In a slow trading session on the Jamaica Stock Exchange on Tuesday, Kingston Wharves and Scotia Group jumped over $2 followed by Supreme Ventures with a rise over $1 and helped to lift the Marin Market while the Junior Market rose moderately and the JSE USD Index fell following a sharp drop in the volume and value of stocks traded on the overall market compared with trading on Monday.
At close, the JSE Combined Market Index rose 695.35 points to close at 330,050.64, the All Jamaican Composite Index rose 1,077.90 points to 345,469.37, the JSE Main Index increased 586.98 points to close at 316,392.26, the Junior Market Index rose 16.05 points to settle at 3,805.46, while the JSE USD Market Index rose 3.66 points to finish at 254.00.
At the close, investors traded 10,734,163 shares in all three markets, down from 21,346,569 stock units on Monday. The value of stocks traded on the Junior and Main markets amounted to $50.2 million, up from $106.77 million on Monday. Trading on the JSE USD market ended with investors exchanging 401,339 shares for US$48,561 compared with 175,984 units at US$39,421, on Monday.
In the preference segment, Jamaica Public Service 7% lost $11.07 to $42 and Productive Business Solutions 10.5 % preference share climbed $195 to $1,215.
The market’s PE ratio, the most popular measure used to determine the value of stocks ended at 19.7 on 2022-23 earnings and 10.8 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily report 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 assess the value of stocks based on this measure quickly. 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.
Trading plunges on the Trinidad Exchange
Fresh from closer of trading on the Trinidad and Tobago Stock Exchange on Monday due to a public holiday, the market reopened on Tuesday, with a sharp 84 percent fall in the volume of stocks traded, with the value diving 82 percent lower than on Friday and from trading in 15 securities, down from 19 on Friday, with six stocks rising, three declining and six remaining unchanged.
Investors exchanged 89,218 shares for $1,018,274 down from 559,401 stock units at $5,612,843 on Friday.
An average of 5,948 units were traded at $67,885 compared to 29,442 shares at $295,413 on Friday, with trading month to date averaging 17,139 shares at $185,866 compared with 17,702 units at $191,805 on the previous trading day and an average of 14,526 shares at $195,195 in August.
The Composite Index dipped 0.55 points to end at 1,209.70, the All T&T Index dipped 1.05 points to conclude trading at 1,850.16, the SME Index remained unchanged at 70.47 and the Cross-Listed Index remained unchanged at 73.41.
Investor’s Choice bid-offer indicator shows six stocks ended with bids higher than their last selling prices and four with lower offers.
At close, Agostini’s popped $1 to close at $68 with 72 shares clearing the market, Angostura Holdings ended at $22.98 after investors traded of 1,000 units, First Citizens Group gained 8 cents to close at $49.19 in switching ownership of 2,794 stocks. Guardian Holdings remained at $19.10 with traders dealing in just two stocks, Guardian Media lost 20 cents and ended at $2 with stakeholders exchanging 490 stock units, Massy Holdings shed 10 cents to end at $4.85 as investors exchanged 11,902 shares. National Enterprises rallied 5 cents to close at $3.60 after an exchange of 56,607 units, NCB Financial ended at $2.90, with 120 stocks crossing the market, Prestige Holdings climbed 5 cents and ended at $8 after a transfer of 6,000 shares. 
Republic Financial rose 49 cents to end at $121.99 after 99 stock units passed through the market, Scotiabank remained at $72.50 with a transfer of 6,807 units, Trinidad & Tobago NGL dipped 9 cents and ended at a 52 weeks’ low of $12.81 with an exchange of 927 stocks. Trinidad Cement remained at $3.14 with investors transferring a mere two stock units, Unilever Caribbean popped 10 cents to end at $11.80, with 908 stocks crossing the market and West Indian Tobacco ended at $10.20 in an exchange of 1,488 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Lab’s sharp turnaround in fortunes
A sharp turnaround in the fortunes of advertising agency, Limners and Bards was manifested in the July quarter, with revenues and profit rising above those in the same period in 2022 and represents a reversal of the trend of declines during the first two quarter of the year with a 31 percent revenues decline with profit plunging 83 percent for the half year.
