16th August 2018
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Satchu's Rich Wrap-Up
 
 
Thursday 16th of August 2018
 
Morning
Africa

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The lira has weakened 36 percent against the dollar this year, stood at 5.98 against the dollar at 0425 GMT
Africa


Совершенно никакой разницы в поведении этих брутальных турецких мужчин
и бабок из "Отрядов Путина"
https://twitter.com/imyare4ka/status/1029591006470189056

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Wide open spaces mean wide open skies mean wide open apertures mean wide open stars @mwarv
Africa


This was on the way back to Narok from Masai Mara where I was enjoying
the first half of the #TwinMigration2018KE.

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Reading Naipaul in Africa @NewYorker
Africa


In the early eighties, when I was serving in the Peace Corps in West
Africa, a copy of “A Bend in the River,” published just a few years
earlier, passed hand to hand among the volunteers. The novel was set
in an unnamed African country—this vagueness seemed to free Naipaul’s
imagination from the tyranny of current events—but it was clearly the
Zaire of President Mobutu Sese Seko. Mobutu was a kleptocratic
dictator whose governing ideology was “authenticity,” which turned the
longing for precolonial sources of identity into a brutal cult of
personality.

During the seventies, “authenticity” won Mobutu a following among
African and Western intellectuals who wanted to believe that
de-Christianizing names and wearing leopard-skin hats could liberate
independent Africa from its own damaging history. “When We Were
Kings,” a documentary film about the 1974 Muhammad Ali and George
Foreman fight, in Kinshasa, known as the “Rumble in the Jungle,”
features Norman Mailer and George Plimpton spouting astonishing
nonsense about the exotic and primitive Africa that they found in
Mobutu’s Zaire. Togo, where I lived, had its own “authenticity,”
copied from Zaire by a Mobutu wannabe named Gnassingbé (formerly
Étienne) Eyadéma—a ripoff of a fraud. I spent almost two years in a
disorienting and stifling atmosphere of lies, of “traditional” songs
invented by government flunkies to glorify the leader and indoctrinate
the villagers who were forced to chant and dance to them.

Reading “A Bend in the River” felt like a piece of incredible luck.
Here was a world just like the one I found myself in, portrayed in the
sharpest, most penetrating language imaginable, free of piety or
wishfulness. The sentences ran through me with a physical sensation
that felt like truth, which is exhilarating even when it terrifies.

The narrator, Salim, from a family of Indian traders on Africa’s east
coast, travels to the interior of the continent to take over a shop in
a town on a great river. “The names of all the main streets had been
changed. Rough boards carried the new, roughly lettered names. No one
used the new names, because no one particularly cared about them. The
wish had only been to get rid of the old, to wipe out the memory of
the intruder. It was unnerving, the depth of that African rage, the
wish to destroy, regardless of the consequences.” In the town, Salim
tries to build a new life. He meets Asians, Africans, and
Europeans—all of them uprooted, searching for identity and meaning in
this tense outpost of the modern world, filled with impending
violence.

In one scene, Salim is invited to an elegant party, hosted by
Europeans, where he feels outclassed and alien. Someone puts on a Joan
Baez record, and her voice floods the narrator with emotion: “I felt
the deepest part of myself awakening, the part that knew loss,
homesickness, grief, and longed for love. And in that voice was the
promise of a flowering for everyone who listened.” Then, as the
singing continues, the narrator’s mood shifts: “It was make-believe—I
never doubted that. You couldn’t listen to sweet songs about injustice
unless you expected justice and received it much of the time. You
couldn’t sing songs about the end of the world unless—like the other
people in that room, so beautiful with such simple things: African
mats on the floor and African hangings on the wall and spears and
masks—you felt that the world was going on and you were safe in it.”

That note of scorn touched with humiliation and yearning—it was
Naipaul’s essential chord.

