The Authority handled 150 merger notifications in 2018,.4 increase from 130 merger notifications handled in 2017. Without LLP, the cost to income ratio also improved.7, from.9 in FY2017, Profit before tax increased.3 to Kshs.9 bn, up from Kshs.1 bn in FY2017. Despite this, we do not expect upward pressure on interest rates due to increased demand for government securities, driven by improved liquidity in the market owing to the relatively high debt maturities. Reports: African Private Equity and Venture Capital Association (avca) released four reports during Q12019. Company updates, this week on Monday, Cytonn Asset Managers Limited, caml, our regulated affiliate, will formally launch its operations into the regulated products market, having received all key approvals - the CMA Fund Manager License, the RBA Pensions. In our view, this was driven by the improved security and political stability, which have continued to boost tourists confidence in the country thus making it a preferred travel destination for both business and holiday travelers. The decline in inflation has been on account of stable food prices, lower electricity and fuel prices, and muted demand driven inflationary pressures. For more information, see our Cytonn Weekly #03/2019, OneFi, a Nigeria-based FinTech firm that provides mobile loans to clients, announced plans to buy out Amplified Payment System Limited (Amplify a mobile payment solutions firm that provides platforms to connect. US valuations are still higher than their long-term historical average with the Shiller Cyclically Adjusted P/E (cape) multiple currently.9x, which.4 above the historical mean.9x.
Cytonn Q12019 Markets Review
For more information, see our Cytonn Weekly #12/2019, Dutch impact investor Goodwell Investments made a USD.0 mn (Kshs 203.0 mn) investment in Nairobi-based consumer goods catalogue and delivery service Copia for an undisclosed stake. During the week, liquidity tightened with the average interbank rate rising.1, from.3 recorded the previous week. The region experienced capital inflows, a recovery from last years recorded outflows. In our view, the refurbishment will result in the improvement of hospitality services and thus the give the hotel competitive advantage in the wake of competition from other international brands such as the Hilton Hotel and Radisson Hotel Group, Tourism Cabinet Secretary Hon. The total cumulative revenue in H12018/2019 amounted to Kshs 794.7 bn against a target of Kshs 855.7 bn (92.9 of the target) while the total expenditure for the period under review amounted to Kshs 1,075.5 bn, against. For more information, see our Cytonn Weekly #06/2019, The Private Credit Strategies in Africa Report that provided an overview of some of the key opportunities and challenges facing the private credit industry in Africa. For the February 2018 Eurobond issue, the yields on the 10-year Eurobond and the 30-year Eurobond declined by .8 points and.6 points to close Q12019.1 and.1 from .9 and.7 at the end of Q42018, respectively. The common view was that GDP growth would remain stable in 2019, from an estimated growth.0 in 2018, having registered an average.1 in the first 3 quarters of 2018. According to the Cytonn Annual Review 2018, prices in the high-end market segment grew.9 in 2018,.3 points lower than the residential market average.2, with average occupancy.8, compared to the residential market average.0. Some of the factors that play a key role in determining a schemes asset allocation include; Regulation: The RBA provides a guide on how the Retirement Benefits Schemes assets are to be invested and the limits to be applied to different asset classes. These needs may vary greatly for different people, but everyone will have basic needs and expenses such as home maintenance or rent, transportation, medical care etc. The yield on the 91-day paper declined by 20 bps.5 from.7 recorded the previous week, while the yields on the 182-day and 364-day papers remained stable.2 and.4, respectively. If interested in being an agent or know someone who can be an agent, kindly contact us at ; Following the completion and handover of Amara Ridge in Karen, we have now launched our next Karen project, dubbed Applewood.
