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Advance Management Accounting

In: Business and Management

Submitted By flo78
Words 1566
Pages 7
VMWM Research Department, March 31, 2014

Disclaimer: The following stock picks are for information purposes only. The information stated herein may reflect the opinion and views of VM Wealth Management in relation to market conditions and does not constitute any representation or warranties in relation to investment returns and the credibility of the sources of information relied upon in the preparation of this report, without further research and verification. Before making any investment decision, please consult a VM Wealth Management Advisor.




RECOMMENDATION: BUY RATIONALE: The Company reported relatively flat earnings for the 3 months ended Dec 31. However, our outlook for NCBJ over the medium- to long-term is positive on the basis of an improving economy and ongoing structural changes at the Company, which could lower operating costs.

NCBJ National Commercial Bank Jamaica

YTD CHANGE: 0.28% P/E RATIO: 5.16x

20 19 18 17

P/B RATIO: 0.61x LAST TRADED PRICE: J$8.60 YTD CHANGE: 2.14% DCOVE Dolphin Cove Ltd P/E RATIO: 13.29x


9 8.5 8

RECOMMENDATION: BUY RATIONALE: The majority of the Company's income is in US currency, which provides a good currency hedge for investors. The improving global economy should also provide tailwinds. The Company’s continuing expansion plans should continue to result in significant revenue and profit growth. The Company plans to expand into Turks and Caicos by October 2014.

P/B RATIO: 2.51x LAST TRADED PRICE: J$58.05 YTD CHANGE: 5.55% GK GraceKennedy P/E RATIO: 6.02x P/B RATIO: 0.94x LAST TRADED PRICE: J$4.94 YTD CHANGE: 9.78% JBG Jamaica Broilers Group P/E RATIO: 5.87x


RECOMMENDATION: BUY RATIONALE: The Company has expressed plans to continue its expansion of revenue generation outside of Jamaica into the US, Europe and Africa. This should bode well for the company in the medium- to long-term as it could expand revenue faster in these countries than in Jamaica.

62 60 58 56 54


5.2 5 4.8 4.6


RECOMMENDATION: BUY RATIONALE: The Company is more resistant to a tougher economic climate as demand for its products is more inelastic. We view the recent acquisitions, such as England Farms in Arkansas, as highly constructive to the long-term prospects as JBG’s revenue sources increase and it becomes less susceptible to the depreciation of the Jamaican dollar. RECOMMENDATION: BUY RATIONALE: Strong, solid company with an attractive dividend yield. The acquisition of RBC should bode well for the Group as it can increase the Company's market share in the commercial banking industry. The Company stands to realize synergies from the acquisition.


SJ Sagicor Group Jamaica Limited YTD CHANGE: -7.42e%

9 8.5

P/E RATIO: 5.87x P/B RATIO: 0.94x

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52 Week Range ($)

Last Week's Close Price 2.44 1.70 4.20 35.51 4.60 1.20 58.05 11.10 4.94 7.25 18.26 2.00 4.00 6.47 0.41 1.86 18.05 95.00 50.00 0.76 1.30 17.10 9.36 6.75 8.01 21.06 25.00 11.00 2.10 17.61 8.88 3.54 9.01 0.60 14.35 0.75 2.45 2.85 1.20 8.60 1.55 3.00 3.20 1.00 1.45 1.25 1.22 2.99 2.50 0.18

P/E Ratio

Book Value/Share (X) 3.14 2.43 -0.38 9.74 2.83 2.14 61.74 8.20 8.18 10.78 32.25 3.43 12.06 8.91 -2.43 3.14 29.62 195.15 84.88 4.61 3.53 21.23 10.00 5.00 6.58 23.69 29.84 17.81 1.24 40.72 2.21 3.02 6.94 0.00 3.83 0.59 0.73 1.28 2.26 3.42 2.31 3.30 3.53 0.63 0.66 0.50 0.58 1.86 2.22 0.11