He was born in Trinidad, the grandson of indentured field hands from
India. He won a scholarship to Oxford and forged his profession in the
bleak London of the fifties, where no one knew what to make of a
brown-skinned novelist who wrote satirically about his homeland. He
had the rage of a perpetual outsider who couldn’t afford make-believe,
who felt anything but safe in the world. He was famous, and infamous,
for being cruel, both in his books and, as depicted in Patrick
French’s excellent biography, “The World Is What It Is,” in his
private life. He tormented his long-suffering wife, Pat, brutalized
his Anglo-Argentine mistress, sucked up to British high society,
supported the nasty politics of Hindu nationalism, and freely, even
gleefully, expressed a raft of bigoted opinions. He became a hateful
figure to the progressive left, and when he won the Nobel Prize in
Literature, in 2001, Le Monde Diplomatique compared it to Henry
Kissinger winning the Nobel Peace Prize.

It’s hard for me to feel much of anything for Naipaul personally, now
that he’s gone. But the rage that made his character monstrous
purified his prose and clarified his vision, enabling him to see what
a generation of other writers, safe in the centers of power, missed.
In his novels and journalism, he dissected both the destructive
attempts of post-colonial societies to remake themselves and the
privileged Westerners who encouraged their fantasies. In this sense he
was the writer in English of the second half of the twentieth
century—the chronicler of upheaval and dispossession and migration. At
the center of his writing there is no clear political ideology but
individual human beings, such as the narrator of “A Bend in the
River.” Naipaul was too close to his trapped and blighted characters
for the comfort of sentimentality. His work is dark, but illuminated
with the sudden flashes of empathy that give it greatness.

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'You can always get into those places. What is hard is to get out. That is a private fight. Everybody has to find his own way." - V.S. Naipaul, A Bend in the River
Africa


“It was as Nazruddin had said, when I asked him about visas and he had
said that bank notes were better. 'You can always get into those
places. What is hard is to get out. That is a private fight. Everybody
has to find his own way.” ― V.S. Naipaul, A Bend in the River

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"Going home at night! It wasn't often that I was on the river at night. I never liked it. I never felt in control. V.S. Naipaul, A Bend in the River
Africa


“Going home at night! It wasn't often that I was on the river at
night. I never liked it. I never felt in control. In the darkness of
river and forest you could be sure only of what you could see — and
even on a moonlight night you couldn't see much. When you made a noise
— dipped a paddle in the water — you heard yourself as though you were
another person. The river and the forest were like presences, and much
more powerful than you. You felt unprotected, an intruder ... You felt
the land taking you back to something that was familiar, something you
had known at some time but had forgotten or ignored, but which was
always there. You felt the land taking you back to what was there a
hundred years ago, to what had been there always.”
― V.S. Naipaul, A Bend in the River

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And even on a moonlight night you couldn't see much. When you made a noise - dipped a paddle in the water - you heard yourself as though you were another person. - V.S. Naipaul
Africa


Political Reflections

 قطر .. وفي إطار المباحثات الهامة التي أجريتها في أنقرة اليوم مع
فخامة الرئيس أردوغان أعلنا عن حزمة ودائع ومشاريع استثمارية بقيمة ١٥
مليار دولار في هذا البلد الذي يملك اقتصادا منتجا قويا ومتينا
@TamimBinHamad
https://twitter.com/TamimBinHamad/status/1029783814367834113

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@TamimBinHamad
Law & Politics


We stand by the brothers in Turkey that have stood with the issues of
the nation and with Qatar.. As part of the important talks I held in
Ankara on Friday with His Excellency President Erdogan, they announced
a 15 billion dollar deposit package and investment projects in the
country, which has a strong and solid productive economy

read more


13-AUG-2018 ::President Erdogan is a shakespearean figure, he even rescued the Emir of Qatar
Law & Politics


President Erdogan is a shakespearean figure, he has slayed enemies
real and not real, his chest has been puffed up with pride, he even
rescued the Emir of Qatar but he has now met his match, that match
being the markets.

read more





13-AUG-2018 :: Cold Turkey @TheStarKenya
Law & Politics


Harold Macmillan when asked what a prime minister feared most replied:
'Events, dear boy, events'."

read more


13-AUG-2018 :: President Erdogan [Like Xi Jinping] finds himself caught in the Strong Man Conundrum. If You are the Strong Man and have placed yourself on a Pedestal then you own the problem
Law & Politics


President Erdogan [Like Xi Jinping] finds himself caught in the Strong
Man Conundrum. If You are the Strong Man and have placed yourself on a
Pedestal then you own the problem. President Erdogan remains a limit
Short Trading position.

read more


Worried About Turkey's Economic Problems? China's Could Be Worse
International Trade


Falling back on a standard excuse of besieged strongmen, President
Recep Tayyip Erdogan of Turkey is blaming traitors and outside powers
for his nation’s financial crisis, and describing the strong United
States dollar as among “the bullets, cannonballs and missiles”
foreigners are using to wage “economic war” on his country.

