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Recent Topicals

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Focus of The Week: Cytonn’s Kenya Retail Real Estate Sector Report 2019

Oct 13, 2019

In October 2018, we released the Kenya Retail Sector Report - 2018, themed “Retail Sector Recovers in Key Cities Except Nairobi”, which focused on the performance of the retail real estate sector in Kenya in 2018. According to the report, the retail sector in Kenya recorded improved performance across all major cities in Kenya with the exception of Nairobi, which recorded a decline in rental yields by 0.2% points to 9.4% in 2018 from 9.6% in 2017. This week, we update those findings with our Kenya Retail Sector Report - 2019. The report is based on findings from research conducted in 8 nodes in the Nairobi Metropolitan Area, as well as key urban cities and regions in Kenya, including North Rift, Coastal Region, Western/Nyanza, and Mt. Kenya. The report highlights the performance of th...

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Kenya Listed Banks H1’2019 Report

Sep 29, 2019

Following the release of H1’2019 results by Kenyan banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that drove the performance of the sector. In this report, we assess the key factors that influenced the performance of the banking sector in the first half of 2019, the key trends in the sector, the challenges banks faced, and areas that will be crucial for growth and stability of the banking sector going forward. As a result, we shall address the following: Key Themes that Shaped the Banking Sector in H1’2019; Performance of the Banking Sector in H1’2019; and, Outlook and Focus Areas of the Banking Sector Players Going Forward. Section I: Key Themes that Shaped the Banking Sector in H1’2019: The first half of 2019 has been characterized by consol...

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Unit Trust Funds Performance in First Half 2019

Sep 22, 2019

Unit Trust Funds, “UTFs”, are collective investment schemes that pool money together from many investors and are managed by professional Fund Managers, who invest the pooled funds in a portfolio of securities to achieve objectives of the trust. Following the release of Unit Trust Fund Managers’ results for H1'2019, we examine the performance of Unit Trust Funds, as they are among the most popular investment options in the Kenyan market. Further, we narrow down to analyze the performance of Money Market Funds, a product under Unit Trust Funds, currently the most popular in terms of Assets Under Management, with 85.2% of the UTF market. In our previous focus on Unit Trust Funds, we looked at the FY’2018 Performanc...

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Cytonn Note on the Monetary Policy Committee (MPC) Meeting for September 2019

Sep 18, 2019

The Monetary Policy Committee (MPC) is set to meet on Monday, 23rd September 2019, to review the prevailing macro-economic conditions and make a decision on the direction of the Central Bank Rate (CBR). In their previous meeting held on 24th July 2019, the MPC maintained the CBR at 9.0%, citing that the economy was operating close to its potential and inflation expectations remained anchored within the target range, despite the possible spill-overs of the food and fuel price increases, thus the prevailing monetary policy stance remained appropriate. This was in line with our expectations as per our MPC Note, informed by the country’s macroeconomic fundamentals, which had remained stable as well as sustained optimism on the economic growth prospects, as evidenced by: Inflation expectations, which had remained within the target range of 2.5% - 7.5%, coming in at 5.7% in June...

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Focus of the Week: Home Ownership Savings Plan, “HOSP”, Schemes in Kenya

Sep 15, 2019

Housing is an important aspect of the economy. However, this has been a challenge in Kenya with a housing deficit of 2.0 mn units, with demand growing at 200,000 units per annum, but supply only providing 50,000 units per annum as per the National Housing Corporation (NHC). The Ministry of Housing indicates that 83.0% of the existing housing supply is for the high income and upper-middle-income segments, with only 15.0% for the lower-middle and 2.0% for the low-income population. The Kenyan Government, through their Big 4 Agenda, which covers affordable housing as one of the pillars have, therefore, been seeking to deliver 500,000 units by 2022, costing between Kshs 0.6 mn and Kshs 3.0 mn aimed at 74.5% of Kenyans earning below Kshs 50,000 per month. However, financing for end-buyers towards the purchase of affordable housing remains a challenge in Kenya, both on the absolute value of the unit, and the financing structures available for a first-time buyer to access capital towards t...

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