Businessuite Markets
Why Is The Market So Bullish On Pulse Investments And Blue Power? – Small Trades Giving Big Price Movements!
Over the last four (4) months those of you who are avid viewers of the JSE daily stock price movements would have noticed dramatic movements in the stock prices for Blue Power and Pulse Investments. Under normal conditions and for companies much larger and profitable these would not have attracted much attention.
This is the essence of what we have observed so far based on Jamaica Stock Exchange information.
Blue Power Group Limited Price History
| Date | Volume (non block) ($) |
Last Traded Price ($) |
Close Price ($) |
Price Change ($) |
Closing Bid ($) |
Closing Ask ($) |
|
| 2017-02-15 | 1,112 | 50.01 | 51.34 | 0.34 | 50.01 | 55.05 | |
| 2017-02-16 | 3,000 | 50.01 | 50.01 | -1.33 | 50.01 | 55.05 | |
| 2017-02-17 | 0 | 50.01 | 50.01 | 0.00 | 50.01 | 0.00 | |
| 2017-02-20 | 100 | 50.25 | 50.25 | 0.24 | 50.25 | 0.00 | |
| 2017-02-21 | 0 | 50.25 | 50.25 | 0.00 | 50.25 | 0.00 | |
| 2017-02-22 | 0 | 50.25 | 50.25 | 0.00 | 50.50 | 0.00 | |
| 2017-02-23 | 120 | 50.50 | 50.50 | 0.25 | 50.50 | 0.00 | |
| 2017-02-24 | 0 | 0.00 | 50.50 | 0.00 | 50.70 | 55.00 | |
| 2017-02-27 | 221 | 55.00 | 55.00 | 4.50 | 51.00 | 55.00 | |
| 2017-02-28 | 5,808 | 50.25 | 55.17 | 0.17 | 49.80 | 57.50 | |
| 2017-03-02 | 1,200 | 55.00 | 55.00 | -0.17 | 49.80 | 55.00 | |
| 2017-03-03 | 4,817 | 40.40 | 46.14 | -8.86 | 37.00 | 0.00 | |
| 2017-03-06 | 2,336 | 37.00 | 43.72 | -2.42 | 25.00 | 55.00 | |
| 2017-03-07 | 0 | 40.40 | 43.72 | 0.00 | 25.00 | 55.00 | |
| 2017-03-08 | 0 | 25.00 | 43.72 | 0.00 | 25.00 | 43.70 | |
| 2017-03-09 | 0 | 0.00 | 43.72 | 0.00 | 30.00 | 43.70 | |
| 2017-03-10 | 5,000 | 26.00 | 43.70 | -0.02 | 26.10 | 43.70 | |
| 2017-03-13 | 2,000 | 30.00 | 37.17 | -6.53 | 28.50 | 43.00 | |
| 2017-03-14 | 7,344 | 25.50 | 29.81 | -7.36 | 25.50 | 40.00 | |
| 2017-03-15 | 100 | 36.50 | 36.50 | 6.69 | 30.00 | 36.40 | |
| 2017-03-16 | 0 | 0.00 | 36.50 | 0.00 | 36.50 | 38.00 |
Blue Power started 2017 trading at $29.00 making steady upward movements.
On the 27th February Blue Power traded 221 units to push the stock price up $4.50 to close at $55.00.
On the 14th March 7,344 units traded which saw the stock losing $7.36 to close at $28.50.
Blue Power has been trading at a 52 week range of $11.00 to $57.60
Over the last five or so months trading volumes have been on the low side however on the 7th February 894,181 units traded at a price of 50.01. What does this investor know about the future prospects of this company that would convince him to trade this block of shares at this high price?
