• Mayberry Jamaican Equities (MJE) reported an unaudited net loss of US$30.98Mn for the twelve months ended December 2025 (FY2025), down from the US$0.89Mn loss in FY2024. Net fair value declines on its financial instruments totalling US$7.68Mn, and Investments in associates of US$20.66Mn were the primary drivers of the continued weakness in earnings.
• The declines reflect softer equity market conditions during 2025, particularly in the second half of the year. Notably, Supreme Ventures Limited (SVL), which accounts for 56.3% of MJE’s total portfolio value as at December 2025, declined by 30.1%, contributing to the fair value decline. MJE’s fair value declines were compounded by interest expenses of US$4.19Mn, albeit 25% lower year-on-year. However, this was partly offset by dividend income of US$2.68Mn, which declined by 17.3% year-on-year. Nonetheless, MJE posted a net operating loss of US$29.80Mn.
• Cost discipline remained a silver lining, as operating expenses declined by 14.9% to US$1.72Mn, reflecting lower professional fees, marketing, and management expenses.
• However, with its high concentration in SVL, MJE’s earnings and net asset value (NAV) recovery will be heavily reliant on SVL’s share price movements, despite diversification across 25 listed Main and Junior Market companies. SVL’s price may remain subdued in the short-term, amid expectations of weaker earnings for Q4 2025, following Hurricane Melissa, which caused physical damage, disruptions to its off-track betting network and a 2-day lottery shutdown.
• Ultimately, the medium-term recovery prospects for MJE and its portfolio companies remain linked to an improvement in Jamaica’s equity market conditions. Further monetary policy easing by the Bank of Jamaica, economic recovery post-Melissa and renewed retail and institutional investor participation in the stock market could support valuation recovery across core holdings, though near-term performance is likely to remain sensitive to market sentiment and concentration risk.
• MJE’s stock price has declined by 16.0% year-to-date, closing at $7.35 on Tuesday. At this price, the stock trades at a P/B of 0.67x, which is below the Main Market Financial Sector Average of 1.1x.

(Sources: MJE Financial Statements, NCBCM Research)

• In a keynote address at the Jamaica Stock Exchange's Regional conference, held on January 20, 2026, Prime Minister Andrew Holness outlined a forward-looking framework for national reconstruction following hurricane-related damage.
• The Prime Minister signalled a strategic shift away from simple restoration, emphasising that future reconstruction efforts will focus on “building forward” – incorporating new towns, roads, schools, hospitals, businesses, and supporting infrastructure, rather than merely replacing what previously existed.
• Central to this approach is a renewed emphasis on resilience, with infrastructure planning explicitly designed to withstand future hurricanes and systemic shocks, aligning climate adaptation with long-term economic development objectives.
• Hurricane Melissa (October 2025) is one of the costliest disasters in Jamaica’s history, with the World Bank and IDB estimating US$8.8Bn in direct physical damage – roughly 41% of the country’s 2024 GDP. When including business disruptions and long-term economic shocks, total losses are projected to reach as high as US$20Bn¹.
• To fund post-Melissa recovery, the Government secured a US$6.7Bn international support package from partners like the IMF, World Bank, and IDB. These funds are being channelled through the newly established National Reconstruction and Resilience Authority (NaRRA) to facilitate transparent, resilient project execution.
• Currently, the Government of Jamaica is in the Early Recovery and Reconstruction phase of its recovery, with the Jamaica Public Service (JPS) restoring electricity to 96% of households and the National Water Commission (NWC) reporting 95% service restoration as of early January.

______________________________

 ¹ https://www.caribbean-council.org/hurricane-melissas-toll-on-jamaica-could-reach-us20bn/

(Sources: JIS & NCBCM Research)

• Mexico's government outlined a plan on Tuesday to spur 5.6 trillion pesos ($323Bn) in spending on infrastructure and other key areas in public-private partnerships through 2030, which officials said could boost growth above prior estimates as soon as this year.
• Finance Minister Edgar Amador said 722Bn pesos of the total could be allocated to projects this year, helping the economy expand between 2.5% and 3%. In its 2026 budget proposal presented in September, the finance ministry projected growth between 1.8% and 2.8% for the year.
• The new outlook is also above analyst projections. A Mexico central bank poll of private sector analysts on Tuesday forecast 1.3% growth this year and 1.8% in 2027. In 2025, according to preliminary data, growth was 0.7%. Amador added that the goal was to guarantee state ownership and oversight while bringing in private capital to reduce risk.
• President Claudia Sheinbaum, whose administration runs through 2030, said private partners would be selected through public bidding processes, and that the finance, economy and energy ministries would coordinate the projects. The government will take majority control of any joint ventures, which are intended to span projects in energy, trains, highways, ports, healthcare, water, education and airports.
• "This is good for the country because it will allow us to achieve greater development with equity, well-being, social justice and environmental protection," she said at her regular daily press conference.

