Main Even Entertainment Group Limited: What a Quarter, Over J$ 100 MM Net Profit for Q1
Main Event, MEEG, with a market cap of J$ 3.5 billion and trading at J$ 11.50/ J$ 12 per share, just came out with one of the most explosive positive quarters we have seen in a minute at ItsMoneyMark, reminiscent of the tourism stocks/ companies as they emerged a bit quicker from the gates in terms of the earnings rebounds post Covid.
Main Event for its 1st quarter ended January 31, 2023, registered phenomenal revenue of J$ 626.9 million, + 211% year over year. The company’s net profit rang in at J$ 117.9 million, reversing a net loss in the comparative quarter, a year earlier. For Main Event, this quarter’s net profit resulted in a net margin of 19%, and earnings per share of J$ 39 cents.
Quick Take on Sagicor Select Funds, Are they Still Relevant? What has gone Wrong?
Both Sagicor Select Funds, Financial and Manufacturing & Distribution (SELECTF and SELECTMD) posted mediocre financial numbers for 2022. In the case of SELECTF, the numbers were not a one-off, but represent two (2) years in row of net losses for shareholders.
For SELECTMD the profit was barely there for 2022, with the Company registering net profit of J$ 20.2 million with earnings per share of J$ 1 cent. This was in distinct contrast to the previous financial year of 2021, where SELECTMD, hit net profit of J$ 866 million with earnings per share of J$ 23 cents.
GraceKennedy, several Announcements to Reflect on…
GraceKennedy Limited (JSE: GK) has really been on the move lately… They have released a flurry of announcements to the JSE, Jamaica Stock Exchange. GK makes it clear that the Company is now in its 101st year of operations, as they recently concluded the GK100 milestone. Here is some insight:
ISP Finance Services, Loans hit J$ 742.8 million as of Dec 2022
Ripe for a takeover? Based on ISP’s Dec 2022 year end, the loans of the business net of credit losses, (once you take into account cash on the balance sheet) is clearly on its way to J$ 1 billion soon. This makes ISP Finance quite attractive to the leaders in micro-credit. ISP recently raised a corporate bond and this plus existing cash, allowed ISP to end the period with approximately, J$ 255 million in cash & cash equivalents on the balance sheet.
ISP has been a slow, steady hand at the wheel, in the micro-credit business, ideal for a market player looking to add size, to their balance sheet. Essentially, grow significantly faster, versus the organic growth path.
NCB Financial Group Limited: Hits J$ 75/ share
Whenever you think you have seen it all, there is always just a little more to potentially come. This recent quarter from NCB Financial Group Limited caught us for one, off-guard. Well, at times, or in their cycles, that is NCB Financial Group Limited (JSE: NCB FG) for you as we embark 2023 and get into stride.
We are still going to stick by them as one of the long-term winners as we called them before in an ItsMoneyMark Newsletter. We are not giving up on NCB FG just yet, although many will be jumping off the ship, due to, (i) lack of dividends, (ii) the recent quarterly earnings collapse, and (iii) as always other potential reasons when it comes to a stock, etc.
Scotia Group Jamaica, continues to trade below 10x P/E on the back of 35% Earnings Growth
SGJ’s Balance Sheet: Loans, Net of Allowance for Credit Losses hit J$ 237.7 billion
Scotia Group Jamaica Limited (JSE: SGJ) stunned the market, and got back to its winning ways, with above average earnings growth for its last audited financial reporting period, ended October 31, 2022.
SGJ reported, earnings growth of 35%, year over year, with earnings per share surging to J$ 3.75 versus J$ 2.78. SGJ back to their historical numbers and winning ways! This is the year now, 2022/ 2023, to see if SGJ continues and repeats this. That is what the market, and Mr. Market wants to see.
Keep Watching KREMI, it is Just a Matter of Time before that Earnings and Rally Comes
The Cream of the Caribbean Signals it is Coming Back
Do not underestimate this one just because of the recent losses (in 2021 comparative), or the earnings performance not being in line with historical performance (Q3 2022 report).
As usual, whether you “draw a line” from the MD&A, or from the earnings cycles of Caribbean Cream Limited (JSE: KREMI), the Company goes through these periods, due to one of these areas, or a combination:
Mayberry Investments Fire Power Loading, What’s the Plan?
Talk about more fire power for MIL – Mayberry. They already were on fire with investments in Supreme Ventures (JSE: SVL) and Caribbean Producers (JSE: CPJ).
The oversubscribed, 2 tranches (there are 4 tranches in total in the offer) closed already for the Mayberry Bond IPO #BondBerry giving them even more horse power to be a dominant financial player, deal maker in the Jamaican Market for 2023, and for the outlook of 2023 to 2025. We can go even further in our mind and say 2027.
ItsMoneyMark “New Year Message”
Here is to a Big 2023!
Happy New Year from the team at ItsMoneyMark Media and we thank you for your support throughout 2022, and we are looking forward to continuing to serve you and provide you with the best possible financial literacy improvements, and financial markets news in 2023. We pride ourselves in “keeping it simple” and we thank you for your feedback in 2022. It makes us better and inspires us at ItsMoneyMark Media.
As we kick-off another year, and embark on 2023, you will receive a ton of thoughts around, New Year resolutions, advice, things to do, and ways to improve yourself. Remember, the key is to start, be disciplined, stick to quality and be consistent when it comes to investing.
An Intriguing IPO to end 2022 and Start 2023 with a Bang!
What’s coming and it feels good, almost like a surprise, it has happened suddenly, like Boom! The prospectus has appeared and this one, has some seriously good net profits, and net margins upon preliminary review. We like that.
The IPO, initial public offer invitation opens December 28, 2022, and closes January 11, 2023. This one should go fast, like hot bread, like most of the recent Junior IPO issuances especially as we re-iterate the numbers.