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Satchu's Rich Wrap-Up
 
 
Tuesday 23rd of November 2010
 
Afternoon
Africa

www.rich.co.ke Register and its all Free.

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 Star Standard and Poor's Upgrades Kenya to B+
http://bit.ly/g0LxU3

I do thank Rosemary Momanyi of EABL for the Invitation to the Johnny
Walker 'Experience' at the Sankara Hotel last Night. It was a great
deal of Fun. There was a Experiential Compere from South Africa whom I
momentarily confused with Tom Cruise's character in Magnolia YouTube
http://bit.ly/fRC8nN - If You have never watched Magnolia You should.
Of Course, He was not but he was quite a Poet and to hear him describe
Scottish Whiskies in this South African Brogue was a real Pleasure.

The Compere Poet Twitpic
http://www.twitpic.com/39cxvh

And Then as I drove home I remembered my English Teacher Dickie Jacobs
who decided that at 14, we could and should be exposed to Fine Wines.
And He expected us to spit everything out. And We did not. And after
an hour He had all these 14 Year Olds completely drunk running around
Westminster Abbey and he started to cry. He loved Poetry and was the
Catalyst for me too.

The Latest Daily PodCast can be found here
http://www.rich.co.ke/rctools/richpod.php

CNBC Interview Kenya NSE20 Barclays Bank Kenya
http://bit.ly/bjY5UZ

What is #Mindspeak ?
http://bit.ly/9mhe39

#Mindspeak Saturday 27th November 0930
Silverbird Cinema 1 WestGate Mall
Liza Mucheru-Wisner
http://lizawisner.com/wordpress/

Followed by 4th December where We are hosting Bob Collymore the CEO of
Safaricom.

Macro Thoughts

The Tape that is preeminent is the Chinese One.

Home Thoughts

Aysha has taken herself off on a Camel safari. She told me the last
time her Camel was both truculent and threw up and She described the
Contents in great Detail, apparently very Green. So She was not
desperately excited about this 3 Day Camel Safari Prospect. Aysha's
Younger Sisters had somehow ousted their Mother in the Night. They are
clearly both a lot smaller than me but You would hardly believe it
given the amount of Space They can take up in My bed. And Woe Betide
Me if I try and manouevre myself some Space.

Hannah will start

'My Leg. My Leg.' or something of that Nature.

And when that kicks off I am ready to surrender my Hand and do her Bidding.

read more


North Korea shells South Korean island Reuters
Law & Politics

North Korea on Tuesday fired dozens of artillery shells at a South
Korean island, setting buildings on fire and prompting a return of
fire by the South, Seoul's military and media reports said.

A witness said residents of the island of Yeonpyeong, off the west
coast of the peninsula near a disputed maritime border, had been
evacuated.

Yonhap news agency said four South Korean soldiers had been wounded in
the shelling, the biggest attack in years.

Conclusions

Is this Rogue or are they an Agent?

read more


Video: China Ships Patrol Disputed Islands WSJ
Law & Politics

Thought frosty relations between China and Japan were thawing? You
might want to think again. China has sent two ships to patrol the
disputed islands in the East China Sea–called Diaoyu in Chinese and
Senkaku in Japanese–that lie at the heart of the latest diplomatic
flare-up between the two East Asian powers. Video courtesy of Reuters.

Conclusions

The Chinese continue to explore a More Forward Position.

read more


China’s Biggest Banks Said to Near Loan Quotas, Halt Growth Bloomberg
China


China’s biggest banks are close to reaching annual lending quotas and
plan to stop expanding their loan books to avoid exceeding the limits,
according to four people with knowledge of the matter.Industrial &
Commercial Bank of China Ltd., Bank of China Ltd. and Agricultural
Bank of China Ltd. are only extending new loans as existing ones get
repaid, the people said, speaking on condition of anonymity. The
lenders are also cutting holdings of short-term discounted bills to
make room for longer-term loans, according to the people.

Regulators are monitoring banks’ loan balances on a daily basis to
ensure the official target of 7.5 trillion yuan ($1.1 trillion) in new
lending for 2010 isn’t exceeded, the people said. China’s government
in the past month stepped up a campaign to limit credit expansion
after inflation quickened and property prices surged.

In November 2008, China removed an annual quota for new loans and
started encouraging lending to revive an economy stung by the global
financial crisis. New loans soared to a record $1.4 trillion the
following year, fueling property speculation that caused home prices
to skyrocket.Domestic banks extended about 6.9 trillion yuan of new
loans this year through October, according to central bank data. The
lenders have made close to 600 billion yuan of new loans so far this
month, the 21st Century Business Herald reported today. That would
bring the total for this year to 7.5 trillion yuan.

China’s inflation accelerated to 4.4 percent in October, the fastest
pace in two years. The central bank last month raised interest rates
for the first time since 2007, and told banks to set aside more
deposits as reserves twice in November, limiting their capacity to
lend.

China should return to a “normalized” monetary policy as quantitative
easing in the U.S. pumps cash into the world’s fastest-growing economy
and fuels price risks, Zhang Jianhua, head of research at the central
bank, said this month.

