended at $10.13 with investors swapping 37,401 stock units, JMMB Group rose $1.75 to close at $24 with 99,530 shares clearing the market, Kingston Wharves rallied 50 cents to finish at $27.50 in an exchange of 359,790 stock units. 
Lasco Manufacturing shed 33 cents to $6.90 after 103,366 stocks passed through the market, Massy Holdings dropped $2.90 to end at $76, with 4,915 units crossing the exchange, Pan Jamaica popped $3.86 in closing at $49.97 with a transfer of 960 stocks. Proven Investments sank $1.05 to close at $16.54 after an exchange of 2,161 shares, Sagicor Group skidded $1 to finish at $40 with 10,575 stock units crossing the market, Scotia Group sank 40 cents and ended at $44.75 with an exchange of 160,052 units and Seprod dipped $2.35 to $79.90 after trading 12,981 shares.
In the preference segment, Eppley 7.25% preference share lost 30 cents to close at $19.50 as investors exchanged 646 stock units, Jamaica Public Service 7% shed $1.77 in closing at $46.23 in trading 318 units and Sygnus Credit Investments C10.5% dropped $3.90 to end at $104 after closing with an exchange of 3,380 stocks.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Losses dominate Junior Market
Twenty six stocks declined in trading on the Junior Market of the Jamaica Stock Exchange on Monday with just eight rising and seven closing unchanged with most of the movements being less than 5 cents, with market activity resulting in a 7 percent decline in the volume of stocks traded, with 50 percent more value than on Friday with trading in 41 securities compared with 42 on Friday. 
At the close of the market, Elite Diagnostic ended at a 52 weeks’ low of $1.38 after trading at an 52 weeks’ intraday low of $1.10, and ended with limited buying interest up to $1.10.
Market activity closed with trading in 8,838,672 shares valued $16,421,905 versus 9,533,159 units at $10,940,443 on Friday.
Trading averaged 215,577 shares at $400,534 compared with 226,980 units at $260,487 on Friday with the month to date, averaging 239,205 units at $405,920 compared to 243,796 stock units at $406,966 on the previous day and July with an average of 358,542 units at $736,760.
ONE on ONE Educational led trading with 2.86 million shares for 32.3 percent of total volume followed by Jamaican Teas with 1.63 million stocks for 18.4 percent of the day’s trade and Omni Industries with 844,879 units for 9.6 percent market share.
At the close of trading, the Junior Market Index dropped 38.41 points to conclude trading at 3,590.34.
The Junior Market ended trading with an average PE Ratio of 12.1, based on last traded prices in conjunction with earnings projected by ICInsider.com for financial years ending around August 2025.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Caribbean Assurance Brokers rallied 49 cents in closing at $3.48 in switching ownership of 4,730 stock units, following release of six months results with a loss but with revenues surging by 38 percent in the second quarter. 
Dolla Financial popped 5 cents to $2.80 with investors trading 579,235 shares, Honey Bun dropped 25 cents and ended at $8.25 after an exchange of 54,082 stocks. ISP Finance increased $1.99 to close at $22.99 2,216 stock units crossing the market, Jamaican Teas sank 18 cents to end at $2.25 in an exchange of 1,627,098 shares, Limners and Bards dipped 9 cents to finish at $1.23 after closing with an exchange of 43,298 units. Main Event lost 98 cents and ended at $11 with a transfer of 41,006 stocks, MFS Capital Partners slipped 5 cents to 62 cents, with 11,279 stock units changing hands and Tropical Battery sank 6 cents in closing at $2.21 after an exchange of 296,149 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Main Market rise Junior and USD markets fall
The Main Market of the Jamaica Stock Exchange rose moderately in trading on Monday, while the Junior Market dropped and the JSE USD market closed moderately lower as trading ended with the number of stocks changing hands falling, with a higher value over the previous trading day, resulting in prices of 20 shares rising and 50 declining.
At the close of trading, the JSE Combined Market Index dropped by 138.20 points to close at 322,290.13, the All Jamaican Composite Index climbed 633.88 points to 351,430.31 and the JSE Main Index rallied 139.96 points to finish at 310,098.96. The Junior Market Index dropped 38.41 points to end at 3,590.34 and the JSE USD Market Index slipped 0.37 points to 221.44.
At the close of trading, 16,377,219 shares were exchanged in all three markets, down from 21,329,562 units on Friday, with the value of stocks traded on the Junior and Main markets amounted to $64.15 million, well over the $42.33 million on the previous trading day and the JSE USD market closed with an exchange of 126,060 shares for US$3,535 compared to 861,865 units at US$18,856 on Friday.
In Main Market activity, Wigton Windfarm led trading with 3.50 million shares followed by Transjamaican Highway with 1.18 million units and Kingston Wharves with 359,790 shares.
