Stock Picks & Bold Predictions: A Speculative Look at 2026

1. Purple Group

Yes, I’m biased, I work here. But the results, the economics, and the strategy all point in the same direction: this business is scaling beautifully.

• In the latest results, revenue up 21.5%, profit up 156%, HEPS up 143%, operating leverage coming through.
• EasyGroup client assets increased by 38.6% for period ending 31 September, and in the latest NAVigator campaign, it was disclosed that current NAV is already R87.7 billion.
• CEO has said publicly that ~70% of top-line revenue now flows to the bottom line, showing economies of scale taking effect.
• Product expansion opportunities: EasyProtect, EasyProperties, EasyETFs, with more new products planned for 2026 like EasyAdvisor, enabling financial advisors on EasyEquities.
• What I love most, is that EasyEquities adds new users every day, keeping them and growing average revenue per user (ARPU) over the years as the clients also become wealthier and grow their net worth and product uptake on platform.
• Distribution advantage compounds over time. More users, more products per user, higher margins.
• Geographic expansion still wide open, with opportunity in the Philippines and Kenya.

A high growth fintech with expanding margins, a strong product roadmap, and a distribution engine that compounds over time. As a side note, my favourite chart in the latest results was this one below. Extend this to 2035, imagine what’s possible as the team continues executing.

Disclaimer: Past performance is not an indication of future performance. 

Risk:

2. Weaver Fintech

A misunderstood business, in my view. The market prices it like a retailer (Homechoice), but its real value sits in its fintech engines.

• In their latest H1 results, revenue grew by 30%, profit grew by 48%. Their fintech revenue has a CAGR of 34.1% since H1 2021, and by the rate of which PayJustNow and Finchoice is growing, I would not be surprised if the trend continues.
• 98% of Group profits come from PayJustNow and FinChoice, not the retail operations. Credit performance metrics remain stable, which supports FinChoice’s lending scalability.
• Valuation is extremely low: around an 11 PE with a ±5% dividend yield
• PayJustNow is a distribution machine, consistently top 5 on iOS and top 10 on Android finance apps, adding 100k+ users per month.
• Distribution is ARPU growth: PayJustNow feeds directly into FinChoice higher margin products like personal loans and insurance.
• I really like the PayJustNow model:
  • Merchants refer users (free advertising)
  • Merchants win from higher conversions
  • Consumers win with flexible, budget-friendly payments
  • Business wins through transaction revenue + cross-sell potential
• Expecting Marketing-as-a-Service revenue to grow significantly as PayJustNow’s reach expands
• PayJustNow is a distribution machine, consistently top 5 on iOS and top 10 on Android finance apps, adding 100k+ users per month. On Black Friday alone GMV grew 80% year-over-year, which shows that there's still a lot of potential growth.

A high-growth fintech ecosystem priced like a low-growth retailer. If the market wakes up to the business model, the re-rating could be significant.

Disclaimer: Past performance is not an indication of future performance. 

Risk: Regulation in the Buy now pay later space. Short term, it could create some uncertainty, long term, it could actually benefit the industry. I'm happy holding through it, if regulation were to come.

3. Nebius Group

My AI infrastructure pick. The “picks and shovels” behind the global AI wave.

• They own the full stack, think data centers, GPUs, cloud orchestration, and software, giving them better quality control and margin potential.
• Demand far greater than supply. Current capacity is sold out. Management guided for $7-$9 Billion ARR at year end 2026. Their current market cap is $24 Billion.
• Had an incredible year of execution, opened new datacenters, raised Billions in funding, grew revenues in triple digit percentages, Signed a multi-year ~$20bn commercial partnership with Microsoft, as well as a contract with Meta.
• Not overloaded with debt despite being in a high-CAPEX industry
• Management is laser-focused on profitable scaling, not reckless landgrabs. Management also has a great track record.
• ARR expected to accelerate as enterprise AI workloads and long-term cloud contracts ramp up.
• They also have unlisted assets like Toloka, Avride, and Clickhouse. I would not be surprised if we see a Clickhouse IPO in 2026 which could unlock some value.
• Key risks include continued GPU shortages and hyperscale execution complexity.

