Main & Junior Markets ICTOP10 changes

During the past week, the JSE Main Market Index and the Junior Market lost ground at the close of the week but that did not prevent some ICTOP10 stocks from posting gains even as others fell to close out the past week, with three Junior Market stocks rising and four declined while four Main Market stocks gained and three declined.
Price movements in the market resulted in one new TOP10 listing for the Junior Market and one for the Main Market. Everything Fresh rose 9 percent to $1.75, followed by Caribbean Assurance Brokers, gaining 7 percent to end at $3.10, while the losers include Elite Diagnostic and One on One, down 5 percent to $1.79 and $1.01 respectively, followed by a 4 percent decline in Dolphin Cove to $15.50.
The Main Market closed the week with Margaritaville jumping 18 percent to $16.60. Key Insurance dropped 10 percent to $2.25 and 138 Student Living dropping 6 percent to $4.06.
One on One Education dropped out of the Junior Market TOP10, having reported a loss for the year to August, from flat revenues year over year and is replaced by Lasco Manufacturing, returning after a one week absence, with potential to end up with solid gains in the months ahead.
Returning to the Main Market TOP 10 is Caribbean Cement replacing Guardian Holdings, with the nine months’ results indicating lower earnings this year based on the new accounting policy.
The average PE for the JSE Main Market ICTOP 10 stands at 5.1, well below the market average of 12.2. The Main Market ICTOP10 is projected to gain an average of 320 percent by May 2024, based on 2023 forecasted earnings.
An indication of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
In the Main Market ICTOP 10, a total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 19 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight values.
The PE of the Junior Market TOP10 sits at 6.1, just over half of the market, with an average of 11.7. There are 12 stocks, or 25 percent of the market, with PEs from 15 to 50, averaging 21 that are well above the market’s average. The top half of the market has an average PE of 17, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 234 percent on or around May 2024.
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.

 

More changes for ICTOP10

During the past week, the ICTOP10 Main Market stocks closed, with losing stocks dominating and rising stocks outnumbering declining ones in the Junior Market, following gains in both market indices. During the week, the JSE Main Market Index recovered all of the 3,385 points drop of the previous week by adding 3,900 points, but the All Jamaica Composite Index rose by 600 points and the Junior Market rose a mere 31 points.
The above set the stage for ICTOP10 Junior Market stocks to post five rising stocks to two that declined, while the ICTOP10 Main Market recorded five modest gains and four losses.
Price movements in the market resulted in two new TOP10 listings for the Junior Market and one for the Main Market. Lasco Manufacturing and Consolidated Bakeries dropped out of the Junior Market listing and Caribbean Cement fell out of the Main Market, resulting from a small price appreciation and re-evaluation of earnings per share following the release of nine months results, with ICInsider.com projected earnings now at $7. However, the stock still has the potential to go higher, with the current PE at just 7 times 2023 earnings compared to an average of 12 for the market.
Returning to the TOP 10 are Junior Market listed Paramount Trading and AMG Packaging. In contrast, Scotia Group returns to the TOP 10 Main Market listing, with the price dropping from $34.45 at the end of the previous week to $33.55 this past week. AMG returns, following the release of the full year’s results, show major improvement in direct operating cost with a solid increase in gross profit margin in the August quarter, which augurs well for earnings for the new fiscal year starting September, accordingly, ICInsider.com upgraded earnings to $0.40 per share for the current year and that pushed the stock to 5th place on the TOP 10 list. Paramount Trading returns with a depressed price and gains by the two stocks dropping out of the listing.
Everything Fresh led the Junior Market listing with a rise of 14 percent to $1.60, followed by Lasco Manufacturing with a 10 percent climb and Elite Diagnostic with 6 percent to $1.88. Just two stocks fell with losses of just one and three percent. The Main Market closed the week with Caribbean Producers rising 4 percent to $9.50. Margaritaville fell 14 percent to $14.05, Key Insurance dropped six percent to $2.50 and General Accident with a four percent decline to $5.45.
The average PE for the JSE Main Market ICTOP 10 stands at 4.7, well below the market average of 12.1. The Main Market ICTOP10 is projected to gain an average of 359 percent by May 2024, based on 2023 forecasted earnings.
An indication of where stock prices could be by May 2024 can be seen from stocks with the highest values in the Main and Junior Markets.
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 109, with an average of 30 and 19 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 5.9, just over half of the market, with an average of 10.8. There are 11 stocks, or 23 percent of the market, with PEs from 15 to 25, averaging 18.6, 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, with the market projected to rise by 244 percent by May 2024.
ICTOP10 focuses on likely yearly winners. Accordingly, the list includes some of the best companies in the market, but this is only sometimes 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 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 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.

