On 13 May 2024, an extensive research note regarding CEIBA Investments Limited was published by SINGER Capital Markets (“SINGER”), the primary broker of the Company. SINGER’s main conclusion regarding the Company is as follows:
“… CEIBA has demonstrated an ability to operate in a difficult environment and owns profitable assets that are attractively valued that, subject to currency restrictions, are capable of generating a decent investment return. In addition (and there is no sign of this occurring), should the US relax or remove its sanctions regime, or should Cuba be more successful in its ongoing reform efforts, we see room for considerable upside from the normalization of asset values. The removal of Cuba from the controversial US State Sponsors of Terrorism list alone would have a significant positive effect on tourism to Cuba. That said, the short term outlook is difficult and reflected in the fund’s valuation. At this level and acknowledging the risks, we see CEIBA as offering an attractive asymmetric return profile for a long term investor…”
The research note can be accessed on Research Tree (https://www.research-tree.com/), or by financial institutions and investment professionals by clicking on this link. By clicking on the link, you confirm that you are a financial institution or investment professional.