We research widely to deliver unique insights.

---

Recent Topicals

---

Cytonn’s Nairobi Metropolitan Area Land Report 2018

Apr 29, 2018

In June 2017, we released the Nairobi Metropolitan Area Land Report - 2017, which focused on the performance of land in 18 suburbs and 11 Satellite Towns in the Nairobi Metropolitan Area (NMA). According to the report, land had increased in value substantially, with the asking prices growing with a 5-year Compounded Annual Growth Rate (CAGR) of 19.4% between 2011 and 2016. The main drivers for the growth were the rapid population growth of 2.6% p.a against a global average of 1.2%, a high urbanization rate of 4.4% against a global average of 2.1% p.a, as well as the robust growth of the real estate sector, which had delivered returns of on average 25.0% p.a over a 5-year period. In summary, the land price performance by zones was as follows; Commercial zones had the highest returns with prices growing by a CAGR of 24.3%,  site and service schemes, grew wit...

---

Affordable Housing in Kenya

Apr 22, 2018

On December 12th, 2017, the President, H.E Uhuru Kenyatta, launched ‘The Big Four’ plan for economic development of Kenya, focusing on: Food and Nutrition Security – The government plans to achieve 100.0% food security through enhanced large-scale production, boosting SME productivity and reduction of food costs, Manufacturing – The aim is to grow the contribution of manufacturing to GDP from 9.2% in 2016 to 20.0% by 2022 through establishment of industrial parks, Special Economic Zones and implementation of policies to boost processing of textiles, leather, oil, gas, construction material, foods, fish, iron and steel, Affordable Healthcare – This aims to increase the current universal health care coverage in Kenya from 36.0% to 100.0% by 2022 through scaling up NHIF uptake, increased budgetary allocation...

---

Kenya Listed Banks FY’2017 Report

Apr 15, 2018

Following the release of the FY’2017 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the Kenyan Banking Sector to point out any material changes from our Q3’2017 Banking Report. In our FY’2017 Banking Report, we analyze the results of the listed banks in order to determine which banks are the most attractive and stable for investment from a franchise value and from a future growth opportunity perspective. The report is themed “Diversification and efficiency key to growth amidst tighter regulation” as we assess what factors will be crucial for the sustainability of the banking sector, with banks adjusting their business models in an effort to manage increased regulation and the tougher business envir...

---

The Kenya Mortgage Refinancing Company

Apr 8, 2018

In a bid to support the Affordable Housing Initiative, Treasury Cabinet Secretary Hon. Henry Rotich announced plans of setting up a Mortgage Liquidity Facility (MLF) i.e. The Kenyan Mortgage Refinancing Company (KMRC), which is aimed at enhancing mortgage affordability and enabling long-term loans at attractive market rates in the country. KMRC is an initiative of National Treasury and the World Bank, and will be owned by the state, commercial banks and financial co-operatives as a Limited Liability Company and is expected to be licensed by CBK in February next year, with initial debt financing of USD 160 mn from the World Bank for lending on to financial institutions. It will be a newly created, non-bank financial institution, that is restricted to providing long-term funding and capital market access to mortgage lenders and issuing bonds to investors and will be under the CBK’s supervision, while its bond issuance operations will be overseen by the Capital Markets Authority...

---

Restructuring an Insolvent Business – Case Study of Nakumatt Holdings

Mar 25, 2018

This week’s focus note is on restructuring, given the ongoing restructuring of Nakumatt Holdings. Business restructuring refers to a process of re-organizing a company’s ownership, operational and capital structure in order to make a company more profitable or come out of insolvency. The need for corporate restructuring arises because of the change in a company’s ownership structure due to a merger or takeover, adverse economic conditions, or adverse changes in the business such as bankruptcy or buyouts. Corporate restructuring may include changes in the asset structure, liability structure or both of them, thus simultaneously reducing tensions between debt and equity holders to facilitate a prompt resolution in case the company is in a distressed situation. A business is insolvent when its liabilities exceed its assets. However, in practice, insolvency comes about when a business cannot raise enough funds to meet its obligations, or pay debts as an...

---

• «
• 1
• 2
• ...
• 67
• 68
• 69
• 70
• 71
• 72
• 73
• ...
• 88
• 89
• »