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Recent Topicals

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Potential Effects COVID-19 on Money Market Funds

Mar 22, 2020

Introduction The novel Coronavirus, better known as COVID-19 in the medical community, is a group of viruses that causes respiratory tract illnesses. COVID-19 was first reported on 31st December 2019 in the city of Wuhan, China and currently, the disease has spread to over 104 countries with major economies such as Italy, Japan, South Korea, France, Spain, Australia, and the US reporting thousands of cases of the virus within their borders, and deaths related to the virus. The first case of Coronavirus infection within Kenya’s borders was reported on the 13th of March 2019, and so far, Kenya has reported seven confirmed cases. The impact felt in the local financial market mirrors what has equally been witnessed in the global setting. The uncertainty brought about by the disease, more so with World Health Organization (WHO) declaring it a pandemic, has seen investors selling-off risky assets such as equities in favor of safe...

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Co-op Bank of Kenya- FY’2019

Mar 22, 2020

Valuation Summary We are of the view that Co-operative Bank is a “BUY” with a target price of Kshs 18.1, representing an upside of 49.8%, from the current price of Kshs 12.75 as of 20th March 2020, inclusive of a dividend yield of 7.8%, Co-operative Bank is currently trading at a P/TBV of 1.0x and a P/E of 5.2x vs an industry average of 1.2x and 6.3x, respectively, Key Highlights FY’2019  The Bank was the overall winner in the Client case study- Financing SME category; in Kenya Bankers Association Catalyst Awards 2019 and in the 2019 East African Financial Reporting (FiRe) Awards, the bank was named Overall Winner in the Environmental Sustainability Reporting category, Income Statement Core earnings per share increased by 12.4% to Kshs 2.4 in FY’2019, from Kshs 2.2 in FY’2018, which was not in line with our pro...

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KCB Group Earnings Note– FY’2019

Mar 15, 2020

Valuation Summary We are of the view that KCB Group is a “buy” with a target price of Kshs 64.2, representing an upside of 58.7%, from the current price of Kshs 42.7 as of 13th March 2020, inclusive of a dividend yield of 8.2%, KCB Group is currently trading at a P/TBV of 1.1x and a P/E of 5.5x vs an industry average of 1.2x and 6.3x, respectively. Key Highlight FY’2019 During the year, KCB Group completed the take-over of National Bank of Kenya Limited by way of a share swap at a ratio of 10:1, 10 ordinary shares of NBK for 1 ordinary share of KCB. This saw KCB Group Plc list an additional 142,979,717shares at the Nairobi Securities Exchange (NSE). Income Statement Core earnings per share increased by 4.9% to Kshs 7.8, from Kshs 7.5 in FY’2018, driven by a 17.4% gro...

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Impact of Coronavirus to the Kenyan Economy

Mar 15, 2020

The novel coronavirus (COVID 19) has been the topic of discussion since the turn of the decade, with the first case of the virus being reported on 31stDecember 2019 in Wuhan, China. Initially, the virus was a major concern for the medical community since there was very little information about how the virus spread, the incubation period, or the severity of the disease. The rest of the world watched closely as China attempted to contain and eradicate the disease, which seemed like it would quickly be contained. With very little known about the virus at the time, it slowly spread to other nations and begun causing panic across the globe. Since then, the coronavirus has not only adversely affected the global community in matters of health but also, in terms of international trade, macroeconomic indicators, and financial markets. It is for this reason that we have chosen to discuss the impact the virus is likely to have on the Kenyan economy, with the first case reported in K...

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Student Housing Market in Kenya

Mar 8, 2020

Student Housing, or purpose-built student accommodation (PBSA), refers to housing that has been designed specifically to meet the demands and requirements of the modern-day student. The concept has gained much traction globally and has become a mainstream investment class asset gaining more attention from institutional investors especially in developed European markets and the United States, driven by the huge student enrolment numbers and a failure on the institutions’ part to provide accommodation that is commensurate with the increase in student enrolment populations. For instance, the US market registered 19.8 mn students in 2019, of which 1.5 mn were international, against a student housing supply of 2.7 mn. Generally, the US, UK and Australia markets accounted for the largest share of international students in 2019 with 26.0%, 12.0%, and 8.0%, respectively. Other factors influencing the growth include high rental yields in comparison to ot...

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