Good morning, let’s get into it!
Annual stock returns across the Botswana Stock Exchange show a sharp contrast between fast-growing retail leaders, steady financial and property counters, and underperforming consumer lending and security firms. Below is the breakdown of equity performance ranked from highest annual gain to lowest, followed by an analysis of First National Bank of Botswana (FNBB).
Annual Equity Returns: Ranked Highest to Lowest
Top Performers & High-Growth Stocks
Choppies Enterprises (
CHOP-EQO) | +112.9% 1Y Return (Last Price: P1.49)Why it happened: Choppies delivered the market's strongest performance over the past year. Market sentiment was boosted by successful regional debt restructuring, margin expansion across core grocery retail operations, and improved supply chain efficiencies following earlier restructuring efforts.
Botswana Telecommunications Corporation (
BTCL-EQO) | +25.9% 1Y Return (Last Price: P1.46)Why it happened: BTCL capitalized on growing national demand for broadband data services, mobile connectivity, and enterprise cloud solutions, alongside solid cash flow generation supporting investor interest.
Primetime Property Holdings (
PTPH-EQU) | +18.0% 1Y Return (Last Price: P1.90)Why it happened: Robust rental collection rates, high occupancy across commercial assets, and portfolio diversification across southern Africa drove property revaluations and investor demand.
Sechaba Brewery Holdings (
SECH-EQO) | +9.4% 1Y Return (Last Price: P40.50)Why it happened: Consistent beverage demand and strong pricing power enabled Sechaba to maintain stable dividend distributions and steady earnings performance.
RDC Properties (
RDCP-EQU) | +8.3% 1Y Return (Last Price: P2.60)Why it happened: Improved occupancy in key commercial and hospitality properties boosted recurring rental income.
Sefalana Holding (
SEF-EQO) | +6.7% 1Y Return (Last Price: P16.00)Why it happened: Broad consumer goods distribution networks and expansion across regional markets provided steady top-line growth.
Chobe Holdings (
CHOB-EQO) | +6.2% 1Y Return (Last Price: P18.66)Why it happened: The recovery in high-end eco-tourism and safari travel sustained strong booking rates and premium pricing power.
Moderate Gainers & Stable Performers
First National Bank of Botswana (
FNBB-EQO) | +5.1% 1Y Return (Last Price: P5.73)Why it happened: Solid net interest income and strong balance sheet metrics maintained upward price pressure (detailed deep-dive below).
Olympia Capital (
OCCL-EQO) | +3.7% 1Y Return (Last Price: P0.28)Why it happened: Incremental gains in building materials and industrial investments provided minor capital appreciation.
Absa Bank Botswana (
ABBL-EQO) | +3.6% 1Y Return (Last Price: P7.83)Why it happened: Stable corporate lending portfolios and digital banking adoption supported moderate valuation gains.
Botswana Insurance Holdings (
BIHL-EQO) | +3.2% 1Y Return (Last Price: P23.76)Why it happened: Growth in life insurance premiums and asset management fees offset claims volatility.
Seed Co International (
SEED-EQO) | +2.9% 1Y Return (Last Price: P3.60)Why it happened: Regional agricultural demand supported seed sales volumes during favorable growing seasons.
Standard Chartered Bank Botswana (
SCBB-EQO) | +0.8% 1Y Return (Last Price: P8.77)Why it happened: Conservative lending strategies maintained stable capital, resulting in muted price movement.
CA Sales Holdings (
CAS-EQO) | +0.7% 1Y Return (Last Price: P14.15)Why it happened: High FMCG distribution coverage preserved operational revenues, though share prices traded within a narrow range.
New African Properties (
NAP-EQU) | +0.5% 1Y Return (Last Price: P4.06)Why it happened: Retail commercial properties generated predictable rental cash flows with minimal price volatility.
Stagnant & Unchanged Stocks (0.0% 1Y Return)
Far Property (
FPC-EQU) (P1.80) | Letlole La Rona (LLR-EQU) (P3.05) | BBS Bank (BBS-EQO) (P0.70) | Shumba Energy (SHUM-EQO) (P0.90) | Cresta Marakanelo (CRE-EQO) (P1.17) | Minergy (MIN-EQO) (P0.40) | Engen Botswana (ENG-EQO) (P14.25) | Access Bank Botswana (ACC-EQO) (P2.04)Why it happened: These counters experienced low trading liquidity, offsetting macroeconomic factors, or flat corporate announcements over the 12 months, leaving share valuations unchanged.
Laggards & Decliners
Turnstar Holdings (
TURN-EQU) | -8.8% 1Y Return (Last Price: P2.06)Why it happened: Valuation adjustments on real estate holdings and higher finance costs weighed on shareholder returns.
G4S Botswana (
G4S-EQO) | -9.0% 1Y Return (Last Price: P0.91)Why it happened: Increased operational and wage costs combined with tighter client security budgets reduced operating margins.
Letshego Africa Holdings (
LETS-EQO) | -20.0% 1Y Return (Last Price: P0.84)Why it happened: Higher credit loss provisions, foreign exchange headwinds in non-domestic markets, and broader microfinance portfolio restructuring led to market sell-offs.
Detailed Focus: First National Bank of Botswana (FNBB)
First National Bank of Botswana (FNBB-EQO) demonstrated strong operational fundamentals and dividend payouts in its latest financial updates.
FNBB FY2026 Financial Highlights
+-------------------+--------------------+----------+
| Metric | FY 2026 | YoY Growth|
+-------------------+--------------------+----------+
| Earnings Per Share| P0.65 (vs P0.57) | +14.0% |
| Total Revenue | P4.03 Billion | +10.0% |
| Net Income | P1.65 Billion | +14.0% |
| Profit Margin | 41.0% (vs 40.0%) | +1.0% |
+-------------------+--------------------+----------+
FY 2026 Financial Performance
Earnings Per Share (EPS): Increased to P0.65, up from P0.57 in FY 2025.
Top-Line & Bottom-Line Growth: Total revenue rose 10% to P4.03 billion, driving a 14% increase in net income to P1.65 billion.
Profit Margin Expansion: Profit margin expanded from 40% to 41%, driven primarily by revenue scale and cost control.
3-Year Multi-Year Trend: EPS grew at an average rate of 10% per year, while the stock price appreciated by 13% per year, demonstrating aligned growth between business performance and equity valuations.
Dividend Announcement & Yield Profile
Final Dividend: Declared at P0.30 per share.
Key Dates: Ex-dividend date is 2nd October 2026, with payment scheduled for 16th October 2026.
Above-Average Yield: FNBB offers a 7.9% dividend yield, outperforming the local banking sector average of 4.8%.
Long-Term Dividend Support: The bank’s dividend has grown at an average rate of 15% per year over the past 10 years (despite historical payout volatility). Backed by 19% EPS growth over the last 5 years, FNBB maintains comfortable earnings coverage to sustain dividend payouts.
Source: simplywallst
