CPICapitecBANKSCautiously Positive
Capitec reported strong FY26 results with HEPS up 23% to R145.60–146.06, ROE of 31% (beating the 30–30.3% consensus), NII up 19%, and DPS of 79.80 rand. Broker commentary was broadly positive with Broker A (TIER1) and Broker B (TIER1) highlighting a solid beat on key metrics, while Broker D flagged credit quality as a lingering concern. Flow turned to the sell side by midday per Broker B, though the stock still closed up approximately 1.5%, outperforming banking peers on the day.
Key Events
07:15RESULTSCapitec FY26: HEPS +23% to ~R146, ROE 31%, NII +19%, DPS 79.80c — beat on key metrics
10:20NEWSSA March CPI 3.1% y/y in line with consensus; core inflation surprises higher at 3.2%
11:56FLOWBroker B reports Capitec flow has turned to the sell side, stock available to offer
12:26TRADECapitec +1.5% at midday, third-largest Top40 mover, outperforming banking peers
Broker Views
Broker AT1− Neutral
Broker A flagged Capitec FY results as a key SA diary event alongside BHP/S32 Q3 updates and CPI data, noting consensus CPI at 3.1% y/y. No explicit directional call made.
Broker BT1▲ Positive
Broker B characterised Capitec’s FY results as a solid beat: HEPS +23% above the mid-guided range, NII +19% on 14% loan growth and NIM expansion, ROE rising to 31%, cost-to-income improving to 39%, and DPS up 23%.
Broker XT2− Neutral
Broker X provided macro context covering global market conditions and the SA economic calendar, noting SA CPI and retail sales due today; no specific view on Capitec expressed.
Broker CUR▲ Positive
Broker C noted Capitec up 1.5% at midday outperforming banking peers, featuring among Top40 leaders; at close, markets ended marginally softer with Top40 -35bps though Capitec was not called out as a drag.
Broker DT3● Cautious
Broker D confirmed HEPS +23% to R146.06 and ROE of 31%, noted capital-light VAS and Connect lines read well, but flagged credit quality as a key ongoing concern.
Broker EUR● Cautious
Broker E called +1% upside on better-than-consensus ROE (31% vs 30%), noting results broadly in line; however flagged a R101m macro provision buffer against oil/rand risks, and by late morning reported flow had turned to the sell side with stock available to offer.
Broker FUR− Neutral
Broker F covered the macro backdrop including SA CPI due at 3.1% y/y consensus and SARB inflation risk flags; no specific Capitec equity view expressed.
Broker GUR▲ Positive
Broker G reported Capitec FY results with diluted HEPS of 145.60 rand vs 118.79 prior, net income +22% to R16.83bn, DPS of 79.80 rand, and ROE of 31% ahead of the 30.3% estimate.
Broker HUR− Neutral
Broker H listed Capitec full-year results as a key corporate event for the day alongside BHP Q3 and SA CPI/retail sales data; no analytical view provided.
Broker IUR▲ Positive
Broker I flagged that the SA banking sector was expected to see heightened activity as peer banks respond to Capitec’s strong earnings report.
Flow
Net Selling – Broker B reported at 11:56 that flow in Capitec had turned to the sell side and stock was available to offer at current levels, despite the stock trading up ~1.5% at that point. Capitec also featured among the top traded names by ADV at midday, suggesting elevated two-way activity post-results.