In Junior Market trading, ONE on ONE Educational led trading with 2.86 million shares followed by Jamaican Teas with 1.63 million stocks and Omni Industries with 844,879 units.
In the preference segment, Jamaica Public Service 7% shed $1.77 to end at $46.23 and Sygnus Credit Investments C10.5% dropped $3.90 to end at $104.
The market’s PE ratio, the most popular measure used to value stocks, ended at 19 on 2023-24 earnings and 13.2 times those for 2024-25 at the close of trading. ICInsider.com PE ratio chart and 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 within a sector and the overall market. The EPS & PE ratios are based on 2023 and 2024 actual or projected earnings, excluding major one off items.
Pertinent information is required to navigate numerous investment options successfully in the stock market. The ICInsider.com PE ratio chart and more detailed daily charts provide investors with regularly updated information to help decision-making.
The chart should be used in making rational decisions when investing in stocks close to the average for the sector, 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 incorporated into the chart. Investors can use this measure in assessing stock values. The chart also shows daily changes in stock prices and the percentage year to date price movement based on the last traded prices.
Dividends that are paid or are due to be paid and yields for each company are shown in the Main and Junior Markets’ daily report charts, along with the closing volume of the highest bid and the lowest offer for each company.
Steady trading in Trinidad
The Trinidad and Tobago Stock Exchange closed on Monday, with mixed results following a 9 percent fall in the volume of stocks traded with the value just slightly higher than at the close on Friday resulting in 21 securities trading up from 16 previously and ending with prices of five stocks rising, seven declining and nine ended firm and resulting in mixed results in the market indices.
The market closed with trading of 94,688 shares for $803,804 versus 103,671 stock units at $802,991 on Friday.
An average of 4,509 shares were traded at $38,276 compared to 6,479 units at $50,187 on Friday. Trading for the month to date averages 16,405 shares at $84,140 down from 18,718 units at $93,059 on the previous trading day and an average for July of 12,380 shares at $139,960.
The Composite Index popped 3.38 points to 1,103.04, the All T&T Index skidded 3.86 points to 1,640.68, the SME Index remained unchanged at 78.26 and the Cross-Listed Index rose 1.56 points to 73.87.
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 of trading, Agostini’s ended at $68.95 after an exchange of 63 shares, Angostura Holdings had trading of 958 stocks at $18.06, Ansa McAl ended at $63 with investors swapping 27 shares. Calypso Macro Investment Fund closed at $24.22 after 12 stock units passed through the market, First Citizens Group rallied 25 cents to $43.25 in trading 1,881 shares, FirstCaribbean International Bank popped 19 cents to $7.05, with 170 stocks changing hands. GraceKennedy ended at $3.75 after an exchange of 100 units, Guardian Holdings fell 73 cents to finish at $14.50 with investors trading 5,611 stocks, Guardian Media dipped 10 cents and ended at $1.65 in switching ownership of 776 units. JMMB Group sank 5 cents in closing at $1.05 with traders dealing in 27,966 stocks, Massy Holdings declined 5 cents to end at $3.55 with 26,579 shares crossing the market, National Enterprises lost 1 cent to close at $3.14 after a transfer of 19,128 stock units.
NCB Financial remained at $3 with investors trading 100 shares, One Caribbean Media sank 46 cents to $3.20 with an exchange of 100 stock units, Prestige Holdings remained at $10.98 after 93 stocks crossed the market. Republic Financial slipped $1.98 and ended at $113 after an exchange of 2,470 units, Scotiabank rallied 9 cents to close at $59.69 in trading 1,741 shares, Trinidad & Tobago NGL rose 1 cent to $6.26 and closed after 5,584 stocks were traded. Trinidad Cement advanced 2 cents to end at $2.98 with a transfer of 90 units, Unilever Caribbean ended at $10.75 as investors exchanged 22 stock units and West Indian Tobacco ended at $7.50 after trading of 1,217 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Mixed week for Trinidad stocks with attractive prices
Things were relatively stable in Trinidad with the market indices suffering a mild shrinkage for the week as the prices of 8 stocks rose and 11 fell, leaving quite a number attractively valued with potential for solid gains ahead.
Big movers for the week are Ansa McAl up $3, followed by Republic Bank with a rise of $2.38 and Endeavour Holdings. Ansa Merchant Bank fell by $1, First Citizens went down by $1 and Prestige Holdings 52 cents.
Stocks that are extremely undervalued include First Caribbean, Guardian Holdings, Republic Financial and Trinidad Cement.
Eric Solis Marketing IPO nicely priced
Eric Solis Marketing, a Trinidad and Tobago based small enterprise offered 2.75 million ordinary shares to the public of T&T in an initial public offer at TT$4 each. The issue represents 33% of the issued ordinary shares and is offered as an IPO. A successful issue will result in the parent company remaining as the majority shareholder.