Pulse Investments Limited Price History
| Date | Volume (non block) ($) |
Last Traded Price ($) |
Close Price ($) |
Price Change ($) |
Closing Bid ($) |
Closing Ask ($) |
|
| 2017-02-15 | 410,470 | 6.50 | 6.50 | -0.25 | 6.35 | 7.00 | |
| 2017-02-16 | 12,000 | 6.90 | 6.90 | 0.40 | 6.35 | 6.90 | |
| 2017-02-17 | 3,030 | 6.80 | 6.80 | -0.10 | 6.35 | 6.80 | |
| 2017-02-20 | 417 | 6.80 | 6.80 | 0.00 | 6.35 | 6.80 | |
| 2017-02-21 | 6,688 | 6.80 | 6.80 | 0.00 | 6.35 | 6.80 | |
| 2017-02-22 | 10,200 | 6.80 | 6.80 | 0.00 | 6.35 | 6.80 | |
| 2017-02-23 | 10,000 | 6.80 | 6.80 | 0.00 | 6.35 | 6.80 | |
| 2017-02-24 | 11,771 | 7.00 | 6.80 | 0.00 | 6.80 | 7.00 | |
| 2017-02-27 | 14,633 | 7.00 | 7.00 | 0.20 | 6.35 | 7.00 | |
| 2017-02-28 | 12,285 | 7.50 | 7.03 | 0.03 | 7.00 | 7.50 | |
| 2017-03-02 | 20,074 | 7.50 | 7.25 | 0.22 | 7.00 | 7.50 | |
| 2017-03-03 | 0 | 0.00 | 7.25 | 0.00 | 7.00 | 7.50 | |
| 2017-03-06 | 96,759 | 7.50 | 7.50 | 0.25 | 7.00 | 7.50 | |
| 2017-03-07 | 54,008 | 7.00 | 7.01 | -0.49 | 7.00 | 7.50 | |
| 2017-03-08 | 98,500 | 7.00 | 7.02 | 0.01 | 7.05 | 7.50 | |
| 2017-03-09 | 0 | 0.00 | 7.02 | 0.00 | 7.20 | 7.50 | |
| 2017-03-10 | 5,000 | 8.55 | 8.55 | 1.53 | 7.50 | 10.00 | |
| 2017-03-13 | 5,000 | 10.00 | 9.64 | 1.09 | 6.80 | 9.00 | |
| 2017-03-14 | 10,140 | 9.00 | 9.00 | -0.64 | 7.50 | 9.00 | |
| 2017-03-15 | 0 | 0.00 | 9.00 | 0.00 | 7.00 | 9.00 | |
| 2017-03-16 | 456 | 8.75 | 8.75 | -0.25 | 7.00 | 8.75 |
Pulse Investments started the year at JA$3.56 and from that date there has been a gradual and steady increase in the stock price peaking on the 13th March 2017 at $9.64 on trading volumes of 5000 units.
Pulse Investments 52 week range is: $2.25 to $10.00.
So far trading volumes have been relatively small, however on the 15th February 410,470 units traded at a price of 6.50 and 543,712 units at 6.51 on the 10th February suggesting that major stock holders were able to offload a good chunk of stock at a significant profit, assuming they had acquired the stock at or around the $3.56 price.
However not seeing any significant company action or decision that would lend itself to massive jumps in share prices coupled with the relative small trade volumes, the movements attracted our attention.
We sought the view and insight from some of the region’s leading financial analyst on the possible reasons for the upward tick in the prices of these stocks.
Noted financial analyst and active player in the stock market, Sushil Jain indicated that share price movements generally are primarily based on current and projected profits and investors’ perception of the growth prospects of the companies.
Blue Power
In the case of Blue Power, Jain indicated that published results of the first quarter ending 31st January, 2017 showed a 40% increase year over year. The Earnings Per Share (EPS) for first quarter he said was $0.63 which was 40% more than the year before. This he said indicates that the company can have an EPS of $2.50 for the year. Hence the investors are optimistic.
John Jackson another noted and avid player in the stock market, in an article published on his ICInsider.com website back in Dec 2016 had a price target of $45 for Blue Power. What was his thinking for this we asked? “Increased profits and a PE of 20 or there about, that was based on 2016/17 EPS and probably a PE 0f 15”, he offered.