If AI continues compounding, Nebius is positioned as a foundational infrastructure winner and can become a hyperscaler in years to come if they continue executing like they have been.


Disclaimer: Past performance is not an indication of future performance. 

Risk: If the so called " AI Bubble" were to pop, Nebius would be impacted. Happy holding through it as well.

4. EasyETF Balanced AMETF

My core diversification holding. It balances the volatility of my concentrated stock positions. I personally own this AMETF in my RA & TFSA.

• Exposure to SA equities, global equities, bonds, gold, platinum, property, all in one AMETF.
• Includes high-quality SA companies like Capitec, Lewis, Naspers, and Pan African Resources
• 40%+ Offshore exposure gives access to global growth themes as well.
• This AMETF has delivered an average return of 14.85% since inception in 2018.

A clean, disciplined multi-asset AMETF that stabilises the long-term portfolio while still capturing upside.

5. EasyETF Global Equity AMETF

My preferred way to get broad global growth exposure.

• Delivered ~26% average return annually since inception in 2016.
• Exposure to global innovation: AI, robotics, energy, infrastructure, aerospace, defense
• Fund manager has significantly deeper industry research and insight than I ever will
• Pairs well with my concentrated SA and fintech holdings

A high-quality, straightforward global growth AMETF that does a lot of the heavy lifting for me.

6. Pan African Resources

My chosen gold exposure. I’m bullish on gold into 2026, despite expected volatility.

• Efficient operator with strong cost control relative to spot gold prices
• Leverages gold upside well, with solid production metrics
• Indirectly held already through my EasyETF Balanced Fund
• I would not be surprised if we see a 20% correction in gold sometime in 2026 after the massive run, however, that could set the stage for new all-time highs

A high-quality gold operator for portfolios needing commodity or inflation-hedge exposure.

7. 4Sight

A consistently profitable small cap that the market keeps overlooking.

• Strong cash flows and stable profitability
• Attractive valuation relative to software and AI integration peers. Pe of of about 8.5, yet in their latest half year results, they grew revenue by 6.8% and earnings by 30.3%
• Operating in industries with long structural growth runways: automation, cloud, AI-driven enterprise solutions
• Potential takeout target given quality and undervaluation
• To add it all off, a director bought shares worth R1.4 million recently, which is always a sign of confidence.

An overlooked SA tech asset with fundamentals and acquisition optionality.

8. iOCO Ltd

A turnaround story that is being executed well.

• Incredible FY2025 results were posted, showing clear signs of recovery & brilliant execution of their 3-phase turnaround strategy.
• Returned to revenue growth in H2, with profit for the year growing by 400%! They also paid a big chunk of their debt, allowing them room to pursue strategic growth.
• International expansion also on the cards, as they now operate in 10 countries with a client base of over 4,000.
• Conducting buybacks, optimizing their balance sheet and considering acquisitions, I wouldn’t be surprised if we see 1 or 2 acquisitions by them in 2026.
• Sentiment improving with consistent delivery, and another set of good results can further improve market confidence.
• For FY2026, management guided for 60% recurring revenue, EBITDA of around R590 Million (+14.3%), above 60cps Free cash flow per share.

Clear evidence of a successful turnaround, with potential for strong re-rating and further growth in 2026.

Disclaimer: Past performance is not an indication of future performance. 

9. Naspers

A South African giant offering global tech exposure at a discount. Holdings include the likes of Tencent, Property24, Takealot, Mr D, Luno, Delivery Hero and many more.

• Still trades at a meaningful discount to NAV, as holding companies tend to do.
• Tencent remains the anchor asset, but there are multiple strong digital businesses outside Tencent that have the potential to unlock some value.
• New CEO is entrepreneurial and focused on operational efficiency
• Recent pullback has made it more attractively priced
• Provides broad global tech exposure without having to pick individual stocks
• If emerging markets perform well, Naspers is positioned to benefit.

