ICTOP10 reaping from bullish market

The start of a bull market is appearing with the Jamaica Stock Exchange moving higher, partially helped by rising profits of some companies, as a result, the USD market is solidly in the black for 2024 to date, with a rise of 11 percent while the Main Market sits with a gain of 2.9 percent and the Junior Market is now back at the 2023 end of year level on Friday, but just below. At the same time two listings reported nine months results reflecting improving profit that should help the stock prices in the weeks ahead.
During the week new results were released to the market, with mostly positive profit outcomes that should aid the prices of stocks going forward as the results help to lay a foundation for prices in the short term as this provides investors with a better sense of valuations of these companies. There will be more releases this week as the deadline date for their release is this week for companies that have not opted for 60 days publication of audited accounts.
Earnings were revised downwards by a few cents for Lasco Distributors and Lasco Manufacturing, following the release of nine months results, that show continued growth in profits.
Last week IC Insider.com reported Scotia Group and TransJamaican Highway that traded at 52 weeks’ high they now seem to have topped out for a while, with both undervalued with quite some room to run for 2024. Scotia has an undisclosed amount on offer at $46.
The past week ended with minimal price changes for Junior Market stocks but the Main Market threw up a few, with General Accident rising 12 percent to close at $5.30, followed by JMMB Group up 10 percent to $26.38 and Caribbean Producers up 4 percent to $9.09 as Margaritaville dropped 15 percent to $14.86 and Palace Amusement lost 8 percent to close at $1.20.
As was the case for the previous week the markets closed with no addition to the ICInsider.com TOP 10 stocks.
For the full list of weekly percentage changes for the ICTOP10 stocks, check the attached charts that now carry a column of the weekly percentage price movements.
The average PE for the JSE Main Market ICTOP 10 stands at 5.3, well below the market average of 13.7 and the Junior Market TOP10 sits at 7.,5 just over half of the market, with an average of 13.6
The Main Market ICTOP10 is projected to gain an average of 287 percent by May 2024, based on 2023 forecasted earnings, providing better values than the Junior Market with the potential to gain 169 percent over the same time frame.
In the Main Market ICTOP 10, a total of 15 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 25 for the top half and 18 excluding the stocks with overweight values.
In the Junior Market IC TOP10 are 13 stocks, or 27 percent of the market, with PEs ranging from 15 to 45, averaging 22, well above the market’s average. The top half of the market has an average PE of 18, possibly the lowest fair value for stocks, currently.
Of great import is that the averages of both markets are now converging around a PE of 20 for close to a third of the market, as the year is coming to a close and with more information available on the full year’s earnings.
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 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 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.

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