Financial Performance

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1 Fundamental Value: $5.27 Market Price: $ Week Range: $3.40 to $11.78 Recommendation: SELL 2 Symbol: JMMB Shares Outstanding: 1,463,386,752 units Market Value of Shares Outstanding: $17,136,258, Financial Year End: March 31 Executive Summary: The Jamaica Money Market Brokers (JMMB) Group achieved an operating profit of $1.51 billion and net profit of $1.14 billion, at the end of the year to March This represents a 15.9% increase in net profit compared to the previous year s result. The price of the JMMB stock has shown significant appreciation in the last 2 weeks, moving as much as 64.53% in two weeks as investors perceive value in holding the stock following announcements of actual and pending acquisitions Company Overview: Jamaica Money Market Brokers Limited (JMMB) is a licensed, full service, financial corporation with its head office in Jamaica and regional entities in the Dominican Republic (DR) and Trinidad and Tobago. JMMB is cross listed on the stock exchanges of Jamaica, Barbados and Trinidad and Tobago. The JMMB Group offers investment opportunities in local and international currencies; portfolio management; financial advisory services; cambio; trading foreign currencies; commercial banking; retail and commercial loans; corporate finance; equities; pension management, and general, life and health insurance brokerage. The Group has an asset base of over J$113 billion, as at March 31, 2011, and has established itself as one of the leading brokerage houses in the Caribbean with a diversified business model. JMMB operates from 9 branches in Jamaica, 2 in the DR and 2 commercial bank branches in Trinidad and Tobago. Financial Performance Profit and Loss Summary- 12 months ended March 31 Mar Mar Change (%) Net Profit (J$M) 1, EPS($) P/E (x) BVPS($) Outlook: JMMB should underperform if fundamentals are not addressed. Given that this is a growth stock, it should follow that significant gains will not be realized in the short run. The Group stands to further benefit from the expertise and experience of competent management from both NCBCM and CCFG, if nowhere else then at least at the Board level. Projections and Valuation: There was a dramatic rise in stock price as the market reacted to news of acquisitions between July and August. However, the 1 year trend Beta: Expected Market Return: % Country Risk Premium: 8.911% indicates a more gradual Equity Risk Premium: 0.256% appreciation in the price of the stock, which is more in line with Risk Free Rate: 1.931% fundamental factors, and more sustainable over time. It is Source: Bloomberg anticipated that as the market settles down, prices will return to around $5.27. Therefore, even though the technical signals indicate a buy, it is unlikely that this trend will continue very far in the future. To realize capital gains now, we recommend a sell on this stock with a possibility of buying later when the price once again declines to more sustainable level. Dividend Timetable Payment date Nov Jun Dec Jul Dividend Per Share ($) JMMB s policy is to increase dividends in line with the trend in earnings, while ensuring that adequate capital is available to meet regulatory requirements and undertake expansion plans. Dividends are paid semi-annually. 12 Month dividend yield is 2.84%. Three year dividend growth, 9.26%. 1 As at August 19, Stock should be sold as materially negative total return is anticipated Security is expected to underperform the market. 3 As at August 19,

