• Two of the JSE’s alternative-investment managers posted improved results for periods ended June 30, 2026, although the drivers differed. Sygnus Credit Investments Limited (SCI) delivered the strongest financial year in its history, supported by portfolio growth, improved investment valuations and a larger contribution from Puerto Rico. Meanwhile, Eppley Limited (EPLY) posted higher first-half earnings as growth in its investment and asset management businesses offset rising operating costs.
• SCI's record performance was underpinned by stronger portfolio income and a sharp rebound in investment valuations. Total investment income rose 27.9% to a record US$19.68Mn, while net profit attributable to shareholders more than doubled to US$9.55Mn (+123.1%). The earnings uplift was driven by fair value gains of US$0.63Mn, compared with losses of US$2.09Mn a year earlier, which outweighed a US$0.47Mn foreign exchange loss and a 12.2% increase in the impairment allowance charge to US$3.86Mn. The higher charge largely reflected allowances against one stage 2 portfolio company^[1] whose private credit terms were restructured and finalised during the year, alongside increased provisions for Jamaican portfolio companies recovering from Hurricane Melissa.
• Portfolio growth continued to drive recurring earnings, with net interest income reaching a record US$11.75Mn (+32.5%), as interest income climbed 18.0% to US$26.30Mn. Investment income from the Puerto Rico Credit Fund also climbed 21.2% to a record US$7.66Mn, reinforcing the growing importance of the company's regional credit platform.
• Operating expenses increased just 7.1% to US$5.76Mn, allowing net investment income to rise 39.0% to US$13.93Mn and reducing the efficiency ratio to 29.2%, comfortably below management's 40% target. SCI also strengthened its long-term growth platform through both acquisitions and funding. Acrecent Financial delivered record earnings of US$8.10Mn (+57.3%), prompting SCI to increase its ownership to 95.85% through a further US$2.00Mn investment.
• Eppley also benefited from a larger investment portfolio, although its earnings profile was driven more by recurring investment income than valuation gains. Gross investment income rose 13.0% to J$888Mn, led by a 91.7% increase in net operating lease income and continued growth in rental, interest and asset management income. Together with slightly lower interest expense, this lifted net investment income to J$550Mn from J$441Mn.
• The improvement in net investment income was partly offset by higher operating costs, leaving pre-tax profit broadly unchanged. Administrative expenses rose 37.0% to J$338Mn, reflecting inflation, new office space and team expansion, while fees and other operating income declined 25.7%. Profit after tax nevertheless increased 11.0% to J$455Mn, aided by a J$13.5Mn tax credit compared with a J$30.7Mn tax charge in the prior year, with J$259Mn attributable to Eppley shareholders.
• At the close of trading on Monday, August 31, 2026, SCIJMD's ordinary share price stood at J$10.09, while EPLY closed at J$33.92. On a year-to-date basis, SCIJMD has depreciated by 14.9%, while EPLY’s stock price has been essentially flat (-0.03%). At these levels, SCIJMD trades at a P/B of 0.3x and EPLY at a P/B of 2.5x, placing SCIJMD below and EPLY above the Main Market Financial Sector average of 1.0x.

(Sources: Sygnus Credit Investments Ltd, Eppley Ltd & NCBCM Research)

^[1] A stage 2 portfolio company is one that has deteriorated materially.