Many emerging markets make themselves vulnerable to financial crisis
by spending more than they can afford, and relying on foreign lenders
to fund these profligate habits, but Turkey was an extreme case even
before Mr. Erdogan took power in 2002. Of late, his reckless economic
policies — including setting interest rates at artificially low
levels, and driving up debts, deficits and inflation — have only made
matters worse. Many wealthy Turks saw another crisis coming and were
fleeing the country well before foreigners joined the recent rush,
accelerating the fall of the Turkish lira over the past few days.

Turkey’s troubles are homegrown, and the economic war against it is a
figment of Mr. Erdogan’s conspiratorial imagination. But he does have
a point about the impact of a surging dollar, which has a long history
of inflicting damage on developing nations.

But there is an even bigger question looming: The strong dollar that
is weakening Turkey’s economy may also be undermining the world’s
second-largest economy, China.

China is vulnerable to the strong dollar for different reasons. At one
level, China is far less dependent on imports than Turkey, which has
to buy virtually all its raw materials, including oil from abroad.
Unlike Turkey, China does not run a chronic trade deficit and does not
have to borrow heavily in dollars to finance its purchases abroad.

In the wake of the global financial crisis of 2008, however, Beijing
tried to keep its economy humming by ordering state banks to pump out
new loans. More than half the increase in global debt over the past
decade was issued as domestic loans inside China. There is now much
more money circulating in China than in the United States, much of it
in the hands of Chinese who are constantly on the watch for higher
returns.

So China also faces a serious risk of capital flight. The last bout
began in 2015, amid early indications that the Federal Reserve was
going to start raising interest rates. China stopped that exodus by
tightening its currency controls, but controls rarely work for long.
Savvy locals find creative ways to get their money out.

This year, the Fed’s tightening has further strengthened the dollar,
while Beijing’s easy money policies have further weakened the renminbi
— increasing the incentive for Chinese investors to dump China’s
currency for dollars. Right now Chinese can earn the same interest
rates in the United States for a lot less risk, so the motivation to
flee is high, and will grow more intense as the Fed raises rates
further.

Beijing could also diminish the allure of the strong dollar by trying
to raise the value of its own currency. But that would mean tightening
the supply of renminbi, which is likely to derail the economy at a
time when growth in China is already slowing under the burden of too
much debt.

China has also tried to challenge the hegemony of the dollar by making
the renminbi more widely popular, but that is a long-term project, so
far unsuccessful. Though the United States share of the global economy
is down to 23 percent from a high of 32 percent in 2001, the dollar is
still by far the world’s favorite currency for everything from lending
to paying for exports and imports.

More than 60 percent of the foreign currency held in reserve by
central banks around the world is in dollars, and China’s ambition to
make the renminbi a reserve currency has attracted hardly any takers.
Global central banks and investors are still wary of holding a
currency that Communist authorities may slap controls on at any time —
as they did in 2016.

As this crisis unfolds, attention is likely to shift from the
relatively small global threat posed by Turkey to the much larger one
posed by China — and from President Trump’s tariff wars to currency
wars. Though the Trump administration has accused China of weakening
its currency to make its exports more competitive, over the past few
days China has shifted to trying to prevent the renminbi — already
down 7 percent against the dollar over the past two months — from
weakening further. The last thing Beijing wants is a sudden crisis in
confidence.

So China is in a tough spot. The strengthening dollar threatens to
provoke more capital flight out of China, but any effort to shore up
the renminbi in response could further slow the Chinese economy. For
years Beijing has responded to signs of weakness in the economy by
printing more renminbi, which worked fine when the United States was
also running a very loose monetary policy. Now that the United States
is raising interest rates, lowering rates in China will only give
Chinese investors more reason to leave the country.

The fate of the world economy depends on how China negotiates this
dilemma. Its $14 trillion economy is more than 15 times larger than
Turkey’s, representing about 16 percent of the global economy. It is
pivotal. For the rest of the world, the collapse of the lira may prove
to be a passing event, and China is likely to decide which way this
crisis goes.