(Source: Reuters)

• Trinidad and Tobago is in talks with Indian Oil Corporation Ltd to restart the Guaracara oil refinery, Energy Minister Dr Roodal Moonilal noted.
• Prime Minister Kamla Persad-Bissessar met with the chairman of the Refinery Reactivation Committee, Kevin Ramnarine and its members last month to review progress on restarting the former Petrotrin refinery.
• On Thursday, Moonilal led a delegation from this country in a series of bilateral meetings and an exhibition tour, engaging with several international energy companies. The delegation included the chairman of Guaracara Refining Company Ltd, Gowtam Maharaj, the chairman of Heritage Petroleum Company Ltd, Kurt Ramlal and the acting senior chemical engineer at the Energy Ministry, Terrance Ali.
• “During these discussions, Minister Moonilal and the delegation shared insights into Trinidad and Tobago’s energy sector, highlighting the country’s upstream potential and the Government’s plans to restart the Pointe-à-Pierre Refinery,” a release from the Energy Ministry stated.
• Moonilal also told Reuters that while the country would consider resuming imports of Venezuelan crude once the refinery is operational, Moonilal said the immediate focus of engagement with Caracas remains the development of shared offshore gas resources. It was also noted that direct negotiations are preferred for awarding exploration blocks, citing their speed compared with bidding rounds. Trinidad and Tobago last month missed its own deadline to award three deepwater blocks to China National Offshore Oil Corporation (CNOOC).
• The Ministry of Energy’s permanent secretary, Karinsa Tulsie, told Reuters she could not comment on the reasons for the delay. US oil major ExxonMobil was awarded an ultra-deepwater block through direct negotiations in August last year. The Government has also approached Chevron to gauge interest in offshore exploration and is holding talks with global companies, including TotalEnergies, which is developing a deepwater discovery in neighbouring Suriname, he added.

(Source: Trinidad Express)

• Oil refiners in the United States (U.S.) Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month's flagship US$2Bn supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data.
• The soft U.S. demand represents an early obstacle for President Donald Trump's hopes of sending the majority of the South American country's oil to the United States since U.S. forces captured Venezuela's President Nicolas Maduro last month in a raid in Caracas.
• Trading houses Vitol and Trafigura were granted U.S. licenses to market and sell millions of barrels of Venezuelan oil following the U.S. operation and a subsequent supply agreement with interim President Delcy Rodriguez. The trading houses, which joined energy major Chevron in holding approval to export Venezuelan oil, struck several early deals to sell some cargoes to refiners in the U.S. and Europe. However, with Chevron also raising exports quickly, the trading companies are now finding it harder to secure enough buyers among Gulf Coast refiners, traders expressed.
• "We're all facing this issue where there's more to place and not enough takers," one of the traders said, citing reluctance from U.S. refiners to buy Venezuelan crude. Some refiners are complaining that prices, albeit declining, remain high compared to competing Canadian heavy grades. Venezuelan heavy oil cargoes for delivery at the Gulf Coast are being offered at about $9.50 per barrel below benchmark Brent, versus discounts of between $6 and $7.50 per barrel in mid-January.
• Last month, total Venezuelan oil exports to the U.S. almost tripled to 284,000 barrels per day (bpd), according to data based on tanker movements. The U.S. was absorbing some 500,000 bpd of Venezuelan oil before Washington imposed sanctions on the country in 2019. But exports to the U.S. went to zero in mid-2025 after Trump revoked all licenses to trade and ship. Reaching the U.S. refiners' maximum capacity again will require time, one of the traders said, in part because some facilities would require adjustments to process heavier oil.

