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Satchu's Rich Wrap-Up
 
 
Friday 04th of August 2017
 
Morning
Africa

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The Latest Daily PodCast can be found here on the Front Page of the site
http://www.rich.co.ke

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F.Dilek Uyar "worship"
Africa


This photo was taken in Konya. Willing Dervish in an historical place
of Sille Konya Turkey.The ‘dance’ of the Whirling Dervishes is called
Sema and is a symbol of the Mevlevi culture. According to Mevlana’s
teachings, human beings are born twice, once of their mothers and the
second time of their own bodies.

Macro Thoughts

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"Historically the epicentre of global political risk has never been Washington"
Africa


"Historically the epicentre of global political risk has never been
Washington. You have a very strange situation in the U.S. at the
moment ... and lots of concerns about the longevity of President
Donald Trump," he said.

Home Thoughts

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National Geographic Travel Photographer of the Year photo 2017. Sergio Tapiro Velasco's "The Power of Nature"
Africa


National Geographic has announced the winners of its prestigious
Travel Photographer of the Year photo contest for 2017. The grand
prize winner is Mexican photographer Sergio Tapiro Velasco, who shot
this incredible photo titled “The Power of Nature,” which shows
lightning striking an erupting volcano.

The photo was captured on December 13th, 2015, outside Colima, Mexico,
at the Volcán de Colima, one of the most active volcanoes in Latin
America. He did extensive research and patiently monitored the volcano
for nearly a month prior to this shot. Velasco was positioned 12km
(~7.5mi) away from the crater when he saw and shot the biggest
volcanic lightning bolt he’d ever witnessed.

“When I looked on the camera display, all I could do was stare,”
Velasco tells Nat Geo. “What I was watching was impossible to
conceive, the image showed those amazing forces of nature interacting
on a volcano, while the lightning brightened the whole scene. It’s an
impossible photograph and my once in a lifetime shot that shows the
power of nature.”

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Yutaka Takafuji/ National Geographic Travel Photographer of the Year. "Forest of the Fairy."
Africa


Shooting in the forest This photograph was taken in the evening hours
of a humid early summer day in the forest of a small remote village in
the Tamba area of Japan. It beautifully captures the magical
atmosphere of Princess fireflies carpeting a stairway leading to a
small shrine revered by the local people.



GRAND JURY SUBPOENAS HAVE BEEN ISSUED IN CONNECTION WITH JUNE 2016
MEETING BETWEEN DONALD TRUMP JR, RUSSIAN LAWYER & OTHERS - SOURCES:
RTRS @Lee_Saks

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"Historically the epicentre of global political risk has never been Washington"
Law & Politics


"Historically the epicentre of global political risk has never been
Washington. You have a very strange situation in the U.S. at the
moment ... and lots of concerns about the longevity of President
Donald Trump," he said.

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1876
Dollar Index 92.79
Japan Yen 110.13
Swiss Franc 0.9681
Pound 1.3137
Aussie 0.7968
India Rupee 63.69
South Korea Won 1125.29
Brazil Real 3.1128
Egypt Pound 17.77
South Africa Rand 13.3694

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Commodity Markets at a Glance WSJ
Commodities


U.S. crude #oil futures settle at $49.03/bbl. ⬇$0.56. -1.13%. #CME
#NYMEX #WTI $CL_U7 #OOTT volume: ~765k @Lee_Saks

pic.twitter.com/lRuHD7mAbP

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Gold 6 month INO 1268.33
Commodities


Emerging Markets

Frontier Markets

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Kenya opposition leader says ruling party can win only by rigging vote Reuters
Kenyan Economy


"There is no other way that Jubilee can win elections other than
through rigging and they know it - that is why they are making all the
efforts," he told Reuters as he left an election rally in the town of
Susan near the capital.

"I'm very confident that we are going to get a very, very decisive
victory," he said.

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Kenya Should Vote for Stable Politics @BV
Kenyan Economy


On Aug. 8, Kenyans will choose a new president, as well as new
governors, senators and members of parliament. Much as it matters that
the best candidates win, something else matters even more -- that the
election itself succeeds. This cannot be taken for granted.

