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Thursday 24th of August 2017 |
Morning Africa |
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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 0930-1500 KENYA TIME Normal Board - The Whole shebang Prompt Board Next day settlement Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke
I thank Debarl for the Invite to his Panel on NTV this morning. |
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Feb 2012 @FairmontMtKenya Mount Kenya Safari Club in Nanyuki (founded 1959) became a mecca for the international jet set. Africa |
We were not going as far as that; only two days’ journey in the ox-cart to a bit of El Dorado my father had been fortunate enough to buy in the bar of the Norfolk Hotel from a man wearing an Old Etonian tie,” so says Elspeth Huxley’s The Flame Trees of Thika which is a beautiful and lyrical book.
Mount Kenya Safari Club in Nanyuki (founded 1959) became a mecca for the international jet set. The property sits on the slopes of Mt Kenya. I have sat at the bar and half expected William Holden or Adnan Khashoggi to pop in. My most intense memory is of discovering a complete lm studio on the grounds, and walking around in the evening light alone.
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Clinton, in book, says Trump's debate stalking made her skin crawl Law & Politics |
Former Democratic presidential candidate Hillary Clinton says in her new book that Donald Trump made her skin crawl by stalking her around the stage in a campaign debate and she wonders if she should have told him to "back up, you creep."
In audio excerpts of the book "What Happened" aired on Wednesday on MSNBC, Clinton described her 2016 campaign as "joyful, humbling, infuriating and just plain baffling" and acknowledged she failed her millions of supporters by losing to Trump in the November election.
In the excerpts, Clinton described the Oct. 9 debate in St. Louis in which Trump followed her closely about the stage, lurking behind her as she fielded questions from a live television audience. The debate came two days after an audiotape emerged in which Trump was heard bragging about groping women.
"This is not OK, I thought," Clinton says. "It was the second presidential debate and Donald Trump was looming behind me.
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WPP Plc shares had their biggest drop in 17 years International Trade |
WPP Plc shares had their biggest drop in 17 years after the world’s largest advertising company cut its full-year revenue forecast amid lower spending by customers, in particular consumer-goods manufacturers.
The stock fell as much as 12 percent after WPP said like-for-like revenue growth is expected to be between zero and 1 percent in 2017. That’s down from an earlier 2 percent forecast.
Advertising companies worldwide are being hit as their biggest clients -- who face low global economic growth and technological disruption -- increasingly focus on cost-cutting to preserve margins. London-based WPP singled out ad spending on consumer goods -- items such as laundry detergent and toothpaste that make up about one-third of its revenue -- as coming under particular pressure.
Consumer goods giant Unilever, one of WPP’s biggest customers, said earlier this year it was reducing spending on ad production by 30 percent and that it would halve the number of creative agencies it works with to 1,500 from 3,000.
“In the last year or so, growth has become even more difficult to find,” Chief Executive Officer Martin Sorrell said in a statement. “For the short-term, we have to weather the storm.”
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'if you work there, interesting stuff is going to happen.' It's like, 'what's he's going to do next, shoot off a rocket?'" Kameyama said International Trade |
Imagine the publisher of Pornhub.com being asked to address Harvard University undergraduates on the virtues of running a socially responsible business. That’s basically what happened in Japan this past December, when the country’s most prestigious private university extended an invitation to adult entertainment mogul Keishi Kameyama.
After years of being rejected for bank loans and frozen out of business deals, the onetime pariah is now being embraced as an internet pioneer, and even a role model. His ever-evolving media and technology empire, DMM.com, started with pornography but has grown into a vast collection of enterprises that have made him one of Japan’s richest people.
It may seem strange that the operator of an online mall for hardcore sex videos has won such public acceptance, but Japan has always had a sort of look-the-other-way tolerance for pornography. More significantly, Kameyama has expanded into an eclectic portfolio of businesses that now include a currency trading platform, video games, an online English school and solar farms. Last year, porn was less than a third of the group’s $1.7 billion in sales.
“People are starting to realize just how smart this guy is,” says Akira Ishihara, president at Tokyo-based consultancy Kiseki Keiei Risya, who featured Kameyama at a seminar on start-ups last year. “He’s extremely forward-looking and the way he puts cash to work is just very, very smart.”
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Mongolia, Anyone? Junkiest Sovereign Debt Pays Less Than 6% Emerging Markets |
As recently as 1999, investors seeking a 6 percent yield on a government bond could have bought 10-year U.S. Treasuries. These days they can’t even get that from Mongolia.