Kimala Bennett, Chief Executive Officer of The Lab.
According to Managing Director, Kimala Bennett, the improvement in the third quarter came from the acquisition of new clients and other initiatives pursued by them, some of which will bear fruit in the next fiscal year.
The third quarter performance while very positive was not enough to erase the reduction in the top and bottom line of the company, racked up in the period to April.
Revenues came in at $913 million for the nine months to July, down 18 percent from the $1.1 billion generated in a similar period in 2022 but revenues bounced a solid 17 percent from $320 million in 2022 July quarter to $374 million in the latest quarter ending July 2023. Profit after tax for the nine months to July, amounts to $57 million, down sharply by 60 percent from $144 million reported for the similar period in 2022 but profit for the quarter jumped 76 percent from $21 million in 2022 to just under $37 million in the current year.
Finance income jumped from just under $3 million for the nine months in 2022 to $8.7 million in the current year and nearly doubled from 2.5 million in the July 2022 quarter to $4.1 million in their latest quarter.
Although revenues are down during the current year, administrative costs rose 13 percent from $227 million to $256 million, but in the quarter administrative expenses moved up by 9 percent from $80 million to $87 million. Finance costs declined from $13 million to $8.7 million for the nine months and dropped sharply from $6 million in the July 2022 quarter to just $1.7 million.
Segment performance shows the company reporting results in three segments, Production, Media and Agency. During the July quarter, the Media segment reflected revenue growth of 34 percent to $225 million, Agency was up 44 percent to $50 million but Production declined by 22 percent to $99. Gross profit jumped by 83 percent to $56 million for the Production, Media climbed 16 percent to $30 million and Agency slipped 26 percent from $49 million to $36 million. Year to date revenues are down compared to 2022 by 35 percent in Production to $229 million. Media is down 11 percent to $532 million and Agency slipped 6 percent to $152 million.
The stock trades below its 50 day moving average since March. Projected earnings = 8 cents for the fiscal year with a PE of 21.
The fourth quarter of the fiscal year is usually the company’s weakest, however, the rebound in revenues in the third quarter reflecting improvement in production and advertising revenues compared to the fiscal half year, suggests that the improved performance in the third quarter could carry somewhat into the final quarter and record improvement in revenues and profits.
Accordingly, ICInsider.com forecast is for earnings of $0.08 per share for the current year ending October and $0.20 for the next fiscal year, compared with 6 cents per share for the nine months to July this year and 4 cents per share for the July quarter.
The stock traded on Monday at $1.72, with a PE ratio of 21 times ICInsider.com’s latest projected earnings of $0.08 per share with the value at the higher end of the market, which currently averages PE of 10.3 times earnings.
The company generated gross cash flows of $75 million and net cash provided by operating activities was just under $31 million with net cash flows of just $2 million after paying dividends of $34 million and ended the year with cash and cash equivalent of $355 million.
The company’s finances remain b with current assets of $787 million and current liabilities of $244 million given the net working capital of $543 million, borrowings of $100 million with shareholders’ equity of $598 million.
Remittances to Jamaica slip
Jamaica’s Central Bank in downtown Kingston
Remittance inflows to Jamaica in July 2023 amount to US$303 million and represent a decline of 0.09 percent or US$2.7 million in comparison to July 2022 and is the 4th month of decline for the year to date, according to data released by the country’s Central Bank.
For the January to July 2023 period, remittance inflows to Jamaica amount to US$1,952 million, representing a decline of 0.4 percent compared to January to July 2022 when US$1,959 came into the country. Notwithstanding the decline for the year to date, the country is on track to match total inflows in 2022 of US$3.44 billion barring any major negative developments.
JSE USD Market rallies on Monday
Trading on the Jamaica Stock Exchange US dollar market ended on Monday, with a 70 percent decline in the volume of stocks changing hands but valued 287 percent more than on Friday, resulting in trading in nine securities, compared to eight on Friday with two rising, three declining and four ending unchanged.
