Undervalued Pan Jam few look at

Pan JamPan Jamaican Investment Trust is one undervalued company that not many investors seem to be paying much attention at even as many seem to be piling into a few sexy overvalued ones, ignoring the gains being make in the bottom-line of the company. Net profit attributable to owners of Pan Jamaican Investment Trust increased 24 percent for the June 2015 quarter to $853 million, from $688 million in the 2014, second quarter.
Pan Jam generated net profit attributable to owners for the six months to June with an increase of 28 percent to $1.4 billion from $1.09 billion for 2014. Profits resulted in earnings per stock unit of $4.07 for the 2015, second quarter and $6.65 for the six months. Earnings for the year should be in the range of $15-17 per share. The stock traded last at $61.71 while the book value is at $105 per share.
Investment income of $158 million in the second quarter is 28 percent higher than last year’s comparable quarter’s income of $123 million. Year to date, investment income declined 25 percent from the 2014 period to $193 million. Investment income fell due a number of factors, “principally as a result of a profitable conclusion to a real-estate related investment in Canada, which more than offset lower foreign exchange gains of $33 million, versus $42 million last year, dividends and interest of $35 million, versus $45 million last year and trading gains of $26 million, versus $32 million last year. Year to date investment income of $193 million is 25 percent behind last year due principally to reduced foreign exchange gains of $31 million, versus $83 million last year, and trading gains of $12 million versus $37 million last year” the company said in a release accompanying the financials.

Rapid True Value owned by Hardware & Lumber an associate of Pan Jam

Rapid True Value owned by Hardware & Lumber an associate of Pan Jam

Other income increased due to the decision of a large tenant to buy its lease out, prior to its normal termination and led to a reduction in occupancy levels to 85 percent from the 97 percent at the end of the comparable 2014 quarter. The amount received for the buyout of the lease was accounted for in the first quarter of this year. Property income, which is down 12 percent or $47 million, compared to last year for the quarter, fell $81 million, or 11 percent, year to date, the report to shareholders indicated.
Share of results of associated and joint venture companies for the quarter, rose 32 percent to $791 million and grew by 35 percent for the six months period to $1,234 million. The results of Sagicor increased by $175 million or 31 percent for the quarter and by $289 million or 33 percent for the half year. The results for Sagicor Group have some non-recurring income that arose from loan loss recovery.
Operating expenses were held fairly tightly with a 12 percent rise in the quarter to $305 million and for the half year only 5 percent to $565 million. Finance costs declined compared to last year, by $25 million to $106 million for the quarter and $74 million to $200 million for the 6 months, resulting from reduced foreign exchange losses on the International Finance Corporation loan and reduced interest on a smaller average principal balance outstanding for the period compared to 2014.

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  1. […] hands but the price rose fell $1 to close at $40, 138 Student Living traded 6,000 shares at $5.80, Pan Jamaican Investments traded 22,256 units at $95. Sagicor Group rose 4 cents with 584,105 shares changing hands at $23.55, […]

  2. […] reported in the December quarter after accounting for an exceptional charge of $334 million. Pan Jamaican Investments was another big trade with the price gaining $1.50 to end at $96 after trading 2,045,279 shares […]

  3. […] hands at $4.60, National Commercial Bank traded 44,444 shares and gained 15 cents to close at $43, Pan Jamaican Investment traded 6,30 units to gain $3.50 and close at $97.50, Pulse Investments traded 50,000 shares with a […]

  4. […] last year with a 12 percent increase in aftertax profit to $2.4 billion, up from $2.1 billion. Pan Jamaican Investment gained $1.50 with just 100 units changing hands to close at $98, Pulse Investments traded 29,583 […]

  5. […] as Grace Kennedy, Scotia Group and Scotia Investments fell by more than $2, while JMMB Group and Pan Jam fell by nearly $1 but the junior market continued on its merry way to record yet another new high. […]

  6. […] $5, National Commercial Bank fell 14 cents and ended at $38.36 with 17,175 units changing hands, Pan Jamaican Investment had 4,581 units changing hands at $93. Radio Jamaica rose by 60 cents and landed at $3.60 with […]

  7. […] National Commercial Bank rose 45 cents and ended at $38.50 with 153,879 units changing hands, Pan Jamaican Investment had 87,343 units changing hands at $93, with a rise of 90 cents, Pulse Investments traded 48,666 […]

  8. […] Commercial Bank closed with a rise of 44 cents as 95,706 shares changed hands to end at $37, Pan Jamaican Investments closed at $88.30 after trading 408,462 shares to gain 3 cents. Pulse Investments traded 11,150 […]

  9. […] high of $3.81, National Commercial Bank rose 12 cents to end with 73,630 shares trading at $31.50. Pan Jamaican price traded 12,771 shares to end at $80, Pulse Investments traded 118,971 and close at 5 by gaining […]

  10. […] at $3.50, National Commercial Bank fell 62 cents to end with 7,356 shares trading to end at $31.38.Pan Jamaican price jumped $5 in trading 5,720 shares to end at a 52 weeks’ high of $80, Pulse Investments […]

  11. […] at $3, National Commercial Bank closed with a gain of $1 with 290,955 shares trading to end at $32. Pan Jamaican price jumped $2 in trading 95,000 shares to end at a 52 weeks’ high of $75, Sagicor Group with […]

  12. […] National Commercial Bank closed with a loss of 60 cents with 259,300 shares trading to end at $31. Pan Jamaican price jumped $2 in trading 20,000 shares to end at a 52 weeks’ high of $72, Radio Jamaica traded […]

  13. […] Commercial Bank closed with a loss of 49 cents with 6,444 shares trading, to end at $31.50. Pan Jamaican traded just 1,539 shares at $65, to gain $2.49 for a 52 weeks’ closing high, Sagicor Group with […]

  14. […] National Commercial Bank had 30,500 units trading at the close at $30.50 for a 50 cents fall, Pan Jamaican traded 5,000 shares to close with a rise of 48 cents to $61.50. Sagicor Group with 32,000 shares […]

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