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Recent Topicals

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Cytonn Corporate Governance Index Report - 2018

Oct 14, 2018

Corporate governance constitutes the mechanisms, processes and relations used to direct and manage the business and affairs of a company. Corporate governance is founded on the pillars that businesses have to practice accountability to stakeholders, fairness, have transparency in business activities, and exhibit independence in decision making. Corporate governance has taken centre stage given the recent bank failures and operational crisis in firms such as: ARM Cement, after three-years of incurring heavy losses following an ambitious yet ultimately unsuccessful expansion plan, became the second major company to be placed under administration in 2018. In August 2018, the NSE issued a statement that it had suspended trading of ARM’s shares, Chase Bank, which was also placed under receivership in 2016 following cases of unsound banking practices such as large unsecured loans to directors. In 2018, it was a...

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Kenya Macroeconomic Review

Sep 30, 2018

According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy expanded by 6.3% in Q2’2018, higher than 4.7% in Q2’2017. This was due to (i) recovery of agricultural sector, which recorded a growth of 5.6% due to improved weather conditions, (ii) improved business and consumer confidence, and (iii) increased output in the real estate, manufacturing, and wholesale & retail trade sectors, which grew by 6.6%, 3.1% and 7.7% respectively. For a more comprehensive analysis see the Q2’2018 Quarterly GDP Review and Outlook note During Q3’2018, we tracked Kenya’s GDP growth projections for FY’2018 released by 15 organizations, that comprised of research houses, global agencies, and government organizations. The average GDP growth, including our projection of 5.5% as at Q3’2018, came in at 5.5%, unchanged from average projecti...

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Sub Saharan Africa Regional Review

Sep 30, 2018

According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy expanded by 6.3% in Q2’2018, higher than 4.7% in Q2’2017. This was due to (i) recovery of agricultural sector, which recorded a growth of 5.6% due to improved weather conditions, (ii) improved business and consumer confidence, and (iii) increased output in the real estate, manufacturing, and wholesale & retail trade sectors, which grew by 6.6%, 3.1% and 7.7% respectively. For a more comprehensive analysis see the Q2’2018 Quarterly GDP Review and Outlook note During Q3’2018, we tracked Kenya’s GDP growth projections for FY’2018 released by 15 organizations, that comprised of research houses, global agencies, and government organizations. The average GDP growth, including our projection of 5.5% as at Q3’2018, came in at 5.5%, unchanged from average projecti...

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Global Markets Review

Sep 30, 2018

According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy expanded by 6.3% in Q2’2018, higher than 4.7% in Q2’2017. This was due to (i) recovery of agricultural sector, which recorded a growth of 5.6% due to improved weather conditions, (ii) improved business and consumer confidence, and (iii) increased output in the real estate, manufacturing, and wholesale & retail trade sectors, which grew by 6.6%, 3.1% and 7.7% respectively. For a more comprehensive analysis see the Q2’2018 Quarterly GDP Review and Outlook note During Q3’2018, we tracked Kenya’s GDP growth projections for FY’2018 released by 15 organizations, that comprised of research houses, global agencies, and government organizations. The average GDP growth, including our projection of 5.5% as at Q3’2018, came in at 5.5%, unchanged from average projecti...

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Kenya Listed Banks H1’2018 Report

Sep 23, 2018

Following the release of the H1’2018 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 FY’2017 Banking Report. In our H1’2018 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 “Growth and Efficiency aided by Technology, amid deteriorating Asset Quality”as we assess the key factors that influenced the improved performance of the banking sector during the period under review, and also areas that will be crucial for growth of banks going forward. As a result, we seek to answer the questions, (i) “what influenced the ba...

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