JMMB Research
Company Insights
Company Insights provide an analysis of the periodic performance of locally traded companies, These reports will be based on the companies' half-year results. Investors can use these publications as guidelines to make more informed investment decisions within the local landscape.
Angostura Holdings Limited (AHL) Update- July 2020
In our report released on the 26th June, 2020, we indicated that we expected revenue for AHL to fall by -12% in 2020 due to the impact of COVID-19 prevention measures. We now know that the measures shifted demand for AHL products rather than reducing demand.
Angostura Holdings Limited (AHL)- June 2020
AHL’s revenue increased by 8.1% to $847.2 million from $783.7 million in the prior year. Its revenue has increased by 36.5% since 2016. According to the CEO’s report, revenue increased in the local and export markets, particularly in the USA market for the bitters brand. Significant growth was also recorded in the UK, Canada and Europe markets.
Questions with Executives-Unilever
After the release of UCL’s Q1 2020 financial statements JMMB Investments changed its rating on UCL from a Market Perform to an OutPerform rating and maintained the price target at $19.67.
Massy Update- Quarter 2 - May 2020
For the Quarter ended March 31st 2020, MASSY realized profit attributable to equity holders of $81.5MM, a decrease of 35.6% or $45MM when compared to the prior year.
Unilever Caribbean Limited (UCL) - May 2020
For the quarter ended March 31st 2020, Unilever Caribbean Limited (UCL) realized profit attributable to equity holders of $4.6 million, an increase of 215.8%. This translates into a basic EPS of $0.17 at the end of the quarter. Total assets stood at $443.6 million as at March 31, 2020, a decrease of 24.2% over March 2019.
Trinidad and Tobago NGL Limited (NGL) - Quarter 1 Update- May 2020
For the three month period ended March 31st 2020, TTNGL realized profit attributable to equity holders of $6.9 million, a decrease of almost 85% when compared to the prior year. This drop is largely attributable to already depressed natural gas liquid prices experiencing a further shock due to COVID-19, which depressed earnings for TTNGL's underlying holdings, namely Phoenix Park Gas Processors Limited.
Trinidad and Tobago NGL Limited (NGL) - May 2020
For the Financial Year 2019, TTNGL realized profit attributable to equity holders of $129.5 million, a decrease of almost 50% when compared to the prior year.
First Citizens Bank Limited (FIRST)- May 2020
For the half year ended March 31st 2020, First Citizens Bank (FIRST) realized profit attributable to equity holders of $404.4 million, an increase of 2.4% or $9.4 million when compared to the prior year.
West Indian Tobacco Company (WCO) Quarterly Update- April 2020
For the quarter ended March 31st 2020, West Indian Tobacco Company (WCO) realized profit attributable to equity holders of $104.9 million, an increase of 4.9%.
Clico Investment Fund (CIF) - April 2020
CIF utilises the dividend it receives from RFHL and the coupon payments it receives from the GORTT 2037 Bond to pay dividend to its unit holders. Hence, a cut in RFHL's Dividend will likely affect distributions to CIF unitholders.
Republic Financial Holdings Limited (RFHL) - April 2020
The Board of Directors of RFHL has declared a reduced interim dividend of $0.60 (2019: $1.25) per share payable on June 5, 2020.
Telecommunications Services of Trinidad and Tobago (TSTT) COVID-19 Update- April 2020
The Telecommunications industry is an industry which has been in the spotlight more than others due to the impact of COVID-19 prevention measures.
First Caribbean International Bank Limited (FCI)- April 2020
For the quarter ended January 2020 (Q1-2020), FCI realized profit attributable to equity holders of US$51.4 million, an increase of 128.4% when compared to Q1-2019.
Market Update- Bank of Jamaica Notice - April 2020
“Bank of Jamaica (BOJ) has been closely monitoring the current impact of the novel COVID-19 virus pandemic on the global and domestic financial system.
The West Indian Tobacco Company Limited (WCO) Review - April 2020
For the Financial Year ended December 2019, WCO realized profit attributable to equity holders of $418.2 million, an increase of 3.2%.
