The Market Research Competition chairman Mr. Claremont Kirton made a passionate call of the listed companies and broker members to support the competition has it provides valuable company analysis for investment decision
Jamaica Stock Exchange Market Research Competition: Report of Chairman, 2007
Good evening ladies and gentlemen. Let me accord a special welcome to our distinguished guest speaker Mr. Emil George, Chairman of the Financial Services Commission and Mrs. George; Board Members of the Jamaica Stock Exchange in attendance: Mr. Edie McKie, and Mrs. Marlene Street Forrest, General Manager and her husband Mr. Forrest; my fellow colleagues of the JSE Market Research Competition Committee.
As the Chairman of the Market Research Committee, I am honoured to share with you in this most important event during which we will present awards to the 2007 winners of the JSE’s most prestigious competition. I wish to express my gratitude to the past chairpersons (in this case, chairmen) of our Committee and thank them most sincerely for their involvement in the successful organization and management of the competition. I must say thanks to Alvin Wint, Professor and Pro-Vice Chancellor, UWI, Mona for his service during the early years of the competition; my sincere appreciation to my colleague and friend of many years – Mr. Harry Abrikian of the Mona School of Business who was my predecessor up to 2006, and whose under whose leadership, the competition was significantly enhanced. Our committee and more broadly the JSE express their sincere thanks to these colleagues.
Beginning its new term in office in 2007 the Committee had three main goals:
Firstly, we planned to expand the membership of the Committee to include a representative from the media and someone with popular involvement and interest in the Jamaican Stock Market. As such, we selected a financial journalist and a knowledgeable stock market player as new members of our Committee. Our financial journalist was selected with a view towards ensuring a high level of transparency in the competition, and to further strengthen public awareness of what we are trying to accomplish. Thus, Miss Denise Williams of the Jamaica Observer, agreed to assist us in our evaluation process. Denise has brought a level of critical thought and popular evaluation to the review process and has assisted us tremendously.
An experienced stock market player, analyst, and self-employed strategist, Mr. Lloyd Vermont was also asked to join us. His key role has been to widen the analytical skills of the Committee and ensure that the voice and the opinions of the “man/women in the street” are fully incorporated into our evaluation exercises.
Ladies and Gentlemen, our nine member committee comprising academics, bankers, media personnel and entrepreneurs truly reflected a positive and productive synergy. The meetings to review and grade the written presentations submitted by those who entered the competition were typically analytical, characterised by detailed discussions, and were very objective in their assessment. Our job was successful and I am sure that we are all satisfied with our accomplishments. As Committee Chairman, I express my sincere gratitude to all Committee members. You have all proven that voluntarism is alive and well.
Our second goal was to ensure that the analytical strengths of the written presentations were enhanced. As part of our task, we had regular meetings with the analysts to review the strengths and weaknesses of their submissions. This new approach was successful as presentation in the 2007 competition reflected marked improvements in analytical content. In an effort to further improve the skills of our analysts, we also introduced an oral presentation component which was an aspect of the selection process for this year’s final. This was particularly successful and will be a continued feature of future competitions.
Our third and final goal was to increase the number of participants in the competition. This is an ongoing objective and utilizes a two-pronged approach: to increase awareness of and generate greater interest in the competition. We started by visiting selected Universities to explain the details of the competition and to attempt to increase the interest of students and teachers by raising the monetary values of the prizes. Of course, we need all the support from broker members and those listed companies to become involved as sponsors and supporters of this competition. This will only redound to the continued success of the competition and by extension, the market, since with more analyses made public, investors will be better informed and well placed to make more informed decisions.
We plan to add another dimension to the competition by including analyses of companies not currently listed on the stock exchange. Therefore, the call for sponsorship is extended to all members of corporate Jamaica.
And now, as I present the highlight of this evening’s event, I thank all the participants in the 2007 Jamaica Stock Exchange Market Research Competition. Although all of you may not receive prizes tonight, you seriously challenged tonight’s awardees with a high level of competition and for that you must be commended. Your submissions were all of high quality and indeed quite impressive. We look forward to your participation in future competitions.
I now present to you tonight’s awardees:
The second runner up is Miss Kiesha Bennett, formerly of Scotia DB&G and now at ICWI Investment Company; Miss Bennett will receive a plaque.
The first runner up is Miss Lisandra Rickards of Stocks and Securities Ltd. For the first time in the history of the competition, there was a tie in the fourth quarter. Miss Rickards, a first time participant, was one of the winners here. Congratulations Miss Rickards and we know you will continue to excel as a financial analyst. Miss Rickards will receive a cheque for $50,000.00 sponsored by the Jamaica Stock Exchange and a trophy.
The winner of this year’s competition is Mr. Shane Ingram, formerly of Scotia DB&G and now pursuing studies abroad. Mr. Ingram is currently off the island and his mother (Mrs. Lorna Stoddart Wilson) will accept the award on his behalf. Mr. Ingram will receive an award of $150,000.00 sponsored by Pulse Investments Ltd. and a trophy. Congratulations to Mr. Ingram and we wish you every success in your new endeavours. We are confident that you will do well.
Now ladies and gentlemen let me take this opportunity to launch the 2008 Market Research Competition. We expect that this competition will definitely be bigger and better than in previous years. The Committee has selected the following ten companies for analysis in the first quarter of the 2008 Competition:
o Palace Amusement
o Ciboney Group Ltd
o Mobay Ice
o Montego Freeport Ltd
o Pulse Investments
o Hardware & Lumber
o Jamaica Livestock Association
o Berger Paints Ltd
o Supreme Ventures
o Jamaica Public Services (JPS)
Participants will be required to analyze one of these companies. The deadline for submissions is June 30th, 2008. Potential entrants may contact Miss Davia Eastman at the JSE, for more information.
Lastly, I wish to thank the Board, Management and staff of the JSE for their assistance throughout the year and for facilitating such a vibrant competition. We anticipate your support in the years ahead.