Buy Or Sell Opportunity • Jun 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.2% to JA$37.40. The fair value is estimated to be JA$30.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.7%. Declared Dividend • Jun 06
Dividend of JA$0.26 announced Dividend of JA$0.26 is the same as last year. Ex-date: 16th July 2026 Payment date: 14th August 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 8.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 20
First quarter 2026 earnings released First quarter 2026 results: Revenue: JA$3.33b (up 18% from 1Q 2025). Net income: JA$590.9m (down 22% from 1Q 2025). Profit margin: 18% (down from 27% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Announcement • May 09
Kingston Wharves Limited, Annual General Meeting, Jun 04, 2025 Kingston Wharves Limited, Annual General Meeting, Jun 04, 2025. Location: jamaica pegasus hotel, 81 knutsford boulevard, kingston 5, st. andrew, Jamaica Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: JA$0.52 (vs JA$0.66 in 3Q 2023) Third quarter 2024 results: EPS: JA$0.52 (down from JA$0.66 in 3Q 2023). Revenue: JA$2.73b (up 4.2% from 3Q 2023). Net income: JA$732.6m (down 21% from 3Q 2023). Profit margin: 27% (down from 35% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: JA$0.45 (vs JA$0.43 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.45 (up from JA$0.43 in 2Q 2023). Revenue: JA$2.54b (up 19% from 2Q 2023). Net income: JA$636.9m (up 4.2% from 2Q 2023). Profit margin: 25% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 11
Upcoming dividend of JA$0.26 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Jamaican dividend payers (3.3%). Lower than average of industry peers (4.6%). Declared Dividend • Jun 10
Dividend of JA$0.26 announced Shareholders will receive a dividend of JA$0.26. Ex-date: 17th July 2024 Payment date: 16th August 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 22
Kingston Wharves Limited, Annual General Meeting, Jun 05, 2024 Kingston Wharves Limited, Annual General Meeting, Jun 05, 2024. Location: ac hotel, kingston, 38-42 lady musgrave road, kingston 5, st. andrew., Jamaica New Risk • May 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Jamaican stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JA$26.00, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JA$28.90, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total loss to shareholders of 30% over the past three years. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: JA$2.20 (vs JA$1.89 in FY 2022) Full year 2023 results: EPS: JA$2.20 (up from JA$1.89 in FY 2022). Revenue: JA$9.71b (up 2.5% from FY 2022). Net income: JA$3.12b (up 16% from FY 2022). Profit margin: 32% (up from 28% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JA$32.70, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 15x in the Infrastructure industry in South America. Total loss to shareholders of 25% over the past three years. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: JA$0.66 (vs JA$0.57 in 3Q 2022) Third quarter 2023 results: EPS: JA$0.66 (up from JA$0.57 in 3Q 2022). Revenue: JA$2.62b (up 7.3% from 3Q 2022). Net income: JA$927.2m (up 13% from 3Q 2022). Profit margin: 35% (up from 34% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Oct 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Jamaican stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JA$29.00, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total loss to shareholders of 38% over the past three years. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: JA$0.43 (vs JA$0.38 in 2Q 2022) Second quarter 2023 results: EPS: JA$0.43 (up from JA$0.38 in 2Q 2022). Revenue: JA$2.14b (down 7.7% from 2Q 2022). Net income: JA$611.0m (up 13% from 2Q 2022). Profit margin: 29% (up from 23% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 11
Upcoming dividend of JA$0.25 per share at 2.3% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Jamaican dividend payers (3.5%). Lower than average of industry peers (3.3%). Reported Earnings • May 21
First quarter 2023 earnings released: EPS: JA$0.48 (vs JA$0.47 in 1Q 2022) First quarter 2023 results: EPS: JA$0.48 (up from JA$0.47 in 1Q 2022). Revenue: JA$2.29b (up 2.0% from 1Q 2022). Net income: JA$683.5m (up 1.9% from 1Q 2022). Profit margin: 30% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JA$35.00, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 17x in the Infrastructure industry in South America. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 16% share price gain to JA$35.00, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 17x in the Infrastructure industry in South America. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 17% share price gain to JA$36.00, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total loss to shareholders of 38% over the past three years. Upcoming Dividend • Dec 07
Upcoming dividend of JA$0.43 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 17 January 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Jamaican dividend payers (4.0%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorated over the past week After last week's 21% share price decline to JA$27.71, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total loss to shareholders of 48% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: JA$0.57 (vs JA$0.54 in 3Q 2021) Third quarter 2022 results: EPS: JA$0.57 (up from JA$0.54 in 3Q 2021). Revenue: JA$2.45b (up 10% from 3Q 2021). Net income: JA$820.3m (up 7.3% from 3Q 2021). Profit margin: 34% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 17% share price gain to JA$44.00, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total loss to shareholders of 3.0% over the past three years. Upcoming Dividend • Jul 12
Upcoming dividend of JA$0.24 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Jamaican dividend payers (3.2%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 15% share price gain to JA$39.25, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 19x in the Infrastructure industry in South America. Total loss to shareholders of 42% over the past three years. Upcoming Dividend • Dec 08
Upcoming dividend of JA$0.37 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 17 January 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Jamaican dividend payers (3.1%). Lower than average of industry peers (2.5%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS JA$0.54 (vs JA$0.39 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JA$2.22b (up 27% from 3Q 2020). Net income: JA$764.8m (up 39% from 3Q 2020). Profit margin: 34% (up from 31% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS JA$0.51 (vs JA$0.34 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JA$2.06b (up 40% from 2Q 2020). Net income: JA$728.0m (up 49% from 2Q 2020). Profit margin: 35% (up from 33% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 13
Upcoming dividend of JA$0.23 per share Eligible shareholders must have bought the stock before 20 July 2021. Payment date: 18 August 2021. Trailing yield: 1.2%. Lower than top quartile of Jamaican dividend payers (2.9%). Lower than average of industry peers (2.3%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS JA$0.38 (vs JA$0.39 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: JA$1.85b (down 1.4% from 1Q 2020). Net income: JA$547.8m (down 1.1% from 1Q 2020). Profit margin: 30% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS JA$1.57 (vs JA$1.82 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JA$7.14b (down 9.6% from FY 2019). Net income: JA$2.24b (down 14% from FY 2019). Profit margin: 31% (down from 33% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 24
New 90-day high: JA$48.98 The company is up 10.0% from its price of JA$44.60 on 23 October 2020. The Jamaican market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 11% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS JA$0.39 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: JA$1.75b (down 8.6% from 3Q 2019). Net income: JA$550.4m (down 15% from 3Q 2019). Profit margin: 31% (down from 34% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Oct 20
Market bids up stock over the past week After last week's 17% share price gain to JA$46.85, the stock is trading at a trailing P/E ratio of 27.2x, up from the previous P/E ratio of 23.2x. This compares to an average P/E of 18x in the Infrastructure industry in South America. Total returns to shareholders over the past three years are 53%. Is New 90 Day High Low • Oct 14
New 90-day low: JA$40.02 The company is down 23% from its price of JA$52.30 on 16 July 2020. The Jamaican market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 14
Market pulls back on stock over the past week After last week's 18% share price decline to JA$40.02, the stock is trading at a trailing P/E ratio of 23.2x, down from the previous P/E ratio of 28.4x. This compares to an average P/E of 19x in the Infrastructure industry in South America. Total returns to shareholders over the past three years are 37%. 
