Key points drawn from coverage. Tap a point to see the original sentence.
June 2026
Informanté
Simonis Storm Securitieslowered earnings forecasts and downgraded stock frombuy to hold
Source
“MOBILE Telecommunications Limited (MTC) delivered higher revenue and maintained strong cash generation during the first half of its 2026 financial year, but rising operating costs limited profit growth, prompting analysts at Simonis Storm Securities to lower their earnings forecasts and downgrade the stock from a "buy" to a "hold".”
Simonis Storm SecuritiessaidNamibia's debt position remains manageable
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“Last month, Simonis Storm Securities said Namibia's debt position remains manageable, although pressure on public finances continues to increase as government borrowing requirements grow.”
Simonis Storm Securitiesis serving asNSX sponsor in Windhoek
Source
“The announcement was issued on behalf of the board, with DEA-RU acting as the JSE sponsor and Simonis Storm Securities serving as the NSX sponsor in Windhoek.”
Simonis Storm Securitiespublished analysis byeconomist Almandro Jansen on Namibia's debt outlook
Source
“In a detailed analysis titled "Namibia's Debt Problem Is Now a Cash-Flow Problem – Debt Outlook 26/27", Jansen said Namibia remains capable of funding itself, with domestic institutions continuing to absorb government debt and the country successfully redeeming its US$750 million Eurobond in 2025.”
Simonis Storm SecuritiesanalyzedNamibia's private sector credit growth data showing 4.3% in March 2026
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“NAMIBIA'S private sector credit growth slowed slightly to 4.3% in March 2026, but underlying data points to a shifting credit cycle, with household borrowing strengthening sharply while corporate lending reflects largely seasonal fluctuations, according to Simonis Storm Securities economist Almandro Jansen.”
Simonis Storm Securitieshas maintaineda hold recommendation on Paratus Namibia Holdings
Source
“Simonis Storm Securities has maintained a hold recommendation on Paratus Namibia Holdings after the company reported strong revenue growth but weaker profits in its interim results for the six months ended 31 December 2025.”
Simonis Storm Securitiessaidthe weaker earnings reflect the company's ongoing investment phase following the launch of its mobile network in September 2025
Source
“Simonis Storm said the weaker earnings reflect the company's ongoing investment phase following the launch of its mobile network in September 2025.”
Mobile Telecommunications Limited reported first-half 2026 revenue of N$1.95 billion, up 7.1%, driven by prepaid services and roaming; however, operating costs rose faster than revenue, causing EBITDA margin to decline from 49.4% to 47.4% and earnings to grow only 1.6%. Simonis Storm Securities downgraded MTC's stock from "buy" to "hold" and reduced its full-year earnings forecast and target share price to 1,035 cents.
Mobile Telecommunications Limited reported first-half 2026 revenue of N$1.95 billion, up 7.1%, driven by prepaid services and roaming; however, operating costs rose faster than revenue, causing EBITDA margin to decline from 49.4% to 47.4% and earnings to grow only 1.6%. Simonis Storm Securities downgraded MTC's stock from "buy" to "hold" and reduced its full-year earnings forecast and target share price to 1,035 cents.
Bank of Namibia governor Ebson Uanguta warned that Namibia's public debt could rise to 70% of GDP by the end of the current financial year without spending reforms, noting that debt has already exceeded the 60% benchmark and currently stands at 65.2% of GDP. The central bank says the government can no longer rely on borrowing to fund expenditure and cautioned against borrowing against future oil revenues.
Trustco Group Holdings Limited has advised shareholders to exercise caution when trading its shares as the company proceeds with delisting from the Johannesburg Stock Exchange, Namibia Securities Exchange, and the OTCQX Market. The company first announced the delisting consideration in January 2025 and said the process includes appointing an independent expert to provide an updated fairness opinion.