• Wisynco Group Limited (WISYNCO) closed FY2026 with record revenues, but the strength in its underlying operations did not fully translate to its bottom line as higher finance costs and taxes weighed on earnings. Net profit declined 6.6% to J$4.1Bn, despite revenues from continuing operations rising 14.1% to J$65.3Bn.
• Revenue growth strengthened in the final quarter, increasing 19.0% YoY to a quarterly record of J$17.5Bn. The strong top-line performance was broad-based, supported by increased volumes across the company’s product mix, new product introductions and price adjustments. Price adjustments in part reflected management’s efforts to offset the Special Consumption Tax (SCT) on Non-Alcoholic Sweetened Beverages (NASBs), which took effect on May 1, 2026. This tax on NASBs incurred J$454.0Mn in costs in the final quarter.
• Revenue growth translated into an improvement in gross profitability, with gross profit rising 15.2% to J$22.5Bn and gross margin edging up to 34.4% from 34.1%. The improvement came as major production expansion activities neared completion and utilisation of installed capacity increased. However, some of the benefits were absorbed by selling, distribution and administrative expenses, which rose 16.0% to J$16.8Bn, owing to higher staff costs and property-related expenses to support the business expansion. Consequently, the expense-to-sales ratio was slightly higher at 25.7% from 25.3%.
• Driven by higher interest expense on borrowings and increased foreign exchange losses, finance costs more than tripled to J$848Mn from J$242Mn, limiting the increase in profit before tax to just 2.4% at J$5.6Bn. The modest improvement in pre-tax earnings was further offset by a higher tax charge, which rose 38.8% to J$1.5Bn and included J$564Mn in deferred tax related to accelerated tax allowances on capital expenditure. As a result, net profit declined 6.6% to J$4.1Bn, with net profit margin narrowing to 6.3% from 7.7%.
• With the major production expansion now substantially complete, the next phase will depend on how effectively WISYNCO converts its larger capacity base into earnings. Higher utilisation, continued product innovation and growth in local and export volumes should provide further operating leverage. However, the increased financing burden raises the importance of generating sufficient incremental earnings to improve returns on the capital invested.
• At the close of trading on August 31, 2026, WISYNCO's share price stood at J$19.88, representing a 6.7% increase year-to-date. At this level, the stock trades at a P/E of 18.2x, above the Main Market Distribution & Manufacturing Sector average of 14.8x.

(Sources: Wisynco Group Ltd & NCBCM Research)

• Guyana remains one of the world’s fastest-growing economies while its government debt burden has declined and unemployment has fallen sharply, according to a new report from the Inter-American Development Bank (IDB). The latest Caribbean Economics Quarterly shows that despite increased borrowing to finance roads, schools and other infrastructure projects, the share of government revenue used to service debt has fallen significantly since the start of oil production.
• Before oil production began, Guyana spent about seven cents of every dollar collected by the government on debt payments. That figure has since declined to approximately five cents. “Guyana remains a low-debt case, driven by continued strong resource revenues, making it an outlier within the sample,” the IDB said. The situation contrasts with several other Caribbean economies like The Bahamas, Suriname and Trinidad and Tobago, where debt burdens remain elevated, as the countries entered 2025 with debt burdens materially higher than in 2019.
• The country's unemployment rate fell from 14.5% in the third quarter of 2021 to 6.8% during the same period in 2024. The decline means that while roughly one in seven working-age Guyanese was unemployed in 2021, that figure had fallen to fewer than one in 14 by 2024. The improvements come amid rapid economic and population growth fueled largely by the expansion of Guyana's oil and gas industry. Guyana's population has increased from approximately 700,000 a decade ago to about 900,000, while the economy expanded by 19.3% in 2025 after recording growth of 43.8% in 2024.
• Although oil remains the primary driver of the economic boom, growth has also accelerated outside the petroleum industry. Non-oil economic growth reached 15% in 2025, up from 13% the previous year, indicating that the expansion is increasingly extending into other sectors of the economy. Strong growth is expected to continue over the next several years. The International Monetary Fund (IMF) projects economic growth of 16.2% in 2026, accelerating to 19.7% in 2027 and 22.1% in 2028. Growth is subsequently projected to moderate to 12.8% in 2029 and 11.5% in 2030 before slowing sharply to 1.1% in 2031 as oil production stabilises.

(Source: Caribbean National Weekly)

