Listed
Company Profiles
Trading
Agostini’s Limited
We are estimating earnings per share of $0.38 for the full financial
year ended September 30, 2003. At the current market price of $7.25 this
share is trading at a price earnings ratio of 19.08. Thus we recommend
a hold on this share as we await further evidence of a full turnaround.
The Company
Formed in 1943 under the name Agostini Brothers, the Group was renamed
Agostini’s Limited when it was listed on the Stock Exchange forty
years later. The Group consists of seven wholly owned subsidiaries which
are principally engaged in the business of import and wholesale distribution,
interior building contracting, manufacturing of electrical fittings and
hygienic products, the marketing of fastening systems for the construction
industry, and equipment and supplies to the petroleum industry.
The subsidiaries include Agostini Marketing which distributes a wide
range of products such as food stuffs, hardware equipment, liquor, personal
care and photography supplies. Agostini Pharmaceutical Limited, which
distributes medical and veterinary supplies. Agos Manufacturing Limited
manufactures a range of fluorescent recessed and surface mounted lighting
fixtures. Agostini Industries Limited manufactures disposable diapers
under the Cheekies and Lovables brand names and personal hygiene products.
Rosco Sales, which sells oilfield equipment and supplies and, Agostini’s
Fastening Systems which distributes Hilti Tools and fastening systems,
small arms and explosives. This subsidiary also operates a branch in
Guyana, which commenced operations in 1994.
The majority shareholders in the Company are, Southern Sales & Services
Limited 29.9%, First Citizens Bank Mortgage & Trust Company Limited
13.9%, Republic Bank Limited 8.2%.
For more information: Download agl.pdf
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BWIA West Indies Airways Limited
The July to September quarter is the best period for BWIA with the usual
two-way passenger traffic. We however remain guarded on the near-term
prospects of the Airline, given initiatives by the Government of Trinidad
and Tobago (GORTT) and a possible partnership with another regional carrier.
The Company
The Company traces its origins to British West Indian Airways, a privately
owned airline serving the routes of Trinidad, Barbados and Tobago. The
original airline was founded in 1940, and by the 1950’s routes
had expanded to include Miami, USA, Venezuela and Jamaica. On January
4, 1995 BWIA International Airways Limited was incorporated following
privatisation. The Company is the largest airline in the eastern, western
and southern Caribbean in terms of revenue and available seat miles.
The major shareholders are the Ministry of Finance (Corporation Sole)
49.6 per cent, American International Underwriters Overseas Limited 10.0
per cent, Roytrin Securities Limited 10.0 per cent, Gordon A Cain 7.0
per cent, and Lant and Company 5.0 per cent.
For more information: Download bw.pdf
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Furness Trinidad 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
In 1889, when the colonies of Trinidad and Tobago were placed under
one administration in Port of Spain, the Colonial Government contracted
Turnbull Stewart & Co. to provide coastal steamer services for Trinidad
as well as a reliable link to Tobago. In 1895, The Trinidad Shipping & Trading
Co. Ltd., which took over the operations of Turnbull Stewart & Co.
and Turnbull Ross & Co. as going concerns, was incorporated.
In 1920, Furness Withy & Co. Ltd. of London purchased The Trinidad
Shipping & Trading Co. Ltd. and immediately placed all its shipping
activities under Furness Withy & Co. Ltd's Branch Office in Port
of Spain. The company's name was then changed to The Trinidad Trading
Co. Ltd.
In 1976 the company became locally incorporated and offered shares to
the public, at which time its name was again changed to Furness Trinidad
Limited. Today, the company is a completely locally owned public company
and is the parent of a group of subsidiaries and associates engaged in
a wide variety of trading, manufacturing and service activities.
The major shareholder is I&E Investments 83.97%.
For more information: Download fur.pdf
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LJ Williams Limited
The loss per share amounted to 6 cents in 2002. The corresponding period
in 2001 yielded an EPS of 5 cents per share.
The Company
The Company, founded in 1925 by Louis Jay Williams under the name Louis
Jay Williams and Company, went public 1962. The Group and its subsidiaries
are engaged in merchandising and distribution, ships agency and ships
chandlery, insurance agency and manufacturing.
The Group, which holds the Pepsi-Cola franchise for Trinidad and Tobago
and Barbados, comprises of four subsidiaries, LJ Williams Properties
Ltd., Movalite Ltd., Naco Caribbean Ltd. (Jamaica), and Bottlers Barbados
Ltd. (51%).
The major shareholders are Williams Holdings Limited and Cynthia Richards.
In 2000, the company sold the Pepsi franchise to Pepsi Americas Inc.
for US$13.8 million. LJ Williams has a 10 per cent share of the new company,
Pepsi Cola Trinidad Bottling Company Limited. The operations of Barbados
Bottlers were shut down permanently in 2000 as well.
For more information: Download ljw.pdf
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Prestige Holdings Limited
We expect that the Trinidad operations would
continue to grow, especially if the current political gridlock is resolved
and the economy returns to some normalcy. However the DR remains uncertain
especially as the world economy is expected to continue to sputter. As
such we reiterate our full year earnings per share forecast of 25¢.
The Company
Incorporated in 1972, the Company is the largest company in the Quick
Service Restaurant industry in Trinidad and Tobago, operating KFC and
Pizza Hut Restaurants under long-term franchise arrangements. The KFC
outlets account for most of the Company’s business, with 37 outlets
nationwide. The Pizza-Hut outlets presently number 3, at the beginning
of 1999, two outlets were closed at Independence Square and Library Corner,
San Fernando.
In 1997, KFCC/PepsiCo. Holdings Ltd. sold its entire shareholding to
Victor E. Mouttet Ltd., a privately owned company. In February 1999 the
Company offered 25% of its shareholdings to the public. Victor Mouttet
Ltd. (VEMCO) owns the other 75% of the shares.
For more information: Download phl.pdf
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