As for the current bull market run on the Blue Power stock price, Jackson suggested that the overall market is trading at a forward PE of around 13 times 2017 earnings with some stocks around 16/17.
According to Jackson Blue Power seems ripe for a stock split with its limited supply of stocks being offered and profit performance is very good with expected growth.
Jackson is also projecting an EPS of $2.80 for the year to April and $4 for 2018. That is room for a lot of upside with a PE of 20 in sight. Lack of adequate supply is helping to fuel the move in the price aided by the good results.
Pulse Investments
Commenting on Pulse, Jain indicated that published results for the six months ending 31st December 2016 showed an EPS of $0.56 which means investors can project them to make an EPS of 1.00 for the year. They also provided some information about their planned property developments which gives hope for the future profitability of the company.
John Jackson for his part indicated that Pulse could be considered cheap based on the results and the disclosure of changes to its leasehold property, business expansion and increased cash inflows all helping to push the stock price upwards.
Some investors may well speculate that with a rights issue overdue there may be other forces at play. I can’t speak to that but selling has abated here he said.
It’s interesting to note that in November 2016 ICINSIDER.COM reported that “The latter (PULSE) just released the September quarterly report with the best quality of earnings in years, with an improving cash flow compared with prior periods and increased earnings of 32 cents per share. Excluding fair value gains on real estate holdings, earnings per share would be around 23 cents or 90 cents per share annualised. The stock price has room for growth in the coming months. This is clear indication that Jackson saw the price movement coming, or did he?
Jackson has also been very critical of the Pulse board, writing in a May 2016 article he said “Pulse Investments needs an infusion at the directorship level as they have telegraphed time and again that they have a board that lacks knowledge to effectively guide the company and protect investors. This was made clear when directors responded to questions from minority shareholders and how badly they handled the proposed rights issue.”
Not sure though if I’m convinced that the movements are what the analyst suggest are the reasons for them particularly when the price of Blue Power has gone now gone down to $29 and seems to be heading further in this direction.
Jackson thinks it’s ripe for a stock split with its limited supply of stocks and profit performance is very good with expected growth. Jain thinks the company can have an EPS of $2.50 for the year and investors should be optimistic.
Pulse so far seems to be holding firm at $9. Jackson thinks Pulse for some investors may be seen as unvalued relative to the rest of the market based on the results and the disclosure of changes to its leasehold property, business expansion and increased cash inflows all helping to push the stock price upwards. Jain says for the six months ending 31st December 2016 Pulse showed an EPS of $0.56 which means investors can project an EPS of 1.00 for the 2017.
What do you think? BM
Aldo (Al) Antonio is the Group Chief Marketing & Business Development Officer for the Blackslate Holdings Group Limited a private equity firm that primarily makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital and growth capital.
Aldo Antonio and Blackslate Holdings Group Limited are currently not holders of stocks in Pulse Investments and Blue Power.
Businessuite Markets
Monarch Pharmacy To Fortify And Strengthen Fontana As The Number 1 Retailer In Jamaica.
Anne Chang Chief Executive Officer and Director of Fontana Limited has released the following unaudited financial statements for the second quarter ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards.
Income Statement
The company’s quarterly revenue hit a record $2.7 billion, representing an increase of 15.3% over the $2.4 billion for the corresponding quarter last year.
Revenues increased across all locations, with the Portmore store improving substantially over its prior year.
There were increases in all key metrics – sales by category, scripts, average scripts and number of transactions.
Cost of sales increased by 17.9%, resulting in a gross profit of $1.06 billion, an increase of 11.5% over Q2 last year.
Gross margins for Q2 declined slightly from 40.5% to 39.2% but year-to-date margins remain strong, exceeding year-end margins by over 2%.
Operating expenses increased by 16.2%, ending the quarter at $687.9 million compared to $592.2 million last year.
