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Here are our views on the news making headlines today for Kenya:
Centum signs sweetheart deal with UK duo for Vipingo land...
This document was prepared under the supervision from the Research Department of Old Mutual Securities Limited ...
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Old Mutual Securities | morning market wrap 27-March-2015

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Old Mutual Securities is a securities trading company licensed by the Capital Markets Authority for the purpose of facilitating trade on the Nairobi Securities Exchange (NSE). At Old Mutual Securities, we believe fact-based research is a crucial part of any investment decision. Research expertise is at the core of our value proposition to our individual and institutional clients

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Old Mutual Securities | morning market wrap 27-March-2015

  1. 1. Here are our views on the news making headlines today for Kenya: Centum signs sweetheart deal with UK duo for Vipingo land. The deal will see Centum acquire 10,546 acres of prime Rea Vipingo land for KES 2 billion in exchange for withdrawing its rival bid. The settlement allows Richard and Jeremy Robinow, whose investment vehicle REA Trading already owns 57% of Rea, to proceed with their offer to buy out the company at a price of up to KES 85 per share and de-list it from the stock market. Our View: We believe this Short- to medium-term milestones will enhance capital appreciation and this news augurs well for the company as the Rea Vipingo buyout has stalled for more than a year, with the two parties engaging in bidding wars and litigation at the High Court and the CMA tribunal. The company strategy for the next 5 years is to develop, scale and grow investment capabilities in 8 new sectors, Agriculture, Education & Health, Energy, Financial Services, FMCG and ICT and further grow their existing Real Estate investments which portends well for the company’s performance going forward. Centum intends to generate 35%+ annualized return over the strategic period (2015-2019) and grow its Total Assets KES 120Bn [USD 1.38Bn] by 2019. Other news making the headlines;  Oil marketer KenolKobil cut its short term debts by more than Sh4 billion last year, helping to reduce its finance costs by a quarter.  Faced with calls to tame graft in the Civil Service, President Uhuru Kenyatta on Thursday made the boldest step by directing all government officials named in a corruption dossier that he tabled in Parliament to step aside, pending the conclusion of investigations into the claims. (Source: Business Daily, The standard, The Daily Nation, OMS Research, Bloomberg, Reuters) News & Analysis |March 27, 2015 Market Summary 26/03/2015 25/03/2015 Chg. (%) All Share Index 173.73 173.05 +0.39 NSE 20 Index 5,252.74 5,275.1 -0.42 Deals 2,093 2,199 -4.82 Equity T/O(B) 1.328 0.651 103.99 Mkt. Cap ( KES B) 2,425.60 2,416.09 +0.39 GAINERS Price % chg. FB (KESM) FS (KESM) Turnover (KES M) EAPC 59.00 6.31 - - 0.017 B.O.C 135.00 3.85 - - 0.121 CARBACID 21.00 3.70 - - 0.754 LOSERS Price % chg. FB (KES M) FS (KES M) Turnover (KES M) KAKUZI 252.00 10.00 - - 0.025 SAMEER 5.75 7.26 - - 0.241 NBK 24.25 3.00S - - 1.032 MOVERS Price % chg. FB (KES M) FS (KES M) Turnover (KES M) SCOM 16.45 2.17 119.56 227.68 332.48 EQTY 49.75 0.51 57.02 183.96 228.58 BAT 810.00 -0.12 92.27 135.76 217.57 T-Bill Rates 30/03/2015 23/03/2015 91 Day 8.438 8.447 182 Day 10.326 10.326 364 Day 10.596 10.596 Key Indicators % Period Inflation (Monthly) 5.53 January 2015 GDP 5.5 3Q 2014 USD/KES 91.76 27 March 2015 CBR 8.50 January 2015 Queries call: +254 20 2241379/408/350 or email omsecurities.research@oldmutualkenya.com
  2. 2. DISCLAIMER This document was prepared under the supervision from the Research Department of Old Mutual Securities Limited (OMS) a company authorized to engage in securities activities in Kenya, and with partnerships in Uganda, Rwanda, and Tanzania. Data used in this document was gathered from reliable sources, but the analyst(s) and the publishers of this document do not hold themselves responsible for the accuracy or completeness of data used. The document provides the opinions, analyses and conclusions of the Research division only and is provided without any warranties of any kind. This document does not constitute an offer, or the solicitation of an offer, for the sale or purchase of any security. The reader should independently evaluate the investment risks and is solely responsible for their investment decisions. Whilst every care has been taken in preparing this document, no representation, warranty or undertaking (express or implied) is given and no responsibility or liability is accepted by OMSL or any employee of OMSL as to the accuracy, timeliness, completeness merchantability or fitness for any particular purpose of any such recommendation or information contained and opinions expressed herein. Old Mutual Securities Limited do not accept any liability for any direct or remote loss or damage arising out of the use of all or any part of the information contained in this document. This document is published for information purposes only and is not an offer to solicit, buy or sell any security of any kind. This document does not provide customized investment advice. It has been prepared without regard to the individual financial circumstances and risk and return objectives of individuals who receive it. The appropriateness of a particular investment will depend on an investor’s individual circumstances, risk tolerance and return objectives. The investments securities referred to in this document may not be suitable for all or certain categories of investors. The Research Division and Old Mutual Securities Limited have implemented Chinese walls procedures to prevent any conflict of interest. Additional information may be available to Old Mutual Securities Limited which is not discussed in this report. Further disclosure regarding Old Mutual Securities Limited policy regarding potential conflicts of interest in the context of investment research and Old Mutual Securities Limited policy on disclosure and conflicts in general are available on request. The opinions presented in this note may be changed without prior notice or cannot be depended upon if used in the place of the investor’s independent judgment. The historical performance of a security is not representative of the security’s future returns. Investment in securities can be highly risky as security prices may go down in value as well as up and you may not get back the full amount invested. Where an investment is denominated in a currency other than the local currency of the recipient of the research report, changes in the exchange rates may adversely affect the value, price or income of that investment. In case of illiquid investments for which there is no organized market it may be difficult for investors to exit investment positions or to obtain reliable information about its value or the extent of the risk to which it is exposed. The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose.