Sharp jump in trading on the JSE on Thursday

On a day of heavy trading on the Jamaica Stock Exchange, all three markets closed higher, with Barita Investments trading more than 1 million shares for a second consecutive day, with Thursday’s trade accounting for $138 million but JMMB Group 7.25% C share traded 175 million shares for $327 million followed but Productive Business Solutions preference share trading 119.5 units for a consideration of $166.7 million while Fesco led the Junior Market with 5.34 million units for $31 million.
Trading ended, with 207,798,795 shares changing hands, valued at $857.96 million, shares up from $451.73 million, with 49,206,449 shares traded in all markets on the previous day. The JSE USD market ended with the value of stocks traded at US$55,292 from US$17,599 on Wednesday
JSE Combined Index, a measure of the overall market, rallied 1,826.51 points to 372,351.61.
The All Jamaican Composite Index rose 1,658.74 points to 410,071.11, the JSE Main Index popped 1,851.88 points to 357,899.15, the Junior Market Index increased 10.66 points to 4,193.43 and the JSE USD market Index climbed 6.54 points to close 216.21.
The market’s PE ratio ended at 23.9 based on 2021-22 earnings and 12.4 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

Trading jumps on the JSE on Wednesday

There was heavy trading in Barita Investments having traded 1.8 million worth $179 million with 40 percent of the market value and several Junior Market stocks trading in high volumes on Wednesday with Fesco leading the Junior Market with 9.7 million units at $55.57 million.
Trading ended, with 49,206,449 shares changing hands, valued at $451.73 million, up from $151.3 million, with 22,396,363 shares traded in the overall market on the previous day. The JSE USD market ended with the value of stocks traded at US$17,599 from US$27,536 on Tuesday.
The Junior Market and the JSE USD market closed higher, in trading but the Main Market of the Jamaica Stock Exchange declined, leaving the JSE Combined Index, a measure of the overall market, down 1,547.31 points to 370,525.10. The All Jamaican Composite Index fell 428.08 points to 408,412.37, the JSE Main Index fell 2,132.33 points to 356,047.27, the Junior Market Index popped 49.01 points to 4,182.77 and the JSE USD market Index added 0.98 points to close 209.67.
The market’s PE ratio ended at 23.6 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

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.

Mixed JSE trading on Tuesday

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The Main Market of the Jamaica Stock Exchange declined on Tuesday but the Junior Market and the JSE USD market closed higher, with the value of stocks trading rising above Monday’s total, leaving the JSE Combined Index, a measure of the overall market, rising a mere 28.82 points to 372,072.41.
The All Jamaican Composite Index fell 1,853.78 points to 408,840.45, the JSE Main Index fell 219.67 points to 358,179.60, the Junior Market Index popped 25.80 points to 4,133.76 and the JSE USD market Index added 4.81 points to close 208.69.
Trading ended, with 22,396,363 shares changing hands, valued at $151.3 million, up from $102.3 million, with 23,686,595 shares traded in the overall market on the previous trading day. The JSE USD market ended with the value of stocks traded at US$27,536 from US$16,872 on Monday.
The market’s PE ratio ended at 23.7 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

 

JSE stocks popped on Monday

All three markets of the Jamaica Stock Exchange rose moderately on Monday at the close of a trading session, with the value of stocks trading falling sharply from Friday’s amount, leaving the JSE Combined Index, a measure of the overall market, to rise 2,193.77 points to 372,016.68.
The All Jamaican Composite Index popped 3,826.38 points to 410,654.87, the JSE Main Index rose 2,272.26 points to 358,370.48, the Junior Market Index popped 7.85 points to 4,107.96 and the JSE USD market Index added 1.25 points to close 203.88.
Trading ended, with 23,686,595 shares changing hands, valued at $102.3 million, down from $511.8 million, with 31,932,432 shares traded in the overall market on the previous trading day. The JSE USD market ended with the value of stocks traded at US$16,872 from US$30,924 on Thursday.
The market’s PE ratio ended at 22.4 based on 2021-22 earnings and 12.1 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

 

31% Express Catering rebounding profit

Tourist arrivals passing through Montego Bay rebounded strongly in the August quarter just a fraction less than the previous high mark in 2019 pushing revenues at Express Catering up 35 percent for the first quarter of the 2023 fiscal year to August to US$4.9 million as profit surged 31 percent to US$652,841, even as the 2021 period benefited from a rental concession of US$351,544, with none in the latest quarter.

