FBC Securities has recommended a “hold” position on Delta Corporation, Seed Co Limited, Simbisa Brands and Pfuma Real Estate Investment Trust (REIT), saying the counters still offer value despite mixed short-term outlooks.
The brokerage said investors are increasingly rotating into select blue-chip and dollar-denominated stocks following EconetWireless Zimbabwe’s exit from the Zimbabwe Stock Exchange (ZSE), which has intensified the search for inflation-resistant assets.
In its Q1 2026 Stock Pick Report, FBC Securities said Delta and Seed Co remain solid “hold” positions on the ZSE, while Simbisa and Pfuma REIT are also recommended holds on the Victoria Falls Stock Exchange (VFEX).
Delta Corporation, Zimbabwe’s most valuable listed firm with a market capitalisation of US$1,43 billion, posted strong half-year results but faces headwinds.
“Delta posted record H1 2026 revenue of US$514,2 million (up 32% year-on-year) and is on track to surpass US$1 billion in FY2026, driven by the consolidation of Schweppes and strong festive demand,” FBC Securities said.
“Delta posted record H1 2026 revenue of US$514,2 million (up 32% YoY) and is on track to surpass US$1 billion in FY2026, driven by the consolidation of Schweppes and strong festive demand,” FBC Securities said.
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However, it noted the company’s tax dispute with the Zimbabwe Revenue Authority and that the stock is trading close to its intrinsic value.
“With limited short-term catalysts beyond the tax resolution, a hold is appropriate,” the firm said.
Seed Co Limited also retained a hold rating despite weak interim results, which reflected seasonal agricultural factors.
Revenue fell 39% to US$11,6 million in the half-year to February 2026, while the company posted a loss after tax of US$5,73 million compared to a US$1,21 million profit in the prior period.
FBC Securities said the downturn was largely cyclical, driven by timing differences in the agricultural season and reduced regional exports.
“Management expects a stronger second half driven by the 2025/26 summer planting season, and the company continues to invest in R&D [research and development],” it said.
On the VFEX, Simbisa Brands was highlighted for strong operational performance, although rising tax pressures in Zimbabwe could weigh on future earnings.
The fast-food group recorded revenue growth of 16,1% to US$182,8 million and a 77,6% rise in headline earnings to US$15,5 million, supported by higher customer volumes and spending.
However, FBC Securities warned that fiscal changes, including a VAT increase to 15,5% and the continuation of the 2% intermediated money transfer tax, could erode consumer demand.
FBC Securities said that for investors, the current price captured Simbisa’s strong half-year performance but did not yet discount the full impact of the January 2026 tax measures.
“A HOLD recommendation allows time to assess whether management’s aggressive expansion (31 new stores planned) and efficiency initiatives (decentralised model, delivery growth, solarisation) can offset the impending consumer squeeze,” it said.
Pfuma REIT, which was listed on the VFEX in February after a fully subscribed US$25 million raise, also got a hold rating due to its limited trading history.
The fund currently holds two retail assets and targets rental yields of 7% to 8%, with plans to expand its portfolio through new developments.
“However, as a newly listed REIT with no trading track record, a hold is prudent until its dividend consistency and occupancy performance are proven,” FBC Securities said.