Concerns that the central bank will have to step up measures to
contain inflation have pushed the benchmark Shanghai Composite Index
down 11 percent from a seven-month high on Nov 8. The gauge dropped
2.6 percent today to a six-week low.

Conclusions

Just How much are they going to tighten?

read more


Currency Markets at a Glance WSJ
World Currencies

Euro 1.3528
Pound 1.5895
Yen 83.82
Aussie 0.9780
Rand 7.00
India Rupee 45.64
Brazil Real 1.7228

The U.S. dollar strength against major currencies is “a sign that
investors are nervous about the consequences of Ireland’s decision to
receive financial aid,” Kathy Lien.

“For Ireland, the decision has opened up a can of worms. Rating agency
Moody’s warned that the country could face a multi-notch downgrade,
while the Green Party confirmed their plans to leave the government
after approving the 2011 budget and the aid package,” she said. But
“the real reason why Ireland’s announcement triggered more concern
amongst investors than relief is because of contagion,” she said,
explaining that “the focus shifted quickly to Spain and Portugal, as
investors wondering whether they would suffer the same fate as Ireland

“If negative sentiment on the periphery continues, than we would
expect a retest of the November lows for EUR/USD around $1.3460, which
happens to be the 50% retracement level of the big September-November
rise,” wrote Win Thin, an analyst at Brown Brothers Harriman.

Conclusions

Europe trumps Bernanke.

Euro versus Dollar 1 Month chart INO
http://bit.ly/cpSAgf

read more




Architect Zaha Hadid's pavilion at the Lopez de Heredia winery, Spain.WSJ
Misc.

Though the show never compares the wine to the art market, visitors
might wonder which one has weathered the slump better. The widely used
Live-ex Fine Wine Index, which traces the price movement of 100
sought-after wines, has more than doubled in five years. The popular
Mei Moses All Art Index of prices, tracked over five years, shows a
compound annual return of 3.3%.

read more


Commodity Markets at a Glance WSJ
Commodities

Its been a Torrid real High BETA Period in these Markets.

read more


Live 24 Hour Spot Gold KITCO 1362.80 Last
Commodities

I expect New All Time Highs before the Year is out.

read more


Live Crude Oil chart 81.01 Last
Minerals, Oil & Energy


I prefer being a Buyer at these Levels.

read more


Soft Commodities at a Glance INO
Commodities

Cocoa -0.04%
Coffee -1.79%
Cotton -2.4%
Sugar +3.01% -This has displayed Brutal Volatility last 4 weeks.

Coffee March 2011 207.15 -3.45 (-1.66%) INO
http://bit.ly/c44bK6

Last Price    207.15
Open    211.30
High    213.25
Expiration    2011-03-21
Open Int.    89729
Contract High    221.45 Contract High Date    2010-11-10
Contract Low    131.4  Contract Low Date    2009-07-08
First Delivery    2011-03-31

Conclusions

Relatively untroubled by the Turbulence.

read more


Hermitage Woos Eli Broad, Loses Hirst Skull, Seeks Postwar Art Bloomberg
Misc.

Mikhail Piotrovsky, director of Russia’s State Hermitage Museum, came
through New York recently looking for money and art.
Occupying a former royal palace in St. Petersburg, the Hermitage
boasts 24 Rembrandts and 37 Matisses among its 2.9 million artworks.
Yet postwar and contemporary art is conspicuously missing.

read more


China SSE Index 3 Month Chart Yahoo Finance
China


SSE Composite Index
(SHH: 000001.SS )
Index Value:    2,828.28
Trade Time:    2:00AM EST
Change:    Down 56.09 (1.94%)
Prev Close:    2,884.37
Open:    2,872.17
Day's Range:    2,791.58 - 2,872.17
52wk Range:    2,319.74 - 3,361.39

Conclusions

Shanghai Composite Index down 11 percent from a seven-month high on Nov 8.

read more



Congo sacks Gecamines top management: officials Reuters
Africa


Democratic Republic of Congo has replaced the leadership of state
mining company Gecamines due to management deficiencies and its
failure to make the most of rising metals prices, officials said on
Monday.Nine officials were sacked at the weekend in a shake-up ordered
by President Joseph Kabila, according to officials at the mines
ministry and the office of the prime minister.

"The old management team lacked -- despite many years -- the
initiative to increase production despite favourable prices of
copper/cobalt, and (failed due to) bad management of partnerships,"
Mines Minister Martin Kabwelulu told Reuters by text message.

Kabwelulu said Ahmed Kalej, previously treasury director at the
central bank, has replaced Callixte Mukasa as director of Gecamines,
which mainly mines copper and cobalt in Katanga.Albert Yuma, head of
the country's business federation FEC, will become president of the
board, while Jacques Kamenga will deputise for Kalej, officials at the
mines ministry said.

Copper production in Congo is believed to be rising but official
estimates of output vary widely.

Mines ministry forecasts from earlier this year saw production in 2011
from the Katanga region at 516,000 tonnes, mainly due to joint
ventures with international firms, but Katanga governor Moise Katumbi
told Reuters last week the figure would top one million tonnes next
year.

