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Recent Topicals

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Kenya Listed Banks H1’2017 Report

Sep 18, 2017

Following the release of the H1’2017 results by banks, we undertook an analysis on the Kenyan Banking sector to point out any material changes from the Q1’2017 Banking Report. In our H1’2017 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 “Transitioning to a more Disciplined and Efficient Sector” as the banking sector takes a more disciplined approach, following rising non-performing loans and the capping of interest rates, while also employing cost rationalization measures in a bid to enhance efficiency under the current operating environment of loan and deposit pricing regulatory framework. Below are some of the themes that shaped the banking sector in the first half o...

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Nairobi Metropolitan Area Mortgage and Rental Affordability Report 2017

Sep 10, 2017

Last year, we released a report, The Nairobi Metropolitan Area Mortgage and Rental Affordability Report 2016, that covered the mortgage and rental affordability of the residential sector. According to the report, most sub-markets were unaffordable to prospective home-owners with an average mortgage affordability index of 66, whereas most markets were affordable to the renters with an average rental affordability index of 132, where index scores of 100 and above indicate affordability. This year, we update the report with research conducted in 35 sub-markets in the Nairobi Metropolitan, to estimate the affordability of mortgages in 2017 and to note any changes in affordability between the two years. We start by explaining the methodology used in constructing the index, then cover the mortgages affordability showing the areas variou...

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Nairobi Metropolitan Area Residential Report 2017

Sep 4, 2017

Last year, we released a report that covered the mortgage and rental affordability of the residential sector, called Nairobi Mortgage and Rental Affordability Report. According to the report, most sub-markets were unaffordable to prospective home-owners with an average mortgage affordability index of 66, whereas most markets were affordable to the renters with an average rental affordability index of 132, where index scores of 100 and above indicate affordability. This year, we conducted research on 35 sub-markets in the Nairobi Metropolitan to determine the investment opportunity for residential developments in 2017. This report shows the performance of both apartments and detached units in the 35 sub-markets. We start with an introduction, then cover the performance summary by sub-markets and conclude by establishing where the investment opportunity lies by ranking the sub-markets using various metrics. Introduction The residential real estate sect...

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Corporate Governance and Stock Performance

Aug 27, 2017

Corporate governance is the application of best management practices, compliance with laws and regulations and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of stakeholders. Good corporate governance is essential for the vibrancy and efficiency of any financial market. Over the years, we have seen vast financial losses, both globally and locally, partly attributable to poor corporate governance structures and oversight. This focus note aims to first highlight the need for good and sound corporate governance, and point out examples of firms where poor corporate governance has led to investor losses. We then aim to conclude by demonstrating that proper corporate governance structures do have a correlation to stock market performance, but requires the input of all market participants and stakeholders, drawing lessons from the US market, where proper corporate governance has...

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Post Elections Areas of Focus

Aug 20, 2017

In our report before the Kenyan 2017 General Elections, Post-Election Business Environment, & Cytonn Monthly – July 2017, we highlighted our expectation of the immediate business environment post-elections. Our conclusion was that we expect the post-election business environment to remain largely peaceful and non-violent. This expectation was driven by the changes and reforms we had seen in our electoral process in the years leading to this past election, the circumstances and indicators leading to the election. Specifically; Integrity and independence of the electoral body was better than before. For example, in this election, biometric voter identification worked, while at the last election this functionality failed, Integrity and independence of the judiciary, Election preparedness was generally better than befo...

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