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…