2 Management and Corporate Governance The JMMB Group is led by Keith Duncan, CEO who has over 18 years experience in the financial sector and is a member of the family that founded the company. Duncan has both a professional and personal interest in the long term sustainability of the JMMB Group. Duncan holds 48,681,216 ordinary shares or 3.3% through Concise E.I. Ltd. and JVF E.I. Ltd. There is a clear division of responsibilities at the head of the company. The roles of Chairman (Noel Lyon) and CEO are separated. In addition executive members bring a solid range of relevant executive, accounting, and finance experience to the boardroom. However, governance could be improved as all the current members of the Board are also employees of the Group. This brings concerns about the independence of the Board members. Acquisitions: The JMMB group has expressed its intention to pursue regional expansion through acquisitions. So far, the acquisition of City Insurance Brokers should provide an expansion into the insurance marketplace, which has become a lucrative market for dealers. Additionally, JMMB, in August, announced its plan to acquire up to a 100% stake in The Capital and Credit Financial Group (CCFG) which comprises a Merchant Bank and an international investment subsidiary, Capital and Credit International Inc (CCII). The deal was announced at $4.55 per share. At million issued shares for CCFG, the deal is estimated to cost JMMB approximately $4.22 billion. JMMB will pay a premium of $0.95 for the stock, approximately $326 million more than the market value of the shares, which traded at $3.60 on the Jamaica Stock Exchange (JSE) on Friday, August 12, 2011, the date of the announcement. Close price of CCFG shares, as at Monday, August 15 was $4.20 as news of the acquisition led to increased confidence in the entity and demand for the stock. The plan is for JMMB to finance 70% of the deal with $2.95 billion in cash and the remainder with a share swap to CCFG shareholders. JMMB, as at June 2011, has $3.14 billion in cash and cash equivalents and $11 billion in equity which is well within the required capital to make the deal and therefore there exists no need to seek external financing. JMMB will look to add 926,796,047 stock units to its existing 1,463,386,752 shares outstanding, increasing equity to over $15 billion. At current profit/shareholders equity, EPS would be diluted to about $0.40 from $0.78 in JMMB stock. However, many other factors should add value to the deal and hence to shareholders as there is a real possibility for growth through stronger performance, a wider array of services and US cross border investment opportunities through CCII s US partner Blaylock Robert Van (BRV). If achieved, the acquisition of the Capital and Credit Group (including the Capital and Credit Merchant Bank (CCMB), and Capital and Credit International Inc. (CCII) should provide further income and diversification possibilities and could increase JMMB s client base by 50,000. CCII s US Broker Dealer s license, the only one held by a financial institution locally, should provide an opportunity for JMMB to expand outside Jamaica into the Diaspora and the US financial markets. If exercised, the license would allow the entity to do cross-border securities trading, cross-listings on the US Exchanges, to give its customers US debit cards and US chequing accounts, among other things. The license would also allow JMMB to acquire up to a 15% stake in CCII s US partner Blaylock Robert Van (BRV), the second largest minority-owned broker dealer in the US with headquarters in New York. Both JMMB and CCFG have also trumpeted the increased efficiencies that should result from consolidation. However, there is still no way of predicting how well the corporate cultures of both organizations will be reconciled in a takeover. This may well prove an issue that could inhibit a seamless transition. However, we expect that the management and staff of both institutions will collaborate on this process as successful integration is critical to the sustainability of a combined entity. Acquisition of JMMB shares: NCB Capital Markets (NCBCM) acquired 27% of JMMB on August 5, The acquisition by its single largest competitor could be viewed as a potential threat to JMMB, but at this point it is too early to determine what the outcome of this acquisition is likely to be. For its part, NCBCM has indicated that the purchase of shares is not a take-over attempt, but an investment. NCB s decision to seek a place on the Board may also improve the corporate governance framework for JMMB if accomplished. Three Largest Shareholders: NCB Capital Markets Ltd. (27%) Trustees JMMB ESOP (12.3%) Colonial Life Insurance Co. Ltd. (7.1%) 428,777, ,027, ,453,776 Capital to risk weighted assets ratio JMMB 34.3% FSC 14% Capital to total Assets ratio JMMB 11.5% FSC 6% 2

3 SWOT Analysis Strengths Large client base of over 160,000 Well regarded in the marketplace by clients for, among other things, its culture of client care, community involvement and innovation. Regional presence (Jamaica, Dominican Republic, Trinidad &Tobago) One of the largest Securties companies in Jamaica by Funds Under Management (FUM) Opportunities Pursuing a commercial banking license in Jamaica with the intention of further driving long term sustainable growth and enhancing shareholder value. The commercial bank operation in DR should bolster this initiative. If achieved, the acquisition of the Capital and Credit Group (including the Capital and Credit Merchant Bank (CCMB), and Capital and Credit International Inc. should provide further income and diversification possibilities and increase JMMB s client base and FUM. CCMB US Broker Dealer s license, the only one held by a financial institution locally could provide an opportunity to expand outside of Jamaica into US financial markets. Expansion into the insurance market with the acquisition of City Insurance Brokers Limited. Weaknesses Overleveraged: Debt of 11 times, Equity, the largest among securities dealers. Client investments not insured by Jamaica Deposit Insurance Corporation Large dividend payments on pref shares each month (quasi debt obligations) Threats Systematic factors such as economic climate, sovereign credit ratings, government actions Acquisition target CCMB's $4billion bad loan portfolio The acquisition of 29% of the company by its single largest competitor, NCB Capital Markets could pose a potential threat Ratio Analysis Operating Profit Margin: 2.03%, June 1.88%: JMMB has been managing its resources at a fairly consistent rate. After taking into account the expenses incurred in producing earnings, the company has retained a 2.03% margin protecting earnings. That margin has declined marginally for the first quarter but is still adequate. Net Profit Margin: 1.32%, June 1.09%: After taking both expenses and taxes into account, JMMB still retains an adequate margin of protection for earnings both at the end of the fiscal year (1.32%) and the first quarter (1.88%). Efficiency: 63.08%: JMMB s efficiency ratio (administrative costs as a percentage of operating revenue) improved from 67.80% in 2010 to 63.49% at year end This indicates that management is making an effort to manage 4 Operating performance ROE net profit margin operating profit margin costs. JMMB s return on assets, too, increased from 0.84% to 0.97%, indicating a more efficient use of resources. However, there is still a long way to go to realize efficiency that is in line with competitors such as SJIL 32.27%, which has downsized its securities operations in some areas and moved the operations into the branch network of parent Scotiabank. These dealers do not have the same branch network structure as JMMB, which would allow them to curtail a significant amount of administrative expenses. JMMB s efficiency could be further impacted following the CCFG acquisition as that company is operating very inefficiently at 117.8% as at its year end Dec