Ian Dear, Managing Director of Express Catering

The company also released full year results showing continued recovery from last fiscal year’s fallout, with a profit of US$1.1 million, up from a loss of USUS$1.73 million in 2021. In contrast, in the nine months to February, profit was just US$364,607, with only US$120,248 of it generated in the February quarter.
Sales jumped 223 percent for the year to US$14.24 million from just US$4.4 million in 2021. For the fourth quarter, revenues rose to US$4.6 million, just 7 percent behind the August 2022 quarter and well ahead of the US$933,000 generated in 2021.
According to directors Ian Dear and John Byles, “total passengers accessing the departure lounge at the Sangster International Airport during the quarter were just below 623,000 or 37.44 percent higher than the similar period last year.” The directors also stated that they expect the trend to continue for the rest of the fiscal year.
Gross profit margin remained stable at around 65 percent for all periods from 2021, but input rose a tad faster than sales, with that for the latest quarter rising 40 percent and 228 percent for the fiscal year. The effect, gross profit rose just 32 percent in the August quarter to US$3.17 million from US$2.4 million in 2021 and increased 220 percent for the 2022 fiscal year, to US$9.3 million from US$2.9 million in 2021.
Administrative expenses rose 24 percent to US$1.23 million in the August 2022 quarter and increased 100 percent in the year to May, to US$5 million. Depreciation charge moved from US$2.4 million to US$2.78 million for the fiscal year and was stable at US$678,000 in the latest quarter. Finance costs rose in the quarter, to US$522,000 from US$515,000 in 2021 and from US$1.9 million to US$2.1 million for the year to May.
Gross cash flow brought in US$1.35 million, with US$1 million advanced to a related company, in addition to fixed assets consuming $298,324 and lease payment absorbed US$475,222.
At the end of August, shareholders’ equity stood at US$3.9 million with borrowings at US$33 million. Current assets ended the period at US$12.6 million, with US$11 million due from related company, without a date for repayment and on which no interest is charged even as the company is due to pay interest at around 12 percent per annum on funds it owes. Current liabilities amount to $6.47 million and Net current assets ended the period at US$6.1 million.
Earnings per share came in at 0.04 US cents for the quarter and 0.067 US cents for the fiscal year, If the company passed on the interest cost to the related party, profit for the quarter would be higher by around U$350,000 for the quarter, assuming no amount changed back for the prior years and more than US$1 3 million for the year.
ICInsider.com forecasts 40 Jamaican cents per share earnings for 2023 fiscal, assuming no interest is charged on the intercompany debt. The rebound in tourist arrivals only came back to 2019 levels in June, this year. Providing there are no reversals, the company that is highly dependent on the sector will enjoy a big bounce for the next nine months compared to the lower business generated from last year to May this year.
The PE is 13 times earnings based on the latest stock price of $5.25 on the Junior Market of the Jamaica Stock Exchange.
The company is increasing its coverage in the airport, according to the Directors, construction work on the revamped post security food and beverage lounge is ongoing. “There was a soft transitioning into the new food court with some concepts opening March 2022” stated the report accompanying the quarterly. Work on the second phase is slated for completion by the end of December, the directors indicated, “with the full rollout of the rest of Concepts – Bob Marley One Love, Freshens and Bento Sushi.”

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.

