Listed
Company Profiles
Manufacturing
Angostura Holdings Limited
We believe in the short term there would be no quantum leap in profits
and that while in the long term there could be significant benefits,
there are significant risk factors. For 2002 we now estimate earnings
per share of 24¢. At the current price of $5.80, the PE ratio is
24.17, which makes this share somewhat overvalued in the short term when
compared to the market.
The Company
The company, formed in 1870, was formally known as the House of Angostura.
It became Angostura Holdings when it was listed on the Trinidad and Tobago
Stock Exchange in 1982. The Group’s subsidiaries include Trinidad
Distillers Limited, Fernandes Distillers Limited and Angostura Limited.
The company’s core business is the manufacture of rum and spirits
and the world famous ANGOSTURA aromatic bitters (registered trademark).
In 1996 the Group launched its new state-of-the-art bottling line and
its new sauces manufacturing facility, producing and exporting Angostura
Worcestershire, Teriyaki and Soy sauces and its Bloody Mary Mix. In 1999,
wholly owned subsidiary Angostura Limited, acquired an 18.8% interest
in Burn Stewart Distillers based in Scotland, as well as a 30% stake
in Florida-based rum producer Todhunter International. These acquisitions
would allow Angostura to utilise worldwide distribution networks to supplement
it’s own international marketing efforts.
Majority shareholders are Rumpro Company Limited 44.87%, and Colonial
Life Insurance Company (T&T) Limited 25.41%.
For more information: Download AHL.PDF
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Berger Paints Trinidad Limited
The second half performance for Berger will be crucial, as the Company
usually posts a gain in earnings per share. A definite result in the
General Elections would help, together with stable conditions in the
export territories.
The Company
Berger Paints is engaged in the manufacture and distribution of paints
and allied products. The Company manufactures various types of paints
including household, vehicle, marine and industrial coatings. It is the
agent for PPG Industries Ltd, for vehicle refinishing products; Carbaline
Inc. for heavy duty industrial coating; Kop-Coat Inc. for marine coating
and Samuel Cabot Inc for wood stains.
It is a subsidiary of Lewis Berger (Overseas Holdings) Limited, of the
United Kingdom and the ultimate holding company being Ariza Holdings,
of Singapore. The major shareholders in the Company are Lewis Berger
Limited 70%, and Colonial Life Insurance Company Limited 5.91%.
For more information: Download BER.PDF
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Caribbean Communications Network Limited
The Company’s two main revenue streams the television station
and newspaper continued to dominate their respective markets. We now
revise our 2003 earnings forecast to 50¢ per share which at the
current price of $5.40 is a PE ratio of 10.80. Thus we reiterate our
BUY position on this share.
The Company
Caribbean Communications Network Limited (CCN) is engaged in the publication
of daily and weekly newspapers and periodicals, rental of office space
and the production and broadcasting of television programmes.
The Company, which operates Express House, publishes one of Trinidad
and Tobago’s three dailies, The Express. It also owns and operates
CCN Television, which provides local television viewing on its channel “TV6”.
The major shareholders in the Company are Colonial Life Insurance Co.
(Trinidad) Ltd. 25.4%, CCN Group ESOP 25.0%, and The Nation Corporation
Limited 19.8%.
For more information: Download CCN.PDF
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Flavorite Foods Limited
Earnings per share was 24 cents in 2001, a decline of 27.3 per cent
from the 33 cents posted in 2000. The disparity is due to the 1 for 1.8
Rights Issue, which increased the outstanding shares by 2.8 million.
The Directors have proposed a final dividend of 10.5 cents per share.
The payment is to be approved at the AGM scheduled for May 29, 2002.
The Company
Flavorite Foods Ltd., which is over twenty-five years old, is engaged
in the manufacture of ice cream and related products and the distribution
of frozen goods.
The market for frozen treats has recently seen the entrance of TCBY
Treats, Walls (distributed by Lever Bros.) and Healthy Choice. Nestle
Trinidad and Tobago Limited, a major competitor, also extended its product
line in this area.
The major shareholders are Colonial Life Insurance Co. (Tdad) Ltd. 30%,
CL Financial Ltd 25.18%, Viveka Holdings Ltd. 17.59% and T. Geddes Grant
Pension Fund Plan 5.50%.
For more information: Download FFL.PDF
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Lever Brothers (WI) Limited
An interim dividend of 35 cents per share has been declared payable
on September 5, 2003, to registered shareholders as at August 26, 2003.
A better performance is expected in the second half of 2003 and we forecast
an EPS of $1.55, and a total dividend of $1.55. At the current trading
price of $30.00 this gives a PE ratio of 19.3, making the share fully
valued at this level. We thus rate the share as a HOLD.
The Company
Incorporated in 1963, the principal business activity of Lever Brothers,
is the manufacture and sale of home-care, personal care and food products.
The Company is the manufacturer and distributor of popular brands such
as Breeze and Sunlight (Home-care), Lipton and Red Rose teas (Foods),
Lux, Rexona, Ponds, Vaseline, Dove and Pears (Personal Care). In 1998,
the Company launched Wall’s ice cream, including popular brands
such as Magnum, Cornetto and Budies.
The Company is a subsidiary of Unilever Overseas Holdings AG, which
itself is a wholly owned subsidiary of Unilever PLC. The major shareholders
in the Company are Unilever Holdings AG 50% and Royal Bank Trust Company
(Trinidad) Limited 7.14%.
