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Telecommunications & Finance
August 27, 2019

FULIZA – Dissecting the Numbers

The recently published KCB Group Plc 1H19 results offered us a glimpse into the performance of the savings and loans products revenue line of Safaricom’s M-Pesa. More specifically, we managed to decipher possible revenues generated by the recently launched Fuliza product. Fuliza is an M-Pesa overdraft facility launched in January…
Telecommunications & Finance
July 14, 2019

Safaricom PLC

Huawei Blacklist: What is the impact on Kenya?What has happened? The Bureau of Industry and Security, under the U.S. Department of Commerce, has added Huawei Technologies and 68 non-U.S. affiliates in 26 other countries  to the Entity List. The Entity List refers to entities reasonably believed to be involved, or…
Equity Research
July 14, 2019

Kenya Oil & Gas

“We retain a BUY recommendation for both KNOC (fair value KES 13.53; 23.5% upside) and TNKL (fair value KES 41.02; 135.7% upside).” We think (Total Kenya) TNKL had challenges in profitability management, as evidenced by first half 2015 numbers. We have upgraded KenolKobil on sustained management comments for what we consider a surprisingly quick debt…
Banking & Technology
July 14, 2019

Tier 3 Banks

Given recent calls for consolidation in the banking sector, we investigate whether acquisitions in this space have presented value for money for the acquirers. We broadly conclude that the trade-off remains heavily tilted on the negotiating power of various parties involved in the transactions; whereas timing appears to have also…
In the News
July 14, 2019

The Finance Bill 2017/2018

Beloved, we have a lot of corpses walking in the streets. They look bright and sunny outside, but their internal mechanisms have completely collapsed. There are many who are still living but they have been buried. When the total collapse happens suddenly, you wonder what went wrong. But the truth…