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Recent Topicals

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Kenya Listed Banks Q3’2024 Report

Dec 15, 2024

Following the release of the Q3’2024 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click the links below: Equity Group Q3’2024 Earnings Note KCB Group Q3’2024 Earnings Note Standard Chartered Bank Kenya Q3’2024 Earnings Note ABSA Bank Kenya Q3’2024 Earnings Note

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Retirement Benefits Schemes Q3’2024 Performance Report

Dec 8, 2024

According to the ACTSERV Q3’2024 Pension Schemes Investments Performance Survey, the ten-year average return for segregated schemes over the period 2015 to 2024 was 7.7% with the performance fluctuating over the years reflective of the markets performance. Notably, segregated retirement benefits scheme returns increased to 0.4% return in Q3’2024, up from the 2.9% loss recorded in Q3’2023. The y/y growth in overall returns was largely driven by the 3.0% points increase in returns from Offshore investments to 4.7% from 1.7% in Q3’2023 as well as the 2.1% gain from equities attributable to the positive returns realized from the banking sector stocks. This was however a 6.2% points decline from the overall return of 6.6% recorded in Q2’2024. This week, we shall focus on understanding Retirement Benefits Schemes and look into the quarterly performance and current state of retirement benefits schemes in Kenya...

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Nairobi Metropolitan Area (NMA) Serviced Apartments Report 2024

Nov 24, 2024

In 2023, we published the Nairobi Metropolitan Area Serviced Apartments Report 2023, which highlighted that the average rental yield for serviced apartments within the NMA increased by 0.6% points to 6.8% in 2023 from 6.2% in 2022. The improvement in performance was primarily on the back of improved occupancy rates and monthly charges by 0.5% points and 10.9%, to 66.3% and Kshs 3,045 per SQM, respectively, in 2023. This week, we update our report using 2024 market research data and by focusing on;  Overview of the Kenyan Hospitality Sector,  

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Nairobi Metropolitan Area (NMA) Industrial Report 2024

Nov 17, 2024

In analyzing the Industrial Nairobi Metropolitan Area (NMA) we discuss the following; Overview of the Real Estate sector in Kenya, Overview of the Industrial sector in Kenya, Key trends, Opportunities and Challenges facing Industrial Real Estate Sector in NMA, Summary Performance of the NMA Industrial Sector in 2024, Conclusion and Outlook for the NMA Industrial Real Estate sector. Section I: Overview of the Real Estate Sector in Kenya The Real Estate sector in Kenya has grown over the years to become one of the largest contributors to the country’s Gross Domestic Product (GDP), supported by factors such as; i) positive demographics including higher urbanization and population growth rates of 3.7% p.a and 

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Nairobi Metropolitan Area (NMA) Mixed Use Developments Report 2024

Nov 10, 2024

In December 2023, we released the Nairobi Metropolitan Area Mixed-Use Developments (MUDs) Report 2023 which highlighted that Mixed-Use Developments recorded an average rental yield of 8.4%, 1.3% points higher than the respective single-use themes which recorded an average rental yield of 7.1% in a similar period in 2023. The relatively better performance was mainly attributed to; i) heightened demand for prime locations attracting clients willing to pay premium rents, ii) strategic and prime locations of the developments with the capability to attract prospective clients, and, iii)) the area’s proximity to amenities such as shopping malls enhancing the desirability. This week we update our report with 2024 market research data in order to determine the progress and performance of MUDs against the market performance of single-u...

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