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Recent Topicals

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Kenya’s Balance of Payments

Sep 17, 2023

Section I: Introduction One of the key priorities for the government lies in ensuring a harmonious balance between various aspects of its economic policy, particularly in the context of the Balance of Payments (BOP). This includes fostering a stable trade environment, effectively managing capital flows, and addressing inflation, all while maintaining a well-balanced exchange rate system. These efforts are geared towards fostering economic growth, creating employment opportunities, and implementing strategic commercial policies, all of which play pivotal roles in Kenya's pursuit of a robust and sustainable economic trajectory. As such, we saw it fit to focus on Kenya’s balance of payments to analyze the current state and what can be done to improve it. We have previously tackled the subject of balance of payments in our topical titled Kenya’s Balance of Payments - rel...

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Investment Risk Analysis

Aug 27, 2023

Due to the state of the market and the unique characteristics of individual firms, all investments carry a certain amount of risk. Investment risk tends to rise during periods of high uncertainty and fall during periods of low uncertainty. The current state of the Kenyan economy is characterized by heightened inflationary pressures, sustained currency depreciation, and growing anxiety over the public debt of the government. In order to ensure that investment returns are closely matched to risk expectations, this week we turn our attention to investment risk, where we analyse the various ways investment risk can be managed. We shall cover the topic as follows: Introduction Types of Inves...

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Kenya’s Real Estate Investments Trusts (REITs) H1’2023 Report

Aug 20, 2023

Following the release of the H1’2023 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT H1'2023 Earnings Note LAPTrust Imara I-REIT H1’2023 Earnings Note Acorn I-REIT H1’2023 Earnings Note Acorn D-REIT H1’2023 Earnings Note

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Restructuring and Insolvency in Kenya

Aug 13, 2023

Insolvency refers to a financial situation where an individual, business or entity, such as a fund, is unable to meet their financial obligations or settle their debts as they become due. In most cases, the state of insolvency occurs due to an increase in business expenses, poor cash management, law suits, poor budgeting, fraud, business expansion, or a reduction in sales.  In Kenya, insolvency proceedings are primarily governed by the Insolvency Act of 2015. The act provides for how insolvent companies can be assisted to service creditors obligati...

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Unit Trust Funds (UTFs) Performance, Q1’2023

Aug 6, 2023

Unit Trust Funds (UTFs) are Collective Investment Schemes that pool funds from multiple investors and are managed by professional fund managers. The fund managers invest the pooled funds in a diversified portfolio of securities such as equities, bonds or any authorized financial securities, with the aim of generating returns to meet the specific objectives of the fund. Following the release of the Capital Markets Authority (CMA) Quarterly Statistical Bulletin-Q2’2023, we analyze the performance of Unit Trust Funds for the period ending 31st March 2023, whose total Assets Under Management (AUM) have been steadily increasing, and are among the most popular investment options in the Kenyan market. We will further analyze the performance of Money Market Funds, a product under Unit Trust Funds. In our previous focus on Unit Trust Funds, we...

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