Topicals



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Recent Topicals

Effect of the 2015/2016 budget on the economy

Jun 21, 2015

Kenya’s 2015/2016 budget presented last week outlined a planned expenditure of Kshs 2.2 trillion, representing a 20% increase from the 2014/2015 budget. The increase in expenditure is going to be financed through both normal revenue collections increases (Kshs 1.3 bn) and also increased borrowing both in the local (Kshs 229.7 bn) and international markets (Kshs 340.5 bn). To attain the economic growth rate of 7%, the budget allocation was guided by the following key sub objectives: Improving the business environment through (a) enhancement of security, (b) improving the ease of doing business, (c) maintenance of a stable macro economic environment, and (d) deepening of the financial sector; Better infrastructure development. We continue to see a lot of allocation towards development expenditure and stre...

Cytonn’s Q1 2015 Banking Report

Jun 28, 2015

Our private equity business includes three main businesses, traditional PE, PIPE and QPE: Traditional private equity attracts private capital into private businesses using either pooled or deal by deal PE fund structures; Public investments into private entities, (“PIPE”), attracts public capital into private companies, and Quoted private equity, (“QPE”), attracts private capital into public / listed businesses such as listed banks. As part of our QPE business, we periodically do research reports for our global markets PE clients looking to invest in the region. This report looks at the relative long-term attractiveness of the listed banks as an investment. We have tried to answer the question, from an investor point of view: which is the most attractive...