• The Dominican Republic’s budget deficit is expected to narrow from 3.6% of Gross Domestic Product (GDP) in 2025 to 3.3% in 2026, with newly enacted tax reforms expected to increase revenue by 0.5% of GDP, outpacing expenditure growth. 
• Tax revenues grew 8.0% in the year through May, primarily due to stronger economic growth in the first half of the year. However, expenditures have risen sharply following the onset of the US-Iran conflict and the oil price shock, which resulted in increased fuel subsidies (0.5% of GDP for the year) to shield the public from more dramatic domestic price pressures. Furthermore, the rise in interest payments as a share of total expenditure reflects tightening global financial conditions and the country’s larger financing needs in 2026.
• Revenue strength is expected to continue through year-end on the heels of the tax reform bill, which is projected to increase revenues by 0.5% (DOP40-50Bn^[1]) of GDP annually. The government also passed the 2026 Reformulated Budget, which allocates DOP40.9Bn of this additional revenue for targeted social spending and public investment to support the economy during a period of global economic uncertainty.
• The central government debt-to-GDP ratio is expected to start falling in 2026, as GDP growth is estimated to exceed the effective interest rate for the year. The approximate average weighted interest rate for 2026 is 8.5%, compared to an estimated nominal GDP growth rate of 9.3%. The central government estimates that the debt stock at 2026-end will reach US$64.9Mn at end-2026, which BMI estimates to be equivalent to 45.1% of GDP, compared with US$61.5mn (48.3% of GDP) at end-2025.
• More than half of the debt stock remains denominated in foreign currency, and the country's currency has appreciated 8.1% against the US dollar through July, making foreign debt (the majority in USD) easier to service. Liability-management operations, including buybacks and exchanges undertaken before maturity, are intended to ease near-term debt-service pressures by replacing shorter obligations with longer-term instruments. This strategy is likely to raise current interest costs, as longer maturity bonds and tighter global financing conditions generally require higher coupons. 
• Overall, as fuel subsidy pressures fade, BMI believes the country will continue to restructure its debt in line with its 2024-2028 public debt strategy. Expenditure growth is set to remain broadly in line with the 2024 Fiscal Responsibility Law, which caps annual real growth in primary spending at 3.0% until the general government debt ratio falls to 40.0% of GDP, which is targeted for 2035. With Emerging Markets Bond Index (EMBI) spreads that continue to narrow further, an appreciating currency, and a demonstrated commitment to its fiscal discipline, BMI views the country’s macro-financial fundamentals as supportive of meeting its medium-term fiscal targets.

(Source: BMI, A Fitch Solutions Company)

^[1] At the time of this report, 1 USD equals 58.94 DOP 

• China’s factory activity improved in August 2026 on stronger demand but remained in contraction, while services activity stayed weak, underscoring deepening imbalances in the economy and fuelling calls for policy measures to boost growth. The official manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in August from 49.2 in July, beating economists’ median forecast of 49.6 but remaining below the 50-point threshold separating expansion from contraction.
• The improvement was supported by stronger production and demand, with new orders and factory production returning to expansion. However, the recovery in manufacturing remained insufficient to offset weakness elsewhere in the economy, particularly in services.
• Activity outside the manufacturing sector remained weak, with the official non-manufacturing PMI at 49.0 in August, remaining below the 50-point threshold separating expansion from contraction. The weakness in services points to persistent softness in domestic demand.
• The figures highlight an uneven recovery in the world’s second-largest economy, which continues to rely on manufacturing and exports for growth, while weak domestic consumption and investment weigh on broader economic activity.
• The divergence between improving factory activity and weak services underscores the deepening imbalances in China’s economy, with the latest readings fuelling calls for additional policy measures to support growth. The continued weakness in domestic demand remains a key challenge as policymakers seek to achieve a more balanced economic recovery.

(Source: Reuters)

• Oil prices settled more than 2.5% higher on Monday, August 31, 2026, after a resumption of military action between the US and Iran rekindled market concerns about global supply disruptions. Brent crude futures settled 2.7% higher at US$90.49 per barrel, while US West Texas Intermediate (WTI) crude rose 2.8% to US$85.76 per barrel.
• The increase followed the first direct military exchange between the US and Iran in a month. Early on August 31, Iran launched ballistic missiles at two US air bases in Jordan in response to a US attack on Iran’s Larak Island the previous night. US President Donald Trump subsequently promised to retaliate. The renewed military exchange forced traders to rebuild a meaningful near-term supply premium into oil prices.
• Market attention remains focused on whether the situation will de-escalate and on efforts to reopen the Strait of Hormuz. Progress on a deal to reopen the strait has stalled, while shipping data showed that the number of visible commodity vessels transiting the waterway over the weekend fell to five per day. However, some Gulf barrels continue to move through the strait, tempering the rally in oil prices.
• Potentially easing supply concerns, Trump announced that oil secured under a deal with Venezuela would be used to replenish the US Strategic Petroleum Reserve (SPR). The SPR fell by around 3.1Mn barrels last week to 286.6Mn barrels, near its lowest level in 44 years.
• The renewed increase in oil prices is adding to inflation concerns and keeping alive the risk of further interest rate increases from major central banks. In the US, Fed funds futures traders are pricing in a 64% probability of a September rate hike. Longer-dated US Treasury yields also rose, with the benchmark 10-year yield reaching 4.764%, its highest since January 2025. The August payrolls report and consumer price data will be key in determining whether the Fed raises rates at its September meeting.