The offer opened on the 16th of July and is scheduled to close at the end of last week, at the discretion of the Company, but no later than one year and twenty days from the effective date of the distribution statement. The shares will be listed and registered on the small & medium enterprise (SME) market (the ‘SME Market’) on the Trinidad & Tobago Stock Exchange. The issue is underwritten by NCB Merchant Bank TT, with the company receiving the proceeds.
The proceeds will be used to procure equipment and consumables for sale or rent to its customers. Acquire new lines of business and help avoid substantial interest charges from key suppliers.
According to the prospectus, SOLIS is a notable supplier of multifunction printers (MFPs) and managed print solutions, years ago. The Office Authority, the Ultimate Parent acquired it to strengthen its servicing portfolio. This strategic acquisition was driven by the understanding that SOLIS’ offerings would complement the suite of services provided by parent company at that time.
The core operations involve sales, rental, and servicing of multifunction printers (MFPs), photocopiers, and other business equipment for companies predominantly located in Trinidad and Tobago. The industry encompasses a structure in which the manufacturers, primarily based in Japan or the USA, appoint authorised dealers on a country or regional basis to manage their respective territories. “As an authorised dealer, SOLIS has established itself as a reputable representative for seven renowned international brands, including Konica Minolta, Lexmark, HP, Risograph, Brother, Papercut, and Fellowes. The company has installed, serviced and maintained thousands of machines across several governments.”
At the date of the Prospectus, the total issued share capital was 5,583,333 ordinary shares. Shareholders’ equity ended at the close of April at $17 million, the company’s Management accounts show. Current assets stood at $21 million with Current Liabilities at $6.7 million.
The company reported a profit of $2.7 million for the year to April 2024 after the provision of tax of $1.27 million from a profit of $1.83 million after tax of $900,000 in 2023 and just $193,568 in 2022. Revenues fell from $28 million in 2023 to $27.55 million in 2024 and declined in 2022 to $20.46 million from $26.36 million in 2021.
Profit in 2024 was helped by a sizable fall in Administrative expenses to $3.85 million from $5 million in 2023 and is well down from $7 million in 2021. The change is due mainly to an adjustment made to management fees charged by the parent company from $3.3 million to $1.5 million in 2024, which the company states will be the amount chargeable in the future.
The company projects revenues of $25 million for fiscal year 2025 and a profit of $7.3 million excluding taxation with a gross profit of $13 million. Net asset value is $3.07 based on the management accounts to April 30, 2024.
Sharp fall in tourist arrivals to Jamaica
Stopover tourist movements plunged 13.7 percent at the Sangster International Airport in Montego Bay, with the passage of hurricane Beryl disrupting travel activity at the beginning of the month and made worse with the closure of Sangster’s International Airport being closed for a limited period.
The month ended with 443,400 passengers down from 513,700 in 2023 with the year to date inching up by a mere 0.5 percent to 3.186 million from 3.171 million in 2023.
Passenger movement through Kingston’s Norman Manley Airport dipped 2.3 percent to 177,600 from 181,700 in 2023 and for the year to date it fell 2.3 percent to 988,200 from 1.011.3 million.
Trading surges on JSE USD Market
The Jamaica Stock Exchange US dollar market closed on Friday, with a 1,872 percent surge in the volume of stocks traded with a 420 percent jump in value over Thursday, resulting in trading in five securities, down from seven on Thursday with prices of one rising, two declining and two ending unchanged.
The market closed with an exchange of 861,865 shares for US$18,856 compared to 43,698 units at US$3,627 on Thursday.
Trading averaged 172,373 stock units at US$3,771 versus 6,243 shares at US$518 on Thursday, with a month to date average of 57,329 shares at US$2,516 compared with 36,024 units at US$2,283 on the previous day and July that ended with an average of 30,304 units for US$2,118.
The US Denominated Equities Index fell 3.01 points to 221.81.
The PE Ratio, a most used measure for computing appropriate stock values, averages eight. The PE ratio is calculated based on last traded prices divided by projected earnings done by ICInsider.com for companies with financial year ending and or around August 2025.
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, AS Bryden ended at 22.49 US cents with investors trading 4,000 stock units, First Rock Real Estate USD share popped 0.1 of a cent to 4.1 US cents with 252 shares crossing the market, Proven Investments lost 0.9 of one cent to finish at 11 US cents after an exchange of 519 stock units and Transjamaican Highway sank 0.08 of a cent and ended at 2 US cents after 856,954 units crossed the market.
In the preference segment, Sygnus Credit Investments E8.5% remained at US$10.34 with investors dealing in 140 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
