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Recent Topicals

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Kenya Listed Banks FY’2017 Report

Apr 15, 2018

Following the release of the FY’2017 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the Kenyan Banking Sector to point out any material changes from our Q3’2017 Banking Report. In our FY’2017 Banking Report, we analyze the results of the listed banks in order to determine which banks are the most attractive and stable for investment from a franchise value and from a future growth opportunity perspective. The report is themed “Diversification and efficiency key to growth amidst tighter regulation” as we assess what factors will be crucial for the sustainability of the banking sector, with banks adjusting their business models in an effort to manage increased regulation and the tougher business envir...

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The Kenya Mortgage Refinancing Company

Apr 8, 2018

In a bid to support the Affordable Housing Initiative, Treasury Cabinet Secretary Hon. Henry Rotich announced plans of setting up a Mortgage Liquidity Facility (MLF) i.e. The Kenyan Mortgage Refinancing Company (KMRC), which is aimed at enhancing mortgage affordability and enabling long-term loans at attractive market rates in the country. KMRC is an initiative of National Treasury and the World Bank, and will be owned by the state, commercial banks and financial co-operatives as a Limited Liability Company and is expected to be licensed by CBK in February next year, with initial debt financing of USD 160 mn from the World Bank for lending on to financial institutions. It will be a newly created, non-bank financial institution, that is restricted to providing long-term funding and capital market access to mortgage lenders and issuing bonds to investors and will be under the CBK’s supervision, while its bond issuance operations will be overseen by the Capital Markets Authority...

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Restructuring an Insolvent Business – Case Study of Nakumatt Holdings

Mar 25, 2018

This week’s focus note is on restructuring, given the ongoing restructuring of Nakumatt Holdings. Business restructuring refers to a process of re-organizing a company’s ownership, operational and capital structure in order to make a company more profitable or come out of insolvency. The need for corporate restructuring arises because of the change in a company’s ownership structure due to a merger or takeover, adverse economic conditions, or adverse changes in the business such as bankruptcy or buyouts. Corporate restructuring may include changes in the asset structure, liability structure or both of them, thus simultaneously reducing tensions between debt and equity holders to facilitate a prompt resolution in case the company is in a distressed situation. A business is insolvent when its liabilities exceed its assets. However, in practice, insolvency comes about when a business cannot raise enough funds to meet its obligations, or pay debts as an...

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Dar es Salaam Real Estate Investment Opportunity

Mar 18, 2018

In a bid to offer a diversified investment portfolio to our clients, Cytonn has been conducting comprehensive studies in various markets across Africa in our key focus areas of real estate, banking, education, and hospitality. We have so far released the following reports: Kampala Real Estate Investment Opportunity in September 2017, Accra Real Estate Investment Opportunity in November 2017, Sub-Saharan Africa Financial Services Report in November 2017, Kigali Rwanda Real Estate Report in February 2018. This week, we turn our focus to Tanzania with a focus o...

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Nairobi Commercial Office Report 2018

Mar 11, 2018

In 2017, we released our Nairobi Commercial Office Report - 2017, which covered the performance of the office sector in Nairobi in 2016. According to the report, the commercial office sector was transitioning to a buyers’ market due to an oversupply of space that stood at 2.9 mn SQFT in 2016, expected to reach 3.2 mn SQFT in 2017. Rental yields had stagnated at 2015 levels of 9.3%, and occupancy rates reduced by 1.0% points to come in at 88.0% in 2016 from 89.0% in 2015. However, we noted that the commercial office theme had pockets of value in differentiated concepts such as Mixed-Use Developments (MUDs), serviced offices and also in Kenyan Counties due to devolution. This week, we update that report with our Nairobi Commercial Office Report - 2018. The report highlights the performance of the office sector in 2017, based on rental yields, prices, occupancy rates, demand and s...

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