Balwin (JSE:BWN) | Initiation of Coverage | 11 May 2026

We initiate coverage with a BUY rating, a 12-month price target of 510c (+43% capital upside on the 357c reference price), and Medium conviction. Including a 5.4% forward dividend yield (assumed 20% payout taper resumption from FY2027), expected 12-month total return is 48.1.