The supply-chain attack began Monday and remained active at the time this post went live, according to researchers at security firm Aikido. It’s the result of the threat actor responsible for the hack taking control of @redhat-cloud-services, a legitimate channel in the npm repository that’s reserved for official Red Hat packages. As such, the channel is widely trusted by developers who rely on Red Hat cloud services.

It’s unclear precisely how the threat actor took control of the namespace, but it almost certainly involved the compromise of credentials required to access it, possibly through a previous supply-chain attack. More than 30 packages seem to be affected.

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Mayberry Jamaican Equities Limited (MJE) has advised that the daily Net Asset Value (NAV) for May 28, 2026, was J$8.30. MJE’s closing price on May 28, 2026, was $6.79.

The below graph shows MJE’s Net Asset Value movement since 2020.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Mayberry Jamaican Equities Limited (MJE) has advised that the daily Net Asset Value (NAV) for May 27, 2026, was J$8.31. MJE’s closing price on May 27, 2026, was $6.72.

The below graph shows MJE’s Net Asset Value movement since 2020.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Mayberry Jamaican Equities Limited (MJE) has advised that the daily Net Asset Value (NAV) for May 26, 2026, was J$8.28. MJE’s closing price on May 26, 2026, was $6.11.

The below graph shows MJE’s Net Asset Value movement since 2020.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Mayberry Jamaican Equities Limited (MJE) has advised that the daily Net Asset Value (NAV) for May 22, 2026, was J$8.31. MJE’s closing price on May 22, 2026, was $6.79.

The below graph shows MJE’s Net Asset Value movement since 2020.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Dolphin Cove Limited (DCOVE) Audited financials for the twelve months ended December 31, 2025: Expressed in United States dollars except where otherwise stated

Dolphin Cove Limited (DCOVE) for the twelve months ended December 31, 2025, reported a 14% decrease in Total Revenue totaling US$13.09 million compared to US$15.30 million in the corresponding period last year. Total Revenue for the fourth quarter had a 62% decrease to close at US$1.26 million compared to US$3.34 million for the comparable quarter of 2024.

Direct Costs amounted to US$2.08 million (2024: US$2.36 million), representing a decrease of 12% year over year. Consequently, Gross Profit decreased by 15% to US$11.01 million compared to US$12.94 million for the twelve months ended December 31, 2024. The company booked Gross Profit of US$621,461 for the fourth quarter versus US$2.46 million reported for the similar quarter of 2024.

Selling Expenses decreased by 10% to close at US$2.76 million (2024: US$3.08 million), while Administrative Expenses increased by 2% from US$2.66 million in 2024 to US$2.72 million in the period under review. Other Operations Expenses increased by 5% to US$4.31 million compared to US$4.12 million in 2024. As a result, Total Operating Expenses for the twelve months ended December 31, 2025, amounted to US$9.79 million, a 1% decrease relative to US$9.86 million reported in 2024.

Loss Before Finance Income and Costs for the twelve months ended December 31, 2025, amounted to US$1.80 million, compared to Profit Before Finance Income and Costs of US$2.94 million reported in 2024. For the fourth quarter, Loss Before Finance Income and Costs amounted to US$4.91 million compared to a loss of US$232,347 in the corresponding quarter of 2024. The full-year performance was materially impacted by an increase in allowance for impairment on related parties of US$2.82 million.

Net Finance Costs totalled US$430,810, a 28% decrease from the US$594,742 reported in the corresponding period last year. Finance Income increased to US$89,160 from US$56,640, while Finance Costs decreased to US$519,970 from US$651,382.

Loss Before Taxation for the twelve months ended December 31, 2025, amounted to US$2.23 million, compared to Profit Before Taxation of US$2.35 million reported in 2024. Loss Before Taxation for the fourth quarter amounted to US$5.01 million compared to a loss before taxation of US$433,796 in the similar quarter of 2024.

Taxation for the twelve months ended December 31, 2025, amounted to US$118,159, a 77% decrease relative to US$520,795 reported in 2024. Net Loss for the twelve months amounted to US$2.34 million, compared to Net Profit of US$1.83 million reported in 2024. For the fourth quarter, Net Loss was US$4.78 million compared to a Net Loss of US$506,453 in the prior year.

Consequently, Loss Per Share for the twelve months amounted to 0.60 US cents, or approximately J$0.96 using the 2025 exchange rate of J$159.84. This compares to Earnings Per Share of 0.47 US cents, or approximately J$0.73 using the 2024 exchange rate of J$156.25. Loss Per Share for the quarter totalled approximately US$0.01, while the number of shares used in these calculations was 392,426,376.

Notably, DCOVE’s stock price closed the trading period on May 29, 2026, at a price of J$10.15.

Balance Sheet Highlights

The company’s assets totalled US$33.34 million, an 11% decrease from US$37.63 million booked in 2024. The decrease in total assets was mainly driven by lower amounts due from related companies, which fell to US$535,940 from US$1.87 million, as well as the elimination of the amount due from the parent company, which was nil in 2025 compared to US$848,648 in 2024. Cash and Cash Equivalents also declined to US$380,346 from US$1.42 million, while Live Assets decreased to US$2.92 million from US$3.21 million. This was partly offset by higher Trade and Other Receivables, which increased to US$2.10 million from US$1.52 million.