(Source: Reuters)

• According to its 2026 annual report, Access Financial Services (AFS) has outlined several key strategic priorities for FY 2027 that will be focused on strengthening resilience, improving operational performance, and supporting long-term growth and diversification.
• Following the impact of Hurricane Melissa, management adopted a customer-centric recovery strategy that included a three-month loan payment moratorium, tailored relief options, and increased direct communication with customers. Through these initiatives, the company aims to strengthen customer relationships and loyalty while stabilising and growing its loan portfolio.
• The hurricane also significantly affected branches in the south and south-western regions of Jamaica. In response, the Board directed the remaining branches across AFS’s 17-branch network to increase productivity and help offset the shortfall from the affected areas. At the same time, management continues to focus on containing costs while pursuing opportunities to generate revenue.
• Improving operational efficiency is another key priority for FY2027, particularly following the increase in the cost-to-income ratio to 78.7% in FY2026. Management plans to address this by reducing non-essential operating expenses, improving processes, and optimising its distribution channels.
• Digital transformation will also support these efficiency efforts. AFS plans to leverage technology to improve operational performance, upgrade its IT infrastructure, strengthen employee capabilities, and introduce secure digital solutions that protect company assets, reduce cybersecurity risks, and streamline loan processing.
• In addition, AFS continues to focus on product diversification and international expansion. Through its US subsidiary, Embassy Loans Inc. in Florida, the company is pursuing geographic diversification while balancing growth in auto equity and personal loans with disciplined risk management. Finally, the company remains committed to strong regulatory compliance and corporate governance. The company continues to adhere to Bank of Jamaica (BOJ) licensing requirements under the Microcredit Act while maintaining robust risk-management, credit-loss, and corporate governance frameworks to support sustainable growth.
• AFS’s stock price has increased by 0.8% year-to-date, closing at $18.50 as at Thursday, August 27. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.4x, which is below the Junior Market Financial Sector’s average of 1.6x

(Source: JSE & NCBCM Research)

• Lumber Depot Limited (LUMBER) released its 2026 Annual Report on September 27^th, where management shed light on its strategy. It involves positioning itself for sustainable growth by deepening customer relationships, increasing capacity, improving operational performance, and strengthening long-term profitability.
• The company continued to serve customers from its Papine location despite disruptions caused by Hurricane Melissa and inventory constraints experienced during the third quarter. LUMBER also contributed to recovery efforts in nearby St. Andrew communities and western Jamaica. These initiatives supported the continuity of operations, product availability, and customer service, while the company remained focused on prudent cash management.
• LUMBER advanced its expansion plans with the purchase of property adjoining its flagship Papine location for $200Mn. The acquisition was financed through a mix of debt and internally generated funds. At the same time, management is taking steps to control spending by reducing non-essential costs and improving day-to-day processes, particularly as administrative expenses and professional fees associated with the acquisition have increased.
• Operational improvements are expected to remain a major focus in FY2027. This follows a rise in administrative and other expenses to $212.8Mn in FY2026. The company plans to enhance its operating systems, improve its physical infrastructure, and make better use of available space through upgrades to parking, traffic circulation, and overall store capacity.
• LUMBER is also leveraging technology to improve customer experience and make its operations more efficient. The increased use of email and WhatsApp for advance orders, together with electronic payment options, should help shorten transaction times, ease congestion within stores, and provide customers with greater convenience.
• Lumber’s stock price has declined by 11.7% year-to-date, closing at $2.48 as at Thursday, August 28. At this price, the stock is trading at a price-to-book (P/E) ratio of 14.6x, which is below the Junior Market Distribution Sector’s average of 22.3x.