COVID-19 Fixed Income Impact - April 2020
In our 2020 outlook earlier this year, we made mention of the US yield curve inversion in 2019, and how its occurrence has preceded each of the last 7 recessions in the US dating back to 1950.
Unilever Caribbean Limited (UCL) - April 2020
Revenue for all three segments declined significantly over the 5-year period. The Food and Refreshments segment, the second largest contributor to revenue, declined by the largest margin, falling by 62% over the period but this was mainly due to the divestment of the spreads business.
COVID-19 Impact on Equity Valuations- March 2020
In this uncertain time, you may witness stocks, bonds or other assets being sold and purchased at below its intrinsic value. Intrinsic value means the inherent worth of an asset in dollars and cents and may differ from price.
COVID-19 Stimulus Package- March 2020
The Trinidad and Tobago Government has acted early by announcing their own sweeping stimulus package to deal with the impact of COVID-19.
COVID-19 Portfolio Impact- March 2020
With the recent official announcements of the imported cases of the Coronavirus (COVID-19) to Trinidad & Tobago, many are asking about the impact to their savings and investments, and what opportunities may lie ahead.
FIRST Update- Quarter 1 - February 2020
For the Quarter ended December 2019, FIRST realized profit attributable to equity holders of $222.6 million, an increase of 3.8% or $8.1 million when compared to the prior year.
Massy Update- Quarter 1 - February 2020
For the Quarter ended December 2019, realized profit attributable to equity holders profit attributable to equity $153.8MM, an increase of 15.1% when compared to the prior year.
NGL Limited Investor Update- February 2020
On February 1st, 2020 Phoenix Park Gas Processors Limited [PPGPL] through its US subsidiary Phoenix Park Energy Marketing LLC [PPEM] completed the acquisition of Twin Eagle Liquids Marketing LLC [Twin Eagles]. Twin Eagle is a company based in Houston, Texas, USA and is engaged in the business of marketing, trading and transportation of natural gas liquids in Canada, USA and Mexico via rail.
Republic Financial Holdings Limited (RFHL) Quarter 1 Update- January 2020
For the quarter ended December 2019, RFHL realized profit attributable to equity profit to equity holders of $373.9 million, an increase 6.7% or 23.3 million when compared to the of $373.9 million, $373.9 million, an increase 6.7% or 23.3 million when compared to the prior year. This translates into a basic EPS of $2.30 prior year.
First Citizens Bank Limited (FIRST)- January 2020
The First Citizens Group (FIRST) is one of the leading financial services groups in Trinidad & Tobago. It offers a full range of retail, corporate and merchant banking services as well as asset management, trustee and brokerage services. The Group is headquartered in Trinidad & Tobago.
Sagicor Financial Corporation- January 2020
Sagicor Investor Update in November 2019, shareholders who opted for some portion of share consideration should have started receiving their Direct Registration System [DRS] statement detailing the number of Toronto Stock Exchange (TSX) listed shares owned in “New Sagicor”
Investor review and outlook for 2019/2020- January 2020
Stocks rallied on the local market in 2019. The Trinidad & Tobago Composite Index (TTComp.) posted returns of 12.7% in 2019.
MASSY Holdings LTD (MASSY) - January 2020
The Massy Group, which has been in operation since 1923, is a diversified regional conglomerate with operations throughout the Caribbean basin, Colombia and South Florida. The Group’s main segments are automotive and industrial equipment, retail and distribution, energy, financial services and ICT.
JMMBITT Year-End Review- December 2019
In final quarter of final quarter of2019, JMMB Investments released BUY or SELL recommendations on 6 securities; 4 BUYS and 2 SELLS. Five out of the six calls ma2019, JMMB Investments released BUY or SELL recommendations on 6 securities; 4 BUYS and 2 SELLS.
Five out of the six calls ma2019, JMMB Investments released BUY or SELL recommendations on 6 securities; 4 BUYS and 2 SELLS.
Sagicor Financial Corporation and Alignvest Acquisition II Corporation- November 2019
On 27TH, November, 2018, Sagicor Financial Corporation Limited (SFC), announced that it entered into an agreement with Alignvest Acquisition II Corporation (Alignvest) to acquire all its shares at a price of US $1.75
Trinidad and Tobago NGL Limited (NGL) -November 2019
On Friday November 29th, 2019 members of TTNGL and Phoenix Park Gas Processors Limited [PPGPL] hosted a meeting of the local brokers in order to provide an update on the company’s year to date performance as well as give some insight into the company’s plans going forward.