Central-bank bond buying has compressed yields in developed markets to unprecedented levels, pushing investors further down the risk spectrum in a hunt for higher returns. Yields on Mongolian dollar bonds maturing in 2021 fell below 6 percent for the first time on record late last month after dropping 3.5 percentage points this year.
Yields on 2019-maturity Ukrainian debt and seven-year Belarussian bonds issued in June have also moved below 6 percent in the past two months. All three former Communist nations have a Bloomberg Composite rating of CCC+, or seven levels below investment grade. In a Bloomberg index of emerging-market sovereign dollar debt, only El Salvador, Barbados and Venezuela are rated lower.
Frontier Markets
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Junk Grades Everywhere in Africa, Yet Bond Yields Don't Show It BBG Africa |
Every African nation that sold dollar debt now has at least one junk grade, but it would be hard to tell by looking at the bond market.
The average yield on sovereign Eurobonds in Africa has hovered near the lowest level in two years this month, according to a Standard Bank Group Ltd. index, even after Moody’s Investors Service cut Namibia to below investment grade on Aug. 11. The world’s biggest producer of marine diamonds was the continent’s only dollar-bond issuer without a junk rating.
A low interest rate environment in the developed world has been encouraging investors to look past the problems plaguing African economies, including low commodity prices, dollar shortages in some of them and rising political tension in others.
“The dynamics around African Eurobonds are mostly driven by external rather than domestic factors,” said Ronak Gopaldas, a Johannesburg-based Africa strategist at FirstRand Ltd.’s Rand Merchant Bank. “Since late 2014, the continent’s economic fortunes have declined due to the combination of bad luck and own goals.”
But as poorly as most African economies are performing, they’re nowhere near as bad as they were in the 1980s, when oil plunged to about $10 a barrel, according to Renaissance Capital Ltd.’s chief economist, Charles Robertson.
The region “is doing so much better” compared to then, said Robertson, who’s based in London. “Despite more countries borrowing from the private sector, there has not been a wave of defaults like we saw among emerging-market countries back in the 1980s.”
The continent’s Eurobonds have outperformed emerging markets, returning investors about 9 percent in 2017 compared with 7.7 percent for developing nations as a whole.
The average yield for dollar-securities sold by sovereign issuers from the continent fell to 6.14 percent on Aug. 3, the lowest level since 2015, according to Standard Bank’s index. It has since risen one basis point to 6.15 percent as of Tuesday.
“All rallies usually come to an end, but predicting the peak is hard,” said David Cowan, an Africa economist at New York-based Citigroup Inc.
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BRITAM EA reports H1 EPS 2017 -44.565% Earnings here Kenyan Economy |
Par Value: Closing Price: 15.45 Total Shares Issued: 1938415838.00 Market Capitalization: 29,948,524,697 EPS: 1.28 PE: 12.070
H1 Gross earned premiums 11.236317b vs. 10.520271b +6.806% H1 Reinsurance premium ceded [1.491205b] vs. [1.639368b] -9.038% H1 Net earned premium 9.745112b vs. 8.880903b +9.731% H1 Investment income 2.772369b vs. 2.726124b +1.696% H1 Net unrealised fair value gains on financial assets at fair value through profit or loss 1.181529b vs. [0.342357b] +445.116% H1 Commissions earned 514.775m vs. 416.941m +23.465% H1 Total revenue 14.692991b vs. 12.687283b +15.809% H1 Insurance claims and loss adjustment expenses [5.328867b] vs. [4.259527b] +25.105% H1 Change in actuarial value of policyholder benefits [2.301644b] vs. 86.536m -2,759.753% H1 Net insurance benefits and claims [6.669113b] vs. [3.608468b] +84.818% H1 Interest payments/ increase in unit value [513.893m] vs. [639.912m] -19.693% H1 Operating and other expenses [3.898804b] vs. [3.529665b] +10.458% H1 Commissions payable [1.816824b] vs. [1.825156b] -0.457% H1 Total expenses [13.488406b] vs. [10.117247b] +33.321% H1 Profit before tax 1.282214b vs. 2.873298b -55.375% H1 Profit for the year 995.089m vs. 1.778895b -44.565% Basic and diluted EPS 0.51 vs. 0.92 -44.565% Total equity 19.202168b vs. 18.964036b +1.256% Total assets 90.622836b vs. 81.687682b +10.938% Insurance contract liabilities 21.467000b vs. 21.830980b -1.667% No interim dividend
Company Commentary
Performance of the group in the year was resilient in the current market conditions Total income +16% core insurance business which accounts for 66% [2016:70%] of the Total revenue, remained the key focus generating revenue growth of 10% to 9.7b compared to 8.9b in June 2016 The EV as at June 2017 ad grown by 20% from December 2016 to close at 13.3b with a return of EV at 19.9% [annualised return of 39.8%] compared to a return of 7.2% last year Investment income [dividends and interest] increased by 15% from 2.1b in June 2016 to 2.5b. Investment in equities returned fair value gains amounted to 2..1b compared to a loss of 328m in June 2016 regional businesses contributed revenue of 1.2b [June 2016:15% of net earned premiums, 12% of total Income and 6% of total assets of the Group. Group's asset base increased to 90.6b versus 83.6b in December 2016 AUM 124.5b
Conclusions
They have the largest Listed Portfolio and tis will be marked up big at the FY mark. They were lapping an unusually strong H1 2016 Buy on Dips.