85% gainer jumps ICTOP10

The Junior Market had an 85 percent winner during the past week, with only three stocks recording notable price changes in a market that remained fairly stable in the holiday-shortened week, with a slippage of only a few points. Price movements in the Main Market were moderate, with the highest being 5 percent at the end of the week, in which the JSE Index dropped more than 3,000 points, with the All Jamaica composite Index slipping just 90 points.
Edufocal was the star performer of the week with a big 85 percent surge in price to close at $2.50, following the company reporting that the board of directors is to meet on October 27 to discuss a possible rights issue and a stock split. Elite Diagnostic rose 13 percent to $1.77 and Everything Fresh dropped 11 percent to $1.40. The Main Market closed the week with JMMB Group falling 5 percent to $27.10, being the only stock with a notable change.
Market activity resulted in two new additions to the Junior Market ICTOP10 and one to the Main Market. Returning to the Junior Market TOP 10 are Lasco Financial Services and Lasco Manufacturing, replacing Caribbean Cream and Edufocal. Full year earnings for the former were downgraded to 55 cents per share following the release of second quarter results, which showed flat revenues for the August quarter and half year compared with 2022 and lower profit for the second quarter, with increased profit for the six months compared to 2022. Lasco Financial Services reported disappointing results for the first quarter of the new fiscal year to June. The company did not benefit as much from interest income as would be expected and had adequate funds on hand to expand the loan portfolio, development management indicated they would be pursuing for the rest of the year. Significant expansion of loans could radically transform both revenues and profit for the year. The extent of this improvement is unclear currently, however, the potential suggests that this is a stock to watch going forward as it could surprise to the upside. Lasco Manufacturing is, without question, a stock that is seriously undervalued, but investors pushed the price down during the week. This is clearly one for the future and one that investors should see continuous improvement in stock price over the next 12 months as the company rolls out improved profits in the quarters to come.
In the Main Market, Caribbean Producers returned to the ICTOP10 and replaced Scotia Group that was just squeezed out of the TOP10. CPJ performed well during the fiscal year ending June. The performance was obscured by a onetime charge related to past GCT claims that were booked in the past year, but for this charge, results would have been vastly better than reported, but investors may have been turned off by the results. The expectation is for profitability to improve during the current fiscal year ending in June 2024. The stock is clearly undervalued and has much room for growth over the next 12 months and beyond. Scotia Group, although out of the TOP10, reported a 74 percent in profit for the nine months to July and is terribly undervalued. Investors should be accumulated in the stock with the expectation for gradual appreciation, especially when the full year results are released with earnings expected to top $5.50 for the year to October 2023.
The average PE for the JSE Main Market ICTOP 10 stands at 5, well below the market average of 12. The Main Market ICTOP10 is projected to gain an average of 328 percent by May 2024, based on 2023 forecasted earnings.
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 105, with an average of 29 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 6, just over half of the market at 10.7. There are 9 stocks or 19 percent of the market, with PEs from 15 to 26, averaging 19 that are well above the market’s average. The top half of the market has an average PE of 14, possibly the lowest fair value for Junior Market stocks currently, with the market projected to rise by 261 percent by 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.
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 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 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.