However, due to the Portmore store contributing only six (6) weeks of expenses in the prior year, the comparison is still not an apples-to-apples comparison. The increased expenses were mainly driven by staffing costs, industrial security guard expenses, retirement provisions for senior staff (2025), and reclassification of our pharmacist salaries to remain competitive with the GOJ.
Despite this, our cost-control efforts in general insurance and utilities have yielded positive results, and we continue to monitor and implement efficiency measures.
Operating profit rose 3.9%, closing at $375.3 million versus $361.3 million last year.
Finance costs declined 21.9%, moving from $54.9 million in Q2 last year to $42.8 million this quarter, mainly attributable to foreign exchange gains on the lease liability (IFRS16).
Other income increased by 25.6% ending the quarter at $43.5 million compared to $34.7 million for the corresponding period last year.
EBITDA grew 11.4% to $448.4 million up from $402.5 million last year, a provision for corporate income taxes of $49.4 million was made for this quarter taking the year-to-date tax provision to $61.3 million. There was no comparable provision in Q2 last year as Fontana only completed the 5 full years on the Junior market and qualified for a 50% reduction in the full tax rate effective January 2024. This resulted in a net profit for the quarter of $326.6 million or 4.3% less than that reported for the corresponding quarter last year. Earnings per share moved from $0.27 last year to $0.26 for Q2 this year.
Balance Sheet Total assets at the end of the quarter stood at $5.7 billion, slightly below the $5.8 billion recorded in the same period last year.
Cash and cash equivalents remain strong at $1.6 billion, down 4.4% from the previous year, reflecting the July 2024 dividend payment of $312.3 million.
Shareholders’ equity grew 9.9% to $3.0 billion, up from $2.7 billion in the prior corresponding quarter.
Outlook
The end of the quarter saw the start of exciting new projects such as the implementation of our new integrated POS system for our pharmacy department along with the kick off of a phased roll out of our new HR software. The team is working assiduously on the due diligence process for our recently announced acquisition of the Monarch chain of pharmacies. We are excited to have Monarch join the Fontana family, expanding our footprint in Jamaica and providing more convenient locations for our growing customer base. With strong cash flows and a healthy balance sheet, we remain well-positioned to capitalize on future growth opportunities that will strengthen the company and our position as the number 1 retailer in Jamaica.
For More Information Fontana Limited (FTNA) – Unaudited Financial Statements For Second Quarter Ended December 31, 2024 CLICK HERE
Businessuite 2024 #1 Jamaica Junior Market Company by US$ Profit after Tax Fontana Limited
Profit before tax in the fourth quarter increased to $30M, up from $16.9M for the same period in 2023 despite an extremely challenging year.
The company’s performance demonstrated remarkable resilience and strength in the face of severe adversities. Even more impressively, profit attributable to owners for the period, climbed from $11.5M to $33.1M, a remarkable 187.1% increase. This 47% year-over-year profit growth was achieved despite prolonged environmental challenges that disrupted the agro-processing sector.
The devastation caused by Hurricane Beryl significantly impacted key agricultural crops and infrastructure, with lasting effects still felt across the industry.
Recovery was further hampered by persistent and excessive rainfall throughout the second half of the year, leading to shortages in critical raw materials and increased input costs. One of the hardest-hit crops was ackee, a core product in our portfolio. Repeated weather-related setbacks resulted in reduced yields, strained supply chains, and higher costs, creating additional pressure on operations.
Beyond weather-related challenges, the company also faced escalating costs across the board—including raw materials, packaging, transportation, and energy. These industry-wide cost pressures tested our ability to sustain growth and profitability. However, through strategic planning, proactive decision-making, and supply chain adjustments, we navigated these disruptions effectively.
We identified innovative solutions to manage costs, optimize production, and drive revenue growth, ensuring that we continued to deliver high-quality products to our customers. The exceptional profit growth achieved in the period, not only highlight the strength of our business but also reinforces our commitment to delivering value to our shareholders, even in the harsh and difficult circumstances.