20 broker mentions · Capitec FY26 results beat, HEPS growth +23%, ROE 31% ahead of consensus, NII growth +19% on loan book expansion, Credit quality concerns · Generated 13:02
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Trading Snapshots
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FSR
FirstRand
BANKS
R95.15
▼ 1.1%
Range: R95.10 – R96.10
2026-07-23 09:25:12
Vol: 122,683
(2% of ADV)
ADV: 7,635,209
Bids & Offers
2026-07-23
BUYERS (1)
Broker A
2% ADV
SELLERS (0)
No sellers
Buy Volume: 150,000
⬆ NET BUY
Sell Volume: 0
Flow Tracker (5 Day)
Wed
07-15
Fri
07-17
Mon
07-20
Tue
07-21
Thu
07-23
2 of 5 days net buying
Bids & Offers: 2026-07-20
BUYERS (1)
Broker A
1% ADV
SELLERS (2)
Broker B
5% ADV
Broker C
2% ADV
Buy Volume: 100,000
⬇ NET SELL
Sell Volume: 550,000
News Heat Map (5 Day)
1 total mentions
Flow Update
No mentions
News Flash
No mentions
Price Alert
No mentions
Research Note
1 mentions
1 broker
Latest: 08:16
Results Commentary
No mentions
Trade Idea
No mentions
Research Note Headlines
Broker D deep dive: SA big 4 banks CIB earnings growth — SBK and ABG best placed
Broker D Local | 2026-07-23 08:16
Sector Flow Tracker (5 Day) – BANKS
Thu
07-16
Fri
07-17
Mon
07-20
Tue
07-21
Wed
07-22
1 of 5 days net buying
Sector Bids & Offers: 2026-07-21
BUYERS (5)
ABG
Broker E
5% ADV
ABG
Broker A
5% ADV
ABG
Broker C
2% ADV
ABG
Broker F
Size undisclosed
ABG
Broker D Local
Size undisclosed
SELLERS (2)
INL
Broker G
58% ADV
SBK
Broker C
6% ADV
Buys: 5
⬆ NET BUY
Sells: 2
MRP MR PRICE GROUP LIMITEDVoluntary trading update for the 13 weeks ended 27 June 2026 |
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INSIGHT SUMMARYMr Price Group’s Q1 trading update reveals a 45.3% retail sales increase to R13.1bn, driven by the NKD acquisition and outperformance in Africa despite challenging macroeconomic conditions. Pre-SENS commentary from JPMorgan was cautious, expecting lower growth excluding NKD; however, post-release brokers noted SA topline growth ahead of industry trends but criticized the omission of NKD sales data for transparency concerns. Initial market reaction did not show significant trading activity, with brokers highlighting mixed signals on recovery and a challenging outlook.
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📊 Broker Intelligence⭐ Top-Ranked ResearchBroker A (2026-07-23 7:53am)
Mr Price’s 13-week trading update is seen as better than peers, with SA topline growth ahead of RLC trends and gross profit margin expansion of 40bps. However, omission of Nakedchild (NKD) sales data from the SENS announcement raises acquisition concerns, and SA Home category continues to underperform. 📋 Other CommentaryBroker B Local (2026-07-23 8:20am)
Mr Price’s Q1 sales update shows retail sales (ex-NKD) up 3.2%, below Broker B’s 4.5% forecast, with like-for-like sales flat versus an expected +2.8%. Gross margins improved 40bps and stock is clean, though management flagged a challenging macro outlook and mixed QoQ recovery signals. |
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📅 Pre-Announcement Broker Context (7-day lookback)⭐ Top-Ranked Research (Pre-Announcement)Broker A (2026-07-16 8:24am)
SA retail mid-year updates begin next week with MRP on 23rd July; apparel topline growth expected at 3-5% with subdued consumer demand. The broker is constructive on PPH, TFG, and MRP, while Truworths faces headwinds in both SA and UK operations. 📋 Other Commentary (Pre-Announcement)Broker B Local (2026-07-20 11:21am)
JPMorgan analyst issues a weak preview ahead of Mr Price’s trading update, citing headwinds from online gambling wallet displacement, Chinese e-commerce competition, and NKD acquisition dilution. Sales growth forecast at +4.5% excluding NKD, with like-for-like growth of +2.8% against a prior base of +6.3%. |
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📄 SENS Announcement Summary
Mr Price Group Limited
(Registration number 1933/004418/06)
Incorporated in the Republic of South Africa
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X share code: MRP
(“Company” or “group”)
VOLUNTARY TRADING UPDATE FOR THE 13 WEEKS ENDED 27 JUNE 2026
‘ Group retail sales up 45.3%
‘ African sales growth outperforms RLC growth
‘ African gross margin expands 40bps
‘ NKD sales growth outperforms total market and value market
growth in key German market
‘ Group exits quarter with clean stock levels
During the first quarter from 29 March 2026 to 27 June 2026
(“the Period”) of the financial year ending 3 April 2027, the
group’s retail sales increased by 45.3% to R13.1bn and other
income grew 12.5% to R352m. This performance includes the
contribution from the recently acquired Pegasus Group Holding
GmbH, which trades as the retail business of NKD Group GmbH
(“NKD”), effective 31 March 2026. Sales for cash now constitute
91.1% of group sales.
