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We research widely to deliver unique insights.
We research widely to deliver unique insights.
Recent Research
10 October, 2021 Investment Reports
For detached units, the top markets were Ngong, Syokimau/Mlolongo, Karen and Kitengela, and for apartments, the top markets were Dagoretti, South C and South B.
During Q3’2021, the residential sector recorded improved performance from increased activities supported by; i) the continued focus on the affordable housing initiative by the government, ii) availability of relatively affordable mortgages through the Kenya Mortgage Refinance Company (KMRC) and select lending institutions working in conjunction with developers to offer mortgage financing to a diverse number of clients with flexi... 10 October, 2021 Investment Reports
Kenya’s Public Debt has been on the rise, increasing at a 10-year CAGR of 18.5% to Kshs 7.7 tn in June 2021, from Kshs 1.5 tn in June 2011. The rising debt has been brought about by the government’s significant borrowing to fund infrastructural projects and bridge the fiscal deficit that has averaged 7.4% of GDP over the 10 years. The borrowing is both direct by government and also by guaranteeing state corporations. The debt mix, as at June 2021 stood at 52:48 external to domestic debt, respectively, compared to 49:51 external to domestic debt in June 2011. Kenya’s debt stoc... 10 October, 2021 Investment Reports
According to the 2021 Economic Survey Report by the Kenya National Bureau of Statistics (KNBS), the Kenyan economy contracted by 0.3% in 2020, from the restated 5.0% growth recorded in 2019 due to the lockdowns following the emergence of the COVID-19 pandemic. However, the first 9 months of 2021 have seen a gradual recovery evidenced by improved business conditions in the Kenyan private sector. Notably, the average Stanbic Bank Monthly Purchasing Managers’ Index (PMI) for the first eight months averages 50.2, higher than the 45.2 recorded during a similar period in 2020, and the 50.0 rec... 3 October, 2021 Investment Reports
The real estate sector recorded increased activities in Q3’2021 attributable to the continued reopening of the economy. The sector saw improved business activities as evidenced by;
Affordable housing projects such as Changamwe Estate in Mombasa County and other affordable housing developments in various parts of Kiambu County such as Ruiru currently being undertaken by the National Housing Corporation. The government also signed two partnerships that is; the Yaoundé Declaration partnership with 24 other African countries and another with the United Kingdom (UK), both aimed... 26 September, 2021 Investment Reports
In November 2020, we published the Kenya Retail Report 2020 themed “E-commerce Shaping the Retail Sector,” which highlighted that the performance of the sector declined recording an average rental yield of 6.7%, 0.3% points lower than the 7.0% recorded in 2019. The subdued performance was largely attributed to; i) reduction in rental rates in a bid to attract tenants amid a tough economic environment which saw the rental rates in the sector post a 2.1% decline to Kshs 115.1 per SQFT in 2020, from Kshs 118.0 per SQFT in 2019, and, ii) reduced occupancy rates which declined by 0.7% p... 19 September, 2021 Investment Reports
The Cabinet Secretary for the National Treasury and Planning, through the Capital Markets Authority (CMA), published two draft regulations; the Capital Markets (Collective Investment Schemes) Regulations 2021 and the Capital Markets (Collective Investment Schemes) (Alternative Investment Funds) Regulations 2021. The draft regulations were published with the aim of seeking comments from the stakeholders and the general public by 24th September 2021. The proposed CIS regulations seek to update the current Collective Investment Scheme regulations given the changes in the market dynamics since the... 12 September, 2021 Investment Reports
Following the release of the H1’2021 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.
Core Earnings per Share (EPS) recorded a weighted increase of 136.0% in H1’2021, from a weighted decline of 33.6% recorded in H1’2020. The significant growth in earnings is attributable to reduced provisioning levels by the listed banks following the relatively stable business operating environment during the period. The... 5 September, 2021 Investment Reports
Industry Reports
During the month, the Kenya Roads Board (KRB), the agency overseeing development and maintenance of roads in Kenya, released the Annual Public Roads Programme 2021/2022 report and the following were the key take outs;
Kenya’s good road networks increased from 10.0% in 2009 to 18.2% in 2018, while the poor road networks decreased to 37.0% in 2018, from the 58.9% recorded in 2009, both signifying the government’s efforts to better the infrastructure roads sector in Kenya through implementation and development of various project such as the ongoing Nairobi Exp... 29 August, 2021 Investment Reports
The Coronavirus pandemic (COVID-19), which began as a health crisis, morphed into a global economic crisis as a result of containment measures put in place worldwide to curb the spread of the virus, which brought the global economy to a standstill. According to the IMF World Economic Outlook, the global GDP is estimated to have contracted by 4.4% in 2020, from a growth of 1.6% recorded in 2019. Kenya’s economy was also not spared, with the GDP estimated to have contracted by 0.1% in 2020, from a growth of 5.4% recorded in 2019. As at December 2020, the Non-Performing Loans (NPL) ratio st... 22 August, 2021 Investment Reports
The Kenya Mortgage Refinance Company (KMRC) is a treasury backed financial institution in Kenya that specializes in lending to Primary Mortgage Lenders (PMLs) such as banks, microfinance institutions and Savings and Credit Cooperatives (SACCOs) for onward lending to potential home owners. It was established in August 2018 and began its operations in September 2020 after licensing by the Central Bank of Kenya (CBK), in an aim to increase home ownership through issuance of affordable mortgages. This week, we seek to do a follow up of the co... Subscribe to our Weekly Updates
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