(Source: Reuters)

• Russia is ready for the new reality of a world with no U.S.-Russian nuclear arms control limits after the New Strategic Arms Reduction (New START) Treaty expires this week, Moscow's point man for arms control said on Tuesday, February 3, 2026.
• Unless the two sides reach a last-minute understanding, they will be left without any constraints on their long-range strategic nuclear arsenals for the first time in more than half a century when New START expires on Thursday. February 5th.
• Further to this, BMI analysts see heightened risks that the New START Treaty between the US and Russia will fail to be replaced. The Treaty aims to limit the number of deployed strategic nuclear warheads to 1,550 for each side and limit the number of deployed delivery vehicles to 700. It is also the last major arms control agreement between the world’s two biggest nuclear powers.
• New START was signed by then-presidents Barack Obama and Dmitri Medvedev in April 2010 and took effect on February 5, 2011, for a period of 10 years. It was renewed by President Vladimir Putin and then President Joe Biden for a further five years in 2021, but does not carry the option of further renewal. In September 2025, Putin offered President Donald Trump a one-year extension, but Trump did not respond.
• Although President Donald Trump has adopted a relatively friendly stance towards Russia in his second term, he has been disappointed with Putin’s reluctance to end the war in Ukraine. It is thus unclear if Trump and Putin can work around the Ukraine war to reach a new agreement to replace the New START Treaty.
• A failure to effectively extend or replace the Treaty would raise the risk of a new nuclear build-up by the US, Russia and China (which is not a party to the treaty). Overall, the world appears poised to enter a 'new nuclear age' amid arguably the most unstable geopolitical period in several decades. With the New START Treaty's warhead caps and inspection and verification regimes no longer in place, both Washington and Moscow (and Beijing) would feel free to increase their nuclear arsenals to much higher levels. For example, the U.S. and Russia could simply add more non-deployed warheads onto existing missiles. Meanwhile, growing concerns among U.S. allies about Washington's commitment to their security could prompt them to at least consider developing nuclear arms.

(Sources: Reuters & BMI, A Fitch Solutions Company)

• Main Event Entertainment Group Limited (MEEG) recorded a net loss of J$5.25Mn for FY2025, a reversal from the $70.09Mn net profit posted in FY2024, as higher direct and operating costs offset revenue growth.
• Revenues rose 7.5% YoY to $1.85Bn, supported primarily by the introduction of owned and proprietary events ($189.13Mn) and joint venture/partnership income ($20.54Mn), which together emerged as the main drivers of topline expansion amid softness in some legacy revenue streams.
• Revenue expansion was met by a faster rise in direct costs (+16.7%), owing to higher execution and production costs associated with proprietary and signature events. As a result, gross profit declined by 1.7% to $841.26Mn, and gross margins fell to 0.3% from 5.4% in 2024. Meanwhile, Operating expenses increased by 9.6%. As the Company scaled operational capacity to support a more event-intensive model, it incurred higher staff costs, directors’ remuneration, lease amortisation, and automobile-related expenses.
• Finance costs declined marginally, but this was insufficient to offset growing direct and operating costs.
• Notwithstanding the FY2025 loss, MEEG has reaffirmed its intention to anchor future growth around proprietary and collaborative events. Management aims to complement this with digital transformation initiatives aimed at improving customer engagement, operational efficiency, and event monetisation. While this strategy successfully drove revenue growth in FY2025, reducing costs will be critical to translating topline growth into sustainable earnings growth in upcoming quarters.
• MEEG’s stock price has declined by 5.6% year-to-date, closing at $7.27 as at Monday. At this price, the stock is trading at a P/E ratio of 363.50x, which is above the Junior Market Sector average of 31.23x.

(Sources: JSE & NCBCM Research)

• There were notable developments on the local bond and equity markets between January 30 and February 2, featuring Dolla Financial Services Limited (DOLLA), Wisynco and Grace Kennedy Limited (GK).
• DOLLA has advised that the basis of allotment has been finalised for its public bond offering issued under a prospectus dated October 7, 2025. For Tranche I (11.00% Bonds due 2029), approximately 99.36% of applicants received full allotment, while 0.64% will receive refunds, reflecting near-full satisfaction of demand.
• In respect of Tranche II (12.00% Bonds due 2031), all applicants received full allotment, signalling balanced investor demand across tranches and a successful close to the offer.
• Meanwhile, WISYNCO announced that its Board approved a cash dividend of J$0.23 per share, payable on March 4, 2026, to shareholders on record as at February 12, 2026. The ex-dividend date is February 12, 2026, and would make the 6^th consecutive J$0.23 dividend distribution from the company, which it pays semi-annually. At its current price of $22.75 per share, the company has a dividend yield of 2.3%.
• Lastly, GK disclosed that Directors and Senior Officers acquired a combined 1,210,615 ordinary shares on January 28, 2026, pursuant to Restricted Stock Unit (RSU) grants under the Company’s 2009 Stock Option Plan – Long-Term Incentive Scheme, intended to help align management and shareholder interests.
• The RSU vesting represents only ~0.12% of the 988.88 million shares outstanding, minimising the dilution effect on control and shareholder value.
• As at the close of Monday, February 2, 2026, Wisynco, Dolla and GK closed at $22.75, $71.45 and $2.36, respectively. At these closing prices, the stocks hold P/E ratios of 19.6x, 12.4x, and 9.0x, respectively.

