reports
- Patrick Mumu
2019 Banking Sector Report
Executive Summary We recommend a HOLD on the banking sector. We note that the challenging business environment, occasioned by regulatory constraints, coupled with weakened asset quality, serve as impediments to growth. There still exists uncertainty with the interest rate cap ceiling. Our top pick in the sector is KCB Group with a Target Price of KES 62.52 and potential upside of 39.6% from the current market price. The bank is currently trading at the sector average of 1.2x P/B, despite having...
- Gerald Muriuki
I&M Holdings Plc (NSE: I&M) 3Q18 Earnings Note
I&M Holdings Plc (NSE: I&M) released 3Q18 financial results reporting a 13.8% y/y increase in profit after tax to KES 5.5Bn from KES 5.1Bn in 3Q17. The increase was buoyed by Non-interest Revenue (NIR) which grew 38.4% y/y to KES 5.6Bn, while Net Interest Income (NII) declined marginally (-4.2% y/y) to KES 10.3Bn. Consequently, operating income was up 7.4% y/y to KES 15.8Bn. Total operating expenses were muted, +1.7% y/y to KES 8.2Bn attributed to a 25.5% y/y decline in Loan Loss Provisions (LLP...
- Gerald Muriuki
- Patrick Mumu
Kenya Banking Sector Report 1H18 – Weakened but Resilient
EXECUTIVE SUMMARY In this report, we assess the recent developments in the Banking sector, the direction going forward and provide a valuation update on the trading counters in our coverage. Valuation Update We update our coverage of the banking sector to capture performance under a new reporting environment (IFRS 9), given the release of 1H18 results and provide an update on emerging sector issues since our last coverage. We maintain our HOLD recommendation on the banking sector. We note th...
- Patrick Mumu
I&M Holdings Plc 1H18 Earnings Update
I&M Holdings Plc (NSE: I&M) released 1H18 financial results reporting a 12.8% y/y increase in EPS to KES 8.78 from KES 7.86 in 1H17. The increase was buoyed by Non-interest Revenue (NIR) which grew 34.4% y/y to KES 3.7Bn, while Net Interest Income (NII) was muted (0.1% y/y) at KES 6.9Bn. Total operating expenses increased 15.8% y/y to KES 5.7Bn attributed to a 46.2% y/y rise in Loan Loss Provisions (LLP) to KES 1.4Bn and staff costs, which rose 10.2% y/y to KES 2.0Bn. The balance sheet grew 23.5...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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