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Recent Topicals

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Nairobi Metropolitan Area (NMA) Infrastructure Report 2023

Nov 12, 2023

In May 2022, we released the Nairobi Metropolitan Area (NMA) Infrastructure Report 2022, which highlighted that there were 940.5 Km ongoing construction and rehabilitation projects in the NMA worth Kshs 97.3 bn. This was a slight increase from the 939.6 Km projects worth Kshs 162.4 bn that was recorded in 2021. Both water and sewer connectivity increased by 1.0% points to 55.8% and 19.0% in 2020 from 54.8% and 18.0% in 2019, respectively in the NMA. Kenya’s electricity coverage also stood at 70.0%, which represents a 0.3%-points increase from the 69.7% realized in 2019. These instances among many others signifies government’s efforts to better the country through infrastructure developments. As a follow up to the aforementioned infrastructure report, we shall focus on highlighting the status of infrastructure i...

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Kenya’s Listed Insurance H1’2023 Report

Oct 29, 2023

Following the release of the H1’2023 results by Kenyan insurance firms, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed insurance companies and the key factors that drove the performance of the sector. In this report, we assess the main trends in the sector and areas that will be crucial for growth and stability going forward, seeking to give a view on which insurance firms are the most attractive and stable for investment. As a result, we shall address the following: Insurance Penetration in Kenya, Key Themes that Shaped the Insurance Sector in H1’2023 Industry Highlights and Challenges, Performance of The Listed Insurance Sector in H1’2023, and, Conclusion & Outlook of the Insurance Sector. Section I: Insurance Penetration in Kenya The rate of Insurance penetration in...

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Kenya’s Public Debt Review 2023: Is Kenya’s Public Debt Level Sustainable?

Oct 22, 2023

Kenya is one of the fastest growing economies in Sub-Saharan Africa, having registered a growth rate of 5.4% in the second quarter of 2023. However, the country also faces significant challenges in managing its public debt, which has increased rapidly in recent years. According to the latest data from the Central Bank of Kenya (CBK), the total public debt stood at Kshs 10.2 tn as of June 2023, compared to Kshs 8.6 tn recorded in June 2022. This has in turn increased the debt to GDP ratio to 70.2% as of June 2023, 20.1% points higher than the International Monetary Fund (IMF) threshold of 50.0% for developing countries, up from the 66.7% recorded in June 2022. The public debt comprises both external and domestic debt, where the ratio of the external debt to domestic debt remains high at 54.3% to 45.7% as of September 2023. The government has been working on trimming the domestic borrowing so as to ease the pressure on interest rates, with the short-day papers all crossing the 15.0% m...

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Review of the Real Estate Regulation Bill 2023

Oct 15, 2023

For several years, the Kenyan Real Estate industry has been marred by controversies of land and housing companies, as well as unscrupulous developers and Real Estate agents who have swindled buyers through failed promises, and undelivered projects. Despite the Real Estate sector being a major contributor to the country’s Gross Domestic Product (GDP), and surpassing perennial major contributors to GDP such as transport to become the second largest contributor to the economy, there is still the lack of proper regulation and oversight over developers activities and other stakeholders in the sector. This poses significant challenges that could claw back the gains. In our topicals namely, Real Estate Developers Regulatory Framework and Of...

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Q2’2023 Unit Trust Funds Performance

Oct 1, 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 CIS Report - Q2’2023, we analyze the performance of Unit Trust Funds for the period ending 30th June 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 looked at the

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