Four new ICTOP10 listings

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The Junior Market rose modestly during the past week while the Main Market slipped marginally to close out the week, resulting in ICTOP10 stocks delivering mixed results with the Junior Market recording some solid price increases and just three declines while the ICTOP10 Main Market stocks had just one price decline with three stocks recording notable price increases.
Market activity resulted in three new additions to the Junior Market ICTOP10 and one in the Main Market. Returning to the Junior Market TOP10 are Consolidated Bakeries, Dolphin Cove and Lasco Distributors replacing Image Plus, Lasco Financial Services and Paramount Trading with the latter reporting lower profits and revenues in the first quarter ended August and Image Plus reporting sharply lower second quarter and half year results that pushed projected earnings for the year to 27 cents per share. In the Main Market, Caribbean Producers dropped out of the ICTOP10 and is replaced by Caribbean Cement.
The Main Market closed the week with Key Insurance jumping 16 percent to $2.68, Scotia Group rising 5 percent to $33.60 and Caribbean Producers popping 4 percent to close at $10.67.
The Junior Market produced gains of 17 percent for Paramount Trading which closed up $1.76 and 16 percent of four Caribbean Cream at $4.65 followed by Lasco Financial Services up 7 percent to $2.06, declining was Elite Diagnostic down 15 percent to $1.57 and five percent for Caribbean Assurance Brokers to close at $3.03.
The average PE for the JSE Main Market TOP 10 stands at 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 328 percent, by May 2024, based on 2023 forecasted earnings.
A total of 14 of the most highly valued stocks representing 29 percent of the Main Market are priced at a PE of 15 to 108, with an average of 30 and 20 excluding the highest PE ratios, and a PE of 22 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market TOP10 sits at 5.7, half of the market at 10.8. There are 11 stocks or 23 percent of the market, with PEs from 15 to 25, 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, with the market projected to rise by 261 percent by 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.
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 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.

New ICTOP10 listings

Stocks pulled back this past week from the month end Induced rally of the prior week on the Jamaica Stock Exchange, resulting in two new additions to the ICTOP10 stock, with mostly declining stocks dominating the ICTOP10.
Coming into the Junior Market TOP10 are Paramount Trading, with the price dropping to an appealing $1.50 and Everything Fresh dipping to $1.55. Leaving the Junior Market TOP 10 are Dolphin Cove and Lasco Distributors with modest price changes for the week. There are no changes to the Main Market TOP10.
The Main Market closed the week with Caribbean Producers rising 4 percent to close at $10.24, but Guardian Holdings dropped 13 percent to close the week at $440, followed by a 6 percent fall in Key Insurance and Scotia Group to $2.31 and $32 respectively.
There were no gains of worth in the Junior Market but One on One Educational Services fell 12 percent to $1.01, Caribbean Assurance Brokers fell 6 percent to $3.19 and Caribbean Cream slipped 4 percent to $4.
At the end of the week, the average PE for the JSE Main Market TOP 10 stands at 4.9, well below the market average of 12.2. The Main Market TOP10 is projected to gain an average of 344 percent, by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced at a PE of 15 to 108, with an average of 32 and 21 excluding the highest PE ratios, and a PE of 23 for the top half and 16 excluding the stocks with overweight valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 10.9. There are 11 stocks or 23 percent of the market, with PEs from 15 to 37, averaging 20 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 is projected to rise by 268 percent by 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.
ICTOP10 focuses on likely yearly winners. The lists include 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 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.

4 changes to ICTOP10 stocks

In a week with four changes to the ICTOP10 stock listings, the select list of stocks racked up some impressive gains to close out the past week and the ninth month of the year, following solid gains during the week for the Jamaica Stock Exchange Junior and the Main Market. Junior Market rose more than 150 points and rose above the August close, while the Main Market index jumped 14,765 points for the week and the All Jamaica Index is up 12,156 points with both up modestly over the August close.

Top performing stock in the past week.