Shareholder’s Equity was US$27.24 million (2024: US$31.07 million), representing a book value per share of US$0.07, or approximately J$11.09 using the 2025 exchange rate of J$159.84. This compares to US$0.08, or approximately J$12.37 using the 2024 exchange rate of J$156.25.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

JMMB Group Limited (JMMBGL)

Audited Financials for the Year Ended March 31, 2026

JMMB Group Limited (JMMBGL) for the year ended March 31, 2026, reported a 10% increase in Interest Income totalling $44.86 billion compared to $40.93 billion in the corresponding period last year.

Interest Expense amounted to $30.04 billion (2025: $29.62 billion), representing a 1% year-over-year increase. Consequently, Net Interest Income increased by 31% to $14.82 billion compared to $11.31 billion for the year ended March 31, 2025.

Fee and Commission Income decreased by 4% to close at $2.95 billion (2025: $2.83 billion), while Gains on Securities Trading, net decreased by 26% from $5.79 billion in 2025 to $4.27 billion in the period under review. Foreign Exchange Margins from Cambio Trading grew strongly by 61% to $2.93 billion (2025: $1.82 billion), and Fees Earned from Managing Funds on Behalf of Clients increased by 11% to $2.70 billion (2025: $2.44 billion). Net Gain from Financial Assets at Fair Value Through Profit or Loss increased by 196% to $812.11 million (2025: $274.73 million).

As a result, Operating Revenue Net of Interest Expense for the year ended March 31, 2026, amounted to $29.07 billion, a 15% increase relative to $25.22 billion reported in 2025.

Total Operating Expenses for the year ended March 31, 2026, amounted to $25.02 billion, a 5% increase relative to $23.82 billion reported in 2025, driven by a 8% increase in Staff Costs to $12.31 billion (2025: $11.43 billion) and a 3% increase in Other Expenses to $12.71 billion (2025: $12.39 billion).

Impairment Loss on Financial Assets decreased by 15% to $1.61 billion (2025: $1.90 billion), reflecting improving asset quality across the loan portfolio.

Share of Profit of Associates declined by 68% to $860.33 million (2025: $2.67 billion), partly reflecting the normalisation of associate performance following exceptional prior-year contributions.

Finance Costs also declined by 24% to $1.33 billion (2025: $1.75 billion).

Profit Before Taxation for the year ended March 31, 2026, amounted to $1.95 billion, a 9% increase relative to $1.79 billion reported in 2025. Taxation charge for the year ended March 31, 2026, amounted to $73.81 million (2025: Tax credit of $1.95 billion). As such, Net Profit for the year decreased by 50% to $1.87 billion (2025: $3.74 billion), the prior year having benefited materially from a large deferred tax credit.

Net Profit attributable to Stockholders of the Parent for the year amounted to $1.55 billion (2025: $3.51 billion). Total Comprehensive Income for the year, which includes other comprehensive income items such as unrealised gains on debt securities at FVOCI and foreign exchange translation movements, amounted to $5.48 billion (2025: $1.48 billion), with Total Comprehensive Income attributable to Equity Holders of the Parent reaching $5.03 billion (2025: $1.23 billion).

JMMBGL’s full-year performance reflects a structurally stronger core business, with Net Interest Income expanding by 31% on the back of a widening interest rate spread and strong loan growth. The contraction in Net Profit year-over-year is primarily a function of accounting rather than operational deterioration — the prior year’s results were substantially inflated by a $1.95 billion deferred tax credit that did not recur in the current period. Adjusting for this, the underlying business showed meaningful progress: operating revenues grew 15%, impairment losses declined, and finance costs compressed. The normalization of associate profits from SFC weighed on the bottom line, but JMMBGL’s diversified revenue streams — including a 61% surge in cambio trading margins and a near-tripling of net gains from FVTPL assets — demonstrate the Group’s capacity to generate income across multiple channels. Management of costs remained disciplined, with operating expenses rising only 5% against a 15% revenue increase.

Consequently, Basic and Diluted Earnings Per Stock Unit for the year amounted to $0.79 (2025: $1.80), and the number of shares used in these calculations was 1,955,552,532.

Notably, JMMBGL’s stock price closed at $15.12 on May 29, 2026, representing a P/E ratio of approximately 19.07x on trailing twelve-month EPS of $0.79.

Balance Sheet Highlights

The Group’s total assets stood at $761.55 billion at March 31, 2026 (2025: $705.46 billion), representing an 8% year-over-year increase. The primary drivers of asset growth were a $43.04 billion increase in Investment Securities to $359.52 billion (2025: $316.48 billion), a $19.14 billion increase in Loans and Notes Receivable to $236.38 billion (2025: $217.24 billion), and a $4.10 billion increase in Balance with the Central Bank to $32.38 billion (2025: $28.26 billion). These increases were partially offset by a $6.51 billion decline in Cash and Cash Equivalents to $32.98 billion (2025: $39.49 billion) and a $5.69 billion decrease in Other Receivables to $8.04 billion (2025: $13.73 billion). Interest in Associates grew modestly to $47.36 billion (2025: $46.78 billion).