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13-AUG-2018 :: President Erdogan [Like Xi Jinping] finds himself caught in the Strong Man Conundrum. If You are the Strong Man and have placed yourself on a Pedestal then you own the problem
International Trade


President Erdogan [Like Xi Jinping] finds himself caught in the Strong
Man Conundrum. If You are the Strong Man and have placed yourself on a
Pedestal then you own the problem. President Erdogan remains a limit
Short Trading position.

read more



Only in 28-AUG-2017 My Piece in @TheStarKenya was headlined China Rising
International Trade


& now Xi Jinping is an existential ''Chickie-run'' Gig with @POTUS
just when he chose to put himself on a Pedestal. - Hubris Shakespeare
at a Geopolitical Scale

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"The Chinese delegation led by [Vice Commerce Minister] Wang Shouwen will meet with an American group led by David Malpass [Under Secretary of the US Treasury for International Affairs]"
International Trade


“The Chinese delegation led by [Vice Commerce Minister] Wang Shouwen
will meet with an American group led by David Malpass [Under Secretary
of the US Treasury for International Affairs] at the invitation of the
US.”

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1379
Dollar Index 96.56
Japan Yen 110.76
Swiss Franc 0.9933
Pound 1.2717
Aussie 0.7266
India Rupee 69.96
South Korea Won 1130.35
Brazil Real 3.9025
Egypt Pound 17.8950
South Africa Rand 14.4942

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Tencent slumps after reporting shockingly poor quarterly numbers
World Currencies


Tencent Holdings Ltd. slumped after the Chinese social media giant
reported shockingly poor quarterly numbers, underscoring how tech
superstars that led the market to new heights are showing signs of
strain.

Tencent surprised investors with its first profit drop in at least a
decade after a freeze on new game approvals in China as the regulators
are restructured. Executives said they had little clarity on when the
process would return to normal, putting more pressure on a company
that has lost more than $180 billion of market value since its January
peak. The stock slumped as much as 5 percent in Hong Kong.

The very government that has favored Tencent as a technology champion
is now directly hurting its results, with the bureaucratic shakeup in
Beijing blocking its path to making money from games. The
Shenzhen-based company relies on new content to draw and keep users on
its WeChat messaging service, over which it sells in-game items and
advertising to a billion-plus users. Tencent hasn’t been able to cash
in on the world’s most popular games, including Fortnite and
PlayerUnknown’s Battlegrounds.

“From a revenue growth perspective, gaming is a key area of weakness,
our biggest game is not monetizable,” President Martin Lau said on a
conference call. “This is something that’s a little out of our
control, but over time we’ll solve it.”

Net income fell 2 percent to 17.9 billion yuan ($2.6 billion) in the
three months ended June, the Shenzhen-based company said on Wednesday.
That’s well short of the 19.3 billion-yuan average of analysts’
estimates and reflects fading allure of older titles, increased
spending and fewer investment gains. Mobile gaming revenue dropped 19
percent from the first quarter.

While there is a “green” process that enables the company to test
monetization of games, that won’t apply to PUBG because of its sheer
scale, Lau said. In addition to the delay in new approvals, this week
Tencent was ordered by the government to pull Monster Hunter: World
just days after its debut, which the company said was a one-time
issue.

“The results were really bad," said Benjamin Wu, a Shanghai-based
analyst with consultancy Pacific Epoch. “The fact that Monster Hunter
got taken down shows that even Tencent isn’t immune from regulatory
crackdowns."

Longer-term, Tencent still commands a powerful asset in WeChat, the
ubiquitous messaging service that underpins its gaming and ads
business. Monthly active users climbed almost 10 percent to 1.06
billion in the June quarter -- a massive population of consumers not
just for games and ads but also fledgling services from video to
financial services. Advertising revenue jumped 39 percent, while video
subscription numbers doubled.

Tencent blamed its profit decline also on fewer investment gains. It
said it cashed out of startups such as Ele.me and Mobike to raise
capital to bankroll new services such as game live-streaming and in
traditional retail.

