Knutsford Express looking good

Jamaica cross-country luxury bus operator, Knutsford Express is all smiles again having turned a loss of $96 million in 2021 into a profit of $78 million before other comprehensive income in the year to May 2022, but the position is even better when the loss of $33 million in the discontinued Florida business is considered.
Revenues for the year ending May 2022, jumped 77 percent to $1.11 billion from a covid19 battered 2021, with $629 million. Other income brought in $21.5 million for the year, with just about all, generated in the last quarter and appears to be from real estate rental. The audited statement says nothing about its source, but there was virtually no other income in the prior year.
The fourth quarter generated revenues of $339 million up 96 percent from $173 million in the May 2021 quarter, with profit surging to $82 million for the quarter, from a minuscule $10 million in 2021 before losses from the discontinued business.
Unfortunately, the company fails to compute direct operating costs, as such gross profit is not reported in their full year or quarterly reports. A clear backward step in an expanding financial space. Based on the audited financial statements, ICInsider.com computes gross profit before staff cost at 60 percent for 2022, up from 52 percent in 2021, with fuel accounting for the largest part, coming in at $150 million in 2022 from $73 million in the previous year. Parts and supplies accounted for $59 million, up from $29 million. Insurance costs rose to $37 million from $28 million last year, while Toll fees consumed $35 million against $20 million m 2021.
Operating expenses rose 40 percent to $979 million, from $698 million in 2021, with Salaries, wages and related expenses accounting for $306 million, up from $219 million in 2021, with the number of staff increasing from 178 to 221. Finance costs more than doubled from $15 million to $36.6 million.
Earnings per share for the year amounts to 16 cents, including losses from the discontinued business and 22 cents excluding it, while the fourth quarter delivered earnings of approximately 15 cents per share or 60 cents annualized. ICInsider.com projects full year 2023 earnings at 90 cents per share, with the PE ratio at 8.3 times 2023 earnings compared to a market average of just under 13, an indication that the stock is undervalued.
The company generated $267 million in gross cash inflows and expended $223 million on the purchase of fixed assets and was left with $54 million that helped in pushing total funds to $106 million at the end of the year, in addition, investments amounted to $92 million.
Borrowings moved from $487 million to $512 million, while payables rose from $98 million to $151 million. Shareholders’ equity rose from $666 million at the end of May last year to $751 million.
Knutsford Express is a buy, with the price more than doubling by the end of 2023.

CAC 2000 ICTOP10 top performer

Junior Market IC TOP10 stocks had some strong gains in the past week and losses that were lower than the gains, but Main Market stocks were more stable, with minor price changes while Lasco Financial in the Junior Market replaced Iron Rock Insurance.

CAC 2000 was the star performer in the Junior Market during the week, jumping 20 percent to $8.30, after dropping 14 percent in the previous week to $6.90. Caribbean Assurance Brokers declined 15 percent last week to $2.30, rebounded 13 percent to $2.60 and Access Financial recovered from a 9 percent decline last week, gaining 12 percent to $22.30. Elite Diagnostic climbed 8 percent to $5.84 last week, but fell 8 percent to $3.31, Lasco Distributors gained 5 percent last week to $3.10 but could not hold on and slipped 8 percent to $2.84 and Caribbean Cream jumped 18 percent last week to $4.70, fell 5 percent to close at $4.47.
In the Main Market Guardian Holdings rose 5 percent to $520, Berger Paints gained 4 percent to percent but Key Insurance fell 7 percent to $3.36 and Sygnus Credit Investments declined 5 percent to $13.08.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.8, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 245 percent and the Main Market TOP10 s projected to gain an average of 239 percent, to May 2023.
The Junior Market currently sells at an average PE of around 12.8 but already there are 15 stocks or a third of the market, with PEs from 16 to 33, averaging 21. The top half of the market has an average PE of 18. This data shows how much potential gains are in the top 10. The situation in the main market is similar, with the 15 highest valued stocks priced at a PE of 15 to 84, averaging 25 and 21 excluding the highest valued one.
Currently, the Junior Market is slightly negative but is poised to move higher in the weeks ahead but the main market is under negative clouds that could send the market index lower as NCB Financial and other financial companies continue to trade with inadequate support.
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.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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 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.

Main Event Q3 stunner

Main Event put in a stunning performance in the July quarter, this year with revenues rising 147 percent to a quarterly record of $601 million from just $243 million in the 2021 quarter, and profit surging 432 percent to $124 million from just $2 million for the 2021 quarter and investors immediately welcomed the good news by driving the stock up $8.57, the day the news broke on the JSE, trading in the halted in the first hour of trading on Thursday but it has since cooled to be trading around $8.