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NIC Bank reports H1 2017 EPS -11.944% Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 36.00 Total Shares Issued: 639945603.00 Market Capitalization: 23,038,041,708 EPS: 6.77 PE: 5.318
Well established Kenyan commercial bank.
NIC Bank Limited H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Kenya Government securities held to maturity 14.036252b vs. 10.134937b +38.494% H1 Kenya Government securities available for sale 27.452746b vs. 15.855713b +73.141% H1 Loans and advances to customers (net) 116.769833b vs. 112.150830b +4.119% H1 Total assets 189.489824b vs. 169.058335b +12.085% H1 Customer deposits 133.158753b vs. 112.000727b +18.891% H1 Total equity 32.567413b vs. 28.289935b +15.120% H1 Total interest income 8.811468b vs. 9.855982b -10.598% H1 Total interest expense [3.412563b] vs. [3.780868b] -9.741% H1 Net interest income 5.398905b vs. 6.075114b -11.131% H1 Total non-interest income 2.008997b vs. 2.157086b -6.865% H1 Total operating income 7.407902b vs. 8.232200b -10.013% H1 Loan loss provision [1.445703b] vs. [2.109668b] -31.472% H1 Total operating expenses [4.489514b] vs. [5.013518b] -10.452% H1 Profit before tax and exceptional items 2.918388b vs. 3.218682b -9.330% H1 Profit after tax and exceptional items 2.029763b vs. 2.305102b -11.945% EPS 3.17 vs. 3.60 -11.944% Interim dividend – vs. 0.25 -100.000% Gross NPL and Advances 14.341928b vs. 12.565456b +14.138% Total NPL and Advances 12.653907b vs. 12.012000b +5.344% Net NPL and Advances 7.521208b vs. 8.059105b -6.674% Liquidity ratio 45.65% vs. 38.63% +7.020%
Conclusions
NIC is surely the Bull Outlier in the Tier 2 Banking segment. Increased holdings of GOK bonds and grew the Loan Book +4.119%.
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Total Kenya reports H1 2017 EPS +33.33% Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 23.25 Total Shares Issued: 175028706.00 Market Capitalization: 4,069,417,415 EPS: 3.55 PE: 6.549
Leading multinational energy company.
H1 Gross sales 71.759795b vs. 48.874772b +46.824% H1 Indirect taxes and duties [13.082998b] vs. [9.895382b] +32.213% H1 Net sales 58.676797b vs. 38.979390b +50.533% H1 Cost of sales [54.459794b] vs. [35.356648b] +54.030% H1 Gross profit 4.217003b vs. 3.622742b +16.404% H1 Other income 431.803m vs. 396.499m +8.904% H1 Operating expenses [2.987122b] vs. [2.531651b] +17.991% H1 Finance income/ costs – Net 141.668m vs. 75.983m +86.447% H1 Profit before tax 1.693750b vs. 1.563798b +8.310% H1 Profit for the period 958.198m vs. 717.900m +33.472% Basic and diluted EPS 1.52 vs. 1.14 +33.333% Cash and cash equivalents at 30th June [350.293m] vs. [305.940m] +14.497% No interim dividend
Company Commentary
The Company recorded a growth of 33% in net profit for the half year period. Net Sales increased by 51% mainly due to increase in international oil prices. +16% growth in margins No interim Dividend
Conclusions
Strong Earnings release plain and simple.
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