IH Group

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IH Group We help individuals and businesses navigate markets and grow their wealth with confidence. IH securities has assembled a well-regarded Equity Research team.

IH Group is a financial services firm built around two specialist arms: IH Securities, providing brokerage services, and IH Advisory, offering financial advisory. The Inter-Horizon Group (IH Group) is a company incorporated in Zimbabwe. IH Group is a proudly Zimbabwean home grown financial services boutique firm that offers brokerage (IH Securities) and advisory services (IH Advisory) to local and international clients. IH Group′s service offering is focussed on one principal market, Zimbabwe. IH Group was founded by Dzika Danha and Salim Eceolaza, with a vision to offer world class financial services to local and international investors wanting to invest in Zimbabwe. IH Group is an independent company that is majority owned by its employees. Inter-Horizon Securities (Private) Limited (IH Securities) is a securities trading company facilitating trade on the Zimbabwe Stock Exchange. The scope and quality of our Equity Research gives us a deep understanding of our clients′ businesses and the markets in which they operate, enabling us to provide the best possible advice. Our Research team provides clients with timely, accurate and unbiased views. Inter-Horizon Advisory (Private) Limited (IH Advisory) is an independent advisory boutique operating from offices in Harare and Johannesburg. We provide corporate finance and advisory services to companies in Sub-Saharan Africa and assist with raising capital to expand organically or via M&A. IH Advisory provides companies with the access to capital, and the corporate advisory and transaction execution capabilities to enable them to drive value and deliver returns to their shareholders. We appreciate the need for uncompromising honesty, integrity, diligence and professionalism in conducting our business. As such, we have cultivated a culture that values ethics, and we hire individuals that demonstrate a high regard for ethical behaviour. The company also attaches great importance to compliance and risk. We strive to ensure independence of thought at the IH Group. This means our research and trade ideas seek to provide the client with more information and ideas than are otherwise available in the market.

We’re doing a little maintenance to make your experience even better! 🌐Our website will be back soon, in the meantime, r...
03/09/2026

We’re doing a little maintenance to make your experience even better! 🌐Our website will be back soon, in the meantime, reach us at [email protected].

🌾 IH Agriculture Sector Report 2026 is out! 🌾Covering how the Strait of Hormuz closure has driven up fertiliser costs, t...
07/08/2026

🌾 IH Agriculture Sector Report 2026 is out! 🌾

Covering how the Strait of Hormuz closure has driven up fertiliser costs, the confirmed El Niño risk for the 2026/27 season, and a full breakdown of Zimbabwe's maize, wheat, to***co, sugar and horticulture sectors.

Want the full report? Email [email protected]

Want all our reports straight to your inbox? Drop us an email to join our mailing list!

📢 The 2026 IH Securities Consumer Report is here - and it's worth a read.Grey Skies, Green Shoots: Zimbabwe's Consumer S...
11/06/2026

📢 The 2026 IH Securities Consumer Report is here - and it's worth a read.

Grey Skies, Green Shoots: Zimbabwe's Consumer Sector Outpaces a Troubled Globe.

While global markets are rattled by the Middle East conflict, rising oil prices and falling consumer confidence, Zimbabwe's consumer sector is quietly doing something interesting - growing.

Here are a few things that caught our attention:

🔹 ZiG inflation is now at 4.4% - single digits for the first time since 1997
🔹 Delta Corporation crossed US$1 billion in revenue for the first time ever
🔹 Innscor's bread volumes are up 28% - demand is real
🔹 Gold hit a record US$5,595/oz - a direct tailwind for Zimbabwe's economy
🔹 Our basket of 16 household staples is 12% cheaper in tuckshops than in supermarkets - the informal economy is driving the consumer story, not the formal one.

📧 email us on [email protected] to get your copy.

17/04/2026

Econet AI Launch

Econet Wireless has officially launched its artificial intelligence unit, Econet AI, in Harare. The event brought together over 200 stakeholders from finance, agriculture, mining, and telecommunications.

• The launch was described as a national milestone, aligned with Zimbabwe’s broader development agenda
• AI is expected to boost productivity across healthcare, agriculture, finance, and support SMEs
• Artificial intelligence was highlighted as a transformative force reshaping economies and industries
• Econet AI will roll out Cassava AiCloud, giving enterprises access to high‑performance computing powered by NVIDIA GPUs, hosted at the Cassava AI Factory in South Africa — the only facility of its kind on the continent

💡 A bold step that positions Zimbabwe as a regional leader in AI‑driven innovation.

