Research Note by SINGER Capital Markets

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 (, 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.

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Entry Disclaimer

This site and its content are intended for professional investors only.

The Ordinary Shares of CEIBA Investments Limited are listed on the Specialist Fund Segment of the London Stock Exchange (trading symbol: CBA) and are suitable for Professional Investors only. Investors in the Company are expected to be institutional investors, professional investors, high net worth investors and professionally advised and knowledgeable investors who understand the risks involved in investing in the Company and/or who have received advice from their fund manager or broker regarding investment in the Company.

Special investor warning: this fund is not suitable for US investors.

The U.S. Cuban embargo legislation presently in force prohibits U.S. Persons from investing in, owning or otherwise holding Ordinary Shares in CEIBA Investments Limited. U.S. banks, custodians, depositories and other intermediaries may reject or block payments, the transfer of securities, and/or the distribution of dividends. Shareholders should ensure that they do not directly or indirectly use U.S. banks, custodians, depositories or other intermediaries, in any capacity, to hold Ordinary Shares in the Company or to receive dividend distributions or other payments.

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