Excluding NKD, retail sales in Africa increased 3.2% to R9.3bn,
exceeding retail sales growth per the Retailers’ Liaison
Committee (RLC) of 0.8%. The competitor environment was
promotional during the Period and intensified in June. The
objective of growing sales ahead of the market but not at the
expense of gross margin was achieved, with African gross margin
expanding 40bps.
The retail operating environment in both African and European
markets remained unpredictable. Prolonged geopolitica
Full SENS announcement attached to this email. |
Company SENS Announcements
- Real-time insights to your inbox:
- Announcement importance and portfolio weight ranking
- Broker sales and trading commentary
- Integrated real-time broker flows
- Summarized and ranked according to broker analyst rankings
Insight Report Series
- Multiple reports, using DUCAT’s Insight database:
- Powered to deliver multi-broker and multi-source information
- Customised to your portfolios, orders and workflows
- Real-time information, scheduled reports
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Generated: 2026-07-21 17:44 SAST
DUCAT Insights — Daily Market Roundup – My Portfolios | Manage Broker Subscriptions
|
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▶Broker
Mr Price Q1 sales miss — retail sales +3.2% vs Broker A +4.5% forecast, call -2%
Broker A Local · Results Commentary · Equity · South Africa · Retail · 2026-07-23 08:20
Mr Price’s Q1 sales update shows retail sales (ex-NKD) up 3.2%, below Broker A’s 4.5% forecast, with like-for-like sales flat versus an expected +2.8%. Gross margins improved 40bps and stock is clean, though management flagged a challenging macro outlook and mixed QoQ recovery signals.
{QS} MRP SJ…CALL -2% – Q1 Sales Update sees retail sales (ex NKD) +3.2% versus our +4.5% forecast.
Like-for-like sales flat (vs Broker A +2.8%), with price inflation of +1.5% offset by a -1.5% decline in volumes.
Including NKD, reported sales growth was 45.3%, broadly in line with our +45.8% expectation.
On profitability and execution, SA gross profit margin improved by 40bps and the group exited winter with clean stock, which is a constructive read-through for markdown risk and margin protection.
Mgmt reiterated outlook remains challenging given the macro backdrop, and QoQ recovery signal remains mixed across categories.
MRP
View full broker message →
{QS} MRP SJ…CALL -2% – Q1 Sales Update sees retail sales (ex NKD) +3.2% versus our +4.5% forecast.
Like-for-like sales flat (vs Broker A +2.8%), with price inflation of +1.5% offset by a -1.5% decline in volumes.
Including NKD, reported sales growth was 45.3%, broadly in line with our +45.8% expectation.
On profitability and execution, SA gross profit margin improved by 40bps and the group exited winter with clean stock, which is a constructive read-through for markdown risk and margin protection.
Mgmt reiterated outlook remains challenging given the macro backdrop, and QoQ recovery signal remains mixed across categories.