One potentially promising area is payments, where monthly active users
stood at 800 million as of June. Daily transaction volume was up 40
percent in the quarter. But Tencent also warned of a hit to gross
margins by higher requirements on the reserves it must set aside for
its financial services business.

“The major disappointment was the top line, and that’s on top of
estimates being hugely guided down from about a month ago,” said Billy
Leung, an analyst with Haitong International Securities Co. in Hong
Kong.

“They’re concerned about their core business and looking for new areas
of growth,” he said. “The deeper implication is that games will be
slowing down.”

Gaming for now remains its bread and butter. Revenue rose 30 percent
to 73.7 billion yuan, but that’s its slowest expansion in since 2015
and fell short of estimates for 77.7 billion yuan.

“Tencent’s gaming business did even worse than expected,” said Li
Yujie, an analyst at RHB Research Institute in Hong Kong. “Despite
having a lot of players for PUBG, its inability to monetize the game
is causing a slowdown in revenue growth.”

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Tencent is a disaster but look at BABA its now down >20% from the highs @fxmacro
World Currencies


Tencent is a disaster but look at BABA its now down >20% from the
highs and sititng at important support...should be a warning to all
the FANG longs thinking they are bullet prove

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In aggregate the six LME base metals have dropped more than 25%, and they're heading for the biggest collective loss since 2011 @mburtonmetals
Commodities


So just how bad has today been for metals? Worst day since 2015? Nope.
In aggregate the six LME base metals have dropped more than 25%, and
they're heading for the biggest collective loss since 2011.

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[The End of] Halcyon Days @TheStarKenya
Emerging Markets


From Latin Alcyone, daughter of Aeolus and wife of Ceyx. When her
husband died in a shipwreck, Alcyone threw herself into the sea
whereupon the gods transformed them both into halcyon birds
(kingfishers). When Alcyone made her nest on the beach, waves
threatened to destroy it. Aeolus restrained his winds and kept them
calm during seven days in each year, so she could lay her eggs. These
became known as the “halcyon days,” when storms do not occur. Today,
the term is used to denote a past period that is being remembered for
being happy and/or successful.

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South Africa's ANC chairman wants state to seize land from those with over 12,000 hectares
Africa


“You shouldn’t own more than 12,000 hectares of land and therefore if
you own more, it should be taken without compensation,” ANC Chairman
Gwede Mantashe, who is also the country’s mines minister, told the
News24 website in an interview published on Wednesday.

It was not immediately clear whether Mantashe’s comments represented
official ANC policy. Four key party officials did not answer their
phones when called by Reuters for clarification.

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Naspers Ltd., Africa's largest company by value, plunged the most in almost 10 years in Johannesburg trading after Chinese internet giant Tencent Holdings Ltd. posted earnings that missed analyst estimates.
Africa


Naspers, which owns a 31 percent stake in Tencent, slumped as much as
10 percent, the most intraday since October 2008. The South African
benchmark index dropped as much as 2.7 percent Wednesday, reflecting
Naspers’s 18 percent weighting in the gauge.

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Rand Sinks as a Downbeat @MoodysInvSvc 's, Naspers Spur a Perfect Storm @business
Africa


The currency sank as much as 3.4 percent against the dollar after
Moody’s said the pace of South Africa’s fiscal consolidation will be
slower than government forecasts as weaker-than-expected economic
growth and a rising public sector wage bill act as fiscal headwinds.
The statement came shortly after central bank Governor Lesetja
Kganyago said growth projections were “worrying” and hinted policy
makers aren’t about to raise rates.

A drop in commodity prices and concerns about the government’s plan to
seize land for redistribution also weighed on the rand at a time when
Turkey’s woes are damping investor demand for emerging-market assets.

“It’s a combination of factors,” said Warrick Butler, a currency
trader at Standard Bank Group Ltd. “Take your pick.”

Naspers, which accounts for 18 percent of the benchmark stock index,
tumbled after Tencent Holdings Ltd., in which it owns a 31 percent
stake, missed earnings estimates. That raised concerns about outflows
from the stock market. The benchmark index of equities fell the most
since May.

The rand was 3.1 percent weaker at 14.6931 per dollar by 1:41 p.m. in
Johannesburg, bringing its decline this month to 9.7 percent. Yields
on benchmark 2026 government bonds climbed 10 basis points to 9.04
percent.