, 175,984 shares were traded, for US$39,421 compared to 580,017 units at US$10,197 on Friday.
Trading averaged 19,554 units at US$4,380 versus 72,502 shares at US$1,275 on Friday, with a month to date average of 48,101 shares at US$3,900 compared with 50,278 units at US$3,863 on the previous day, fairly close to August with an average of 57,291 units for US$4,251.
The US Denominated Equities Index rose 3.40 points to close at 257.66.
The PE Ratio, a measure used in computing appropriate stock values, averages 9.2. 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 three 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 increased 0.89 of one cent to 6 US cents and closing after 1,974 shares changed hands, Margaritaville remained at 11 US cents with traders dealing in 113 units, 
Proven Investments dipped 1 cent to 13.5 US cents in trading 160,775 stocks Sterling Investments shed 0.02 of a cent in closing at 1.9 US cents after investors traded 1,729 stock units, Sygnus Credit Investments ended at 9.07 US cents, with 1,276 units crossing the exchange, Sygnus Real Estate Finance USD share ended at 10 US cents with an exchange of 974 stock units and Transjamaican Highway remained at 1.69 US cents with shareholders swapping 937 stocks.
In the preference segment, JMMB Group 5.75% dropped 38 cents to close at US$1.87, with 8,198 shares clearing the market and JMMB Group 6% rallied 8.24 cents to US$1.0727 with investors dealing in 8 stock units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market rallies on trading bounce
Trading picked up on the Jamaica Stock Exchange Main Market ended on Monday, with a 263 percent jump in the volume of stocks traded following a 27 percent rise in the value over market activity on Friday, after 54 securities were traded compared with 50 on Friday, with 19 rising, 17 declining and 18 ending unchanged leading to a rise in the market indices at the close of trading.
A total of 14,060,598 shares were traded for $91,699,748 compared to 3,872,550 units at $72,059,401 on Friday.
Trading averaged 260,381 shares at $1,698,143 versus 77,451 shares at $1,441,188 on Friday and month to date, an average of 179,681 units at $1,531,791, compared with 174,613 units at $1,521,345 on the previous day and August with an average of 316,608 units at $1,867,646.
Transjamaican Highway led trading with 5.17 million shares for 36.7 percent of total volume followed by QWI Investments with 2.79 million units for 19.9 percent of the day’s trade, Wigton Windfarm with 1.70 million units for 12.1 percent market share and Sagicor Select Financial Fund with 1.24 million units for 8.8 percent of total volume.
The All Jamaican Composite Index advanced 755.20 points to 344,391.47, the JSE Main Index rallied 3,527.99 points to end at 315,805.28 and the JSE Financial Index popped 0.47 points to close at 69.88.
The Main Market ended trading with an average PE Ratio of 12.2, the JSE Main and USD Market PE ratios are based on the last traded prices and earnings forecasts by ICInsider.com for companies with the financial year ending up to August 2024.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments fell 49 cents to end at $78.50, with 69,542 shares crossing the market, Caribbean Producers dropped 74 cents to close at $9.45 and closed with an exchange of 19,489 units, First Rock Real Estate rose $1.10 to $8.40 after 247 stocks ended changing hands, GraceKennedy popped $1.40 in closing at $73.40 in an exchange of 263,558 stock units. Jamaica Broilers gained 41 cents and ended at $31.44. with 13,396 stocks crossing the exchange, Jamaica Producers lost 50 cents and ended at $20, with 423,227 units changing hands, Key Insurance shed 34 cents to end at $2.21 after investors exchanged 35 shares, Kingston Properties increased 38 cents to close at $7.28 with trading in 495 stock units. Kingston Wharves climbed $1 in closing at $25 with shareholders swapping 3,064 shares, 
NCB Financial advanced 40 cents to end at $65.50 with investors transferring 103,724 stocks, Pan Jamaica rallied 75 cents in closing at $45.75, with 35,700 units clearing the market, Proven Investments skidded $4.20 to $20 after a transfer of 3,396 stock units. Sagicor Real Estate Fund gained 30 cents and ended at $8.30 in an exchange of 112 stock units, Scotia Group declined $2 to close at $32 with traders dealing in 265,169 stocks and Seprod dipped 39 cents to end at $69.40 after 2,428 units passed through the market.
