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Recent Topicals

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Sub-Saharan Africa Regional Review

Oct 2, 2022

According to the International Monetary Fund (IMF), the Sub Saharan economy is projected to grow at a rate of 3.8% in 2022. The projection remains unchanged from the initial April projection of 3.8%, and significantly lower than the 4.6% growth rate recorded in 2021. The downward revision comes on the back of sustained supply constraints, worsened by persistent geopolitical pressures given that most countries in the Sub-Saharan Africa are net importers. The challenges have continued to exacerbate fiscal deficits in most countries leading to increased debt sustainability concerns in Sub-Saharan Africa as the region’s public debt to GDP ratio inc...

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The Kenyan National Social Security Fund (NSSF)

Sep 25, 2022

For many people, retirement means settling into a more relaxed lifestyle and having time to enjoy things they did not have time for before retirement, such as hobbies, family and recreational activities. This lifestyle necessitates careful planning in advance through having a solid retirement plan which can either be signing up to a social security fund, enrolling into a pension scheme or investing in other assets like real estate. In Kenya, there are several pension schemes and a National Social Security Fund, NSSF, that allows people to save for retirement. However, there have been ongoing discussions surrounding the effectiveness of the fund, primarily on the contribution amounts. There are also ongoing discussions on whether to increase the regular contributions towards the social security fund in order to build a bigger retirement pot and offer workers monthly stipends after their retirement as opposed to the current one-off payment. As such, we...

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Administration as a Business Restructuring Option

Sep 18, 2022

Recently, Kaluworks Limited successfully exited administration after struggling financially over the last few years on the back of weak sales and increased competition from other manufacturers. Key to note the company was under receivership for a period of fifteen months, and is now slated to resume operations. As such, we saw it fit to cover a topical on administration as a business restructuring option to shed light on the recent administrations and key lessons to draw from them. A business is said to be insolvent when it cannot be able to raise enough cash to meet its obligations. Generally, there are two types of insolvency i) Where the company’s liabilities are more than the assets, and, ii) Technical insolvency where the assets exceed liabilities but cannot be easily liquidated to pay off the obligations that are due. However, mere insolvency does not afford enough ground for lenders to petition for involuntary bankruptcy of the borrower, or force liquidation of...

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Kenya Listed Banks H1’2022 Report

Sep 11, 2022

Following the release of the H1’2022 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click thee links below: Equity Group H1’2021 Earnings Note; KCB Group H1’2022 Earnings Note; ABSA Bank Kenya H1’2022 Earnings Note; Standard Chartered Bank Kenya H1’2022 Earnings Note;

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Investment Risk Analysis

Aug 28, 2022

All investments have a certain degree of risk owing to market conditions and the nature of specific businesses. In times of high uncertainty, investment risk tends to increase and decline during times of low uncertainty. Currently, the global economy is hailed by increased uncertainty emanating from elevated inflationary pressures, persistent supply chain bottlenecks, resurgence of COVID-19 infections and the prevailing geopolitical pressures. Closer home, Kenya has not been exempted with the uncertainty evidenced by increased investor sell-offs in the Nairobi Securities Exchange, increasing yields and the undersubscription of government securities. The uncertainty has also been reflected in the business environment characterized by slow activity with the average purchasing managers index (PMI) coming in at 48.8, in the first seven months of 2022. In light of the developments, we shift our focus to investment risks analysis in Kenya where we will discuss the types of investments ris...

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