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Recent Topicals

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Kenya Listed Banks Q3’2019 Report

Dec 8, 2019

Following the release of the Q3’2019 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, and our expectations of the banking sector for the rest of the year. The report is themed “Higher Net Interest Margins and Consolidation to Drive Growth in the Post Rate Cap Era” as we assess the key factors that influenced the performance of the banking sector in the third quarter of 2019, the key trends, the challenges banks faced, and areas that will be crucial for growth and stability of the banking sector going forward. As such, we shall address the following: Key Themes That Shaped the Banking Sector Performance in Q3’2019, Summary of The Performance of the Listed Banking Sector in Q3’2019, The Focus Areas...

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Nairobi Metropolitan Area Serviced Apartments Report 2019

Nov 24, 2019

In 2018, we published the Nairobi Metropolitan Area Serviced Apartments Report, 2018, which highlighted that serviced apartments within the Nairobi Metropolitan Area(NMA) recorded average rental yield and occupancy rates of 7.4% and 79.9%, respectively, supported by an improved political environment following the conclusion of the prolonged elections which spilled over from 2017 to early 2018, and increased marketing efforts of Kenya as a travel destination by the Kenyan Government. This year, we update our report findings on serviced apartments in NMA by focusing on: Overview of the Kenyan Hospitality Sector, Introduction to Serviced Apartments, Supply and Distribution of Serviced Apartments In the Nairobi Metropolitan Area, Performance of Serviced Apartments in the Nairobi Metropolitan Area,

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Cytonn Note on the Monetary Policy Committee (MPC) Meeting for November 2019

Nov 20, 2019

The Monetary Policy Committee (MPC) is set to meet on Monday, 25th November 2019, to review the outcome of its previous policy decisions and recent economic developments, and to make a decision on the direction of the Central Bank Rate (CBR). In their previous meeting held on 23rd September 2019, the MPC maintained the CBR at 9.0%, citing that the economy was operating close to its potential and inflation expectations remained anchored within the target range. The Committee also noted the prospective tightening of fiscal policy which would provide scope for accommodative monetary policy in the near term, thus the prevailing monetary policy stance remained appropriate. This was in line with our expectations as per our MPC Note, informed by the country’s macroeconomic fundamentals, which had remained stable as well as sustained optimism on the economic growth prospects, as evidenced by:

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Kenya Listed Insurance H1’2019 Report

Nov 17, 2019

Following the release of the H1’2019 results by Kenyan insurance firms, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed insurance companies and the key factors that drove the performance of the sector. In this report, we assess the main trends in the sector, and areas that will be crucial for growth and stability going forward, seeking to give a view on which insurance firms are the most attractive and stable for investment. As a result, we shall address the following: Key Themes that Shaped the Insurance Sector in H1’2019, Industry Highlights and Challenges, Performance of The Listed Insurance Sector in H1’2019, and, Conclusion & Outlook of the Insurance Sector. Section I:  Key Themes that Shaped the Insurance Sector in H1’2019 The Kenyan economy expanded by 5.6% in H1’2019, lower...

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Nairobi Metropolitan Area (NMA) Mixed-Use Developments (MUDs) Report 2019

Nov 10, 2019

Last year, we released the NMA Mixed-Use Developments (MUDs) Report 2018 that highlighted the performance of Mixed-Use Developments within the Nairobi Metropolitan Area in 2018. According to the report, MUDs performed better in 2018 recording average rental yields of 8.0%, 0.5% points higher than single-use themes average of 7.5%. Other than the retail sector, which recorded average rental yields of 8.5%, 1.0% lower than single-use retail, commercial office and residential themes within MUDs performed better with rental yields averaging at 8.2% and 5.6%, 0.3% and 0.6% points higher than single-use office and residential units which had market averages of 7.9% and 5.0%, respectively. This week, we update our report based on research conducted in eight nodes within the Nairobi Metropolitan Area, comparing Mixed-Use Developments’ performance against the market perfo...

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