Dividend Yield for Yr 2014

Dividend Yield for Yr 2013

YTD ROE Recom m endation

Barita Investm ents Ltd Berger Paints Caribbean Cem ent Com pany Ltd Carreras Desnoes & Geddes Gleaner GraceKennedy Hardw are & Lum ber Jam aica Broilers Group Jam aica Money Market Brokers Jam aica Producers Jam aica Stock Exchange Kingston Properties Kingston Wharves LIME Mayberry Investm ents Ltd National Com m ercial Bank Palace Am usem ent Co (1921) Ltd Pan Jam aican Investm ent Trust Pulse Investm ents Radio Jam aica Ltd Sagicor Investm ents Ja Ltd. Sagicor Group Jam aica Lim ted Sagicor Real Estate X Fund Salada Foods Scotia Group Jam aica Scotia Investm ents Jam aica Ltd Seprod Suprem e Ventures Ltd Trinidad Cem ent Ltd Access Financial Services AMG Packaging & Paper Com pany Ltd Blue Pow er Group C2W Cargo Handlers Ltd Caribbean Cream Ltd Caribbean Flavours & Fragrances Ltd Caribbean Producers Jam aica Consolidated Bakeries (Ja) Ltd Dolphin Cove General Accident Insurance Com pany Honey Bun (1982) Ltd Jam aican Teas K.L.E. Group Ltd Lasco Distributors Lasco Financial Lasco Manufacturing Param ount Trading Ltd Derrrim on Trading Co. Ltd Proven Investm ents 2.00 - 3.50 1.70 - 2.51 0.60 - 5.25 33.50 - 61.00 4.02 - 5.50 1.10 - 1.26 47.30 - 63.00 3.80 - 10.00 3.90 - 5.30 6.00 - 9.50 15.08 - 20.70 1.80 - 3.25 3.90 - 4.51 5.50 - 8.00 0.13 - 0.70 1.81 - 2.70 16.00 - 22.00 95.00 - 95.00 48.00 - 57.60 0.75 - 1.60 1.20 - 1.90 14.68 - 20.00 8.05 - 10.60 5.07 - 7.20 8.00 - 10.00 17.00 - 22.84 22.00 - 29.50 10.00 - 15.00 2.10 - 3.10 15.60 - 17.61 6.50 - 12.20 3.45 - 4.70 5.40 - 11.00 0.29 - 1.15 10.03 - 15.00 0.75 - 1.20 2.35 - 2.88 1.81 - 3.00 0.90 - 1.60 7.50 - 9.10 1.28 - 2.05 2.99 - 4.00 3.02 - 4.60 1.00 - 3.70 1.25 - 18.00 0.97 - 13.00 1.15 - 16.50 2.88 - 3.65 2.35 - 2.58 0.11 - 0.18 16.27 3.70 32.31 3.99 5.43 16.93 6.02 1.47 5.87 7.25 13.54 33.33 5.26 10.97 -3.87 20.67 5.16 -69.85 4.26 8.44 7.22 8.10 5.60 4.45 10.01 5.77 5.64 6.29 11.48 74.30 9.06 7.38 4.13 8.00 5.81 8.33 0.34 9.54 8.00 13.59 5.34 7.14 5.47 -1.79 9.12 14.20 7.67 5.16 10.00 US INDEX 12.16 0.00% 7.69% 12.34% BUY 1.23% 0.00% 0.00% 7.89% 0.00% 3.33% 0.00% 2.70% 0.00% 0.00% 1.10% 0.00% 0.00% 0.00% 0.00% 0.00% 1.77% 1.84% 0.00% 0.00% 0.00% 5.32% 0.00% 0.00% 0.00% 1.90% 1.80% 0.00% 2.86% 0.00% 0.00% 5.65% 0.00% 0.00% 3.48% 0.00% 0.00% 1.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.40% 7.43% 0.00% 18.61% 6.86% 6.36% 3.96% 2.13% 3.11% 3.17% 1.12% 0.00% 0.00% 2.97% 0.00% 0.00% 3.50% 1.84% 3.87% 0.00% 0.00% 3.75% 0.00% 0.00% 9.88% 8.00% 7.06% 7.90% 7.55% 0.00% 8.00% 0.00% 1.50% 12.44% 0.00% 0.00% 1.85% 0.00% 4.75% 8.64% 4.40% 1.25% 0.00% 1.54% 2.50% 0.00% 3.94% 0.00% 16.40% HOLD 13.50% HOLD 0.00% BUY 67.44% BUY 55.12% BUY 3.31% HOLD 18.33% BUY 17.81% BUY 3.81% BUY 18.04% BUY 4.48% BUY 1.49% SELL 6.78% BUY 6.64% HOLD 0.00% SELL 2.71% HOLD 15.70% BUY -4.61% SELL 14.58% BUY 18.11% SELL 6.26% 9.92% 17.15% 30.35% 10.98% SELL HOLD BUY HOLD HOLD

13.91% BUY 13.39% BUY 8.35% HOLD 15.24% HOLD 8.97% HOLD 44.61% BUY 26.12% HOLD 29.91% BUY 75.60% BUY 31.64% SELL 61.03% HOLD 15.01% BUY 6.57% BUY 21.10% BUY 21.83% HOLD 26.30% HOLD 16.68% HOLD -88.83% SELL 30.15% HOLD 33.36% BUY 27.59% HOLD 15.01% HOLD 24.23% HOLD


0.00% -1465.67% SELL

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