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Recent Topicals

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Diamond Trust Bank Kenya – FY’2019

Mar 22, 2020

Valuation Summary We are of the view that Diamond Trust Bank Kenya is a “buy” with a target price of Kshs 189.0, representing an upside of 110.0%, from the current price of Kshs 90.0 as of 20th March 2020, inclusive of a dividend yield of 2.9%, Diamond Trust Bank Kenya is currently trading at a P/TBV of 0.4x and a P/E of 3.5x vs an industry average of 1.1 x and 5.9x, respectively. Key Highlights FY’2019 DTBK partnered with the Simba Corporation to enable Small and Medium Enterprises category to acquire new Fuso trucks. The vehicles will be made available with 100 percent financing under the bank’s motor vehicle financing scheme dubbed ‘Beba Leo’. The partnership was aimed at cementing the bank’s commitment to growing the SME sector’ Income Statement Diamond Trust...

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Equity Group Holdings- FY’2019

Mar 22, 2020

Valuation Summary We are of the view that Equity Group is a “BUY” with a target price of Kshs 56.7, representing an upside of 52.0%, from the current price of Kshs 38.95 as of 20th March 2020, inclusive of a dividend yield of 6.4%, Equity Group is currently trading at a P/TBV of 1.4x and a P/E of 6.5x vs an industry average of 1.2x and 6.3x, respectively. Key Highlights FY’2019 Equity Group Holdings’ board of directors entered into a non-binding agreement with shareholders of Democratic Republic Bank of Congo to acquire a majority stake for, a move, which will see it, increase its market share in Congo, having expanded into the region through its subsidiary, Equity Bank Congo. The proposed transaction together with the binding term sheet signed with Atlas Mara Limited to acquire certain banking assets in 4 countries in exchange for shares in Equity Group. These include...

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Potential Effects COVID-19 on Money Market Funds

Mar 22, 2020

Introduction The novel Coronavirus, better known as COVID-19 in the medical community, is a group of viruses that causes respiratory tract illnesses. COVID-19 was first reported on 31st December 2019 in the city of Wuhan, China and currently, the disease has spread to over 104 countries with major economies such as Italy, Japan, South Korea, France, Spain, Australia, and the US reporting thousands of cases of the virus within their borders, and deaths related to the virus. The first case of Coronavirus infection within Kenya’s borders was reported on the 13th of March 2019, and so far, Kenya has reported seven confirmed cases. The impact felt in the local financial market mirrors what has equally been witnessed in the global setting. The uncertainty brought about by the disease, more so with World Health Organization (WHO) declaring it a pandemic, has seen investors selling-off risky assets such as equities in favor of safe...

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Co-op Bank of Kenya- FY’2019

Mar 22, 2020

Valuation Summary We are of the view that Co-operative Bank is a “BUY” with a target price of Kshs 18.1, representing an upside of 49.8%, from the current price of Kshs 12.75 as of 20th March 2020, inclusive of a dividend yield of 7.8%, Co-operative Bank is currently trading at a P/TBV of 1.0x and a P/E of 5.2x vs an industry average of 1.2x and 6.3x, respectively, Key Highlights FY’2019  The Bank was the overall winner in the Client case study- Financing SME category; in Kenya Bankers Association Catalyst Awards 2019 and in the 2019 East African Financial Reporting (FiRe) Awards, the bank was named Overall Winner in the Environmental Sustainability Reporting category, Income Statement Core earnings per share increased by 12.4% to Kshs 2.4 in FY’2019, from Kshs 2.2 in FY’2018, which was not in line with our pro...

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KCB Group Earnings Note– FY’2019

Mar 15, 2020

Valuation Summary We are of the view that KCB Group is a “buy” with a target price of Kshs 64.2, representing an upside of 58.7%, from the current price of Kshs 42.7 as of 13th March 2020, inclusive of a dividend yield of 8.2%, KCB Group is currently trading at a P/TBV of 1.1x and a P/E of 5.5x vs an industry average of 1.2x and 6.3x, respectively. Key Highlight FY’2019 During the year, KCB Group completed the take-over of National Bank of Kenya Limited by way of a share swap at a ratio of 10:1, 10 ordinary shares of NBK for 1 ordinary share of KCB. This saw KCB Group Plc list an additional 142,979,717shares at the Nairobi Securities Exchange (NSE). Income Statement Core earnings per share increased by 4.9% to Kshs 7.8, from Kshs 7.5 in FY’2018, driven by a 17.4% gro...

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