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Recent Topicals

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The Kenyan 2015/2016 Budget

Jun 14, 2015

Treasury Secretary Henry Rotich presented Kenya’s FY 2015/2016 Budget of Kshs 2.2 trillion to Parliament on the 11th of June 2015. Total expenditure increased by 22.7% to Kshs 2.2 trillion and is expected to be financed by Kshs 1.3 trillion of tax collections, Kshs 567 billion of borrowings (both local and foreign) as well as project grants. As was expected, the lion’s share of the budget was allocated to the Social Sector, 28% of total expenditure, with the bulk being spent on education. The constant investment in education and security is important to improving the attractiveness of Kenya as an investment destination. Another large beneficiary category is the Energy, Infrastructure and ICT sector, which has been allocated 27% of the budget, with the increment primarily to road and railway construction to fund the Standard Gauge Railway. The increase in energy allocation will fund geothermal power generation, power transmission and rural electrification. We are of...

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Effect of the 2015/2016 budget on the economy

Jun 21, 2015

Kenya’s 2015/2016 budget presented last week outlined a planned expenditure of Kshs 2.2 trillion, representing a 20% increase from the 2014/2015 budget. The increase in expenditure is going to be financed through both normal revenue collections increases (Kshs 1.3 bn) and also increased borrowing both in the local (Kshs 229.7 bn) and international markets (Kshs 340.5 bn). To attain the economic growth rate of 7%, the budget allocation was guided by the following key sub objectives: Improving the business environment through (a) enhancement of security, (b) improving the ease of doing business, (c) maintenance of a stable macro economic environment, and (d) deepening of the financial sector; Better infrastructure development. We continue to see a lot of allocation towards development expenditure and stre...

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Cytonn’s Q1 2015 Banking Report

Jun 28, 2015

Our private equity business includes three main businesses, traditional PE, PIPE and QPE: Traditional private equity attracts private capital into private businesses using either pooled or deal by deal PE fund structures; Public investments into private entities, (“PIPE”), attracts public capital into private companies, and Quoted private equity, (“QPE”), attracts private capital into public / listed businesses such as listed banks. As part of our QPE business, we periodically do research reports for our global markets PE clients looking to invest in the region. This report looks at the relative long-term attractiveness of the listed banks as an investment. We have tried to answer the question, from an investor point of view: which is the most attractive...

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