4 Interest coverage ratio: 0.41X, June -0.10X: Interest coverage margin in JMMB at a deficient 0.41 times at the year ended March 2011, declined further to times at the first quarter ended June 2011, as the company took on additional interest payments with the issue of preference shares and payables while interest income declined. This security is very risky at this point even though JMMB has so far not defaulted on any of its obligations to debt holders or preference shareholders. As these holders have prior claim on payments, however, common stockholders should be concerned by this result Risk cash flow total debt interest coverage Net Interest Margin: 2.27%, June 0.61%: JMMB s high debt situation is still a point of concern for making investment decisions. While the net interest margin has net interest margin been positive at 2.27% for , that margin has declined to just 0.61% in returns generated by interest investment relative to interest expenses. ROE: 14.03%, June, 37.22%: JMMB s management has ensured that value is returned to shareholders of the company. The ROE at 2010 year end was 16.15%, versus 14.03% at the year ended March However, indicators suggest that shareholders return could see an improvement in the coming periods with the acquisitions and growth plans being pursued by JMMB. ROE for the first quarter ended June 2011, at 37.22%, is almost 3 times that of March However, this reflects the extraordinary gains in the first quarter and is not typical or expected to be sustained. EPS: $0.78, June $2.60: Earnings available to common shareholders have remained below the $1 mark since 2007 and have fluctuated between $0.60 cents and $0.80. The latest result shows an improvement relative to the historical pattern of EPS. However this is also due to the extraordinary result and should not be taken as an indication of a new trend. DPS: $0.14, June $0.40 As a result of JMMB s low DPR, shareholders received just about $0.40 (annualized) on each $1 invested in the company. DPR (%): 17.93, June 15.39: Because of the funding requirements for acquisitions, JMMB s DPR has been low compared to competitors such as Scotia Jamaica Investments Limited (SJIL-DPR 37.56) and Mayberry Investments Limited (MIL-DPR 55.06), for example. However, a low DPR may signal higher payout rates in the future as investments begin to return value for the company and its shareholders. It should also be noted that JMMB is still in growth mode and growth companies traditionally reinvest heavily in growth opportunities. Dividend Yield: 3.04%, June 3.42%: Investors received a return of 3.04% on investment for the year ended March 2011, and 3.42% for the quarter. The yield is in line with other industry members, such as SJIL (4.68%) and MIL (3.81%). However, again, JMMB s high earning retention rate and the fact that a percentage of payments go to preferred shares holders means that the dividend yield is commendable. Book Value per share: $6.16, June $6.43: In the event of Value dissolution, the common shareholders of JMMB would receive $6.16, ($6.43 as at the first quarter) for each common share held. This is below the market price of the 8.00 stock, which at the time of the report reflected the 6.00 exuberance in the market. However, this margin of 4.00 protection is actually fair, given that the price of the stock before the news of the pending acquisitions was in line with 2.00 BVPS at $4.61. P/E: 5.9X, June 4.51X: The P/E has trended down following EPS (cents) the one-off increase in trading gains at the end of Q1. This was an extraordinary occurrence and is not expected to DPS continue given historical results. The share has sold for 5.9X its actual and anticipated earnings in and at the end of the first quarter sold for 4.51X earnings as profits Price$ increased. A lower ratio is positive, however, with prices at near historical levels, P/E has declined since the latest financial results were published. Per Share 4

5 Technical Analysis The moving average chart indicates a dramatic rise in stock price as the market reacted to news of acquisitions between July and August. However, the 1 year trend indicates a more gradual appreciation in the price of the stock, which is more in line with fundamental factors, and more sustainable over time. It is anticipated that as the market settles down, prices will return to around $5.27. Therefore, even though the technical signals indicate a buy, it is unlikely that this trend will continue very far in the future. To realize capital gains now, we recommend a sell on this stock with a possibility of buying later when the price once again declines to more sustainable level. Recommendation: Investors should sell at current prices to realize immediate capital gains. As more information on the acquisition of CCFG becomes available and expectations begin to moderate, prices should decline. Prepared by VMWM Research Department, August 19, 2011 Disclaimer: This Research Paper is for information purposes only. The information stated herein may reflect the opinion and views of VM Wealth Management in relation to market conditions and does not constitute any representation or warranties in relation to investment returns and the credibility of the sources of information relied upon in the preparation of this report, without further research and verification. Before making any investment decision, please consult a VM Wealth Management Advisor. 5

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