FirstCaribbean International Bank Limited (FCI)-November 2019
Since 2014, FCI’s Total Assets have increased by 6.9% at an annualized rate of approximately 1.6%. The increase in total assets over that period was as a result of increases in Cash and Investment Securities which was partly due to a 3.7% increase in Customer Deposits over that period.
The West Indian Tobacco Company Limited (WCO)-November 2019
WCO’s gross revenue has seen a downward trend since 2015 with a 9.7% decline in dollar value sales; equivalent to annualized decline of 3.1%, this was accompanied by tobacco inflation of 3.1% annually for that period.
RFHL Quarterly Update-November 2019
For the year ended September 2019, RFHL realized profit attributable to equity holders of $1.58 billion
NGL Quarterly Update-November 2019
Summary
.In their recently released financial results, NGL continued its run of poor performance in 2019, recording a 9M EPS figure of $0.52. Based on our updated valuation model, full-year EPS is projected at $0.85. While NGL now trades at an exorbitant multiple, at the current price its dividend yield is 6.52% per share, well above the market average of 3.52%.
Endeavour Holdings Limited (EHL)-November 2019
Summary
Endeavour Holdings Limited proposes to issue 1,439,744 common shares valued at $12.50 per share payable in full on application. Although 1,439,744 common shares will be offered to the public pursuant to the IPO, 33,442,944 common shares will be listed and registered on the SME.
Trinidad and Tobago NGL Limited (NGL)- October 2019
Summary
Trinidad and Tobago NGL Limited Company act as an investment holding company for 39% of the share capital of Phoenix Park Gas Processors Limited, a company involved in the processing and fractionation of natural gas.
CIF Vs RFHL: Where can investors get more value?- October 2019
Summary
CIF’s traded price of $24.07 represents a 11.8% discount to its published NAV of $27.28. YTD the CIF’s NAV has increased by 9.8% while the price of CIF has increased by 20.2%; this indicates a continued conversion of the NAV and the price, as the discount at the start of the year was 19.4%.
Telecommunications Services of Trinidad and Tobago (TSTT)- October 2019
Summary
TSTT is the market leader in the fixed-line services segment with a market share based on the revenue that has averaged approximately 80% over the period from December 31, 2014, to December 31, 2018, and which was approximately 80% as at March 31, 2019, based on TATT data.
Republic Financial Holdings Limited (RFHL)- September 2019
Summary
Since 2014, total assets of RFHL has increased by 45% at an annualized rate of approximately 7.8%. RFHL has experienced its most significant increase in total assets in the current financial year (21.3%). This increase was mainly due to the acquisition of Cayman National Corporation (CNC). Read More...
Trinidad and Tobago NGL Limited (TTNGL) - June 2017
Summary
As part of the Sale of Assets Programme to support the National Budget, the Government has highlighted in the
May 10th mid-year review, its intention to further divest the TTNGL shares held by National Gas Company
(NGC). The proposed sale of 40,248,000 Class B shares to the public is expected to generate approximately $800
million in revenues, approximately $700 million less than the original proposal of $1.5 billion. Read More...
Scotiabank Trinidad and Tobago Limited Update- March 2016
Summary
Scotiabank Trinidad and Tobago Limited continue to grow organically despite challenging economic conditions. During the quarter, growth was primarily generated by increases in the loan portfolio and supported by continued credit risk management; which is key in the current environment. Read more...
Calypso Macro Index Fund Introduction- October 2015
Summary
The Calypso Macro Index Fund seeks to mimic the performance of the All T&T Index as well as the Global Energy Index with an overall goal of providing investors with exposure to a cross-section of local shares as well as the global energy sector. Read More...
MASSY Holdings Limited Update- February 2015
Summary
We believe that Massy’s business units operate in territories that have low economic growth and therefore headwinds to Massy’s growth. There is also significant exposure to the current energy market in both the largest contributing territory (Trinidad and Tobago), but also one of the largest business units Read more...