16/04/2026

Unifreight Africa Limited

Unifreight Africa (UNIF:ZH) – Strategic Acquisition

Unifreight Africa Limited has acquired an 86.67% stake in Cheetah Express Logistics for US$2.08mn, representing roughly 15.7% of Unifreight’s ZSE market capitalisation.

• Deal concluded on 27 February 2026
• Immediate entry into the express courier segment
• Complements Swift brand logistics operations, celebrating 80 years in Zimbabwe
• Cheetah brings FedEx pick‑up, delivery, customs clearance, and visa handling services
• Strategic rationale: diversify revenue streams, add a non‑asset‑heavy income line, improve operational efficiencies, and enhance global connectivity
• Classified as a Category 3 transaction under ZSE Listings Rules

💡 This acquisition positions Unifreight to broaden its service offering and tap into new growth opportunities in the courier and logistics space.

15/04/2026

Mashonaland Holdings Limited

Mashonaland Holdings (MASH:ZH) – Dividend Announcement

Mashonaland Holdings Limited has declared a final dividend of US$266,000 for the year ended 31 December 2025.

• Brings total dividends for the year to US$526,000, including the interim dividend of US$260,000 paid earlier
• Final dividend is equivalent to USc0.01576218 per share
• Payment will be made on or about 30 May 2026 to shareholders registered at the close of business on 8 May 2026

14/04/2026

Zimbabwe Macroeconomic Update

Zimbabwe – Early Signs of Stabilisation

The World Bank’s Spring 2026 Africa Economic Update (“Making Industrial Policy Work in Africa”) highlights encouraging progress for Zimbabwe:

• Posted a general government surplus of 0.4% of GDP in 2025, outperforming the regional median deficit of 3.3%
• Inflation slowed sharply to 3.8% year‑on‑year by February 2026, down from previous triple‑digit levels, signalling improved monetary stability
• Identified as one of the most active users of industrial policy tools in Sub‑Saharan Africa, alongside South Africa, Nigeria, Ghana, and Kenya
• With significant lithium reserves, Zimbabwe is thought to be well‑positioned for a resource‑based industrialisation pathway focused on downstream processing and value addition

A fiscal surplus, lower inflation, and industrial policy ambition point to a stronger foundation for structural transformation.

13/04/2026

ZSE Holdings – Full Year Results (FY25)

ZSE Holdings has released its financial results for the year ended 31 December 2025:

• Revenue: US$6.38mn (↓15.47% from FY24)
• EBITDA: US$0.33mn (↓85.92%)
• PAT: US$0.12mn (↑477.43%)
• EPS: US$0.001 (↑461.22%)
• P/E: 43.3x
• Dividend: Nil

Despite lower revenue and EBITDA, profitability improved significantly, with PAT and EPS showing strong growth. The group did not declare a dividend for the period.
A mixed set of results reflecting resilience in earnings despite a challenging operating environment.

13/04/2026

Delta Corporation – Launch of Leopard Extra

Delta Corporation has officially launched Leopard Extra, a new opaque b**r brand, marking a significant step in expanding its product portfolio in response to shifting consumer preferences and intensifying market competition.

• Introduced at a launch event on Friday
• Positioned to strengthen Delta’s presence in the traditional b**r segment, which has shown strong growth in recent years
• Said to already be demonstrating strong market acceptance after its initial limited‑edition rollout

A bold addition to Delta’s traditional b**r portfolio, reinforcing its strategy in an increasingly competitive segment.

10/04/2026

Tigere Real Estate Investment Trust (TIG:ZH) – Q1 2026 Update

Tigere REIT delivered a strong performance for the quarter ended 31 March 2026, with tenant turnovers and foot traffic remaining robust despite a challenging operating environment marked by higher fuel costs.

• Net Property Income more than doubled to US$1.18mn (from US$535,632 in Q1 2025)
• Dividend per unit increased to USc0.0544 (from USc0.0474)
• Property market held firm, supported by inflation‑hedging qualities
• Opportunities persist in warehousing, retail, and hospitality
• Ongoing infrastructure works along key arterials expected to support momentum throughout 2026
• The Fund is eyeing the acquisition of four yield‑accretive commercial properties and redevelopment initiatives at Highland Park to further grow distributable income per unit

A resilient quarter that positions Tigere REIT for continued growth in 2026.

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Block 3 Tunsgate Business Park, 30 Tunsgate Road, Mount Pleasant
Harare
263

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