Coming into the Junior Market TOP10 are Lasco Financial, Dolphin Cove and Lasco Distributors, as Everything Fresh, General Accident and iCreate dropped out. General Accident replaced Caribbean Cement that fell out of the Main Market TOP10.
The Main Market closed the week with Caribbean Cement jumping 16 percent to close at $56.80, Guardian Holdings ran up 14 percent to close the week at $506.60, followed by a 10 percent increase in Jamaica Broilers to $34 and a 6 percent rise in JMMB Group to $29, all other price changes were 4 percent or less.
The Junior Market saw Everything Fresh jumping 28 percent to $1.75, followed by Caribbean Assurance Brokers leaping 20 percent to $3.38 as supply of the stock below this price has dried up and One-On-One Educational Services and General Accident are up a notable 15 percent to $1.15 and $6 respectively and finally, Image Plus rose 7 percent to $2.17.
Caribbean Producers reported full year earnings to June of J$0.90 per share, excluding one off item. ICInsider.com projects earnings of $1.70 for the current year, pushing the stock jumps to 6th position in the top 10 to number 7 on the list.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 4.9, well below the market average of 12.4. The Main Market TOP10 is projected to gain an average of 330 percent, by May 2024, based on 2023 forecasted earnings.
A total of 15 of the most highly valued stocks representing 23 percent of the Main Market are priced with a PE of 15 to 109, with an average of 29 and 19 excluding the highest PE ratios, with a PE of 23 for the top half and 16 excluding the stocks with the over weighted valuations.
The PE of the Junior Market Top 10 sits at 5.7 just half of the market at 11.2. There are 13 stocks or 27 percent of the market, with PEs from 15 to 28, 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 is projected to rise by 255 percent down from 288 percent last week by 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.
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 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.

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.

Scotia climbs in ICTOP10

The Jamaica Stock Exchange Junior Market and the Main Market moved in opposite directions in the past week with the Junior Market enjoying some recovery from the fall in the past week and the Main Market suffering more pain, with a near 2 percent fall, with a few of the stocks hitting 52 weeks’ low, with Scotia Group being one of them and pushed to stock to 6 positions in the TOP10.
Developments in the past week, the Main Market, Key Insurance rose 11 percent to close the week at $2.77, followed by a 10 percent fall in Scotia Group down to $30, but the bid closed higher than the last price, suggesting a rebound in the coming week. Scotia Group reported solid results for the nine months to July. ICInsider.com upgraded earnings to $5.50 but it could hit $6, with the stock being extremely undervalued. Caribbean Cement declined by 6 percent to close the week at $47.50 and JMMB Group fell 5 percent to $28.10
The Junior Market ICTOP10 closed the week with a 16 percent rise in the price of Caribbean Cream to $4.06 followed by a 12 percent decline for Elite Diagnostic to $1.61 and an 8 percent fall in General Accident Insurance to $4.55.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5, well below the market average of 12.3. The Main Market TOP10 is projected to have an average of 336 percent, to May 2024, based on 2023 forecasted earnings.
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 30 and 21 excluding the highest PE ratios, with a PE of 21 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5 compared with the market at 10.6. There are 12stocks or 26 percent of the market, with PEs from 15 to 38, averaging 21 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 300 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the level of likely gains for ICTOP10 stocks.
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 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.