On the liabilities side, total liabilities increased by 8% to $701.21 billion (2025: $649.82 billion). Customer Deposits grew by 18% to $267.77 billion (2025: $226.32 billion), reflecting continued deposit mobilisation across the Group’s banking operations. Notes Payable increased by 28% to $68.65 billion (2025: $53.73 billion), while Repurchase Agreements declined slightly to $307.94 billion (2025: $311.25 billion).

Total Stockholders’ Equity grew by 8% to $60.34 billion (2025: $55.64 billion). Equity attributable to the Parent increased to $57.85 billion (2025: $53.74 billion), representing a Book Value Per Share of $29.58 (2025: $27.47).

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

First Rock Real Estate Investments Limited (FIRSTROCKJMD) Unaudited financials for the first quarter ended March 31, 2026: Expressed in United States dollars except where otherwise stated

First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the first quarter ended March 31, 2026, reported an 83% decrease in Property Income totalling US$323,925 compared to US$1.86 million in the corresponding three months last year.

Rental Income amounted to US$323,925 (2025: US$295,179), representing an increase of 10% year over year. However, Realised and Unrealised Gain on Investment Properties decreased to nil, compared to US$1.57 million for the first quarter ended March 31, 2025. Consequently, the decline in Property Income was primarily driven by the absence of fair value gains on investment properties during the period.

Interest Income from financial assets at amortised cost decreased by 67% to close at US$9,876 (2025: US$29,747), while Foreign Exchange Gain amounted to US$601,391, compared to a Foreign Exchange Loss of US$164,897 in 2025. Interest Expense increased by 15% from US$457,471 in 2025 to US$524,115 for the three months. As a result, Net Operating Income for the first quarter amounted to US$429,705, a 66% decrease relative to US$1.28 million reported in 2025.

Total Expenses for the three months amounted to US$454,039, a 38% decrease relative to US$733,726 reported in 2025. Operating Loss totalled US$24,334, compared to Operating Profit of US$545,611 in the corresponding period last year.

Share of Profit from Joint Venture amounted to US$550,000, compared to nil in 2025. Consequently, Profit Before Taxation for the first quarter ended March 31, 2026, amounted to US$525,666, a 4% decrease relative to US$545,611 reported in 2025.

Taxation for the first quarter ended March 31, 2026, amounted to US$3,349, a 49% decrease relative to US$6,588 reported in 2025. Net Profit for the three months amounted to US$522,317, a 3% decrease from the US$539,023 reported in 2025. Profit attributable to owners of the company for the three months amounted to US$522,317, compared to US$539,023 in the prior year.

Total Comprehensive Income for the first quarter amounted to US$51,424, compared to US$566,314 in 2025, reflecting currency translation losses of US$470,893 during the period.

Consequently, Earnings Per Share for the three months amounted to US$0.0018, or approximately J$0.29 using the 2026 exchange rate of J$158.62. This compares to EPS of US$0.0020, or approximately J$0.32 using the 2025 exchange rate of J$158.44. The twelve-month trailing LPS was US$0.0005, or approximately J$0.01, and the number of shares used in these calculations was 38,253,000.

Notably, FIRSTROCKJMD’s stock price closed the trading period on May 29, 2026, at a price of J$7.11.

Balance Sheet Highlights

The company’s assets totalled US$68.13 million (2025: US$59.59 million). The increase in total assets was mainly driven by Development in Progress, which rose to US$24.34 million from US$16.33 million, as the Group continued to advance its strategic development projects, including Hambani Estates. Investment Property Held for Sale also amounted to US$5.50 million, compared to nil in the prior year, while Investment in Joint Venture increased to US$4.40 million from US$3.63 million. This was partly offset by a decline in Investment Property to US$27.11 million from US$33.02 million.

Shareholder’s Equity was US$25.84 million (2025: US$26.21 million), representing a book value per share of US$0.09, or approximately J$14.33 using the 2026 exchange rate of J$158.62. This compares to US$0.09, or approximately J$14.52 using the 2025 exchange rate of J$158.44.

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

LASCO Distributors Limited (LASD) Audited financials for the twelve months ended March 31, 2026:

LASCO Distributors Limited (LASD) for the twelve months ended March 31, 2026, reported a 5% increase in Revenue totaling $31.67 billion compared to $30.26 billion in the corresponding period last year. Revenue for the fourth quarter had a 5% increase to close at $7.92 billion compared to $7.56 billion for the comparable quarter of 2025.

Cost of Sales amounted to $26.42 billion (2025: $25.02 billion), representing an increase of 6% year over year. Consequently, Gross Profit increased marginally to $5.25 billion compared to $5.24 billion for the twelve months ended March 31, 2025. The company booked Gross Profit of $1.27 billion for the fourth quarter versus $1.22 billion reported for the similar quarter of 2025.

Other Income increased by 7% to close at $344.29 million (2025: $322.30 million), while Impairment Losses on Financial Assets increased by 38% to $13.28 million (2025: $9.65 million). Administrative and Other Expenses increased by 8% from $3.05 billion in 2025 to $3.29 billion in the period under review, while Selling and Promotion Expenses increased by 15% to $916.97 million (2025: $800.53 million). As a result, Operating Expenses for the twelve months ended March 31, 2026, amounted to $4.21 billion, a 9% increase relative to $3.85 billion reported in 2025.

