27 April – 1 May 2026
JMP WEEKLY REPORT DTD 04.05.26
Weekly Trade Commentary
- Last week saw 5 stocks traded on the local market with a total trading value of K347,177.57.
- BSP traded only 1,370 shares steady at K26.90.
- KSL traded 63,172 shares, up 1t to close at K4.11.
- KAM traded 2,527 shares, also up 1t to close at K2.06.
- CCP traded 2,000 shares steady at K4.66.
- PLC closed 3t higher trading 9,157 shares at K1.08.
Market-wide LTM dividend yield was 5.69% this week (weighted by market cap, ex-NEM). NGP (17.04%) and KAM (12.20%) lead the table; KSL (7.78%) and BSP (6.99%) anchor the large caps. PLC has been added to coverage; no full-year dividend has been paid yet, so no LTM yield is shown.
WEEKLY MARKET REPORT | 27 April, 2026 – 1 May, 2026
| STOCK | WEEKLY VOLUME | CLOSING PRICE | VALUE | BID | OFFER | CHANGE | % CHANGE |
|---|---|---|---|---|---|---|---|
| BSP | 1,370 | 26.90 | 36,853.00 | – | – | – | – |
| KSL | 63,172 | 4.11 | 259,234.10 | – | – | +0.01 | +0.24% |
| STO | – | 22.00 | – | – | – | – | – |
| NEM | – | 490.00 | 26,950.00 | – | – | – | – |
| KAM | 2,527 | 2.06 | 5,205.62 | – | – | +0.01 | +0.49% |
| NGP | – | 1.35 | – | – | – | – | – |
| CCP | 2,000 | 4.66 | 9,320.00 | – | – | – | – |
| CPL | – | 0.79 | – | – | – | – | – |
| PLC | 9,157 | 1.08 | 9,614.85 | – | – | +0.03 | +0.03% |
| SST | – | 50.00 | – | – | – | – | – |
| 78,226 | TOTAL | 347,177.57 | 0.00% |
Key Market Announcements
- BSP – Media Release — Group CIO (Final) Download >>
- KSL – 2025 Corporate Governance Statement and Appendix 4G Download >>
- KSL – Notice of 2026 Annual General Meeting Download >>
- KSL – 2025 Annual Report Download >>
- STO – Appendix 3Y — Change of Director’s Interest Notice Download >>
- PLC – Amended Announcement — Strategic Review of Star Mountains Download >>
- BSP – First Quarter Trading Update 2026 Download >>
- NEM – Chief Technical Officer Retirement (Form 8-K) Download >>
- NEM – SC 13G Statement of Ownership filed by Vanguard Download >>
- PLC – Central Lime Project — Construction Update & Quarterly Activities Report Download >>
- KSL – Kina makes changes to Executive Leadership Team Download >>
- NEM – 2025 Sustainability and Taxes & Royalties Reports Download >>
- KSL – Close and anticipated listing date — inaugural Bond Issue Download >>
- STO – Unquoted Securities Download >>
WEEKLY YIELD CHART | 27 April, 2026 – 1 May, 2026
| STOCK | ISSUED SHARES | MKT CAP (K) | INT 24 | FIN 24 | INT 25 | FIN 25 | YIELD % LTM |
|---|---|---|---|---|---|---|---|
| BSP | 467,317,665 | 12,570,845,189 | 0.450 | 1.210 | 0.500 | 1.380 | 6.99% |
| KSL | 294,332,296 | 1,206,762,414 | 0.106 | 0.155 | 0.126 | 0.193 | 7.78% |
| STO | 3,261,616,703 | 71,755,567,466 | 0.506 | 0.414 | 0.559 | 0.443 | 4.55% |
| NEM* | 1,097,000,000 | 537,530,000,000 | — | 2.110 | 2.110 | $0.260 | 0.86% |
| KAM | 53,259,588 | 109,182,155 | 0.200 | — | 0.250 | — | 12.20% |
| NGP | 45,890,700 | 61,952,445 | 0.040 | 0.120 | 0.040 | 0.190 | 17.04% |
| CCP | 307,931,332 | 1,434,960,007 | 0.120 | 0.121 | 0.121 | 0.130 | 5.39% |
| CPL | 206,277,911 | 162,959,550 | — | — | 0.050 | — | 6.33% |
| PLC | 858,075,186 | 900,978,945 | — | — | — | — | — |
| SST | 31,008,237 | 1,550,411,850 | 0.400 | 0.300 | 0.400 | 0.650 | 2.10% |
| TOTAL / WEIGHTED-AVG | 5.69% |
LTM = Last twelve months. Yields use most recently declared interim and final dividends. NEM dividends in USD until PGK rate announced; NEM excluded from market-wide yield. PLC now added.