The equities market performance during the quarter was supported by gains in large caps such as NIC Group, Safaricom, Equity and eabl that rose.8,.1,.4, and.0, respectively. The gains have led to the markets valuation rising.4 above the historical average.7x compared to the historical average.5x. The performance was driven by.6 increase in total operating uba uganda forex rates income, coupled with.2 decline in total operating expenses. We recommend provision of density bonuses, which is an increase in the number of allowable units beyond existing zoning regulations, in order to incentivize private developers in the production of affordable units. From the report, the 2019 BPS point to.8 increase of the budget, to Kshs.7 tn from Kshs.5 tn in the FY 2018/19 revised budget. There is, however, room for improvement and growth as the regulations allow up to 70 allocation towards alternatives,.e. The lackluster performance in the equities markets can be attributed to; Negative investor sentiments that saw foreign investors remain net sellers with a net outflow of USD 425.6 mn, a 274.3 increase to the net outflows of USD 113.7 mn recorded in FY2017. We attribute the decline in asking land prices to the decreased demand for development land in the submarkets given the relatively high asking land prices of Kshs 488.3 mn per acre on average thus developers are not able to achieve favorable returns from the investments. Readers are advised in all circumstances to seek the advice of a registered investment advisor. FinTech Sector: Deals in the FinTech sector during the quarter include; Kenyas second and third largest telecommunication companies, Airtel and Telkom, announced the signing of a binding agreement that will see the shareholders of the two companies merge their respective mobile. For more information, see our HF Group FY2018 Earnings Note During the quarter, listed banks in Kenya released their FY2018 results, recording average core earnings per share growth.8, against.0 decline for the same time last year. The BPS is a Government policy document that sets out the broad strategic priorities and policy goals, together with a summary of the Government spending plans, as a basis of preparing the FY 2019/20 budget.
Performance by Retirement Benefits Schemes
This publication, which is in compliance with Section 2 of the Capital Markets Authority Act Cap 485A, is meant for general information only and is not a warranty, representation, advice or solicitation of any nature. We expect improved foreign inflows from the negative position in 2018, mainly supported by long term investors who enter the market looking to take advantage of the current cheap valuations in select sections of the market. Over the last decades, we have seen reforms and education initiatives by the Retirement Benefits Authority (RBA) to educate people on the importance of saving for retirement. Commercial Sector Office In Q12019, the commercial office sector recorded a marginal decline in performance recording.1 and.9 points decline in average rental yields and occupancy rates,.0 and.4 in Q12019, from.1 and.3, respectively, in FY2018. For the February 2018, Eurobond issue, during the week, the yields on both the 10-year and 30-year Eurobonds gained.2 points.3 and.4, from.1 and.2 the previous week, respectively. This is mainly attributed to the attractiveness of Karen to retailers as it hosts an affluent population with relatively high purchasing power and thus investors are willing to pay higher rents for retail space in the area. The funds are expected to boost the banks regulatory capital ratios as it works towards achieving its strategic objective of becoming a Tier 2 bank by 2022, as the banks total capital to total risk-weighted assets ratio. With the ECB having completed its Quantitative-easing program, they are likely to adopt a more accommodative monetary policy through the use of Targeted Long-Term Refinancing Operations (tltro which essentially involves the bank issuing loans to commercial banks, for onward lending. Karen registered the highest annual returns in the high-end market with.3, uba uganda forex rates in comparison to other high-end markets, with an average.9. Below is a chart showing the performance of select commodity groups for Q12019. Real Estate In Q12019, the real estate sector recorded an array of activities across all themes supported by (i) continued demand for investment property from multinational individuals, firms and the growing middle class, (ii) the Kenyan Governments efforts towards.
Renewed optimism of a resolution of the trade war has improved investor sentiments, and consequently, the Shanghai Composite has gained.1 in Q12019, with the largest gaining sectors being real estate, communication services, healthcare, industrials and financial. This will certainly enhance the capability of Trustees in managing the affairs of the schemes professionally, resulting in better-managed schemes, Increased Diversification: Increasing diversification in schemes portfolios will enable Fund Managers to cushion their uba uganda forex rates funds from the effects of non-performance. In addition, successful implementation of the banks mobile and alternative transaction channels in the Ethiopian market should result in a gradual and rapid expansion of the Non-Interest Revenue, which would be supported by the vastly untapped market. However, risks abound in the near-term, including the late onset of the traditionally long rains season will disrupt food supply leading to a gradual flare in food inflation, which stood.3 m/m in March. KCB Group released their FY2018 financial results, recording.8 growth in core earnings per share to Kshs.8, from Kshs.4 in FY2017; Private Equity, in the financial services sector, Sidian Bank, a Kenyan Tier. In our view, the move will buck the growth of both local and international conferencing with demand being driven by national and county government officials, corporates, political parties and international delegates looking to hold meetings in the county. In another transaction involving CBA and following the initial announcement of negotiations in December 2018, the respective Boards of Directors of CBA and NIC Group have proposed to recommend the merger of NIC and CBA to their shareholders. (All Values in Kshs Unless Stated Otherwise) Detached Housing: Top 5 Lower Mid-End Markets Performance Q12019 Location Average Price Per SQM Q1'2019 Average Rent Per SQM Q1'2019 Average Annual Uptake Q1'2019 Average Occupancy Q12019 Average Rental Yield Q1'2019 Q/Q Price Change. The Kshs.2 bn Mall owned by Lake Basin Development Authority (lbda is located along the Kisumu-Kakamega Road and will bring to the Kisumu market 60,000 sqft of retail space.