Namibian vehicle sales fell 20.6% month-on-month to 1,320 units in April, though cumulative four-month sales of 5,155 units remain 10.6% ahead of the same 2025 period and the strongest year-to-date showing since 2018. Simonis Storm Securities attributed the monthly pullback to the natural unwinding of March's surge driven by commercial fleet deliveries and rental activity, not a broader softening of demand.
Namibia's vehicle market slowed in April with total sales falling to 1,320 units from 1,662 units in March, though April sales remained 5.7% higher than April 2025. Analysts at Simonis Storm Securities attributed the decline to a natural unwinding of March's record-breaking performance, which was driven by fleet deliveries and rental sector demand, while noting the year-to-date performance remains strong at 10.6% growth.
Economist Almandro Jansen warns that Namibia's debt situation is becoming a cash-flow and refinancing challenge as government relies on continuous domestic borrowing, with a total financing requirement of approximately N$29.22 billion (10.2% of GDP) for 2026/27, though the country remains capable of funding itself.
Namibia's private sector credit growth eased to 4.3% in March 2026 from 4.7% in February, with total credit at N$123.3 billion. Household borrowing gained momentum to 4.1% year-on-year—its highest in the current cycle—driven by stronger mortgage lending, instalment credit, and overdrafts, while corporate lending showed seasonal fluctuations.
Simonis Storm Securities has maintained a hold recommendation on Paratus Namibia Holdings after the company reported revenue of N$381.3 million for the six months ended 31 December 2025, up 16.5% year-on-year, but posted a total comprehensive loss of N$36.3 million. The analyst attributed the weaker earnings to ongoing investment in the mobile network launched in September 2025, though customer growth in mobile, SkyFi, and fibre services is beginning to improve.
Economist Almandro Jansen argues that Namibia's emerging oil, gas and mineral wealth could drive long-term economic transformation or deepen structural challenges depending on governance and institutional reform. Singapore transformed from a low-income economy (US$500 GDP per capita in 1965) into a high-income hub (exceeding US$100,000 by 2025), while Namibia has reached upper-middle-income status with roughly US$5,000 GNI per capita but remains constrained by high unemployment, limited diversification, and rising fiscal pressures.
Namibia sold 1,069 Japanese vehicles in March, making Japan the country's largest vehicle source and driving total March sales to 1,662 units—a 43% monthly increase and the strongest March performance since 2015. Japanese brands accounted for 64.3% of total sales, with commercial vehicle purchases surging 57.1% to a record 916 units, supported by demand from logistics, mining, agriculture, and energy sectors.
New vehicle sales in February reached 1,165 units, a 4.1% year-on-year increase, driven by robust demand in mining, agriculture, and energy sectors. Analysts expect continued strength from construction activity at new uranium, gold, copper mines and offshore oil and gas exploration.
An economist from Simonis Storm Securities says Namibia's 2026/27 budget represents a stabilisation framework under financial constraint, with GDP growth revised to 3.1% and projected to recover only modestly. The budget reveals structural vulnerabilities: revenue remains heavily exposed to SACU volatility and commodity cycles, public debt is projected to stabilise at an elevated 67.5% of GDP, and interest payments will consume nearly 18% of total revenue, crowding out fiscal space for other priorities.
A macroeconomic risk analysis by Simonis Storm Securities warns that if foot-and-mouth disease (FMD) disrupts Namibia's access to key international beef markets, the country could lose up to N$2.5 billion in export revenue over six months, with potential GDP growth reduction of 0.5 percentage points. Although Namibia remains FMD-free, recent outbreaks in Botswana and South Africa—particularly a case reported last month in South Africa's Northern Cape province, which borders Namibia—heighten the risk to the country's livestock sector and livelihoods of 70,000 to 90,000 workers in the industry.
Finance Minister Ericah Shafudah is presenting Namibia's 2026–2027 National Budget to Parliament as the country faces structural revenue challenges, rising public debt, and fiscal constraints. Government revised its revenue forecast downward to N$89.4 billion, while public debt is projected to reach N$177 billion (about 60% of GDP), with fixed costs consuming roughly 60% of expenditure.