BPNG TREASURY BILL AUCTION
Auction: 29-APR-26 / GOI / Government Treasury Bill Settlement: 01-MAY-26 Amount on Offer: K210.0m
| TERMS | ISSUE / 63 | ISSUE / 91 | ISSUE / 182 | ISSUE / 273 | ISSUE / 364 | TOTAL |
|---|---|---|---|---|---|---|
| Weighted Avg Yield | — | — | 5.33% | 5.45% | 5.36% | — |
| Amount on Offer (K’m) | — | — | 10.00 | 50.00 | 150.00 | 210.00 |
| Bids Received (K’m) | — | — | 33.00 | 43.34 | 327.50 | 403.84 |
| Successful Bids (K’m) | — | — | 20.00 | 35.86 | 157.50 | 213.36 |
| Over / (Under) Subscribed (K’m) | — | — | +23.00 | (6.66) | +177.50 | +193.84 |
BPNG GOVERNMENT BOND AUCTION
Auction: 21-MAR-26 / GOB / Government Bond Settlement: 24-MAR-26 Amount on Offer: K200.0m
| SERIES | AMOUNT ON OFFER (K’m) | BIDS RECEIVED (K’m) | SUCCESSFUL BIDS (K’m) | SUCCESSFUL BIDS YIELD | WEIGHTED AVG RATE (WAR) | COUPON RATE | NET SUBSCRIPTION (K’m) |
|---|---|---|---|---|---|---|---|
| Issue ID 2026/5057 – 3 yr | 30.00 | 60.00 | 60.00 | 6.45–6.50% | 6.48% | 5.75% | +30.00 |
| Issue ID 2026/5058 – 5 yr | 40.00 | 42.00 | 42.00 | 6.73–6.80% | 6.76% | 6.00% | +2.00 |
| Issue ID 2026/5059 – 7 yr | 50.00 | 52.00 | 52.00 | 6.89–6.93% | 6.91% | 6.25% | +2.00 |
| Issue ID 2026/5060 – 10 yr | 50.00 | 82.00 | 67.00 | 7.07–7.20% | 7.11% | 6.50% | +32.00 |
| Issue ID 2026/5061 – 15 yr | 30.00 | 32.00 | 32.00 | 7.45–7.47% | 7.46% | 6.75% | +2.00 |
| TOTAL | 200.00 | 268.00 | 253.00 | +68.00 |
INVESTOR EDUCATION – Private Equity
What is Private Equity?Private equity is an investment approach where PE firms use investor capital and debt financing to buy companies, improve their performance, and sell them later for a profit. It involves active ownership in private or delisted public businesses, aiming for higher returns through operational and financial improvements.
It differs from publicly traded stocks because investors buy directly into private businesses or take public companies private. The defining feature is active ownership—PE firms acquire controlling stakes and work closely with management to improve profitability, efficiency and overall business value.
The four main strategies are leveraged buyouts (LBOs), growth equity, venture capital, and distressed/special situations. Each balances risk, return and operational involvement differently —together they make PE a diverse asset class spanning mature buyouts to early-stage funding.
What we’ve been reading
Iran conflict: a pivotal moment for the counter-drone industry
Monthly Bell — Bell Potter • Baxter Kirk, Industrials Analyst
Bell Potter argues the Middle East conflict marks a pivotal moment for the counter-drone (C-UAS) industry. Military planners globally are absorbing the Ukraine lesson: using US$4m missiles to intercept US$35k drones is unsustainable. C-UAS technologies offer greater magazine depth at far lower cost-per-shot.
Procurement is accelerating —EOS has already won a US$42m Slinger order to a GCC country, and the US C-UAS task force has set up a US$20bn vehicle for the next ten years. Ukraine-style interceptor drones are emerging as the primary effector, with reported >70% of Shahed takedowns in the Kyiv region during February 2026.
JMP read: Polymarket now puts a US/Iran ceasefire by 30 April at <40% (down from >60% at the start). Whether the conflict de-escalates or widens, defence-tech demand looks structurally higher. Bell Potter highlights DRO (RF detection/defeat), EOS (kinetic + HELW), and CDA / ELS (drone-swarm and BVLOS enablement) as the names to watch.
Regards,
Benny Takin
Equities Trader — Primary contact, JMP Weekly Report
benny.takin@jmpmarkets.com
+675 7001 9121 / 320 0240
JMP Securities Limited
Level 3, ADF Haus, Musgrave Street
PO Box 2064, Port Moresby NCD, Papua New Guinea