reports
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 8th February 2021
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
East African Breweries Ltd (NSE: EABL) 1H21 Earnings Note
East African Breweries Ltd (NSE: EABL) announced weak y/y performance as expected but a rebound h/h with net revenue down 3.1% y/y (+53.2% h/h) to KES 44.5Bn. The h/h recovery follows relaxation of pandemic-related restrictions in the July-Dec 2020 period with volumes (-5.0% y/y) and sales almost normalizing to pre-pandemic levels in 2019. In addition to the weak volumes, the business grappled with weaker currency, higher direct costs (gross margin at 43.5% from 47.7% in 1H20) and one-off tax pr...
- Gerald Muriuki
KenGen Company Plc (NSE: KEGN) FY20 Earnings Note
KenGen Plc (NSE: KEGN) announced the delayed FY20 audited results. Performance was buoyant as expected with an EPS of KES 2.79 (+132.5% y/y) but normalized (adjusted for the KES 4.6Bn tax credit) EPS growth rate of 16.7% y/y to KES 1.40. The tax credit emanates from capital deduction allowances following completion of the 165MW Olkaria V power plant in November 2019. Electricity revenue backed by the power plant rose 13.4% y/y amidst steady growth in operating expenses (+3.0% y/y). As expected, ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 25th January 2021
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
GENGHIS CAPITAL PLAYBOOK 2021: Navigating the Now Normal
Dear Investors,No, that’s not a typo. The theme is just what it is, ‘Navigating the Now Normal’. The COVID-19 shock upended the world last year with far-reaching consequences; an earthquake of a magnitude 9 comes closer. While the rollout of the vaccines this year are meant to be a shot in the arm (no pun intended) to global economies, we are alive to the fact that the pandemic’s scars will still linger longer. Not only has COVID-19 exposed the domestic economy’s soft spots, but the spillover e...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 4th January 2021
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 28th December 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 21st December 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 14th December 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 30th November 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Equity Group Holdings Plc (NSE: EQTY) 3Q20 Earnings Note
Equity Group Holdings Plc (NSE: EQTY) reported 13.9% y/y dip in 3Q20 Earnings Per Share (EPS) to KES 3.99 on the back of substantial increase in loan loss provisions (686.1% y/y) to KES 14.8Bn. Net interest income (NII) rose 21.8% y/y to KES 39.3Bn (interest income from loans and government securities rose 24.2% y/y and 22.2% y/y, respectively) while non-interest revenue (NIR) grew 10.1% y/y to KES 24.8Bn. Consequently, NIR contribution dropped 242bps y/y to 38.7%. On the back of full consolidat...
- Gerald Muriuki
KCB Group Plc (NSE: KCB) 3Q20 Earnings Note
KCB Group Plc (NSE: KCB) reported 43.3% y/y (+151.9% q/q) drop in 3Q20 Earnings per Share (EPS) to KES 3.39. The turn in profitability was mainly due to 244.3% y/y increase in Loan loss provisions (LLP) to KES 20.0Bn. Net Interest Income (NII) grew 10.6% y/y to KES 47.9Bn while Non-interest Revenue (NIR) fell 5.0% y/y to KES 21.3Bn. Other operating expenses remained steady (-0.2% y/y). The balance sheet grew 11.5% y/y to KES 972.0Bn driven by the 15.5% y/y rise in deposits to KES 772.7Bn coupled...
- Gerald Muriuki
Safaricom Plc (NSE: SCOM) 1H21 Earnings Note
Safaricom Plc (NSE: SCOM) announced a 6.1% y/y drop in 1H21 Earnings per Share (EPS) to KES 0.83 in line with our expected EPS of KES 0.82. The slow performance was primarily attributed to 14.5% y/y decline in M-Pesa revenue (-14.8% y/y expected), faster-than-expected 6.5% y/y decline in voice revenue (-3.1% y/y expected), positive (14.1% y/y) mobile data revenue growth as fixed data surprised on the downside (-0.2% y/y). Consequently, service revenue fell in line with our expectations (-5.3% y/...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 9th November 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index.Genghis Trading Ideas for...
- Gerald Muriuki
Safaricom Plc (NSE: SCOM) Pre-earnings & Valuation Update 1H21
Safaricom Plc (NSE: SCOM) is expected to release 1H21 results on 9th November and we project a 8.4% y/y decline in 1H21 Earnings Per Share (EPS) to KES 0.82. We maintain our HOLD recommendation on Safaricom at a price target of KES 31.34, a 2.8% potential upside from the current market price of KES 30.50
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 26th October 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 19th October 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 12th October 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
- Gerald Muriuki
4Q20 Equities Market Outlook - The Long Road
Global financial markets steadied at year open levels (MSCI World +0.4% YTD) with 3Q20 gains (+7.5% q/q) softening from the strong rebound in 2Q20 (+17.7% q/q). Sentiment of stronger markets waned during the quarter, as overbought markets in developed countries steadied with increasing chances of a pullback in 4Q20. We see vulnerabilities in markets emanate from emerging risks as the effects of the large 2Q20 policy support normalize, rising geo-political risks and increasing chances of the seco...
- Gerald Muriuki
Genghis Cross-Asset Weekly Strategy - 31st August 2020
In this week's edition of the Weekly Cross-Asset Strategy Report, we give a recap of the equities, fixed income, currencies and derivatives markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios is ahead of all the benchmark indices including the Nairobi All Share Index (NASI) and Zamara Index. Genghis Trading Ideas ...
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