Violence and intimidation have cast a pall over four of the six votes
Kenya has held since becoming a multiparty democracy in 1991. In the
worst outbreak, after bitter disputes over the 2007 contest, at least
1,100 Kenyans were killed and several hundred thousand were displaced.

This year’s contest brims with peril. For starters, it’s a closely
fought grudge match between President Uhuru Kenyatta and Raila Odinga,
who lost in 2013 and lodged charges of rigging that went to the
Supreme Court. Kenya’s shaky electoral system inspires no confidence:
Its biometric machinery failed last time, and a recent audit suggested
a million dead voters might still be on the rolls. Elections for new
local-government posts, offering rich patronage opportunities, will
sharpen ethnic divisions. And the security forces are stretched, with
Islamist militants stepping up attacks near the Somali border.

So far, Kenya’s judiciary has deftly handled pre-election disputes.
Observers are attending from the African Union, the European Union,
the U.S. and other quarters: They need to hone in on Kenya’s most
conflict-prone counties, where fraud is more likely.  The government
needs to step up monitoring of hate speech and ensure the speedy and
transparent release of results -- and civil-society groups can help
hold it to account. This week's shocking unsolved murder of an
election official in charge of information technology makes that all
the more urgent.

Recent polls suggest neither Kenyatta nor Odinga will cross the 50
percent threshold needed to avoid a runoff. Whoever wins will face
stiff challenges. A brutal drought has hit economic growth, pushed
inflation to a five-year high and led to shortages of corn, milk and
other staples. Conflicts over control of arable land are intensifying.
Debt is rising. Endemic corruption will continue to plague a country
where the rallying cry of winning politicians has been “It’s our turn
to eat.”

Yet Kenya has also been a seedbed of digital innovation, and its
economy has avoided the pitfalls of some of its more
resource-dependent African neighbors. Its potential is vast, and the
country’s bulging youth cohort has a remarkable chance to shape this
year’s contest and cast Kenya’s politics forward. An orderly election
and a commitment by all candidates to stable democratic politics would
be a great first step.

read more



Kenya may be growing but 'You can't eat GDP' AFP
Kenyan Economy


But government spending on new public works has caused Kenya's debt to
balloon, increasing during Kenyatta's term to over 50 percent of GDP,
much of it owed to Chinese lenders who negotiated advantageous terms.

"I think Kenya had to make those investments," said Aly-Khan Satchu, a
Kenyan analyst. "But now, they need to reap the benefits of those
investments, but they also need to space the next investments
carefully."

With elections less than a week away, several opinion polls have
identified food prices as the top issue among Kenyans.

"In Kenya, we have a saying: 'you can't eat GDP'", said Satchu.

read more


KCB Group reports H1 2017 EPS -3.602% Earnings here
Kenyan Economy


Par Value:                  1/-
Closing Price:           39.50
Total Shares Issued:          3066056647.00
Market Capitalization:        121,109,237,557
EPS:             6.46
PE:                 6.115

H1 Kenya Government securities 68.842956b vs. 37.489753b +83.631%
H1 Loans and advances to customers (net) 406.975972b vs. 348.696017b +16.714%
H1 Total Assets 630.608039b vs. 610.206922b +3.343%
H1 Customer deposits 482.844611b vs. 476.519563b +1.327%
H1 Total shareholders’ funds 98.331261b vs. 96.457912b -1.942%
H1 Net interest income/ [loss] 23.149161b vs. 22.501386b +2.879%
H1 Fees and commissions on loans and advances 3.114491b vs. 2.422431b +28.569%
H1 Other fees and commissions 4.095367b vs. 3.881593b +5.507%
H1 Foreign exchange trading income 2.644696b vs. 2.566870b +3.032%
H1 Total non-interest income 11.487716b vs. 11.208009b +2.496%
H1 Total operating income 34.636877b vs. 33.709395b +2.751%
H1 Loan loss provision [2.012647b] vs. [2.061474b] -2.369%
H1 Staff costs [9.085443b] vs. [8.078478b] +12.465%
H1 Total other operating expenses [19.884795b] vs. [18.876276b] +5.343%
H1 Profit before tax and exceptional items 14.752082b vs. 14.833119b -0.546%
H1 Profit after tax and exceptional items 10.260882b vs. 10.281157b -0.197%
Diluted and Basic EPS 6.69 vs. 6.94 -3.602%
Dividends per share 1.00 vs. –
Gross NPL and advances 33.248978b vs. 32.978280b +0.821%
Total NPL and advances 28.330162b vs. 28.708442b -1.318%
Net NPL and advances 9.226531b vs. 14.174766b -34.909%
Liquidity ratio 35.7% vs. 39.1% -3.400%

