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Recent Topicals

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Kenyan Banking Sector Q1’2016 Report

Jun 19, 2016

Following the release of the Q1’2016 results by banks, we undertook an analysis on the Kenyan Banking sector to point out any material changes from the FY’2015 banking report. In our report, we recommend to investors 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 “Transition continues, but to a new and different landscape” as the issues facing the banking sector, which is undergoing a transition, still persist. There are some key areas of transition, which will change the banking landscape in Kenya going forward: Continued Sector Realignment – In Q1’2016 we still are of the view that the industry is divided into the “haves” and “have-nots” which still poses a risk to the sector. During the month, Barclays bank expressed their wish to exit the...

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Kenya’s Debt Levels: Are we on sustainable path?

May 29, 2016

In our previous weeklies, we have discussed about the state of the Kenyan economy, delving into interest rates, performance of the Kenya shilling and the overall impact on economic growth. We also examined the financing avenues that the Treasury has undertaken to fund the budget. This week, given that the budget shall be read in a week’s time, we focus on the level of debt in Kenya. We examine the key factors driving the debt levels, the impact of the debt levels to the economy. We shall review what is considered sustainable levels and close out on the expectation going forward. Kenya, historically has evolved from a system of donor and bilateral-based lending structures to a much more commercial funding like the Eurobond issuance. We shall also look at the levels of both domestic and external debt. The level of government debt has con...

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Personal Financial Planning

May 15, 2016

In our Cytonn Weekly #15, 2015, we focused on Savings and Investments and elaborated why individuals should strive to save and suggested steps to effectively create a savings plan. We highlighted the six steps on how and why to save and finally, suggested several saving options and products. This week, we continue to expound on the same subject, looking at the wider process of financial planning, with focus on the stages of making a financial plan.Financial planning is defined as a the process of a comprehensive evaluation of an individual's current income and future financial state by using currently known variables to predict future income, asset values and withdrawal plans. Before establishing a financial plan, one should consider their current circumstances based on age, income and level of risk tolerance. These factors have led to the broad classification of investors into three phases:...

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Kenya Listed Insurance Companies FY’2015 Report

May 4, 2016

Following the release of the FY’2015 results by insurance firms, we have carried out an analysis on Kenya’s insurance sector to decipher any material changes from our H1’2015 Insurance Report. In our analysis of the insurance sector, we recommend to our investors which insurance firms are the most attractive and stable for investment from a franchise value and from a future growth opportunity perspective. See our FY'2015 insurance report here.The report is themed "Given turbulence in banking, is all well in insurance?", as the insurance sector grapples with low penetration, slowing premium growth, increased cases of fraudulent claims and the required increase in capital following adoption of a risk based capital adequacy framework. In addition, with jitters hav...

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Cytonn Corporate Governance Index

May 8, 2016

The Kenyan investing public has recently lost roughly Kshs 264.3 bn across various companies. As discussed in our Focus of the Week on Corporate Governance in Kenya, most of the losses appear to have been driven mainly by a failure of corporate governance. The losses are shown in the table below:.mcnTextContent p,.mcnTextContent a,.mcnTextContent li,.mcnTextContent strong{ font-size: 25px !imporant; line-height:1.6em !important;}.mcnTextContent strong{ color: 606060;}.title{ font-size: 20px; text-align: center; margin-top: 20px; margin-bottom: 20px;}.table{ float:center; margin-top:10px; margin-bottom:10px; width:95% !important;}.table thead tr td,.table .header td{ background-color:#006666 !important; color: #FFF !important;}.table thead tr td p strong, .table thead tr td p,.table .header td p strong, .table .header td p{ font-weight: normal !important; color: #FF...

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