The South African rand has strengthened in recent days in light of ongoing indications that scandal-hit President Jacob Zuma could be about to step down.
While this would suggest that investors should consider one of Africa's largest economies sooner rather than later, financial experts CNBC spoke to were more cautious.
"February will be volatile for South African assets," BofA Merrill Lynch Global Research wrote in a note Wednesday. "The potential for Zuma leaving office provides upside risks, while the February 21 budget and the looming Moody's local debt downgrade may trigger a sell-off. We think too much optimism has been priced into South African assets."
Echoing this caution, the rand's rally "is likely to be modest" should Zuma resign, Ben Payton, head of Africa research at risk consultancy Verisk Maplecroft, told CNBC via email. "Investors have already priced in Zuma's removal to a large extent, while any rise in U.S. interest rates would contain the rand's rise against the dollar."