Profit from Operations for the twelve months ended March 31, 2026, amounted to $1.37 billion, a 19% decrease relative to $1.69 billion reported in 2025. Profit from Operations for the fourth quarter amounted to $282.43 million (2025: $383.03 million). Finance Costs totalled $45.92 million, a 174% increase from the corresponding period last year (2025: $16.76 million).

Profit Before Taxation for the twelve months ended March 31, 2026 amounted to $1.33 billion, a 21% decrease relative to $1.68 billion reported in 2025. Profit Before Taxation for the fourth quarter amounted to $267.64 million (2025: $375.15 million).

Taxation for the twelve months ended March 31, 2026, had a 22% decrease to reach $264.87 million (2025: $338.97 million). Net Profit for the twelve months amounted to $1.06 billion, a 21% decrease from the $1.34 billion reported in 2025. For the fourth quarter, Net Profit was $205.58 million (2025: $291.55 million).

Total Comprehensive Income for the twelve months ended March 31, 2026 amounted to $1.03 billion, a 23% decrease relative to $1.34 billion reported in 2025. Total Comprehensive Income for the fourth quarter amounted to $213.45 million (2025: $269.44 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.30 (2025: EPS: $0.38), while Earnings Per Share for the quarter totaled $0.06 (2025: EPS: $0.08). The number of shares used in these calculations was 3,530,702,702.

Notably, LASD’s stock price closed the trading period on May 29, 2026, at a price of $3.05 with a corresponding P/E ratio of 10.13x.

Balance Sheet Highlights

The company’s assets totalled $18.26 billion (2025: $15.86 billion). The increase in total assets was mainly driven by Cash and Bank Balances, which rose to $2.58 billion from $1.59 billion, as well as Inventories, which increased to $6.04 billion from $5.32 billion. Property, Plant and Equipment also increased to $2.59 billion from $2.23 billion, while Short-Term Investments rose to $983.22 million from $780.97 million.

Shareholder’s Equity was $11.10 billion (2025: $10.47 billion), representing a book value per share of $3.14 (2025: $2.97).

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Government Operations Results for April 2026

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Eppley Caribbean Property Fund Limited SCC – Value Fund (CPFV)

Unaudited Financials for the Six Months Ended March 31, 2026

Eppley Caribbean Property Fund Limited SCC – Value Fund (CPFV) for the six months ended March 31, 2026, reported an 11% increase in Total Investment Income totalling BDS$6.01 million compared to BDS$5.42 million in the corresponding period last year. Total Investment Income for the second quarter had a 15% increase to close at BDS$3.16 million compared to BDS$2.74 million for the comparable quarter of 2025. Of this:

Interest Expense for the six months ended March 31, 2026, amounted to BDS$1.65 million, a 2% decrease relative to BDS$1.68 million reported in 2025. Fund management fees and Investment advisor fees each increased by 8% to close at BDS$525,305 (2025: BDS$488,645). Professional fees increased by 17% from BDS$302,974 in 2025 to BDS$354,274 in the period under review. Office and administrative expenses were negligible at BDS$28, a near-complete reduction from BDS$27,611 in the prior period. As a result, Operating Expenditure for the six months ended March 31, 2026, amounted to BDS$3.08 million, a 1% increase relative to BDS$3.04 million reported in 2025.

Profit Before Tax for the six months ended March 31, 2026, amounted to BDS$2.93 million, a 23% increase relative to BDS$2.38 million reported in 2025. Profit Before Tax for the second quarter amounted to BDS$1.59 million (2025: BDS$1.32 million).

Taxation for the six months ended March 31, 2026, increased to BDS$255,977 (2025: BDS$88,001). As such, Net Profit for the six months amounted to BDS$2.67 million, a 16% increase from the BDS$2.30 million reported in 2025. For the second quarter, Net Profit was BDS$1.47 million (2025: BDS$1.29 million).

CPFV’s improved performance for the period was underpinned by stronger net rental income, reflecting the benefits of contractual rent escalations and improved occupancy levels across its diversified Caribbean portfolio. The near-elimination of office and administrative expenses and the marginal reduction in interest costs provided further support to the bottom line. Net Operating Income (NOI) attributable to shareholders rose 9% to BDS$6.04 million (2025: BDS$5.56 million), while Funds From Operations (FFO) attributable to shareholders grew 22% to BDS$2.86 million (2025: BDS$2.34 million), reflecting the Fund’s growing core operating profitability. The Fund Manager continues to focus on sustainable income generation and portfolio optimization, including active repositioning efforts at Carlisle House in Barbados.

Earnings Per Share for the six months amounted to BDS$0.02 (2025: EPS: BDS$0.02), while Earnings Per Share for the quarter totalled BDS$0.01 (2025: EPS: BDS$0.01). The twelve-month trailing EPS was BDS$0.11(J$8.80) and the number of shares used in these calculations was 135,517,592.

Notably, CPFV’s stock price closed at J$42.50 on May 29, 2026, with a trailing twelve-month EPS of BDS$0.11 (J$8.72), implying a P/E ratio of approximately 4.83x on the JSE.