▶Trading Snapshot
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Daily Market Roundup – All
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| ||
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| Portfolios Portfolio tickers in focus — 22 tickers tracked | ||
| Generated: 2026-07-22 13:15 SAST Perpetua Insights — Midday Snapshot | Manage subscriptions |
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Broker Bids & Offers
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- Unlocking powerful watchlist matching and trading Insights
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Brokers
Select a broker to view messages
Live Feed
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▶Ticker (FSR)×
▶Sector
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▼Ave Daily Vol (All)
✓ All
>100%
50-100%
33-50%
15-33%
5-15%
<5%
N/A
▶Date Range (5 Days)
FSR
8 orders · 5 Days
🕒 Bids & Offers by Time
▲ BUY (2)
Broker
Contact
Size
ADV
Price
Type
Date
Broker A
Person 1
150 000
2%
–
Otd
07-23 09:00
Broker A
Person 1
100 000
1%
–
Otd
07-20 08:55
▼ SELL (6)
Broker
Contact
Size
ADV
Price
Type
Date
Broker B
Person 2
–
–
–
Will Cross
07-21 11:51
Broker C
Broker C
500 000
7%
–
Volume Working
07-21 10:19
Broker B
Person 2
400 000
5%
–
Will Cross
07-20 15:03
Broker D
Person 3
150 000
2%
–
Volume Working
07-20 08:28
Broker E
Person 4
400 000
6%
–
Will Cross
07-17 12:38
Broker F
Person 5
1 300 000
20%
–
Will Cross
07-17 10:52
📋 By Order Type
Otd (2)
Broker
Contact
Size
ADV
Price
Type
Date
Broker A
Person 1
150 000
2%
–
Otd
07-23 09:00
Broker A
Person 1
100 000
1%
–
Otd
07-20 08:55
Volume (2)
Broker
Contact
Size
ADV
Price
Type
Date
Broker C
Broker C
500 000
7%
–
Volume Working
07-21 10:19
Broker D
Person 3
150 000
2%
–
Volume Working
07-20 08:28
Will Cross (4)
Broker
Contact
Size
ADV
Price
Type
Date
Broker B
Person 2
–
–
–
Will Cross
07-21 11:51
Broker B
Person 2
400 000
5%
–
Will Cross
07-20 15:03
Broker E
Person 4
400 000
6%
–
Will Cross
07-17 12:38
Broker F
Person 5
1 300 000
20%
–
Will Cross
07-17 10:52
📊 By Order Size
Broker
Contact
Size
ADV
Price
Type
Date
Broker F
Person 5
1 300 000
20%
–
Will Cross
07-17 10:52
Broker C
Broker C
500 000
7%
–
Volume Working
07-21 10:19
Broker E
Person 4
400 000
6%
–
Will Cross
07-17 12:38
Broker B
Person 2
400 000
5%
–
Will Cross
07-20 15:03
Broker A
Person 1
150 000
2%
–
Otd
07-23 09:00
Broker D
Person 3
150 000
2%
–
Volume Working
07-20 08:28
Broker A
Person 1
100 000
1%
–
Otd
07-20 08:55
Broker B
Person 2
–
–
–
Will Cross
07-21 11:51
🏭 Same Sector Activity (excl. FSR)
ABG
ABSA Group
9 buy
6 sell
SBK
Standard Bank
1 buy
5 sell
INL
Investec Ltd
3 sell
NED
Nedbank
1 buy
CPR
Capitec
1 sell
▲ BUY (11)
Ticker
Broker
Contact
Size
ADV
Price
Type
Date
ABG
Broker D
Person 3
90 000
4%
–
Volume ILWV
07-22 08:31
ABG
Broker J
OVERNIGHT
–
–
–
Will Cross
07-21 10:04
ABG
Broker F
Person 10
–
–
–
Will Cross
07-21 09:45
ABG
Broker G
Person 6
100 000
5%
–
Otd OTD
07-21 09:36
ABG
Broker D
Person 3
50 000
2%
–
Volume ILWV
07-21 08:38
ABG
Broker A
Person 7
100 000
5%
–
Otd
07-21 08:37
SBK
Broker D
Person 3
80 000
5%
–
Will Cross
07-20 14:59
ABG
Broker F
Person 5
400 000
20%
–
Will Cross
07-20 09:08
NED
Broker D
Person 11
50 000
6%
–
Will Cross
07-17 10:26
ABG
Broker F
Person 5
–
–
–
Will Cross
07-16 10:57
ABG
Broker F
Person 5
–
–
–
Will Cross
07-16 09:48
▼ SELL (15)
Ticker
Broker
Contact
Size
ADV
Price