This growth can be attributed to (i) growth in contributions as members registered to Retirement Benefits Schemes continue to increase, (ii) actual individual contributions have also increased driven by the growing middle class, and (iii) increased returns on the investments. Going forward, the increasing investor interest, stable macro-economic and political environment will continue to boost deal flow into African markets. The decline has been attributed to improved agriculture exports, increased diaspora remittances, strong receipts from tourism, and lower food and SGR-related equipment relative to 2017, Improving diaspora remittances, which increased.6 in 2018 to USD.7 bn, from USD.9 bn recorded in 2017. This growth has been driven by increased membership into various Retirement Benefits Schemes as a result of the Retirement Benefits Authoritys initiatives to increase pension penetration, currently.0 of the adult population, by educating the public on the importance. The opportunity is in county headquarters in some markets such as Mombasa and. For a summary of the FY2018 banking sector results and our key takeaways from the results, please see our Cytonn FY2018 Banking Sector Performance Note. Overall subscriptions for the 91, 182, and 364-day papers came in at 110.0, 111.4 and 221.9 uba uganda forex rates in Q12019, from 107.1,.7 and.7 in Q42018, respectively.
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In addition, the latest funding follows a series of capital raising efforts by the bank in 2018, uba uganda forex rates including: A successful rights issue in 2018 of Kshs.5 bn, which saw Centum, its largest shareholder inject Kshs.1 bn,. The high returns are as a result of high-quality office spaces in these areas and their prime locations enabling developers to charge prime rents Performance in Gigiri declined.9 points.6 in Q12019 from.5. Over the years, we have seen slight changes in the actual holdings of the Retirement Benefits Schemes, with their allocation being skewed towards traditional assets as seen above. Knight Frank defines High Net-Worth Individuals (hnwis) as individuals with a net worth of at least USD.0 mn (approx. Listed banks in Kenya released their FY2018 results during the quarter, recording an average core earnings per share growth.8, compared to a decline.0 the previous year.
Watch Caleb here ; Faith Maina - Investments Analyst was on KTN News to discuss making long term investments, the difference between long and short-term investments and partnerships involved in investments. If interested in attending the site visits, kindly register here ; We continue to see very strong interest in our weekly Private Wealth Management Training (largely covering financial planning and structured products). The bank registered.3 decline in profit after tax to Kshs.0 mn from Kshs.4 bn in FY2017. Cytonn Q12019 Real Estate Market Review. The funds are expected to boost the banks regulatory capital ratios as it works towards achieving its strategic objective of becoming a Tier 2 bank by 2022. Neutral Neutral Inflation Inflation has remained muted in Q12019 mainly supported by lower fuel and electricity.
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This week, uba uganda forex rates the Kenya Shilling depreciated marginally.05 against the dollar to close at Kshs 100.8, from Kshs 100.7 the previous week, due to end-month demand from the energy and manufacturing sector exceeding dollar inflows from remittances. Despite the slight improvement from the previous week, liquidity conditions remained tight attributable to tax payments with paye due during the week. The Kenya shilling appreciated against the dollar with inflows from horticulture exports and non-governmental organizations matching end-month dollar demand from the energy sector. Kenya Macroeconomic Review During the quarter, we tracked Kenya GDP growth projections for 2019 released by 16 organizations, that comprised of research houses, global agencies, and government organizations. The funds will also enable the bank further its mission to empower entrepreneurs through the strategic growth of its loan book with a key focus on SMEs; Real Estate.