 (Source: JSE & NCBCM Research)

• Guyana is now receiving as much as 12Mn barrels of crude oil per month from the Stabroek Block, according to the Ministry of Natural Resources, as the country takes a larger share of overall production following the recovery of billions of dollars in development costs.
• The ministry said Guyana’s monthly cargo entitlement has increased from about 3Mn barrels to between 10Mn and 12Mn barrels, the Ministry said in an August 24 letter. The Stabroek Block’s production capacity currently exceeds 900,000 barrels per day.
• The increase comes as Guyana’s share of total production has risen to approximately 39.8%, following the recovery of about US$55Bn in costs by the Stabroek Block partners, the government said. The ministry explained that the 39.8% figure represents Guyana’s share of all barrels produced and should not be confused with the country’s share of profit oil, which remains 50%.
• Under the 2016 Stabroek Block Production Sharing Agreement, the oil companies are allowed to recover eligible development and operating expenses from production. The ministry said that at the current stage, about 20 barrels out of every 100 produced are being used for cost recovery, leaving roughly 80 barrels as profit oil.
• Guyana receives half of that profit oil, giving the country an entitlement equivalent to approximately 39.8 barrels out of every 100 produced. This is significantly higher than during the earlier years of production, when the maximum 75% cost recovery ceiling was being utilized. With more production being allocated to cost recovery, Guyana’s effective share of total production was about 12.5%.
• The ministry said the shift to the higher entitlement occurred sooner than initially expected because strong oil production and prices allowed the companies to recover their costs about two years early. In addition to its share of profit oil, Guyana receives a 2% royalty on all crude produced and sold from the Stabroek Block.
• The government is also now receiving more oil from the Stabroek Block than any individual member of the ExxonMobil-led group. While Guyana receives its 50% share of profit oil as a single party, the companies divide the other half among themselves. ExxonMobil holds a 45% interest in the block, while Chevron, through Hess, holds 30% and CNOOC holds 25%.

(Source: OilNOW)

• Fitch BMI has revised its GDP forecast for 2026 upward and expects 4.2% y-o-y growth by year-end, following a strong performance in the first half of the year. The country registered stronger-than-expected data for the first half of 2026, with the monthly economic index reaching y-o-y growth of 8.2% in June, the highest print since 2024.
• While Fitch BMI expects a slight slowdown during H2 2026, the robust economic performance has prompted it to raise its real GDP forecasts for the year to 4.2%, up from an initial 3.8%. This positions the country as the strongest performer in the Central American region for 2026.
• While most economic activities are showing a strong performance in 2026, specific sectors like transport, construction and retail trade are responsible for the boost of the local economy this year. High-frequency economic data reflect a strong dynamism in several economic activities, such as the 7.1% increase in transit through the Panama Canal in 2026 in part due to the ongoing conflict in the Middle East, which also raised its revenues to USD2.2Bn between January and June 2026, a 9.5% increase compared to 2025.
• In addition, private construction is picking up nationwide with a 23.2% y-o-y recovery during the first half of 2026 following a strong drop last year. Fitch BMI expects both indicators to remain strong for the rest of the year, with an additional boost to this year’s GDP from partial operations of the Cobre Panama mine and buoyant tourism inflows.
• Despite this sound economic performance, some economic activities, namely agriculture and the financial sector, are underperforming this year, which is coupled with constraints on domestic consumption due to high unemployment. Additionally, the financial sector reported a surprising -0.6% y-o-y real contraction in response to restrictive financial conditions and its negative impact on financial margins, while also reflecting a more cautious stance of financial institutions amid the current global economic and local uncertainty. These dampening factors point toward a softer economic performance in H2 2026, pulling the economy back from its mid-year pace.
• Risks on growth are tilted to the downside. Despite the strong performance in H1 2026, Fitch BMI flags geopolitical risks and potential climate impacts due to El Niño as some of the key risks for the rest of the year due to their potential impacts on purchasing power and transit through the Panama Canal. Added to that, the still unclear path towards a full reopening of the Cobre Panama mine limits long-term economic expectations for the country.
• As Fitch BMI has noted elsewhere, President Mulino authorised First Quantum Minerals earlier in the year to process and export ore stockpiled at the mine before its suspension, while a final decision for its full reopening is still pending. As the operation of this mining project contributed to about 5.0% of the country’s GDP in 2021, its reopening would boost the Panamanian economy further. However, the timeline remains unclear.

(Source: BMI, A fitch Solutions Company)