Elite Diagnostic moves into ICTOP10

Elite Diagnostic returns to the Junior Market ICTOP10 listing at the number 2 spot, Dolphin Cove dropped out but there are no changes to the Main Market Listing.
Elite Diagnostics had a bad fiscal year to June, with a loss of $1.7 million in the June quarter and a profit of only $2.8 million for the year, down from $49 million in 2022. With finance cost jumping to $47 million from $27 million the previous year while depreciation climbed by $41 million to $148 million. ICInsider.com expect revenues to keep on climbing at a above average rate and for cost to increase at a slower pace and deliver an attractive profit which is projected at 40 cents for the year. Recent history suggests that forecasts can be derailed by unforeseen developments, but the stock is worth while looking at as a medium term investment that is undervalued relative to potential.
Developments in the past week, the Main Market, now reflects the Jamaica market price for Margaritaville that climbed 16 percent to $16.30, followed by an eight percent increase for JMMB Group to$29.70 following an announcement from the company that the will be implementing a $10 million stock buyback, while 138 Student Living popped 5 percent to $4.33 and Key Insurance shed 13 percent to close the week at $2.50.
The Junior Market ICTOP10 closed the week with General Accident rising 10 percent to $4.94, followed by Caribbean Assurance Brokers, up 6 percent to $2.83 as Iron Rock Insurance dropped 9 percent to $2.10 and Everything Fresh dipped 5 percent to $1.30.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.2. The Main Market TOP10 is projected to have an average of 330 percent, to May 2024, based on 2023 forecasted earnings.
A total of 12 of the most highly valued stocks representing 26 percent of the Main Market are priced with a PE of 15 to 84, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.1 compared with the market at 10.6. There are 10 stocks or 21 percent of the market, with PEs from 15 to 39, averaging 21 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 298 percent to May 2024.
The divergence between the average PE ratio 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 attractive results leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event 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.
IC TOP10 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 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.

Key Insurance leads movers in ICTOP10

The impact on the market with the presence of an Initial Public Offer opening was not very pronounced this time around, with the One Great Studio opening and closing this past week with the issue being oversubscribed, but the Junior Market did experience a sharp fall early in the week that could well be related to investors seeking funds to invest in the IPO.

In the Main Market, Key Insurance climbed 14 percent to $2.88 to be the sole winner of note, while 138 Student Living crashed 6 percent to $4.11, just a fraction above the APO price for shareholders of $4.05, that is projected to raise just over $2 billion. JMMB Group shed 5 percent to close the week at $27.40, making for a compelling long term investment and Sygnus Credit Investments fell 4 percent to $11.47.
The Junior Market ICTOP10 closed the week with Caribbean Cream dropping 16 percent to $3.50, this comes against the background of sharply falling cost for milk solids, one of the significant input cost in the production of ice cream. Caribbean Assurance Brokers slipped 7 percent to $2.68 and Everything Fresh dropped 14 percent to $1.37 and Image Plus slipped percent to $2.05. Iron Rock Insurance was the gainer of note, rising 10 percent to $2.30.
The pending additional issue of 138 Student Living shares kept the price depressed and with the offer coming public with 513 million shares with an option to upsize by 318.5 million units, it will satisfy a great deal of demand and, therefore, put a short term lid on price appreciation. The situation will be worse as the company lacks the ability to inform investors about its operations in a manner that is befitting of a company its size.
Note that Margaritaville is listed on both the Main Market and the USD Market, with similar values.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 5.1, well below the market average of 12.7. The Main Market TOP10 is projected to have an average of 322 percent to May 2024, based on 2023 forecasted earnings.
The most highly valued Main Market stocks, representing 32 percent of the Main Market, are priced at a PE of 15 to 80, with an average of 29 and 20 excluding the highest PE ratios, with a PE of 22 for the top half and 17 excluding the stocks with the highest PEs.
The Junior Market Top 10 PE sits at 5.3 compared with the market at 10.8. There are 10 stocks representing 21 percent of the market, with PEs from 15 to 40, averaging 21, that is 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 271 percent to May 2024.
The divergence between the average PE ratio of the Main and Junior Markets and the overall market valuation are important indicators of the 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 attractive results, leading them to quietly nibble away at a number of stocks, gradually reducing the supply of a number of them that are attractively priced. The list includes stocks such as Access Financial, AMG Packaging, Everything Fresh, Dolphin Cove, Caribbean Cream, Caribbean Assurance Brokers, Lasco Distributors and Lasco Manufacturing, Main Event 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.
IC TOP10 stocks will likely 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, 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.

 

 

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