Main Event revenues growing nicely profit profit jumps.

The third quarter results helped push performance for the nine months, with revenues climbing 85 percent to $1.094 billion from $501 million, with profit ending at $104 million for the nine months, for a 332 percent increase from just $9 million in 2021. “The improved performance this quarter is underpinned by increased activity in our core business. The entertainment industry has seen a strong return to outdoor events and lifestyle experiences after a 2-year hiatus. The quarter is a historic one and reinforces our optimism for a sustainable shift following the Pandemic,” Chairman, Ian Blair and CEO Solomon Sharpe advised investors in their jointly signed report that commented on the results.
Gross profit rose 95 percent in the July quarter to $298 million from $163 million in 2021 and rose
48.6 percent from $344 million in 2021 to $511 million in the nine months to July this year. Gross profit margin ended the July 2022 quarter at 49.5 percent, down from 62.9 percent in 2021. For the nine months to July gross margin ended at 45.7 percent versus 58 percent in 2021.
Operating expenses rose 35 percent to $156 million, from $115 million in the July quarters and for the nine months, it rose a more moderate 19 percent to $3884 million from $322 million in 2021. Finance costs for the nine months fell from $12.7 million to $9.6 million.
Earnings per share for the latest quarter came out at 41 cents and 35 cents for the nine months.
The company generated $222 million in gross cash inflows before working capital changes and used up all the inflows for working capital needs of $200 million repaid loans amounting to $50 million and expended $33 million on the purchase of fixed assets.
The healthy top line performance resulted in receivables climbing from $150 last year July to 404 million at the end of July while cash on hand and bank slipped from $154 million to $132 million.
Borrowings declined from $206 million to $102 million, while payables rose from $100 million to $164 million. Shareholders equity rose from $543 million at the end of July last year to $654 million.
While the fourth quarter tends to be the weakest, investors should not bank on a repeat of the third quarter, but the 2023 fiscal year could be exciting.
ICInsider.com forecast is for earnings per share to end up at 45 cents for the year to November this year and 90 cents next year, putting the PE at 18 and 9 times 2023 earnings. The company could benefit from above average growth flowing from the full opening of the economy as was the case in the July quarter.

Insurance companies join ICTOP10

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Junior Market IC TOP10 stocks experienced a great deal of volatility in the past week but Main Market stocks were very stable, with minor price changes and resulted in two charges to listings with Iron Rock Insurance replacing Lasco Financial in the Junior Market, while Key Insurance in the main market replaced Radio Jamaica.
During the week in the Junior Market, Caribbean Cream jumped 18 percent to $4.70, Elite Diagnostic climbed 8 percent to $5.84, Lasco Financial rose 7 percent to $2.95 and Lasco Distributors gained 5 percent to $3.10. Caribbean Assurance Brokers declined 15 percent to $2.30, CAC 2000 dropped 14 percent to $6.90, Access Financial dipped 9 percent to $20 while General Accident fell 7 percent to $5.05.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.4, while the Junior Market Top 10 PE is at 5.8 versus the market at 12.9, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 251 percent and the Main Market TOP10 is projected to gain an average of 238 percent, by May 2023.
The Junior Market currently sells at an average PE around 13 but already there are 15 stocks or a third of the market, with PEs from 16 to 33 averaging 21. The top half of the market has an average PE of 18. This data shows how much potential gains reside in the top 10. The situation in the main market is very similar, with the 15 highest valued stocks priced at a PE of 15 to 84, averaging 25 and 21 excluding the highest valued one.
Currently, the Junior Market is slightly negative but is poised to move higher in the weeks ahead but the main market is under negative clouds that could send the market index lower as NCB Financial and other financial companies continue to trade with inadequate support.
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.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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 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.

Access back is back in ICTOP10

Over the past two weeks, there are few changes in the IC TOP10 listings with Iron Rock Insurance replaced by Access Financial in the Junior Market, while there were no changes for the main market.
In the Junior Market, CAC 2000 surged 33 percent to $8 and Access Financial and dipped 6 percent to $22, Radio Jamaica fell 6 percent to $2.05, while Jamaica Broilers and Sygnus Credit Investments gained 4 percent.
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.5, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.9, an important indicator of the level of undervaluation of the ICTOP10. The Junior Market is projected to rise by 245 percent and the Main Market TOP10 is projected to gain an average of 238 percent each, by May 2023.
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 to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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.