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During the week, Knight Frank released the Wealth Report 2019, highlighting investment trends of High Net-Worth Individuals (hnwis) in 2018, and the performance of luxury properties in 100 cities through the Prime International Residential Index (piri 100). The Competition Authority of Kenya (CAK) released their 2018 Annual Report, which highlighted the number of mergers that the Authority handled. For the year 2018, the Actserve and Z-cass reports have indicated average returns for segregated schemes came in.2 (Z-cass reporting.4 and Actserve reporting.0.7 decline (representing a decline.2 points) from the.4. In 2018, Karens retail sector recorded an average rental yield.0,.0 points higher than the market average.0, with an average occupancy rate.8 compared to the market average.4. In our view, the improving air transport operations, political stability and continued marketing of Kenya as an experience destination, will result in increased tourist arrivals. Key to note is that our cost of capital is priced off the loan markets, where all-in pricing ranges from.0.0, and our returns on real estate developments range from.0.0, hence our top-line gross spread is about.0. The oversubscription was partly attributable to improved liquidity in the market during the quarter, which saw the average interbank rate declining to an average.1, from an average.1 in Q42018, supported by government payments and debt maturities. Investments opportunities in the sector are in differentiated concepts such as serviced offices that attract yields.4 such as Westlands, as well as areas with low supply of office space such as Gigiri Retail The retail sectors performance softened. Adjusting for ifrs 9, the core capital to risk-weighted assets stood.3, while total capital to risk-weighted assets came in.8, The bank currently has a Return on Average Assets (ROaA).6, and a Return on Average Equity (ROaE).9. Stock prices indicated in respective country currencies We are Positive on equities for investors as the sustained price declines has seen the market P/E decline to below its historical average. Langata recorded a price depreciation as its average asking prices reach a ceiling as well as competition from surrounding markets such as South. The outlook of the 7 indicators has remained unchanged from the beginning of the year.
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The uba uganda forex rates reit recorded.6 points increase in dividend yield.1 in 2018 from.5 in 2017. Economic growth is expected to be driven by: Stable growth in the agriculture sector on the back of favorable weather conditions despite delayed onset of the long rains in most parts of the country, Implementation of the Big 4 Agenda. Karen was the best performing submarket with a capital appreciation.0, and an average asking price of Kshs.5. The growth in NFI was weighed down as total fee and commission declined.0, compared to the.4 growth recorded in FY2017. Occupancy rates in Karen were the lowest in the market,.6, attributable to an increase in new real estate developments Source: Cytonn Research 2019 Upper Mid-End The upper mid-end market posted average annual uptake.7 and a price depreciation.4 on average.
It is therefore important for Fund Managers to carry out extensive research on the macroeconomic environment before making investments decisions, Size of the Fund: Larger schemes tend to have more flexibility in uba uganda forex rates terms of investments and are able. This was partly attributed to the perceived end to the tightening monetary policy regime adopted by the.S Federal reserve amid a suddenly cloudy outlook for the US economy. The subdued performance is as a result of select markets experiencing price depreciations due to a decline in demand for upmarket properties particularly due to high cost of financing and relatively low mortgage affordability in the market. During the week, T-bills recorded an over-subscription, with the subscription rate coming in at 183.7, down from 198.9 recorded the previous week. Foreign sales however increased as new export order growth increased to a 4-month high, driven by the influx of new business and stronger client bases. For more information, please see our Cytonn Weekly #03/2019, Hospitality chain, Superior Hotels Limited, opened its third hotel in Naivasha town in January 2019, in an expansion move that has seen its portfolio grow to 6 hotels among. The seasonally adjusted PMI came in.2 in February, a decline from.2 recorded in January. The table below highlights the performance of the commercial office sector in Nairobi over time: (All values in Kshs unless stated otherwise) Summary of Commercial Office Returns in Nairobi - Q12019 Year Q1'2018 H1'2018 Q3'2018 Q4'2018 Q12019 Y/Y Q1'2019. The funds are expected to boost the banks regulatory capital ratios as it works towards achieving its strategic objective of becoming a Tier 2 bank by 2022, as the banks total capital to total risk-weighted assets. Market Performance The detached market registered subdued performance with an annual price depreciation.5,.4 and.4 for high-end, upper mid-end, and, lower mid-end markets, respectively.