Good evening, let’s get into it!
This is one of the latest articles I have ever released. I have been busy the whole day and didn’t have the time to sit down and articulate it in text form. But I deem it important, so I couldn’t keep it till next week.
To keep it short, I have identified 4 companies that I will start investing as little as P300 plus, when April ends, until I feel like they can’t be invested in anymore:
My top four
Choppies Enterprise Limited
Btcl
Letshego African Holdings
G4S
Now, how did I get to conclude on them? If you remember the 3 principles that Warren Buffett uses to invest, you’ll see them.
Brand
Moat
Management
Now, I have only 2 companies I will start investing in, actually, among these 4, that’s because of some circumstances surrounding the ones that are not yet favorable. But I will be watching it closely. Read till the end because I will tell you why I don’t want to put money on those companies yet
Let’s examine all the companies.
1. Choppies Enterprises Limited
Brand: Choppies remains the dominant value retailer in Botswana, commanding roughly 45% of the formal grocery sector. Its "Choppies Choice" private label now accounts for 26% of sales volume, reinforcing its brand as a community price leader.
Moat: The primary moat is a vertically integrated supply chain following the Kamoso Group acquisition. This reduces reliance on South African imports and secures margins through local sourcing.
Management: Governance is the primary risk. A massive share sell-off in January 2026, speculated to involve senior management, caused the share price to "crater" on the JSE. While the business reports high free cash flow growth (118%-128%), management transparency remains under scrutiny.
Status (April 2026): Price P1.50. Declared a 1.0 thebe interim dividend in March 2026.
2. Botswana Telecommunications Corporation (BTCL)
Brand: BTCL is the national "digital inclusion" brand, synonymous with critical infrastructure. It is the connectivity partner for major national events, such as the World Athletics Relays Gaborone 2026.
Moat: It possesses a formidable infrastructure moat, owning the national back-haul network and expanding high-speed connectivity to 500+ villages through the SmartBots project.
Management: Currently a major strength. CEO Jurgen Peschel, appointed in July 2025, has a world-class background, including a pivotal role in the global rollout of M-Pesa.
Status (April 2026): Price P1.46. Offers a high dividend yield of approximately 10.9% to 13.78%.
3. Letshego Africa Holdings
Brand: Letshego has pivoted toward an ESG-aligned brand, with 53% of borrowers meeting sustainability criteria. It was recognized as the "Best Microfinance Company" in Botswana and Lesotho in late 2025.
Moat: Its "Deduction at Source" (DAS) model is a strong moat but faces fragility in Namibia, where the government suspended new DAS loans, forcing a shift to debit order arrangements.
Management: Management is executing an aggressive "held for sale" strategy for East and West African assets to refocus capital on the profitable SADC core. This led to a non-cash IFRS 5 impairment of P570.7 million in 2025, resulting in a consolidated loss despite strong underlying performance in Southern Africa.
Status (April 2026): Price P0.85. Normalized profit from continuing operations grew 362% to P284 million in 2025.
4. G4S Botswana
Brand: G4S is the "supplier of choice" for integrated security, leveraging the global reputation of its parent, Allied Universal.
Moat: Its moat consists of the most advanced cash centers in Botswana, supporting long-term contracts with major commercial banks for cash-in-transit (CIT) and processing.
Management: Management stability has been low. Managing Director Mothusi Molokomme resigned in early 2025 but later withdrew his resignation to help steer a recovery. The company has struggled with "predominantly manual processes," leading to audit delays and a three-year dividend suspension (2022-2024).
Status (April 2026): Price P0.91. Reported a P14.3 million loss for 2024.
The winners
There are 2 winners:
Choppies Enterprise Limited:
Why? Although Choppies is facing management issues, it is still strong in cash flow, and it will be the first company to benefit from the rebound 3.1% GDP of the nation this year. Another thing is, it’s undervalued. Choppies, at its fair value, is said to be around P4.30 according to SimplyWallSt.
Risks? Management issues, failure of the GDP to recover, how do I mitigate the risk?
Btcl
My mitigation of Choppies will be Btcl, its management is superb, the CEO is world-class, who led the launch of Kenya’s M-Pesa. It is one of the companies in Botswana that is the most stable because of its huge moat, which allows it to gain an advantage over others, such as its infrastructure.
The ones on wait
I don’t call these companies losers because they are still really good; the bottlenecks need to be dealt with, and that will be my signal to buy.
Letshego African Holdings
They’re just coming out of a time of extreme experimentation; the market has not caught up with their momentum, and the company lost due to its West African investment. They are still looking for someone to buy them out of the losing markets, like Nigeria, and focus more on Southern Africa, where they have a robust performance. Once they do, I will start buying. The stock is greatly undervalued, and they have already managed to solve 58% of their bottlenecks, and I will be watching.
G4S
It’s a company with a deep fortress balance sheet that allows it to go 4 years without having a single client. This shows how well they are in their financial management. But the bottlenecks have been fixed in contracts with clients that can’t be adjusted when inflation hits, like fuel hikes. Cost of Goods Sold is high; for one service to a client, they overspend. The government's decision to empower local security firms is another issue. They have to be innovative and lay off some of their staff for them to be attractive enough again, since they are the security company with the most employees in the country.
And that’s my 4 companies, I wanted to show you that I follow the same principle that I always share, I’m not just sharing info I’m not using.