In the preference segment, Eppley 7.50% preference share rallied 59 cents to end at $6.15 after an exchange of 1,284 shares, 
Jamaica Public Service 7% climbed $8.78 and ended at $53.07 after trading 197 units and 138 Student Living preference share lost $24.70 to close at $80.30, with 4,300 shares crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading up Junior Market prices down
Trading closed on the Junior Market of the Jamaica Stock Exchange Monday, with the volume of stocks traded rising 7 percent and the value 15 percent more than on Friday after trading took place in 46 securities compared with 44 on Friday and ended with 12 rising, 20 declining and 14 closing unchanged on a day that closed with the market index falling.
Investors traded 7,109,987 shares for $15,074,419 compared with 6,672,237 units at $13,058,494 on Friday.
Trading averaged 154,565 shares at $327,705 up from 151,642 shares at $296,784 on Friday with the month to date, averaging 193,170 units at $366,976 compared to 195,857 stock units at $369,709 on the previous day compared to August with an average of 183,001 units at $460,354.
One Great Studio led trading with 2.69 million shares for 37.9 percent of total volume followed by Dolla Financial with 1.19 million units for 16.7 percent of the day’s trade and Mailpac Group with 643,319 units for 9 percent market share.
At the close, the Junior Market Index fell 20.18 points to conclude trading at 3,789.41.
The Junior Market ended trading with an average PE Ratio of 10.3, based on last traded prices in conjunction with earnings projected by ICInsider.com for the financial years ending between November 2023 and August 2024.
Investor’s Choice bid-offer indicator shows five stocks ended with bids higher than their last selling prices and one with a lower offer.
At the close, Access Financial rose 17 cents and ended at $25.17 in trading 1,033 shares, Derrimon Trading rallied 10 cents in closing at $2, with 28,280 stocks clearing the market, 
Future Energy Source fell 15 cents to end at $3.30 with investors dealing in 134,078 units. Indies Pharma advanced 14 cents to $2.90 in an exchange of 5,209 stock units, Iron Rock Insurance dropped 20 cents to close trading at $2 with investors swapping 50 stocks, Jamaican Teas lost 7 cents to close at $2 with an exchange of 59,546 stock units. Lasco Manufacturing dipped 11 cents in closing at $5.20 as investors exchanged 500,460 units, Main Event declined 23 cents to $14.23 after 2,266 shares crossed the market, Medical Disposables shed 39 cents and ended at at a 52 weeks’ low of $3.81, with 5,020 shares crossing the exchange.
Tropical Battery skidded 10 cents to end at $1.90, with 3,000 stock units changing hands and tTech declined 13 cents to close at $2.35 after a transfer of 87,848 units.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main Market index jumps
Trading picked up on the Main Market of the Jamaica Stock Exchange on Monday, leading to a rise in the market indices but trading on the Junior Market slipped lower and pulled the index down but the JSE USD Index rose, with trading volume falling compared with trading on Friday.
The JSE Combined Market Index rose 3,102.28 points to close at 329,355.29, the All Jamaican Composite Index climbed 755.20 points to close at 344,391.47, the JSE Main Index jumped 3,527.99 points to settle at 315,805.28, the Junior Market Index shed 20.18 points to settle at 3,789.41, while the JSE USD Market Index rose 3.40 points to finish at 257.66.
At the close, investors traded 21,346,569 shares in all three markets, up from 11,124,804 stock units on Friday. The value of stocks traded on the Junior and Main markets amounted to $106.77 million, up from $85.12 million on Friday. Trading on the JSE USD market ended with investors exchanging 175,984 shares for US$39,421 compared to 580,017 units at US$10,197, on Friday.
In the preference segment, Jamaica Public Service 7% climbed $8.78 and ended at $53.07 and 138 Student Living preference share lost $24.70 and ended at $80.30.