Pre-tax profits declined by 1% y/y to KES 14.8bn.
EPS declined by 3.6% y/y to KES 6.69 compared to KES 6.64 in 1H16.
Net interest income increased by 2.9% y/y to KES 23.1bn largely due to
a 20.8% y/y decline in interest expense.
The interest rate caps resulted in a 3.9% y/y decline in interest
income but this was more than made up by the decline in interest
expenses (20.8% y/y).
Group loan book grew by 16.7% y/y to KES 407.0bn largely driven by a
19% y/y loan book growth in Kenya. The Kenyan Bank took advantage of
the interest rate caps to lend to the low risk segments. The corporate
segment, mortgage loans and consumer segment (consists mostly of
payroll lending to government employees) accounted for 95% of the new
loans disbursed between 1H16 and 1H17.
Customer deposits grew by 1.3% y/y to KES 482.8bn. Notably, on a q/q
basis customer deposits grew by 5.7%.
Non-funded income increased by 2.5% y/y to KES 11.5bn. Notably, there
was a 28.6 y/y increase in fees and commissions on loans and advances
and a 5.5% y/y increase in other fees and commission. This was to a
large extent offset by a 30.1% y/y decline in other income.
Loan loss provisions declined by 2.4% y/y to KES 2.0bn. The bank opted
to cut provisioning following an improvement in the NPL ratio from
8.6% in 1H16 to 8.1% in 1H17. The IFRS NPL coverage also improved from
39% in 1H16 to 44% in 1H17.
Cost to income ratio increased to 51.5% from 49.9% in 1H16. This was
mainly attributed to a 12% y/y increase in staff costs to KES 9.1bn
possibly as a result of the staff restructuring exercise that the bank
is currently undergoing.
An interim dividend of KES 1.00 per share was announced compared to no
interim dividend in 1H16.

Conclusions

Well played in a difficult operating environment.

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Kenol Kobil reports H1 2017 PAT +19.541% Earnings here
Kenyan Economy


Par Value:                  0.50/-
Closing Price:           14.95
Total Shares Issued:          1471761200.00
Market Capitalization:        22,002,829,940
EPS:             1.64
PE:                 9.116

H1 2017 Earnings versus H1 2016
H1 Sales 72.637710b vs. 36.937907b +96.648%
H1 Cost of sales [68.570962b] vs. [33.481421b] +104.803%
H1 Gross profit 4.066748b vs. 3.456486b +17.656%
H1 Other income 282.175m vs. 216.493m +30.339%
H1 Administration and operating costs [1.368955b] vs. [969.911m] +41.142%
H1 Impairment provision for KPRL Yield Shift receivable [300.000m] vs.
[400.000m] -25.000%
H1 Exchange [Losses]/ gain [25.606m] vs. 39.344m -165.082%
H1 EBITDA 2.654362b vs. 2.342412b +13.317%
H1 Finance costs [82.012m] vs. [97.997m] -16.312%
H1 Depreciation and amortization [491.902m] vs. [518.941m] -5.210%
H1 Profit before income tax 2.080448b vs. 1.725474b +20.573%
H1 Profit for the period 1.422459b vs. 1.189937b +19.541%
Closing cash and cash equivalents 2.715795b vs. 977.398m +177.860%
Interim dividend 0.30 vs. 0.15 100.000%

Company Commentary


a great set of results for the first half of 2017 with improved
profitability and volume growth reported across all our key focus and
target business segments.
H1 Net profit 1.422b versus 1.189b
Group Revenue was +97% mainly driven by increased international oil
prices and volume growth.
Interim Dividend of 30cents a share

Conclusions


strong muscular H1 Earnings off the back of a startling Revenue gain.

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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August 2017
 
 
 
 
 
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