A quality tech conglomerate with potential for value unlocking and upward re-rating.

10. Optasia

A mobile-first fintech and credit infrastructure provider in emerging markets.

• With the IPO now behind them, the focus shifts to execution.
• Major tailwinds: financial inclusion, mobile credit, alternative scoring, embedded finance.
• Operates in markets where traditional banking is limited.
• They serve million of customers per day, in various countries.
• Attractive runway for scale through partnerships and mobile operators, with global diversification.
• Key focus for 2026 will be proving unit economics and credit quality at scale.
• Still researching deeper, but the sector dynamics look strong. Their next set of results should also reveal a lot.

An emerging market fintech theme with structural growth potential.

11. Pepkor

My preferred retail pick thanks to its defensive footprint and embedded fintech potential.

• Massive national footprint across SA with deep customer penetration.
• Defensive business model, resilient even in tough consumer environments.
• Fintech optionality: Credit, payments, embedded financial products. I’m a big fan of their fintech operations. I saw a stat, suggesting that as many as 8 out of 10 phones sold in SA may be sold through Pepkor’s retail footprint.
• In their latest results, Fintech revenue grew by 31.1%, at a 56.4% gross margin. Fintech revenue is now almost 17.5% of total group revenue. The potential launch of a bank will also be interesting.
• Pepkor will open 250 to 300 new stores in FY26.

A defensive retailer with a fintech kicker that the market doesn’t fully price in.

12. Scottish Mortgage Investment Trust (SMT)

One of the most unique ways to access elite global public and private companies, with a great track record.

• Holds SpaceX, Stripe, Nvidia, Meta, TSMC, Ferrari, MercadoLibre, Revolut, Wise, and more
• Provides access to private companies that retail investors cannot normally invest in.
• Trading at a NAV discount, supported by buybacks. Also, if we see some IPOs in 2026, value can be unlocked.
• SpaceX IPO rumours anywhere between $700B and $1.5T — SMT has ~7.6% exposure, making it a massive potential NAV uplift if it happens.

A globally diversified innovation vehicle with asymmetric upside, especially if major private holdings list.

You can find this on your Easyequities GBP wallet.

Macro Predictions for 2026

• At least two more interest rate cuts are expected locally.
• I expect 2–3 major technology IPOs, potentially including OpenAI, SpaceX, or Anthropic.
• The AI “bubble” doesn’t burst, but becomes more selective.
• The rand strengthens to below R16.50.
• Infrastructure, fintech, and margin-expansion stories outperform as AI adoption accelerates.
• Significant announcements in hardware robotics are likely, though large-scale commercialisation will probably only materialise in 2027 or 2028.

My 2025 Stock Picks Results

I wrote a similar piece at the start of 2025, you can check it out here. Just to close the loop, here’s how those picks performed (excluding dividends):

• Purple Group: +104%

• Sasol: +24%

• Alibaba: +62.70%

• Brait: +7.40%

• Caxton: +9.85%

• EC10: -22.29%

• MercadoLibre: +6.65%

• Nubank: +25.20%

• 4Sight: +4.29%

• Novo Nordisk: -39.88%

Average return: +18.19%

Overall, it was a great year in the market. Novo Nordisk was my bad apple, with Purple Group being my strongest horse in the race.

Disclaimer:
The only stocks I currently own from this list are the first five: Purple, Weaver, Nebius, EasyETF Balanced Fund, and EasyETF Global Equity.

The prices listed reflect where I'm picking them today (12 December 2025) for future reference:

• Purple: R2.03

• Weaver: R62.94

• Nebius: $93.68

• EasyETF BF: R13.06

• EasyETF GE: R14.34

• Pan African: R25.37

• 4Sight: R0.73

• Ioco: R4.04

• Naspers: R111,980

• Optasia: R19

• Pepkor: R26.07

• Scottish Mortgage: £11.50

Performance data from my 2025 picks reflects returns from 30 January 2025 to 12 December 2025 and excludes dividends.

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