 

Wisynco spending $5B on plant expansion

Wisynco is moving to expand the production capacity during Fiscal 2023 and has deposited $600 million for new equipment, Andrew and William Mahfood advised investors in the director report accompanying the 2022 audited accounts. The expansion will cost around $5 billion and is likely to come on stream in the fourth quarter of the current fiscal year, the chairman William Mahfood states in response to ICInsider.com question.  

Wisynco Group

Following a year of strong revenue growth, the company saw an acceleration of revenue growth in the final quarter of Fiscal 22 rising 30 percent over the June quarter of 2021 as it helped to deliver a 22.7 percent increase in revenues for the year to $39.1 billion from $31.8 billion of the prior year.  the rebound in the economy with the removal of restrictions and the strong rebound in tourist arrivals, a sector to which it sells around 15 percent of its products would have been positive development for the group.
The company states that “during the final quarter we encountered supply chain issues in selected key raw materials some which require special transportation equipment which impacted our production and consequently dampened our revenue levels.”
Profit before Taxation for the year was $4.9 billion or 31.4 percent more than $3.8 billion in 2021. Net profit after taxes for the year rose 31.6 percent to $4.1 billion from $3.1 billion in the prior year. Earnings per share for the year was $1.08 per share or 31.7 percent greater than the 82c per share for the prior year.
Gross profit for the year was $13.25 billion 19.2 percent greater than the prior year whilst Gross Margin was 33.9 percent compared to 34.9 percent for the 2021 fiscal year. Management cited higher energy costs resulting from downtime at the LNG plant and higher input costs on certain raw materials for the reduction in Gross Margin when compared to the prior year.
Selling and Distribution costs rose 15.4 percent over the 2021 fiscal year to $7.1 billion and Administrative expenses rose 1.5 percent for the year of $1.44 billion up from the $1.42 billion of the prior year.

Wisynco operates at two main locations situated in St. Catherine: White Marl and Lakes Pen. Manufacturing takes
place at White Marl, while Lakes Pen carries out distribution activities. Total square footage with factory, storage and
offices between the two locations is approximately 530,000 square feet.

Finance costs slipped to $149 million from $153 million in 2021 and includes foreign exchange losses for the year of approximately $34.7 million which compares to foreign exchange gains of $70 million recognized in other operating income for the prior year. Interest income improved over the prior year by approximately $108 million due to higher rates being earned on deposits.
Gross cash flow brought in $5.9 billion but growth in work in capital saw it falling to $4 billion and after repaying loans of $800 million and paying dividends of $1.5 million a net flow was just $298 million. At the end of December, shareholders’ equity stood at $17.8 billion with long term borrowings at $746 million and short term at $820 million. Current assets ended the period at $17.8 billion inclusive of trade and other receivables of $4 billion, investments, cash and bank balances of $8 billion. Current liabilities ended the period at $7.3 billion, with net current assets at $10.5 billion
Earnings per share came out at 1.08 cents for the year to date. Investors should accumulate this stock for growth in profit for 2023 and beyond.
ICInsider.com forecasts $1.75 per share for the fiscal year ending June 2023, with a PE of 10 times the current year’s earnings based on the price of $17.45 the stock traded at on the Jamaica Stock Exchange Main Market. Net asset value is $4.78 with the stock trades at 3.6 times book value.
The company paid two dividends amounting to 40 cents per share for the year representing an increase of 33.3 percent over the 30c per share for the 2021 fiscal year.

Big weekly gains for 3 ICTOP10 stocks

138 Student Living and Consolidated Bakeries jumped 41 and 34 percent respectively, from $5.14 to $7.25 and from $1.49 to $1.99 and fell out ICTOP10 this week at a time CAC2000 jumped 36 percent to $8.25 as the price recovered from a 21 percent fall to $6.05 last week.
The moves follow funds previously tied up in the One on One IPO coming back to the market.
Other meaningful ICTOP10 movers this past week, are Iron Rock Insurance and Lasco Manufacturing jumping 11 percent to $3 and $4.55 respectively and Caribbean Cream rising 10 percent to $4.25, while Caribbean Assurance Brokers slipped 8 percent $2.50.
The Main Market ended the week with Productive Business Solutions rising 15 percent to US$1.32, Berger Paints rising 12 percent to $11.45 and Sterling Investment put on 5 percent to $2.90, while VM Investments dipped 4 percent to $5.30.
In the Junior Market ICTOP10 General Accident and Lasco Financial replaced Consolidated Bakeries and Lasco Manufacturing. There was one change in the Main Market with Radio Jamaica replacing 138 Student Living.
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 14, while the Junior Market Top 10 PE sits at six versus the market at 12.8. The Junior Market is projected to rise by 240 percent and the Main Market TOP10 is projected to gain an average of 233 percent each by May 2023.
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 to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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 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.