Balance Sheet Highlights

The Fund’s total assets stood at BDS$191.87 million at March 31, 2026 (2025: BDS$181.92 million), representing a 5% year-over-year increase. The growth in the asset base was primarily driven by a BDS$8.73 million increase in Investment Properties to BDS$116.21 million (2025: BDS$107.48 million), reflecting the continued appreciation in the fair value of the Fund’s portfolio, and a BDS$2.54 million increase in Investment in Associated Companies to BDS$53.58 million (2025: BDS$51.04 million). Investment Securities grew modestly to BDS$10.60 million (2025: BDS$10.45 million). Cash and Cash Equivalents declined to BDS$7.06 million (2025: BDS$9.06 million), reflecting dividend payments and investing activity during the period.

Total Liabilities decreased by 2% to BDS$53.66 million (2025: BDS$54.56 million), with Loans Payable declining slightly to BDS$50.01 million (2025: BDS$51.07 million), reflecting scheduled loan repayments. The Fund’s debt-to-assets ratio stands at approximately 26%, well within the 60% borrowing restriction stipulated in the Fund’s By-Laws.

Shareholders’ Equity increased by 9% to BDS$138.21 million (2025: BDS$127.36 million), representing a Net Asset Value (NAV) per share of BDS$1.02 (J$81.51) (2025: BDS$0.94 (J$73.42)).

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

ISP Finance Services Limited (ISP)

Audited Financials for the Year Ended December 31, 2025

ISP Finance Services Limited (ISP) for the year ended December 31, 2025, reported a 22% decrease in Total Interest Income totalling $403.96 million compared to $519.78 million in the corresponding period last year.

Interest Expense amounted to $50.90 million (2024: $61.03 million), representing a 17% year-over-year decrease. Consequently, Net Interest Income decreased by 23% to $353.06 million compared to $458.75 million for the year ended December 31, 2024.

Gross Profit decreased by 23% to close at $341.22 million (2024: $441.62 million), while Commission Expense on loans decreased by 31% from $17.13 million in 2024 to $11.84 million in the period under review.

Allowance for Credit Losses for the year ended December 31, 2025, amounted to $111.20 million, a 38% decrease relative to $180.00 million reported in 2024 — a meaningful improvement reflecting tighter credit monitoring and portfolio management. Staff Costs increased modestly by 7% to $96.26 million (2024: $89.56 million), while Other Operating Expenses grew 11% to $112.42 million (2024: $101.26 million), partly driven by higher advertising and promotional spend, lease interest charges, and costs associated with the Annual General Meeting. Total Operating Expenses for the year ended December 31, 2025, amounted to $332.27 million, a 13% decrease relative to $380.54 million reported in 2024.

Other Operating Income contributed $11.39 million to revenues (2024: $8.19 million), driven entirely by bad debt recoveries of $12.13 million (2024: $8.74 million), partially offset by a foreign exchange loss of $737,001 (2024: $552,222).

Profit Before Taxation for the year ended December 31, 2025, amounted to $20.34 million, a 71% decrease relative to $69.27 million reported in 2024.

Taxation for the year decreased by 78% to $2.98 million (2024: $13.55 million). As such, Net Profit for the year amounted to $17.35 million, a 69% decrease from the $55.72 million reported in 2024.

Consequently, Earnings Per Share for the year ended December 31, 2025, amounted to $0.17 (2024: EPS: $0.53). The twelve-month trailing EPS was $0.17, and the number of shares used in these calculations was 105,000,000.

Notably, ISP’s stock price closed the trading period on May 29, 2025, at a price of $10.41 with a corresponding P/E ratio of 62.99x.

Balance Sheet Highlights

The Company’s total assets stood at $1.24 billion at December 31, 2025 (2024: $1.25 billion), reflecting a marginal 1% contraction in the asset base year-over-year. Loans, Net of Provisions for Credit Losses, decreased by 5% to $1.07 billion (2024: $1.13 billion), as the gross loan book grew modestly from $1.24 billion to $1.24 billion, while the Provision for Credit Losses increased from $108.27 million to $167.62 million — reflecting more conservative provisioning on aged and stage-classified exposures. Cash and Cash Equivalents improved materially by 45% to $86.46 million (2024: $59.57 million), underpinned by strong operating cash generation of $27.63 million and proceeds from the redemption of $15.00 million in investments. Property, Plant and Equipment grew 7% to $24.64 million (2024: $22.96 million), supported by capital additions of $9.29 million during the year. The Right-of-Use Asset expanded significantly to $25.27 million (2024: $1.44 million), following the renewal of the Company’s operating lease for a further five-year term.

Shareholders’ Equity increased by 3% to $657.92 million (2024: $640.57 million), representing a Book Value Per Share of $6.27 (2024: $6.10).

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

LASCO Manufacturing Limited (LASM)

Audited financials for the twelve months ended March 31, 2026:

LASCO Manufacturing Limited (LASM) for the twelve months ended March 31, 2026, reported a 2% increase in Revenue totaling $12.69 billion compared to $12.42 billion in the corresponding period last year.