The market’s PE ratio, the most popular measure used to determine the value of stocks ended at 19.9 on 2022-23 earnings and 10.8 times those for 2023-24 at the close of trading. ICInsider.com PE ratio chart and the more detailed daily report 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 assess the value of stocks based on this measure quickly. 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.
61% over the top
One Great Studio Initial Public Offer of shares earlier this month was 61 percent oversubscribed in successfully raising just over $338 million. The stock commenced trading on Tuesday last week on the Jamaica Stock Exchange Junior Market and became the 49 listed Junior Market company but that won’t last that way for long as General Accident is expected to migrate to the Main Market on September 29.
The IPO attracted over 3,600 new subscribers and brings the total number of ordinary shares listed on the exchange to 101, pushing the number of securities listed to 149, a release from the Jamaica Stock Exchange stated.
The total capital raised by Junior Market companies totals $21.23 billion, with the above listing lifting the market capitalization of the Market from $187.34 billion as of September 18 to $189 billion.
“We are proud that you will be listing on a market that when benchmarked to pre-Covid activities is doing well,’ said Ms Andrea Kelly, General Manager of the Jamaica Central Securities Depository and JCSD Trustee Services, in her welcoming remarks at the Listing Ceremony. Ms Kelly stated that during the period 2017 to 2019, a total of 79,480 new accounts were created and 110,353, from 2020 to August 2023. “What this means is that we are steadily, despite the current market conditions, building a pool of investors from which companies can tap for equity and debt capital through the Main, Junior and Bond Markets”, stated Ms. Kelly.
Djuvane Browne, Managing Director
Addressing the audience at the Company’s listing ceremony, IGS, Djuvane Browne, Co-Founder and Chief Executive Officer, said, “This is an extremely humbling experience and I think the market has communicated clearly through this offer that they are still interested in investing in great companies. We’d like to thank everyone who participated in this offer “The listing of One Great Studio on the Jamaica Stock Exchange holds profound significance for both Jamaica and the wider region. It exemplifies the potential of young and aspiring entrepreneurs who, armed with their ideas and dedication, can transform those concepts into tangible plans and a client-centric focus.”
One Great Studio that was offered to the public at $1 ended trading on the first day of listing at $1.14 up 14 percent and went on during the week to trade as high as $1.36 on Thursday.
Solid gains for ICTOP10 stocks
The ICTOP10 stocks racked up some solid gains to close out the past week, even as the Jamaica Stock Exchange Junior and the Main Market that suffered losses last week declined further this past week.
The Main Market had just two stocks with notable price changes this past week, with Scotia Group jumping 13 percent to $34 and Key Insurance slipping 8 percent to close the week at $2.55. There were more changes of note in the Junior Market ICTOP10 that closed the week with a 15 percent rise in General Accident Insurance to $5.24, the price of Elite Diagnostic rose 11 percent to $1.79 and Iron Rock Insurance gained 5 percent to end at $2.20. Image Plus with a 4 percent loss to $2.02, was the only declining stock of note.
Earnings for Margaritaville was adjusted to $3.10 for the current fiscal year ending May 2024, placing the stock at number 5 on the list.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 298 percent, to May 2024, based on 2023 forecasted earnings.
A total of 11 of the most highly valued stocks representing 23 percent of the Main Market are priced with a PE of 16 to 84, with an average of 31 and 21 excluding the highest PE ratios, with a PE of 21 for the top half and 17 excluding the stocks with the over weighted valuations.
The PE of the Junior Market Top 10 sits at 5.2 just half of the market at 10.4. There are 10 stocks or 26 percent of the market, with PEs from 15 to 29, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 15, possibly the lowest fair value for Junior Market stocks currently, and projected to rise by 288 percent to May 2024.
The divergence between the average PE of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
The markets are not in a bullish state but there continue to be cases of slow upward movements in some prices as investors respond to some recent results leading them to quietly nibble away at the supplies of a number of stocks on offer and paving the way for price appreciation ahead. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors, Lasco Manufacturing and Transjamaican Highway.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. 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.
ICTOP10 stocks are likely to deliver the best returns up to the end of May 2024 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 and result in weekly changes 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.