Type
Date
ABG
Broker A
Person 1
250 000
10%
–
Otd otd
07-22 09:03
ABG
Broker A
Person 7
250 000
10%
–
Otd otd
07-22 08:36
SBK
Broker D
Person 3
100 000
6%
–
Will Cross
07-21 16:31
INL
Broker H
Person 8
400 000
58%
–
Otd OTD
07-21 09:14
SBK
Broker E
Person 4
150 000
10%
–
Will Cross
07-20 15:31
SBK
Broker F
Person 5
–
–
–
Will Cross
07-20 11:45
ABG
Broker D
Person 3
206 000
10%
–
Will Cross
07-20 10:41
INL
Broker A
Person 1
–
–
–
Will Cross Looking for bids
07-20 10:19
SBK
Broker F
Person 5
–
–
–
Will Cross
07-20 09:17
SBK
Broker E
Person 4
140 000
11%
–
Will Cross
07-17 12:20
ABG
Broker I
Person 9
–
–
–
Will Cross
07-17 11:40
ABG
Broker I
Person 9
150 000
10%
80
Limit
07-17 10:04
INL
Broker A
Person 1
500 000
95%
13 540
Limit
07-16 15:17
CPR
Broker A
Person 1
5 000 000
138%
40
Limit
07-16 10:18
ABG
Broker B
Person 2
150 000
10%
–
Will Cross
07-16 09:23
▶Function
▶Type
▶Region
▼Sector (Retail)×
Banks
Consumer
Energy
Financial Services
Healthcare
Industrials
Insurance
Market Index
Media
Mining
Property
Retail
Technology
Telecoms
▶Broker
Mr Price Q1 sales miss — retail sales +3.2% vs JPM +4.5% forecast, call -2%
Broker J · Results Commentary · Equity · South Africa · Retail · 2026-07-23 08:20
Mr Price’s Q1 sales update shows retail sales (ex-NKD) up 3.2%, below JPM’s 4.5% forecast, with like-for-like sales flat versus an expected +2.8%. Gross margins improved 40bps and stock is clean, though management flagged a challenging macro outlook and mixed QoQ recovery signals.
{QS} MRP SJ…CALL -2% – Q1 Sales Update sees retail sales (ex NKD) +3.2% versus our +4.5% forecast.
Like-for-like sales flat (vs JPM +2.8%), with price inflation of +1.5% offset by a -1.5% decline in volumes.
Including NKD, reported sales growth was 45.3%, broadly in line with our +45.8% expectation.
On profitability and execution, SA gross profit margin improved by 40bps and the group exited winter with clean stock, which is a constructive read-through for markdown risk and margin protection.
Mgmt reiterated outlook remains challenging given the macro backdrop, and QoQ recovery signal remains mixed across categories.
MRP
View full broker message →
{QS} MRP SJ…CALL -2% – Q1 Sales Update sees retail sales (ex NKD) +3.2% versus our +4.5% forecast.
Like-for-like sales flat (vs Broker A +2.8%), with price inflation of +1.5% offset by a -1.5% decline in volumes.
Including NKD, reported sales growth was 45.3%, broadly in line with our +45.8% expectation.
On profitability and execution, SA gross profit margin improved by 40bps and the group exited winter with clean stock, which is a constructive read-through for markdown risk and margin protection.
Mgmt reiterated outlook remains challenging given the macro backdrop, and QoQ recovery signal remains mixed across categories.
▶Trading Snapshot
▶Company News
▶SENS
▶Market Roundups ✓
▼ Report
All Individual
Combined
Daily Market Roundup – All
South Africa
Americas
Asia
Europe
Commodity
Economic
Currency
Midday Snapshot
Morning Brief
Daily Market Roundup – My Portfolios
▶ Date Range
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▶Morning Meetings
▶Executions
▶Broker Commissions
▶Date Range
| ||
| Themes | ||
| Portfolios Portfolio tickers in focus — 22 tickers tracked | ||
| Generated: 2026-07-22 13:15 SAST Perpetua Insights — Midday Snapshot | Manage sBroker Ecriptions |
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