“Factors that have harmed the currency today includes news from
Turkey, which points to a deepening of the crisis there, despite the
lira’s bounce back today,” said Andre Cilliers, a trader at
TreasuryOne Ltd. On the domestic front, a statement by the ruling
African National Congress on land expropriation “put property rights
back in focus and all the uncertainty that comes with it,” he said.

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Zimbabwe's largest restaurant company plans more outlets in Kenya
Africa


Zimbabwe’s largest fast-food restaurant operator, Simbisa Brands, has
said it will set up more outlets in Kenya as part of its expansion
drive.
The company — which operates several quick service restaurants
including Chicken Inn, Pizza Inn, Bakers Inn and Creamy Inn — said the
expansion plan is buoyed by increased traffic with a positive outlook.
“We have a major plan for growth in Kenya. We are looking at Kenya as
a major market where we want to expedite our growth there,” Simbisa
Brands managing director Warren Meares said.
He said the company was also looking at growing its market in the
sub-Saharan Africa region by putting up an additional 40 branches in
the countries it operates from.
The fast food chain has 203 branches in Zimbabwe and 145 across
Sub-Saharan Africa.
In Kenya, Simbisa opened eight new outlets and closed four, bringing
the total to 121 as at June 30 last year.
Simbisa operates several quick service restaurants including Chicken
Inn, Pizza Inn, Bakers Inn and Creamy Inn (Courtesy)
 The expansion drive is seen as a move by the restaurant operator to
take on international brands like McDonald’s and Burger King.
The firm recently invested $4.3 million (about Ksh446.7 million) in
the expansion of its operations in Kenya, Zimbabwe and Mauritius.
Its regional operations in Kenya, Zambia, Ghana, the Democratic
Republic of Congo and Mauritius contributed $58.4 million (about Ksh6
billion) to group revenue, up from $54,5 million (about Ksh5.6
billion) last year.
Simbisa recently said it is panning a secondary listing at the London
Stock Exchange (LSE) junior market to raise capital for expansion and
potential foreign acquisition.

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I saw dust coming our way and checked if @NyamuJim would pause the walk but No! he continued as if a cool breeze was hitting his face! #ZambiaLovesElephants #IvoryBelongsToElephants
Africa


I saw dust coming our way and checked if @NyamuJim would pause the
walk but No! he continued as if a cool breeze was hitting his face!
Who enjoys walking in this kind of dust? His passion to save elephants
keeps us moving as a team. #ZambiaLovesElephants
#IvoryBelongsToElephants

read more



@KeEquityBank reports H1 2018 EPS +17.408% #EquityHYResults here
Kenyan Economy


Par Value:                  0.50/-
Closing Price:           51.50
Total Shares Issued:          3702777020.00
Market Capitalization:        190,693,016,530
EPS:             5
PE:                 10.300

6 Month earnings through 30th June 2018 versus through 30th June 2017
H1 Loans and Advances [net] to customers 275.036697b versus 265.086161b +3.75%
H1 Total assets 542.016243b versus 504.944293b +7.341%
H1 Customer Deposits 393.685732b versus 362.788362b
H1 Total Interest Income 25.356195b versus 23.005192b
H1 Net Interest Income 19.582992b versus 17.942652b
H1 Non-Interest Income 13.175875b versus 12.976624b
H1 Total Operating Income 32.758867b versus 30.919276b
H1 Loan Loss Provision 787.392m versus 1.860344b -57.67%
H1 Staff Costs 5.226063b versus 5.158500b
H1 Total Operating Expenses 17.288152b versus 17.627060b -1.92%
H1 Profit before Tax 15.470715b versus 13.292216b +16.389%
H1 Profit after Tax 10.941384b versus 9.338685b
H1 EPS 2.90 versus 2.47 +17.408%

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The Group's deployment of funding was underpinned by investment in government securities which grew by 37% to reach Ksh 159bn up from Ksh 116bn - Dr. James Mwangi #EquityHYResults
Kenyan Economy


Conclusions


They have a muscled up Balance Sheet with plenty of Firepower.
These are Good results.
I like the regional Footprint which is gaining some meaningful traction.