(Sources: JSE & NCBCM Research)

• For November 2025, the first month after Hurricane Melissa struck, net remittance inflows to Jamaica rose by 14.2% year-over-year to US$281.2Mn, according to the Bank of Jamaica (BOJ). This improvement reflected a US$38.1Mn (+14.3%) increase in total remittance inflows, partially offset by a US$3.0Mn (+15.3%) rise in remittance outflows, likely reflecting heightened post-Hurricane Melissa support flows to affected households. The expansion in inflows was primarily driven by stronger activity through remittance companies, while inflows via other remittance channels recorded a marginal decline.
• The expansion in inflows was likely driven by stronger activity through remittance companies. The United States remains the dominant source market, accounting for 66.9% of total remittance inflows in November 2025, although this represented a slight decline from 67.9% in November 2024. Other key corridors included the United Kingdom (12.5%), Canada (9.8%), and the Cayman Islands (6.0%), underscoring continued geographic diversification despite U.S. concentration.
• On a fiscal-year-to-date basis (FY2025), net remittance inflows increased by 2.8% to US$2.17Bn, supported by a US$66.2Mn (2.9%) rise in total remittance inflows, which more than offset a US8.00Mn (5.3%) increase in remittance outflows. This steady expansion provides an important buffer for the current account, particularly as import demand is expected to rise in connection with post-hurricane reconstruction and recovery efforts.
• Looking ahead, the BOJ expects remittance inflows to remain supportive over the medium term, aided by ongoing digital adoption, improved payment infrastructure, and diversified remittance channels. However, there are risks to remittance inflows, including a gradual cooling in U.S. economic growth and easing labour tightness that could moderate migrant income growth over the medium term.

(Sources: BOJ & NCBCM Research

• The Central Bank of the Dominican Republic (BCRD) reported that the country’s economy recorded accumulated growth of 2.1% in 2025, according to the Monthly Indicator of Economic Activity (IMAE).
• Economic performance was driven mainly by the agricultural and mining sectors, along with financial intermediation services and activities related to hotels, bars, and restaurants, which showed solid momentum throughout the year.
• To stimulate economic activity, the Central Bank reduced the Monetary Policy Rate (MPR) by a cumulative 50 basis points during the second half of 2025, bringing monetary conditions closer to a neutral stance in line with inflation expectations. In addition, the BCRD implemented an RD$81Bn liquidity program to support productive sectors.
• As a result, financial conditions eased, reflected in a decline in the interbank rate from 12.6% in June 2025 to 7.1% in January 2026, as well as lower deposit and lending rates across the banking system, helping to strengthen domestic demand.
• The 2.1% growth in 2025 is a sharp deceleration from the country’s decade-long average of 5.0%+, signalling a rare "cyclical cooling" caused by a convergence of high international interest rates, tighter global liquidity, and a significant moderation in private investment, specifically in the construction and manufacturing sectors. This slowdown was further exacerbated by supply-side disruptions, including Hurricane Melissa and power grid instabilities, as well as labour shortages in agriculture and construction following tighter migration enforcement measures by the country in response to escalating instability in its neighbour, Haiti.
• Within 2026, growth is expected to rebound to 4.0–5.0%. This acceleration is underpinned by a shift toward monetary easing, already reflected in a reduction of the policy rate to 5.25%, alongside a doubling of public infrastructure investment to approximately RD$200Bn. Additional support comes from a stronger external sector, driven by record gold prices and resilient foreign direct investment, which reached $5Bn in 2025.

(Source: Dominican Today, NCBCM Research)