Consolidated Bakeries hits new high

Consolidated Bakeries ended at a fresh multiyear closing high of $2.50 on Friday, with more than a million shares trading. Investors can expect more gains from this one as the company enjoyed strong first half year results that are expected to carry over to the second half and with the pe ratio now at 10 times this year’s earnings.

Consolidated Bakeries (Purity) traded at a 52 weeks’ closing high on Friday.

Key Insurance is added to the watch list with the price down to $3.36. After releasing full year results last week, Express Catering released first quarter results to August. Based on those numbers, ICInsider.com revised earnings per share to 40 Jamaica cents for the current fiscal year, with the PE now at 13.
ICInsider.com watch list comprises Caribbean Assurance Brokers, Consolidated Bakers, Dolphin Cove, Caribbean Producers, Elite Diagnostic, Everything Fresh, General Accident, Guardian Holdings, Jamaica Broilers, Key Insurance, Knutsford Express, Lasco Distributors, Lasco Manufacturing, NCB Financial, Stationery and Office Supplies, Paramount Trading and Scotia Group.
Major factors to consider going forward. The rebound in tourist arrivals only came back to 2019 levels since June. Providing there are no reversals, then companies who are highly dependent on the sector will enjoy a big bounce for the next nine months compared to the lower business generated from last year to April this year. The same applies to the entertainment industry as the sector only opened up after March this year. Banks will make a fortune from increased interest rates.

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

JSE main market gains, Junior Market slips

The main market of the Jamaica Stock Exchange rose moderately on Friday while the Junior Market slipped but the JSE USD market inched higher at the close of a trading session, with the value of stocks trading rising sharply over Thursday’s trades, resulting in the JSE Combined Index, a measure of the overall market, rising 15.41 points to 369,822.91.
The All Jamaican Composite Index popped 1,975.07 points to 406,828.49, the JSE Main Index rose 284.34 points to 356,098.21, the Junior Market Index fell 27.58 points to 4100.11 and the JSE USD market Index added 0.96 points to close 202.62.
Trading ended, with 31,932,432 shares changing hands, valued at $511.87 million, from $122.26 million, with 27,386,607 shares traded in the overall market on the previous day. The JSE USD market ended with the value of stocks traded at US$ 30,924 from US$36,555 on Thursday.
The market’s PE ratio ended at 22.8 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.

Sharp jump in trading to close September

Markets closed higher on a day of heavy trading on the Jamaica Stock Exchange, with 236 million shares changing hands, valued at $2.47 billion as all markets ended September higher than the close of August.
JSE Combined Index, a measure of the overall market, rallied 3,870.11 points to 376,221.72

Barita traded at a new high on Friday.

The All Jamaican Composite Index rose 3,872.20 points to 413,943.31, the JSE Main Index popped 3,792.45 points to 361,691.60, the Junior Market Index rallied 36.11 points to 4,229.54 and the JSE USD market Index slipped 0.66 points to close 215.55.
Barita Investments traded more than 6.5 million shares with a value of $705.6 million and Sagicor XFund traded 189.69 million shares at $1.56 billion.
Trading ended, with 236,220,291 shares changing hands, valued at $2.47 billion, up from $857.96 million, with 207,798,795 shares traded in all markets on the previous day. The JSE USD market ended with the value of stocks traded at US$51,064 from US$55,292 on Thursday.
The market’s PE ratio ended at 23.5 based on 2021-22 earnings and 12.3 times those for 2022-23 at the close of trading.
Investors need pertinent information to successfully navigate many 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 investment decisions by 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 put in 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 ICInsider.com PE Ratio chart covers all ordinary shares on the Jamaica Stock Exchange. It shows companies grouped on an industry basis, allowing easy comparisons between the same sector companies and the overall market.
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 payable and yields for each company are shown in the Main and Junior Markets’ daily report charts that show the closing volume for the bids and offers.
The EPS & PE ratios are based on 2021 and 2022 actual or projected earnings, excluding major one off items. The PE Ratio is the most popular measure used to determine the value of stocks.