We research widely to deliver unique insights.

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Recent Topicals

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Investment Risk Analysis

Aug 27, 2023

Due to the state of the market and the unique characteristics of individual firms, all investments carry a certain amount of risk. Investment risk tends to rise during periods of high uncertainty and fall during periods of low uncertainty. The current state of the Kenyan economy is characterized by heightened inflationary pressures, sustained currency depreciation, and growing anxiety over the public debt of the government. In order to ensure that investment returns are closely matched to risk expectations, this week we turn our attention to investment risk, where we analyse the various ways investment risk can be managed. We shall cover the topic as follows: Introduction Types of Inves...

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Kenya’s Real Estate Investments Trusts (REITs) H1’2023 Report

Aug 20, 2023

Following the release of the H1’2023 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT H1'2023 Earnings Note LAPTrust Imara I-REIT H1’2023 Earnings Note Acorn I-REIT H1’2023 Earnings Note Acorn D-REIT H1’2023 Earnings Note

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Restructuring and Insolvency in Kenya

Aug 13, 2023

Insolvency refers to a financial situation where an individual, business or entity, such as a fund, is unable to meet their financial obligations or settle their debts as they become due. In most cases, the state of insolvency occurs due to an increase in business expenses, poor cash management, law suits, poor budgeting, fraud, business expansion, or a reduction in sales.  In Kenya, insolvency proceedings are primarily governed by the Insolvency Act of 2015. The act provides for how insolvent companies can be assisted to service creditors obligati...

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Unit Trust Funds (UTFs) Performance, Q1’2023

Aug 6, 2023

Unit Trust Funds (UTFs) are Collective Investment Schemes that pool funds from multiple investors and are managed by professional fund managers. The fund managers invest the pooled funds in a diversified portfolio of securities such as equities, bonds or any authorized financial securities, with the aim of generating returns to meet the specific objectives of the fund. Following the release of the Capital Markets Authority (CMA) Quarterly Statistical Bulletin-Q2’2023, we analyze the performance of Unit Trust Funds for the period ending 31st March 2023, whose total Assets Under Management (AUM) have been steadily increasing, and are among the most popular investment options in the Kenyan market. We will further analyze the performance of Money Market Funds, a product under Unit Trust Funds. In our previous focus on Unit Trust Funds, we...

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Kenya Retail Report 2023

Jul 30, 2023

In August 2022, we published the Kenya Retail Report 2022, themed “Accelerated Retail Investments,” which highlighted that the Kenyan retail sector’s overall performance remained stable, with the average rental yield coming in at 6.8% in 2022, unchanged from what was recorded in 2021. The average occupancy rate however declined by 1.1% points to 77.3% in 2022, from 78.4% that was recorded in 2021, mainly attributed to the addition of new malls into the market such as the Global Trade Centre (GTC) and Meru Greenwood malls among others, which in turn weighed down the overall absorption rate. This week, we update our Kenya Retail Report 2022 with the Kenya Retail Report 2023 themed “Retail Expansion with Focus into Untapped Markets” in which we discuss the progress and performance of the Kenyan retail sector. This will be based on research that was conducted on nine n...

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