Cost of sales amounted to $7.85 billion (2025: $7.76 billion), representing a 1% increase year over year. Consequently, gross profit increased by 4% to $4.83 billion compared to $4.66 billion for the twelve months ended March 31, 2025.

Other operating income increased by 12% to close at $404.98 million (2025: $362.09 million), while operating expenses increased marginally by 1% from $1.70 billion in 2025 to $1.71 billion in the period under review.

As a result, operating profits for the twelve months ended March 31, 2026, amounted to $3.53 billion, a 6% increase relative to $3.32 billion reported in 2025.

Finance Cost for the twelve months ended March 31, 2026, amounted to $51.02 million, representing a 1,895% increase relative to $2.56 million reported in 2025. As a result, Profit before Tax totaled $3.48 billion, representing a 5% increase from the $3.32 billion reported in the corresponding period last year.

The tax charge incurred for the twelve months ended March 31, 2026, amounted to $710.78 million, a 5% decrease relative to $747.61 million reported in 2025.

Net Profit for the twelve months ended March 31, 2026, increased by 8% to reach $2.76 billion (2025: $2.57 billion). Unrealized losses on financial instruments for the twelve months amounted to $70.95 million, representing a 91% increase from $37.10 million reported in 2025.

Total comprehensive income for the twelve months ended March 31, 2026, amounted to $2.69 billion, a 6% increase relative to $2.53 billion reported in 2025.

Consequently, Earnings Per Share for the twelve months amounted to $0.67 (2025: EPS: $0.62). The number of shares used in these calculations was 4,147,913,151.

Notably, LASM’s stock price closed the trading period at $6.35, with a corresponding P/E ratio of 9.53x.

Balance Sheet Highlights

The company’s assets totaled approximately $21.32 billion (2025: $18.48 billion), representing an 15% increase year over year. This growth was mainly attributable to a 39% increase in ‘Receivables’ to $3.86 billion (2025: $2.77 billion) and a 19% increase in ‘Short term investments’ to $5.11 billion (2025: $4.29 billion). Additionally, Inventories increased by 7% to $2.78 billion (2025: $2.59 billion).

Shareholders’ equity was $16.87 billion (2025: $14.94 billion), representing a 13% increase, resulting in a book value per share of approximately $4.07 (2025: $3.61).

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

Wigton Energy Limited (WIG)

Audited financials for the twelve months ended March 31, 2026:

Wigton Energy Limited (WIG), for the twelve months ended March 31, 2026, reported a 6% increase in Sales, totalling $1.96 billion compared to $1.85 billion in the corresponding period last year.

Cost of sales amounted to $1.01 billion (2025: $858.67 million), representing a 17% increase year over year. Consequently, gross profit decreased by 4% to $955.84 million compared to $993.10 million for the twelve months ended March 31, 2025.

Other Income declined by 19% to close at $405.89 million (2025: $499.24 million), while general administrative expenses increased by 6% from $777.86 million in 2025 to $826.04 million in the period under review.

Consequently, operating profit for the twelve months ended March 31, 2026 amounted to $535.69 million, a 25% decrease relative to $714.47 million reported in 2025. Finance Expense totalled $292.61 million, representing a 16% decrease from $349.20 million reported in 2025. Additionally, share of net profit of associate amounted to $3.07 million (2025: Loss of $4.89 million).

Profit before taxation for the twelve months ended March 31, 2026 amounted to $246.16 million, a 32% decrease relative to $360.39 million reported in 2025.

The tax charge incurred for the twelve months ended March 31, 2026, amounted to $37.65 million (2025: $57.46 million). Net Profit for the twelve months amounted to $208.51 million, a 31% decrease from the $302.93 million reported in 2025.

Other Comprehensive Income totalled $1.60 million (2025: loss of $84.52 million). As a result, Total Comprehensive Income for the twelve months amounted to $210.10 million, compared to $218.41 million in 2025.

Consequently, Earnings Per Share for the twelve months amounted to $0.02 (2025: EPS: $0.03). The number of shares used in these calculations was 11,000,000,000.

Notably, WIG’s stock price closed the trading period on May 29, 2026 at a price of $1.21 with a corresponding P/E ratio of 63.83x.

Balance Sheet Highlights

The company’s assets totalled $8.99 billion (2025: $9.67 billion), reflecting a 7% decline year over year. This movement in total assets was largely driven by a $378.98 million decline in Property, Plant and Equipment (2025: $5.04 billion), alongside reductions in receivables and restricted cash balances.

Shareholders’ equity stood at $5.50 billion (2025: $5.32 billion), representing a 3% increase year over year. This translated to a book value per share of $0.50 (2025: $0.48).

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

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A fusion center in Philadelphia combed through spicy internet comments from AI critics and concluded there is a growing risk of physical violence against data centers from “domestic violent extremists,” ranging from white supremacists to anarchists.

“Domestic violent extremists (DVEs) are likely interested in targeting artificial intelligence (AI) data centers, posing a physical and cyber threat to infrastructure in the Philadelphia regional area,” the Delaware Valley Intelligence Center wrote in a December alert.

The fusion center distributed its warning, marked “for official use only,” through the national fusion center network of state, local, and federal police agencies.

