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Recent Topicals

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Kenya Listed Banks Q1’2019 Report

Jun 16, 2019

Following the release of Q1’2019 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 shaped the performance of the sector, and our expectations of the banking sector for the rest of the year. The report is themed "Consolidation and Diversification to Drive Growth”, as we assess the key factors that influenced the performance of the banking sector in the first quarter of 2019, the key trends, the challenges banks faced, and areas that will be crucial for growth and stability of banking sector going forward. As a result, we seek to answer the questions, (i) “what were the trends witnessed in the banking sector in Q1’2019?” (ii) “what influenced the banking sector’s performance?”, and, (iii) “what should be the focus areas for the banking sector players going forward?”. A...

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Focus of the Week: Nanyuki Real Estate Investment Opportunity, 2019

Jun 9, 2019

In line with our regional coverage strategy, we continue to carry out research on various markets in Kenya. So far we have done research in counties such as Mombasa, Nakuru, Kisumu, Laikipia, Meru, Nyeri and Uasin Gishu. The exercise is aimed at identifying the best real estate investment opportunities for our investors outside Nairobi and taking advantage of the benefits of the devolution in these counties. This week, we focus on Nanyuki town in Laikipia County, by highlighting our findings on the Nanyuki real estate market, having collected and analyzed our research data as at January 2019. In summary, in terms of investment returns...

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National Housing Development Fund (NHDF)

May 26, 2019

Kenya has a huge housing deficit of approximately 2.0 mn units, growing by 200,000 units p.a., according to National Housing Corporation. To tackle this, the National Government established the Affordable Housing Initiative, as one of its Big Four pillars to promote long-term economic development, focused on delivering 500,000 housing units for the lower and middle-income population segments by 2022, with a price range of Kshs 0.6 mn – Kshs 3.0 mn per house. (However in our analysis, prices for affordable housing would need to range at Kshs 3.6 mn and below at prevailing market conditions, as per the Cytonn Affordable Housing Note.) The housing initiative composed of the following components: Formation of the Kenya Mortgage Refinancing Company (KMRC) whose main function is enhancing mortgage affordability by enabling long-term loans at attractive ma...

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

May 25, 2019

The Monetary Policy Committee (MPC) is set to meet on Monday, 27th May 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 27th March 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 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 well anchored, within the target range, declining to 4.1% i...

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Investing in Unit Trust Funds

May 19, 2019

Everyone has financial goals that are unique to them and their financial needs.  Personal finance is about meeting personal financial goals, whether it’s having enough for short-term financial needs, owning a home, buying a car, funding education, planning for retirement etc. There are various avenues of investments. In this week’s focus note, we focus on investing in Unit Trusts, also referred to as Mutual Funds. To cover this topic, we shall address the following: What a unit trust is and what investments products it offers, The structure of unit trusts, Industry analysis on the growth of the assets under management, Conclusion: Under this we give our view based on the merits of investing in a unit trust and why one should consider unit trusts for investment. Section I: What is a unit trust and what investments products does it offer? A unit tr...

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