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@KCBGroup reports H1 2018 PAT +18.034% Earnings here
Kenyan Economy


Par Value:                  1/-
Closing Price:           49.50
Total Shares Issued:          3066056647.00
Market Capitalization:        151,769,804,027
EPS:             6.43
PE:                 7.698

H1 2018 Group Earnings through 30th June 2018 versus through 30th June 2017
H1 Loans and Advances to Customers [net] 421.508507b versus 406.975972b +3.57%
H1 Total Assets 667.681636b versus 630.608038b +5.879%
H1 Customer Deposits 524.938523b versus 482.844611b
H1 Interest Income 32.219618b versus 30.363494b
H1 Net Interest Income 24.145464b versus 23.149161b
H1 Total Non-interest income 11.479770b versus 11.487716b
H1 Total Operating Income 35.625234b versus 34.636877b
H1 Loan Loss Provision 827.684m versus 2.012647b -58.87%
H1 Staff Costs 8.599757b versus 9.085443b -5.34%
H1 Total Operating Expenses 6.833934b versus 6.529052b +4.66%
H1 Profit before Tax 17.095226b versus 14.752082b +15.88%
H1 Profit after Tax 12.111360b versus 10.260882b +18.034%
H1 EPS 3.95 versus 3.345 +18.086%
Interim Dividend 1 shilling a share

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@Coopbankenya reports H1 2018 EPS +7.96% Earnings here
Kenyan Economy


Par Value:                  1/-
Closing Price:           17.05
Total Shares Issued:          5867179554.00
Market Capitalization:        100,035,411,396
EPS:             1.99
PE:                 8.568

H1 2018 Earnings through 30th June 2018 versus through 30th June 2017
H1 Loans and Advances [net] to Customers 251.110256b versus 252.612566b
H1 Total Assets 398.426995b versus 383.326294b +3.93%
H1 Total Interest 20.779695b versus 19.257831b
H1 Net Interest Income 14.813911b versus 13.418210b
H1 Non-Interest Income 6.995115b versus 7.106144b
H1 Total Operating Income 21.809026b versus 20.524354b
H1 Loan Loss Provision 1.093122b versus 1.509311b -27.57%
H1 Staff costs 5.343888b versus 4.728822b
H1 Total Operating Expenses 11.974515b versus 11.347233b +5.52%
H1 Profit before Tax 9.834512b versus 9.269421b
H1 Profit After Tax 7.140160b versus 6.637412b +7.57%
H1 EPS 1.22 versus 1.13 +7.96%

Conclusions


Balance sheet growth at +3.93% signals a defensive Game is being played.

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Kakuzi reports H1 2018 EPS +269.97% Earnings here
Kenyan Economy


Par Value:                  5/-
Closing Price:           320.00
Total Shares Issued:          19600000.00
Market Capitalization:        6,272,000,000
EPS:             30.19
PE:                 10.600

H1 2018 Earnings through 30th June 2018
H1 Sales 613.118m versus 547.277m +12.030%
H1 Profit before Fair Value Gain in non-current biological assets and
Income tax 361.927m versus 85.462m +323.49%
H1 Fair Value Gain in non-current biological assets 20.641m versus 20.000m
H1 Profit Before income Tax 382.568m versus 105.462m +262.75%
H1 Profit After Tax 270.454m versus 73.203m +269.45%
H1 EPS 13.80 versus 3.73 +269.97%

During the period under review, tea profits improved due to higher
volumes and firm prices in Q1.
Avocado results are significantly improved on last year's performance
due to increased volumes and a strong winter market in Europe
Macadamia and Forestry results made a positive contribution
Tea volume yields +17% on last year
avocado volumes - Total containers shipped to the end of June were 73%
higher than previous year.
Sales tea 163.496m versus 118.240m
Avocados 173.082m versus 151.804m
Macadamia 87.091m versus 89.138m
Forestry 153.253m versus 108.467m

Conclusions


Strong results. I like the Pivot to Avocados.
Its an attractively priced share.

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Kenya Shilling versus The Dollar Live ForexPros 100.79
Kenyan Economy


Nairobi All Share Bloomberg +2.05% 2018

http://www.BLOOMBERG.COM/quote/NSEASI:IND

Nairobi ^NSE20 Bloomberg -10.45% 2018

http://j.mp/ajuMHJ

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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August 2018
 
 
 
 
 
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