Like many of the reports produced by fusion centers, the bulletin points to news reports and social media posts, but cites little in the way of tangible threats. It acknowledges “a lack of specific information on plans to target AI data centers in the Philadelphia area,” but warns law enforcement that three planned data center facilities in the region could become targets of future protests.

Some of the anti-AI posts included in the document reflect hyperbolic anti-AI rhetoric that is widespread across social media, including an unnamed internet user who “indicated a desire to ‘burn down’ data centers.” Other examples of potentially terroristic posts included references to a fictional anti-robot movement in the science fiction novel “Dune” and a Facebook meme.

The fusion center, housed inside the Philadelphia Police Department, warned that “disruptive First Amendment activity” is an “indicator” of risk from “Domestic Violent Extremists,” an expansive term favored by the FBI and other law enforcement agencies.

Fusion centers, which sprouted up across the country after the September 11, 2001, attacks, have long been criticized for doing little to thwart actual terror plots and too much to subject lawful protesters to suspicion and surveillance. They have previously warned local cops about the supposed threat from Black Lives Matter protesters and Keystone XL to Line 3 pipeline opponents.

Pennsylvania has its own history of counterterror agencies targeting advocacy groups. In 2010, then-Gov. Ed Rendell apologized for the state Department of Homeland Security contracting with a private firm to produce fearmongering reports on groups including anti-fracking activists.

When it came to the recent data center activist report, longtime Philadelphia civil rights lawyer Paul Hetznecker said he was troubled by the fusion center’s association of AI skeptics with terrorists.

“Those are legitimate, popular political concerns that are raised by local communities.”

“Those are legitimate, popular political concerns that are raised by local communities,” Hetznecker said. “This particular report from [the Delaware Valley Intelligence Center] reflects a very dangerous attempt to characterize that protected First Amendment activity — activity which is fundamental to our democracy — as something other, something more dangerous, a breeding ground for something more sinister.”

The Delaware Valley Intelligence Center did not respond to a request for comment.

The Intercept obtained the Philadelphia report as part of a larger cache of such documents from local fusion centers. It adds to growing evidence that counterterror officials are putting data center skeptics under a microscope. Last week, Wired magazine reported on other notices from local intelligence agencies warning about “anti-tech extremism.” Journalists Ken Klippenstein and Dan Boguslaw also reported on a document from the U.S. Capitol Police Intelligence Services Bureau warning of the potential for anti-data center violence.

The reports are tied to a genuine upswell in popular pushback against data centers. The opposition extends well beyond the mishmash of far-right and far-left groups identified in the Philadelphia fusion center’s report. Seven out of 10 Americans oppose having data centers as neighbors, a recent Gallup poll found.

The fusion center report frames the outcry as a potential first step toward violence, telling local police with jurisdiction over the roughly 16 data centers near Philadelphia that they should be aware of angry online posts.

The report warns about posts on an “anti-capitalist blog that remains popular amongst local anarchist extremist collectives.”

Under a title urging “Butlerian Jihad Against AI” — a reference to a book in the Dune science-fantasy series about humans revolting against their intelligent computer overlords — a post on the Philly Anti-Capitalist blog said “only we can decide to smash the screens that are brainwashing us into submission. The time is now, the day is here, ATTACK! ATTACK! ATTACK!”

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The revelation comes amid renewed scrutiny of DiNapoli’s spending spree on Israel Bonds, a financial instrument that directly funds the state of Israel. DiNapoli, the administrator of New York pension funds, is facing his first primary fight in 18 years as comptroller, and the branded, non-tradeable assets have become an issue in the race.

The trip was paid for by the Jewish Community Relations Council of New York, which has a financial relationship to Israel Bonds, the organization that issues Israeli government debt securities in the U.S.

According to an itinerary of the trip, DiNapoli was slated to meet with Israel Bonds staffers.

In a February 2, 2024, letter to the comptroller, the New York State Commission on Ethics and Lobbying in Government approved reimbursement for DiNapoli by the JCRC, but raised concerns that the sponsored trip could create an appearance of potential improper influence.

The ethics commission informed DiNapoli that several commissioners raised concerns “the proposed reimbursement could give reasonable basis for the impression that a person could improperly influence you,” according to the letter, which was obtained through a public records request and shared exclusively with The Intercept.

DiNapoli has been an enthusiastic backer of investing New York pension and investment funds in Israel Bonds. Amid Israel’s genocide in Gaza, efforts by the movement to boycott, divest from, and sanction Israel have gained steam — including campaigns urging divestment from Israeli bonds. DiNapoli tilted in the opposite direction, including a $20 million New York pension fund investment in Israel bonds in the wake of the October 7 attacks.

According to an itinerary of the trip drafted by JCRC and obtained by the group Jewish Voice for Peace New York, DiNapoli was slated to meet with Israel Bonds staffers. In 2024, according to its website, JCRC received financial backing from Israel Bonds — which Jewish Voice for Peace organizers said could hint at a potential improper influence. The Israel Bonds donation was for a float in the 2024 Israel Day parade organized by the JCRC, a spokesperson for the group said. DiNapoli regularly attends the rally, including in 2024.

On Sunday, DiNapoli and other state and local electeds marched in the parade again, joined by an array of extremist Israeli political figures including Bezalel Smotrich, the current finance minister and a far-right champion of illegal settlements.

“By participating in trips organized and paid for by an organization that receives institutional donations and is closely and publicly aligned with Israel Bonds, while simultaneously promoting his office’s ongoing investments in Israel Bonds, Comptroller DiNapoli engaged in a foreign policy function far outside his statutory mandate as a fiduciary to millions of pensioners and public employees,” Lisa Mulleneaux, a researcher with JVP’s “Break the Bonds” campaign, wrote in an October complaint to the ethics commission.

“This represents a serious violation of his ethical obligation under §74(3)(f) to avoid any impression that his official duties can be swayed by outside groups,” Mulleneaux wrote. “At minimum, it undermines public trust in the independence of the Comptroller’s office and the integrity of the state’s investment decisions.”

In a statement to The Intercept, a spokesperson for DiNapoli pointed to the ethics commission’s ultimate approval of the JCRC reimbursement and said his office was unaware of any ethics complaint filed in relation to the trip. (The New York State Commission on Ethics and Lobbying in Government declined to comment.)

In his 18 years as comptroller — and particularly in the months and years following October 7 and the launch of Israel’s genocide in Gaza — DiNapoli has turned the state’s pension fund into one of the largest holders of Israel Bonds nationwide. Since the February 2024 trip, Dinapoli has invested $120 million of the state’s common retirement fund in the instruments, bringing the total investment of state pension funds in Israel Bonds to $332.5 million.

“Officials like Comptroller DiNapoli are responsible for the safeguarding of pension funds through strategic investing that prioritizes the needs of public sector workers and retirees,” said Dani Noble, an organizer with Jewish Voice for Peace. “Instead, Comptroller DiNapoli is investing the NY pension in Israel Bonds — unrestricted loans to the Israeli military and government used for every aspect of violence against Palestinians.”

DiNapoli’s fervent support for Israel Bonds have become a talking point in his primary race, with challengers Raj Goyle and Drew Warshaw both pledging to divest from investments in Israel should they take office.

Running from DiNapoli’s left, Goyle’s and Warshaw’s positions are in line with former New York City comptroller and current House candidate Brad Lander, who chose not to buy new Israel Bonds while overseeing the city’s pension fund.

For the most vocal critics, the moral argument against public investment in Israel Bonds is paramount. Becky Silber, a New York state employee and member of Jewish Voice for Peace told The Intercept that she was horrified to learn in 2024 that her hard-earned retirement funds were being used to send money to the state of Israel.

“When I became aware that my pension fund was being used to fund Israel, I was gutted.”

“When I became aware that my pension fund was being used to fund Israel, I was gutted, honestly,” Silber told The Intercept. “I was horrified watching the news coming out of Gaza. I was checking every purchase in the grocery store to make sure that my money wasn’t funding it. And so to learn that hundreds of millions of dollars of my pension fund were being sent to Israel with no guardrails on how it was spent, that was devastating.”

Critics of the investments also point to a fiscally responsible argument against the bonds. Unlike traditional foreign-debt assets, Israel Bonds cannot be sold on a secondary market and instead must be held until they mature. That makes them a potentially unsound bet, especially considering the rapid decline of Israel’s credit rating in recent years.

“It is hard to justify this as financial prudence or an effective strategy for diversification, especially when many other comparable investments are less risky; more transparent; and more liquid,” said Kaycee Wimbish, a Kingston, New York, resident active with the Mid-Hudson Valley chapter of the Democratic Socialists of America. “These utterly disproportionate investments reveal a hidden political agenda.”

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United States:

Bond Trader Bets on Fed Hike Poised for Gut Check From Jobs Data

Bond traders are looking to a key jobs report this week to confirm their wagers that the US economy is strong enough to push the Federal Reserve to lift interest rates by next year.

Beyond developments in the Middle East, a big focus will be Friday’s release of monthly employment figures, which are projected to show the labor market remained resilient in May.

https://www.bloomberg.com/news/articles/2026-05-31/bond-trader-bets-on-fed-hike-poised-for-gut-check-from-jobs-data

Europe:

ECB Says Consumer Price Expectations Ease But Stay Elevated

Euro-area consumers’ expectations for inflation in three years fell slightly in April, offering some relief to the European Central Bank, though policymakers are still likely to raise interest rates next week.

Prices were seen rising 2.9% over the period — down from 3% in March, a monthly survey by the ECB showed Monday. That’s still a bit below the 3.1% peak reached at the height of the last price spike in October 2022.

https://www.bloomberg.com/news/articles/2026-06-01/ecb-says-consumer-inflation-expectations-ease-but-stay-elevated

Asia:

Japan’s Firms Cut Spending Over Iran Stress Even as Profits Firm

Japan’s biggest companies reduced capital spending in the first quarter even as ordinary profits at manufacturers reached a record, as emerging uncertainty from escalating turbulence in the Middle East clouded prospects for future growth.

Capital expenditure excluding software fell 3.5% from the previous quarter in the three months through March, the Finance Ministry reported Monday.

https://www.bloomberg.com/news/articles/2026-06-01/japanese-firms-cut-investment-as-war-in-iran-clouded-outlook?srnd=phx-fixed-income

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

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