For more information: Download LBWI.PDF
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National Flour Mills Limited
The company is faced with a fiercely competitive environment in most
of the commodity markets it currently serves. NFM has had a concession
on the duty of imported grain revoked and has had to pay retroactive
duties net-of-tax from January 01, 2001 to the tune of $4.120 million.
The Company
The principal activities of the Company and its subsidiary are the production
and distribution of flour and related wheat by-products, soya products,
rice and corn products, and, animal and poultry feed.
The major shareholders are National Enterprises Limited 51%, Republic
Trust and Asset Management Division 6.95% and Unit Trust Corporation
of T&T Limited 5.30%.
For more information: Download NFM.PDF
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Trinidad Publishing Company Limited
At an analyst meeting, TPC indicated that EPS in 2002 is forecast to
reach 30 cents share, in addition, we estimate total dividends in 2002
of 20 cents per share. Earnings per share in 2002 have totaled 8 cents
thus far, a decline of 33.3 per cent over the same period in 2001 when
this amount was 12 cents. An interim dividend of 5 cents has been declared
on the ordinary shares, and 4 per cent on the cumulative preference shares.
The Company
Incorporated in 1971, the Company is the publisher of one of the leading
daily newspapers in Trinidad and Tobago, the Trinidad Guardian. The Company
purchased Trinidad Broadcasting and Prime Radio on May 1, 1998 and operates
four broadcasting stations, Radio Trinidad 7.39 A.M., Rhythm Radio 95.1
F.M., Radio Tempo 105.1 F.M. and Radio Sangeet 106.1 F.M. Additionally
the Company also provides printing services for other publishers.
Trinidad Publishing Company is a subsidiary of the nation’s largest
conglomerate ANSA McAl Limited, which holds a 51.0 % stake in the Company.
The other major shareholders are Republic Bank Trust and Asset Management
Division (10.2%), and Royal Bank Trust Company (Trinidad) Ltd. (6.4%).
For more information: Download PUB.PDF
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Readymix (WI) Limited
Earnings per share in the first quarter of 2003 reached 2.5 cents, a
distinct improvement from the 0.1 of a cent achieved in the corresponding
period in 2002. We are refraining from making a full-year projection
until figures for the half-year become available.
The Company
The Company is a subsidiary of Trinidad Cement Ltd. whose principal
business activities are the manufacture and sale of premixed concrete
and the winning and sale of sand and gravel.
In 1998 the Company acquired Jusamco Readymix Limited, whose assets
were integrated into the operation of the Company, providing greater
strength and flexibility, and increased market share for the Company.
The major shareholders in the Company are Trinidad Cement Limited 70%,
and Colonial Life Insurance Company Trinidad Limited 5.59%.
For more information: Download RMLPDF
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Trinidad Cement Limited
The Group is projecting that its earnings per share would be higher
than 2002. Until we see a fuller picture at the half year we would remain
with a full year estimate of 50 cents per share, the same as last year.
Our cautiousness is based on the current global uncertainty and also
the fact that in 2002 the Group benefited from a lower effective tax
rate. Thus based on our earnings estimate of 50 cents per share and the
current price of $5.60, the PE ratio is 11.2, which means there is some
long term growth potential in the share if investors look beyond the
short term uncertainty.
The Company
Established in 1951, the group is the largest manufacturer and distributor
of cement in the Caribbean. It is involved in the manufacture and sale
of cement and lime, premixed concrete, packaging materials and the winning
and sale of sand and gravel.
The Group’s manufacturing operations are divided into three main
industry sectors. The Cement manufacturing Sector which comprises Trinidad
Cement Limited (TCL) with operations in Claxton Bay (Trinidad), and Arawak
Cement Company Limited (ACCL) which is based in Barbados. The Packaging
Sector which comprises TCL Packing Limited, a multi-wall paper sack manufacturer
and TCL Ponsa Manufacturing Limited, a manufacturer of polypropylene
slings used in export packing. The Quarrying and concrete Production
Sector which comprises Readymix (WI) Limited. Additionally in 1999 the
Group acquired a 74.4% shareholding in Caribbean Cement Company Limited
(CCCL) of Jamaica. This acquisition consolidated the Group’s position
as the dominant player in the Caribbean cement market.
The major shareholders are Sierra Trading (CEMEX SA de CV) 20%, National
Insurance Board 8.4% and Unit Trust Corporation 5.9%.
For more information: Download TCL.PDF
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West Indian Tobacco Company Limited
It would also be interesting to see the effect of the new standards
for tobacco marketing. After taking all these factors into consideration
we have revised our forecast upwards. We now estimate earnings per share
of 95¢ and a full year dividend of $1.00 per share.
The Company
Formed in 1904, the principal activities of the Company are the manufacture
and sale of cigarettes. The Company is associated with the manufacture
of leading international brands of cigarettes such as du Maurier, Benson
and Hedges, and private brands Mt.d’or and Broadway.
In May 1998,
British-American Tobacco (Investment) Limited, a subsidiary of British
American Tobacco p.l.c., (U.K.), acquired a further 1.13% shareholding
in WITCO, bringing its shareholdings to 50.13%. The acquisition of
the additional shares changed the status of the Company from an associate
company to a subsidiary. The other major shareholder in WITCO is Royal
Bank T&T Limited 11.32%.
In 1999, WITCO’s parent, British
American Tobacco merged with Rothmans International, the new post-merger
Company obtained controlling interest in Jamaica’s Carreras Group
Limited. The Carreras Group was responsible for the Flamant and Craven
A brands, which were then taken off the market due to poor sales.
For more information: Download WCO.PDF
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