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The appetite for investing, particularly in the Caribbean has been growing of late. There have been numerous strides made in the financial sector across multiple countries in the region. Haiti for instance established its first Private Equity Firm in 2016. The Barbados Stock Exchange has totally revamped it’s website and The Dutch Caribbean Stock Exchange has become the first in the region to list digital assets on a stock exchange.
However, leading the charge is Jamaica, the third largest country in the region. Jamaica, in many respects, has the most advanced Stock Exchange in the Caribbean. The performance of the Main and Combined index had however been lackluster since the financial crisis of 2008.
Suggested Reading: What Really Caused the 2008 Financial Crisis – The Motley Fool
Things have turned around dramatically since then, both for regional and international exchanges. In the summer of 2014 the Jamaican Stock Market began to gather momentum. And gather momentum it did. The Jamaica Stock Exchange (JSE) was the best performing stock exchange in the world in 2015. (Source: https://www.bloomberg.com/news/articles/2015-12-24/it-s-jammin-jamaica-s-tiny-stock-market-conquers-world-in-2015 )
The momentum has carried over the last 3 years. The Main index of the JSE appreciated some 40% over 2017 levels.
The Jamaica Stock Exchange has also been helping other countries to develop their exchanges. Further, the JSE now shares a common platform with the Trinidad and Tobago Stock Exchange and the Barbados Stock Exchange. The exchange has also formed mutually beneficial relationships with the Toronto Stock Exchange as presented at the recently concluded Regional Investor Conference put on by the JSE and sponsored by JEFFEREY’s and OPENHIMER.
Against this backdrop, Caribbean Value Investor has compiled a list of The TOP 10 Companies listed on the Jamaica Stock Exchange ordered by Market Capitalisation.
Let’s meet them!
JSE TOP 10 – No. 10: Sagicor X-Fund
Registered Name: SAGICOR REAL ESTATE X-FUND LIMITED
Ticker Symbol: XFUND
Industry: Real Estate
(Paraphrased from the company’s 2016 Annual Report)
Sagicor Real Estate X Fund Limited (“X Fund” or “the Group”) is a St. Lucian International Business Company, operating in Jamaica. The company is the largest publicly traded real estate investment company in Jamaica. The company is therefore the largest real estate company listed on the Jamaica Stock Exchange (“JSE”).
The company has direct ownership of the Hilton Rose Hall Beach Resort & Spa (“Hilton Rose Hall”) in Montego Bay, the DoubleTree by Hilton at the Entrance to Universal Orlando (“DTO”) in Orlando, Florida and has a significant stake in the former Palmyra Resort & Spa, re-named Jewel Grande Montego Bay (“Jewel Grande”). These are owned through wholly owned subsidiary companies, X Fund Properties Limited and X Fund Properties LLC. The stake in Jewel Grande, acquired in October 2016, builds tourism acquisitions, with DTO representing the first non-Jamaican property holding.
The company at the time of this report has a market capitalisation of approximately US $299, 219, 839.01
TOP 10 Companies JSE – No. 9: Wisynco
Registered Name: WISYNCO GROUP LIMITED
Ticker Symbol: WISYNCO
Industry: Manufacturing and Distribution
Company Description: (Paraphrased from the 2017 Prospectus)
Wisynco Group Limited, as it exist today, was established in 2005 as an amalgamation of several, multi-generational family businesses . The company was created by four Mahfood brothers Ferdinand, Sam (Jnr.), Joe and Robin.
The company first began operating in 1965. Wisynco is currently a prominent manufacturer and distributor of beverages, food and packaging products in Jamaica.
Wisynco owns, manufactures and distributes a portfolio of popular beverage brands led by WATA and its extension of cranberry flavoured-WATA, BOOM Energy Drink and BIGGA Soft Drink. The company also manufactures the SWEET brand range of plastic and foam disposable lunch boxes, plates and cups. In addition, Wisynco is the exclusive bottler for the Coca-Cola Company in Jamaica and have been bottling Coca-Cola products for over 10 years. The company is best known for its beverage portfolio which is completed by Red Bull, Tru Juice Freshhh, Welch’s, Mott’s and Snapple.
However, Wisynco does not manufacture these brands, but distributes them across Jamaica through distribution partnerships with their brand owners.
Market Cap: The company at the time of this report has a market capitalisation of approximately US $309, 600, 566.13
TOP 10 Companies JSE – No. 8: The JMMB Group
Ticker Symbol: JMMBGL
Industry: Financial Services
The JMMB Group is one of the leading financial groups in the Caribbean. The company was started in 1992 and currently serves approximately 220,000 clients across Jamaica,Trinidad and Tobago and the Dominican Republic combined. The JMMB Group provides a broad range of financial solutions including; investments, banking, remittances, and insurance brokering, to individual, corporate and institutional clients.
The company restructured in 2015, when Jamaica Money Market Brokers delisted from the Jamaica Stock Exchange (JSE), the Trinidad and Tobago Stock Exchange and the Barbados Stock Exchange. The company then relisted on the Jamaica Stock Exchange as the JMMB Group Limited.
The company at the time of this report has a market capitalisation of approximately US $339, 623, 655.60
TOP 10 Companies JSE – No. 7: GK
Registered Name: GRACEKENNEDY GROUP LIMITED
Ticker Symbol: GK
Industry: Manufacturing and Distribution, Financial Services
The GraceKennedy Group is one of the oldest companies incorporated and domiciled in Jamaica. The company has an additional listing on the Trinidad and Tobago Stock Exchange. The GK Group is comprised of two main divisions, namely, GK Foods and GK Financial Group. The group is primarily involved with Food Trading, Banking and Investments, Money Services and Insurance. The Grace Kennedy Group also has a very active Foundation and is actively involved in Sports Development among other social causes in Jamaica and the Caribbean.
The company, at the time of this report, has a market capitalisation of approximately US $344,275,610.29.
TOP 10 Companies JSE – No. 6: PanJam
Registered Name: PANJAM INVESTMENTS LIMITED
Ticker Symbol: PJAM
PanJam (previously, Pan-Jamaican Investments Trust Limited) is an investment holding company with some sixteen subsidiaries. The company has controlling interest in companies spanning property management and development, investment management, food and bevergar, insurace and tourism. PanJam’s income consist mainly of dividends, interest income and management fees.
The company’s subsidiaries are incorporated across multiple geographic locations, from Canada to St. Lucia.
The company, at the time of this report, has a market capitalisation of approximately US $347,981,577.56