JPM | FTM | Today’s Research | CEEMEA

Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 12 May 2026

Today’s Morning Meeting| Key Strategy & Macro Publications | Key Changes | JPM Events | Upcoming

Earning

Today’s Morning Meeting

Offshore investors in town, what’s the feedback? (Inga Q Galeni/Baron Nkomo/Shaun Chauke)

Reforms on track, Financials constructive, Retailers talk diesel & consumer pressures. Politics has

come back to the fore.

Last week, our South Africa Research team hosted a series of meetings with international investors, bringing together

21 companies and industry experts. The discussions centered on the retail and financial sectors, alongside expert

perspectives on government reform initiatives and consumer trends. We left these meetings with greater confidence in our

positive view on South African domestic companies — the government’s reform agenda remains broadly on track, though we

are increasingly cautious about the pace and effectiveness of reforms at the local government level. Financial companies, our

highest-conviction investment theme within our South Africa strategy, continue to demonstrate both stability and meaningful

growth potential, with our top picks being DSY, CPI and FSR. On the consumer side, we continue to favor staples companies

for their defensive, everyday-spending exposure, while Pepkor is notably broadening its appeal by expanding into financial

services — our top picks here are PPH, SHP and TBS. Across our broader South Africa portfolio, our high-conviction names

Strategy span multiple sectors and includes DSY, NPN, BID, SOL, ANG, FSR, CPI and CLS. Our perception on the offshore

investors was three-fold. First, investors agreed that the macro theme is improving with underlying drivers encouraging;