Consolidated visits ICTOP10

Consolidated Bakeries moves into ICTOP10 this week at a time when the local stock market was starved of funds tied up in the One on One IPO that came to the market on August 12 and helped the JSE markets to pull back in the past week, with several stocks suffering declines, but increased interest rates erroneously pushed by Bank of Jamaica seems to be a contributory factor as well.
The disclosure that Dolla Financial corresponded with Access Financial to explore merger talks, put new life into the former TOP10 stock, with increased buying in the stock this past week. Trading picked up with 115,359 units being exchanged during the week, up from 38,162 units the previous week, with the stock moving from $25 at the end of last week to $27.50 this past week.
ICTOP10 movers this past week are General Accident jumping 16 percent to $5.80. In comparison, CAC 2000 dropped 21 percent to $6.05, Medical Disposables slipped 18 percent lower at $5.71, Dolphin Cove with a decline of 8 percent to $13.65 and Caribbean Cream down 5 percent to $3.88.
The Main Market ended the week with Productive Business Solutions jumping 15 percent to US$1.15 while VM Investments popped 6 percent to $5.50, but Berger Paints lost 14 percent to $10.23 after posting six months results without second quarter numbers that would show reduced second quarter profits compared to the first quarter.
The Junior Market ICTOP10 welcomed Consolidated Bakeries, with projected earnings per share of 22 cents, with the company appearing to be breaking the old practice of limited revenue growth and small profits. See the latest profile of the company with full reporting and its prospects for the current year. General Accident says goodbye to the ICTOP10 following the recovery in the price. There were no changes in the Main market. 
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.8, while the Junior Market Top 10 PE sits at 5.8 versus the market at 12.7. The Junior Market is projected to rise by 260 percent and the Main Market TOP10 is projected to gain an average of 246 percent each to May 2023.
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 to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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.

Has Purity broken negative spell?

For many investors, Consolidated Bakeries wasted the ten years of tax holidays garnered in listing on the Junior Market back in December 2012 as profits pretty much stagnated at very low levels and moved into losses occasionally. But those dark days may well be behind, if recent quarterly results to June are to be believed.

Consolidated Bakeries Purity brand

The improved results show up in a strongly transformed financial position resulting in an enhanced working capital position even as sales surged, a buildup of cash and a reduction in borrowed funds.
Revenues climbed 30 percent in the March quarter, from $291 million last year to $378 million and rose a more robust 42 percent in the June quarter to $342 million from $241 million in 2021. For the six months, revenues are up 35 percent to $720 million from $532 million in 2021, while gross profit rose 41 percent to $292 from $207 million. At the same time, in the recent past, gross profit margin tended to hover around 39 percent, rose to 42 percent in the second quarter this year, from 38 percent in 2021.
Profit before tax rose 61 percent in the first quarter to $14.5 in 2022, from $9 million last year and is up 200 percent in the second quarter to $13.5 from a loss of $13.4 last year. For the half year, pretax profit surged 735 percent to $28 million from a $4.4 million loss in 2021.
Purity, as the company is more popularly known, generated a loss in other comprehensive income from investments of $2.65 million for the quarter and $3.57 for the half year, reducing the overall profits to $10.8 million for the quarter and $26 million for the half year.

Anthony Chang, Managing Director of Consolidated Bakeries

Administrative and other expenses rose 11 percent to $66 million in the quarter and increased 18 percent in the half year to $139 million. Marketing and sales expenses increased by 33 percent to $50.5 million in the June quarter over 2021 and are up 30 percent to $97 million for the six months of 2022. Depreciation rose 10 percent in the June quarter to $8.6 million and 8 percent for the half year to $17 million. Finance cost jumped sharply in the quarter to $7 million from $2.5 million in 2021 and from $6.3 million to $9.4 million for the six months.
The company’s finances are looking much better at the end of June than in 2021, which is undoubtedly helped by management’s renewed focus on these areas. Operations for the half year generated gross cash flow of $47 million and to $77 million with changes in working capital but slipped to $56 million after receiving an $11 million loan and spending $29 million on the purchase of fixed assets. Shareholders’ equity stood at $708 billion, while Long term borrowings ended the period at $167 million and short term loans at $42 million, representing a reduction from December 2021 of $25 million and cash and bank balances rose to $82 million, up from $62 million at the end of December last year. Current assets ended the period at $295 million, with trade and other receivables at $105 million, a reduction from $115 million at the end of June 2021 and $110 million at the end of December 2021, even as sales surged. Inventories doubled over June 2021 from $41 million to $81 million and are up from $67 million at the end of December. Current liabilities ended the period at $181 million, up from $175 million at the end of December but down from $190 million in June 2021. Net current assets ended the period at $115 million and are well up on the $69 million at the end of June 2021 and $93 million in December last year.
The big concern in the past was the ability of the company to hold on to the profit made in the first six months in the year’s second half. This time seems set to deliver to the upside as revenues benefit from increased volume sales as the company makes headways into new areas and some new products. Anthony Chang stated that while new products helped sales, in some cases, traditional products found new takers in regions of the country where demand was not as strong in the past.