For More Information Spur Tree Spices Jamaica Limited (Spur Tree Spices) Unaudited Consolidated Financial Statements for the Fourth Quarter Ended December 31, 2024. CLICK HERE
Businessuite Markets
Knutsford Express Courier Service Remains A Strong Contributor
Our courier service remains a strong contributor, providing dependable package delivery seven days a week. We are actively focused on expanding into convenient courier locations and improving service processes to better serve our customers.
The second quarter reflected stable demand for our core services. Revenue for the period increased by 5.7% to $500 million, compared to $473 million in the corresponding quarter last year. This growth was driven by increased passenger volumes across all routes. For the six-month period, revenue rose 8.8% to $1,050 million, up from $965 million in the comparative period. Continued investments in our coach fleet have enabled us to meet growing customer demand and position the company for sustained growth.
Our courier service remains a strong contributor, providing dependable package delivery seven days a week. We are actively focused on expanding into convenient courier locations and improving service processes to better serve our customers.
Our total assets grew 12.5% to $2,062 million as of November 30, 2024, up from $1,833 million a year earlier, reflecting ongoing investments in expanding our coach fleet and other operational resources.
Looking ahead, we anticipate a rebound in travel demand as headwinds from the recent U.S. election cycle and associated travel advisories subside.
Our strategic investments in capacity expansion, customer convenience, and operational efficiency are expected to drive sustainable growth and enhance customer experience in the second half of the financial year.
Oliver Townsend Chief Executive Officer Knutsford Express Limited
The Jamaican Teas Group enjoyed rising sales during the first quarter of the 2024/25 fiscal year and this trend is expected to carry over into the balance of the year.
Manufacturing Division | The highlight for the quarter was the gain in our export sales which rose 38 percent over the prior year. The 6 percent decrease in our local manufacturing sales primarily reflects the high level of sales that took place to Wisynco in the year ago quarter as they built their inventories at the commencement of their new distribution agreement with us which began on Nov 1 2023.
Real Estate Division | Two studio sales were booked this quarter this year versus four in the year ago quarter following the launch of sales at our Belvedere Road project in October 2023. Booked and / or completed sales at the complex have reached the half way stage with 15 studios sold or under contract at time of writing. Retail Division | For this quarter, retail revenues amounted to $219 million, an increase of 10 per cent. This reflects a continuation of the accelerated revenue growth we have seen in our store in recent months.
Investment Division | During this quarter, the prices of stocks on the Jamaica Stock Exchange Main Market increased although prices on the junior market declined. USA Stock Exchanges improved in the quarter. The unrealised gains in our overseas investments were however much lower than a year ago due to declines in the values of our holdings in several home building and construction companies as well as a significant decline in the value of the shares of one of the computer companies we hold. Some of these declines have reversed themselves in January 2025.QWI Investments Limited (QWI) reporting a small net loss of $10 million for the quarter, a significant reversal from their year ago profit of $18 million. While the market outlook is unclear, QWI may not experience profit growth if the profit results of our main investee companies do not continue their improvements over a year ago.
Revenues | JTL’s total revenues for the quarter increased by 9 per cent overall from $840 million a year ago to $913 million this quarter. The reduction in Investment Income mainly reflects the lower unrealised investment gains of QWI referred to above along with higher realized losses recognized from a higher than usual level of share sales undertaken by QWI this quarter. Higher dividend and interest income compared with the year ago period offset some of these unfavourable developments. QWI halved its share portfolio in Trinidad in the quarter due to the disappointing profit outlook of one of its investees. In addition, the company also exited several other investments due to unexpected adverse changes in the business of several of our holdings.
