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Recent Topicals

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10 Key Steps to Financial Security

Jul 10, 2017

Living a fulfilling life is important for everyone. For one to do so, planning all of the five key pillars of life, namely; (i) health & well-being, (ii) religion or spirituality, (iii) friends, family & community, (iv) learning & knowledge, and (v) financial security, is a must. Financial planning is the road that leads to financial security. So how can you tell that you are working towards financial security, where you are able to meet your life goals through proper management of your finances? Individuals are different in various aspects such as age, income level, future plans and lifestyle, just to mention a few, hence each plan is different. However, here are 10 things to do to attain the financial security we all look forward to: Invest before you spend: Your monthly consumption should be equal to your income (net of all taxes) minus your monthly investments. Regular investment every month grows your wealth, so your money is makin...

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Cytonn Corporate Governance Index Report - 2017

Jun 25, 2017

Corporate governance constitutes the mechanisms, processes and relations through which companies are controlled and governed. Corporate governance is founded on the pillars that, businesses have to practice accountability to stakeholders, fairness, have transparency in business activities and exhibit independence in decision making. Corporate governance has become even more crucial given the recent global financial crisis in the West, and close to home given the recent bank failures and operational crisis in firms such as: Imperial Bank, which was placed under receivership by the CBK following unsound business conditions in the bank, Chase Bank, which was also placed under receivership following cases of unsound banking practices such as large unsecured loans to directors, Uchumi and Nakumatt which have experienced cash-flow problems due to mismanagement of the retailers, Kenya Airways, whose issues around governance came i...

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Focus of the Week: Kenya Listed Banks Q1’2017 Report

Jun 18, 2017

Following the release of the Q1’2017 results by banks, we undertook an analysis on the Kenyan Banking sector to point out any material changes from the FY’2016 Banking Report. In our Q1’2017 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 “Consolidation and prudence in a challenging operating environment” as the banking sector is witnessing increased consolidation while remaining prudent following rising non-performing loans and the capping of interest rates. Below are some of the themes that shaped the banking sector in the first quarter in 2017: Co...

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Focus of the Week: Nairobi Metropolitan Area Land Report 2017

Jun 11, 2017

Over the course of last year, we covered real estate performance across the various themes, including commercial office, residential, retail and hospitality. We saw that these sectors have over the last 5-years delivered high returns of over 25.0% p.a, driven by continued improvement of the Kenyan economic climate, improved infrastructure and the growth of the middle-class, leading to increased disposable income.  This week we turn our focus to land, the capital asset on which real estate is developed.We carried out research on the land sector performance in Nairobi Metropolitan Area over the last 5-years, between 2011 and 2016. The research was carried out in 18 suburbs and 11 satellite towns in the Nairobi Metropolitan Area as classified below. The findings and analysis are presented in the analysis below. We start by an introduction to the sector, the factors driving the performance, the performance of the sector according to zones and locations, and concluding by ide...

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Focus of the Week: Joint Ventures in Real Estate

May 28, 2017

In the last 5-years, the Kenyan real estate sector has performed well realizing returns of above 20.0% p.a for investment grade real estate and thus attracting the interest from landowners and investors. The main ways to invest in real estate include (i) development and exit through selling or renting out, (ii) buying real estate products to realise capital gains and rental yields, and (iii) buying real estate-backed structured products such as project notes and Real Estate Investment Trusts (REITS). Land owners in particular are increasingly interested in real estate development but are constrained by (i) financial capability, (ii) development expertise, and (iii) time to do the development themselves. Unknown to many, joint venture arrangements with reputable developers is the most prudent way to tap into the real-estate-benefits. This week, we demystify real estate joint ventures and highlight their benefits.What is a Joint Venture?A joint venture (...

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