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#CytonnReport 24th April ,2016

Cytonn Investments Management Ltd


By Cytonn Research Team, April 24, 2016

Executive Summary

  • Fixed Income: Yields on government securities remained largely unchanged with the 91 day, 182-day and 364 day T-bills coming in at 8.8%, 10.7% and 11.8% from 8.9%, 10.9% and 11.8% last week, respectively. KRA missed its revenue target by Kshs 69.1 bn for the 9 months ending March 2016 and the government plans to freeze any new projects in the next financial year to help lower the financial deficit;
  • Equities: The market was on an upward trend during the week after a three-week slump, with NASI, NSE 25 and NSE 20 gaining 1.0%, 2.3% and 1.5%, respectively. Britam released their FY’2015 results posting a loss per share of Kshs 0.5 from earnings per share of Kshs 1.3 in FY’2014;
  • Private Equity: Ease of exit in the region’s financial sector is exemplified as PROPACCO and DEG exit their combined 10.7% stake in I&M holding to CDC Group;
  • Real Estate: The real estate sector records mixed results with the residential property market outperforming commercial office and retail segments for the last three quarters;
  • Focus of the week: This week we focus on the mortgage and rental affordability indices in the Nairobi Metropolitan area.

Company Updates

  • Please participate in proposing a name for our upcoming 1,000 acre development in Athi River. The winning name will get a Kshs 100,000 cash prize. Link: Athi City Naming
  • This coming week on Monday 25th April, we shall be releasing our Mortgage and Rental Affordability Index Report at 7.30 am at Serena. Find the report on this link: Nairobi Mortgage and Rental Affordability Report
  • Our Head of Private Equity Real Estate, Shiv Arora discussed the bailout of Kenya Airways by Treasury on CNBC. Shiv Arora on CNBC
  • Our Senior Investment Analyst, Duncan Lumwamu discussed the acquisition of a 10.7% stake in I&M Holding by CDC Group on CNBC. See Link: Duncan Lumwamu on CNBC
  • We continue to beef up our team with the following ongoing hires. Careers at Cytonn

Kindly Follow this link for more on this report

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