Two changes to ICTOP10 listings

The two major Jamaica Stock Exchange markets meandered all week, closing the past week with the Junior Market rising moderately and the Main Market recovering 5,228 points of the more than 12,000 lost on the last two trading days in the previous week as prices of Caribbean Cement, NCB Financial and Scotia Group rose.
Against the above backdrop, there were few changes to the ICTOP10 stocks at the week’s close. Scotia Group jumped 9 percent to end at $37.97 for the week and gave way to Carreras to return to the Main Market TOP10 after a long absence, with the price at $8.10 and projected earnings at 80 cents. The Junior Market lost Medical Disposables with the price closing at $6.72, up 29 percent for the week, allowing General Accident came in to replace it with the price at $6.60 and just edging out Fontana, with both having similar potential gains of 97 percent.
Big TOP10 movers for the week are AMG Packaging lost 6 percent in closing at $2.25 from $2.40 last week, Caribbean Cream fell 4 percent to $5.60, Elite Diagnostic dropped 8 percent to $3.20, Caribbean Assurance Brokers rose 6 percent to $2.47 and Dolphin Cove rose 3 percent to land at $12.90 after it a 52 weeks’ high of $14 on Thursday, new coronavirus making the news seemed to have induced selling on Friday.  In the Main Market, Caribbean Producers jumped 15 percent to close at $10, up from $8.61 and Radio Jamaica gained 8 percent to $3.30.
The top three Main Market stocks are Guardian Holdings, Caribbean Producers and JMMB Group, projected to gain between 214 to 254 percent expected versus last weeks’ 212 to 283 percent.
The top three stocks in the Junior Market are AMG Packaging, followed by Caribbean Assurance Brokers and Access Financial Services. All three can gain between 150 and 211 percent, down from 154 percent and 207 percent previously.
There are many undervalued stocks in the market, with the average gains projected for the TOP 10 Junior Market stocks moved from 145 percent last week to 142percent and Main Market stocks moved from 163 percent to this week’s 159 percent.
The Junior Market closed the week with an average PE 14.5 based on ICInsider.com’s 2021-22 earnings and is currently well below the target of 20 and the March 2020 historical average of 17, based on 2020 earnings. The TOP 10 stocks trade at a PE of a mere 8.4, with a 42 percent discount to that market’s average PE.
The Junior Market can gain 38 percent to March next year, based on an average PE of 20 and 17 percent based on an average PE of 17. Ten stocks representing 25 percent of all Junior Market stocks with positive earnings are trading at or above this level, down from seven last week, indicating that many others will rise towards the 17 mark in the weeks ahead.
The average PE for the JSE Main Market is 16.1, which is 18 percent less than the PE of 19 at the end of March and 24 percent below the target of 20 to March 2022. The Main Market TOP 10 average PE is 8, representing a 50 percent discount to the market and well below the potential of 20. A total of 14 stocks or 30 percent of the market trade at or above a PE of 19, with most over 20, for an average PE of 25.5, suggesting that the accepted multiple could be around 25 times the current year’s earnings.
ICTOP10 focuses on likely yearly winners; accordingly, the list may or may not include the best companies in the market. ICInsider.com ranks stocks based on projected earnings to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotional attachments to stocks that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to March 2022 and ranked in order of potential gains, based on the possible increase for each company, considering the earnings and PE ratios for the current fiscal year. Expected values will change as stock prices fluctuate and result in weekly movements in and out of the lists. Revisions to earnings per share are ongoing, based on receipt of new information.

Persons who compiled this report may have an interest in securities commented on in this report.

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