Expenses| The increases in Cost of Sales for the quarter were outpaced by the growth in revenues. As a result our gross profit margin rose from 18.5 per cent a year ago to 20.3 percent this quarter. This improvement arose in part from the consolidation of our two former factory premises into our current factory at Temple Hall which was completed on 31 August 2024. This helped to eliminate expenses duplicated over two premises versus one now. The lower level of low margin real estate sales this quarter also assisted in the margin improvement.
Other expenses were little changed in the quarter except for interest expense which was $4m lower due to lower debt levels and lower interest rates.
Net Profit | Net profit attributable to Jamaican Teas for the quarter was $53 million, a 12 percent improvement from the $47 million profit in the same quarter of the previous year. Total attributable comprehensive income per share was 2.4 cents.
Financial Position| The increase in fixed assets since September 2024 is due mainly to improvements made to the Temple Hall premises. Receivables rose by 15 per, similar to the trend in revenues in the quarter. QWI’s investment portfolio was reduced in size during the quarter due to the share sales referred to earlier. The reductions in inventories reflect real estate sales since Sept 2024 as well as the continuation of right sizing practices in the manufacturing plant purchasing department.
Outlook| The Jamaican economy is heavily dependent on tourism for foreign exchange and employment and its impacts on the wider economy with its linkages to locally produced goods and services. To this end, the continued rebound in visitor arrivals in recent months is encouraging. The recent decreases in interest rates locally will also improve the prospects for our Group.
John Mahfood – Chief Executive Officer/Director Jamaican Teas Group
Businessuite Markets
Wisynco Q1 Results Impacted By Reduction In Remittances And Softening Visitor Arrivals
Revenues for the quarter of $14.2 billion represent an increase of 7.2% above the $13.3 billion achieved in the corresponding quarter of the previous year however this fell slightly below our expectations.
The slowdown observed in the first quarter, driven by a reduction in remittances and softening of visitor arrivals, continued throughout the second quarter and was in fact compounded upon by the cool temperatures and significantly more rain than expected, making Q2 one of the rainiest quarters in some time both of which typically impacts fast moving consumer goods consumption adversely.
Gross Profit of $4.7b was 6% greater than the $4.4b of the prior year’s quarter whilst Gross Margin at 32.9% were 40 basis points below the 33.3% for the same quarter last year. The lower Gross Margin when compared to the prior year is attributed primarily to the lower absorption of fixed costs related to lower production volumes. Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $3.5 billion or 13.5% more than the $3.1 billion for the corresponding quarter of the prior year.
Our SD&A expense to sales ratio was 24.8% for the quarter, or 140 bps greater, when compared to 23.4% in the prior year. The greater SD&A expenses to sales ratios are essentially the result of our expanded Marketing and Sales departments, these increase costs align with our expectations of rolling out the capital expansion. Profit before Taxation for the quarter was $1.2 billion or 18.6% lower than the $1.5 billion of the comparative quarter for the prior year.
For the quarter, after provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $991 million ($1.2 billion for the comparable quarter of the prior year), or 26c per stock unit for the quarter compared to 32c per share for fiscal 2024.
On a year to date basis through half the financial year, the business has earned $2.5b in Net Profit after Taxes, a 10.2% reduction year over year. Due to greater non-cash related expenses vs last year, primarily depreciation stemming from the various plant expansions, our EBITDA of $3.9 YTD is down only 4.2% year on year. From a balance sheet perspective, the business ended the quarter with $8.0 billion of cash and investment securities when compared to $11.5 billion in the previous year, the reduction is primarily due to investing an additional $2 billion in plant and equipment. Our working capital ratio remains strong at 2.39.
As we enter the second half of our financial year, we, like other business, are closely monitoring global challenges, including potential tariff regimes and economic disruptions stemming from recent policy changes. Wisynco remains committed to strategic planning to mitigate risks to our operations. Our recent investments in plant and equipment capacity, along with new production initiatives, will enhance our ability to diversify and navigate these challenges effectively.
Andrew Mahfood Chief Executive Officer Wisynco Group Limited – Unaudited financial results for the second quarter ended December 31, 2024, which have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.
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