Consolidated Bakeries Miss Birdie Easter bun.

According to Chang, they are now benefiting from some personnel changes that are delivering improved results. He also indicated expansion of the distribution channel into smaller stores while consolidating the business in the bigger stores. They also placed focus on the cost by employing a cost accountant. The company still faces challenges, Chang informed ICInsider.com; most flows from the economic environment businesses face locally with the supply chain for raw materials for production.
Retooling played a vital role in the gains, but Chang says this is a work in progress. According to him, bread at one stage in the past accounted for 90 percent of sales, was in direct competition with the market leader and had a low profit margin, but it took time to make the shift as new machinery was needed to effect the change to new products, that needed machinery for packaging these products. The company has been adding to fixed assets as a part of the drive to have suitable machines and in quantity required to churn out new products.  In the 2022 half year, $29 million was spent on fixed assets, up from $21 million in the six months to June last year and $33 million for the financial year 2021.
As Chang indicated, July is showing growth in sales over last year, but while he is unsure where they will end the year, he is cautiously expecting some growth in the rest of the year.
Analysis done by ICInsider.com shows that over the past two years, the first quarter has had the highest revenues, with the second quarter 82 to 90 percent of what the first quarter generates. This year was somewhat different at 90 percent, no doubt due to Easter falling in the middle of April, that would have resulted in more Easter bun sales coming in April than in 2021 and moved the percentage from 83 to 90. The September quarter revenues year were 111 percent of the second quarter and was up from 93 percent in 2021, with December at 105 percent of 2021 September and 99 percent in 2020. Based on the above, ICInsider.com projects this year’s revenues at $1.4 billion, with a profit of $49 million for earnings per share of 22 cents. If achieved, the PE ratio currently would be 6.8, based on the price of $1.49, the stock traded on the Jamaica Stock Exchange Junior Market on Friday. The numbers pushed Consolidated Bakery in the lower end of ICInsdier.com TOP10.

More changes to ICTOP10

While some investors were selling shares to buy into the latest IPO to hit the market, recent investors in the Junior Market listed Dolla Financial gave the market a shot in the arm following a disclosure that the company had corresponded with Access Financial to explore merger talks.
Investors reacted the first chance they had and drove the prices of both stocks higher on Friday.
The Ipo of OneonOne IPO opened on Friday morning and closed at the end of the day, as was to be expected, after attracting some 15,000 applications. The shares are likely to be listed before the end of August, with a name change to follow. ICInsider.com expects the stock will move into the $2 range sometime after listing.
The disclosure of the Dolla interest sent the TOP 10 listed Access up $5.79 or 25 percent to close at $25 on Friday, with the stock falling from the TOP10. Other big Junior Market TOP10 movers this past week are Caribbean Assurance Brokers, up 12 percent lower at $2.80, Paramount Trading with a rise of 9 percent, CAC 2000, up 6 percent to $7.65, while General Accident dropped 9 percent to a very attractive price of $5.
The Main Market ended the week with 138 Student Living jumping 23 percent to $5 and is likely to rise further, with the company posting solid results after the market closed, with earnings of 21 cents for the June quarter and 58 cents per share for the nine months to June. Berger Paints rose 8 percent to $11.93, VM Investments popped 4 percent to $5.20 and Guardian Holdings reversed most of the previous week’s gain by dropping a sharp 22 percent from $650 to $506.
The new entrants to the ICTOP listing are Iron Rock Insurance and Lasco Manufacturing, replacing Access Financial and Paramount Trading. There were no changes in the Main market. 
The average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.8. The Junior Market is projected to rise 240 percent and the Main Market TOP10 an average of 235 percent each to May 2023.
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 to highlight winners from the rest, allowing investors to focus on potential winning stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
IC TOP10 stocks are likely to deliver the best returns up to the end of May 2023 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.