At its peak in the late 1980s, Gecamines produced more than 470,000
tonnes of copper and more than 13,000 tonnes of cobalt. But the
decline in the company's fortunes mirrored those of the country, which
saw rampant corruption under the late president Mobutu Sese Seko,
followed by two wars in the 1990s.

Outgoing Gecamines director Mukasa told Reuters last week that
Gecamines has accumulated $1.5 billion in debt following years of
mismanagement under Mobutu.

read more


Rwanda prices brewer Bralirwa's IPO Reuters
East Africa

Rwanda said on Monday it would raise 22.1 billion Rwandan francs from
the sale of its 30 percent stake in brewer Bralirwa, the first initial
public offering in the central African country.Finance Minister John
Rwangombwa told a news conference the government would sell 128.6
million shares, or 25 percent of the company, at 136 francs. He said
the shares were valued at 170 francs but offered at a discount to
encourage buyers.The other 5 percent of the government's stake will be
sold to the Heineken Group, which already holds the remaining 70
percent of Bralirwa.

The share offer runs from November 23 to December 17.

Bralirwa sells brands such as Amstel, Guinness, Mutzig and Primus, a
local brand. It bottles Coca Cola products.

Withholding tax on dividends on listed companies is now 5 percent,
down from 15 percent. Tax interest on listed bonds with a maturity of
three years is now 5 percent from 15 percent and corporate income
taxes were reduced to the lower rates ranging from 28 percent to 20
percent.The government is set to sell off its 10 percent stake in
mobile operator MTN Rwanda. The South African-based MTN Group has a 55
percent stake in the Rwandan operation.Rwanda also plans to sell a 20
percent stake in the country's biggest insurer, Sonarwa (Societe
Nouvelle d'Assurance du Rwanda). Nigeria's IGI owns a 35 percent stake
in the firm.

Conclusions

Given the Interest in African Beer and Beverages - I reckon this will
be a Sell Out.

read more


Comet of Ghana to Raise 62 Million Cedis in IPO Next Month Bloomberg
RealEstate, Housing & Construction

Comet Properties Ltd., a Ghanaian real-estate developer, plans to
raise 62 million cedis ($43 million) in an initial public offering set
to begin Dec. 28, according to Worldwide Securities, Comet’s adviser
on the offer.

The company, based in Accra, plans to sell the shares for 1 cedi each
for four weeks, before listing on the Ghana Stock Exchange likely by
early March, said Rexford Adomako-Bonsu, Worldwide’s chairman, in a
phone interview today. Comet will be the first real-estate company
listed on the Ghanaian bourse.

read more


Kenya eyeing international bond if domestic yields rise Reuters
Kenyan Bills & Bonds - Short Term

Kenya is seriously considering tapping international bond markets
should domestic yields rise, following a sovereign debt rating upgrade
last week, a senior Treasury official told Reuters on Monday.

East Africa's biggest economy received a boost when Standard & Poor's
Ratings Services raised its credit rating to B-plus from B on Friday,
saying the country's political risks have fallen after Kenya adopted a
new constitution.

"The domestic market also has low rates. We are looking at whichever
is cheaper now," Henry Rotich, deputy director for economic affairs at
the Treasury, told Reuters.

Kenya had plans to raise at least $500 million in a debut Eurobond in
2007, but shelved the project when the global financial crisis hit.

"We are still keeping alive our intentions to go to international
capital markets. This rating is good for a bond," Rotich said.

read more


New Kenya credit rating boosts sovereign bond plan Business Daily
Kenyan Bills & Bonds - Short Term

Treasury’s plan to borrow money from international markets received a
boost after global rating firm, Standard and Poors, revised upwards
Kenya’s credit rating, making it possible for the government to issue
a sovereign bond at lower costs.

Analysts say the higher rating will add momentum to the country’s plan
of issuing an international bond to plug a total deficit of Sh167
billion in this year’s budget. Standard and Poors assigned Kenya a B+
rating, up from plain B, in a report released last week, capturing the
country’s improving international profile after the peaceful passage
of a new constitution and better economic prospects for the year 2010.

Aly-Khan Satchu, analyst and owner of data-vending firm Rich
Management, said Kenya’s sovereign bond is likely too be a hit with
international investors. “I think it (rating) does improve the chances
of Kenya issuing a Eurobond. There has been a rising appetite for
African sovereign credit and the Government would be wise to take this
opportunity to issue a benchmark EuroBond which in turn will be the
Open Sesame for East African corporate credit to access the deep pools
of liquidity in the international markets.”

He said this year might well prove to be a tipping point for the
continent with the American retail giant Wal-Mart’s intended purchase
of South Africa’s MassMart being but a pre-eminent example of Africa
popping up on investors’ radars.

“I think international investors still rely on credit ratings agencies
and this might well be the green light for them,” said Mr Satchu.

read more



M-Pesa: Kenya's mobile wallet revolution BBC
N.S.E Equities - Commercial & Services

Why has the developed world been so slow to adopt the mobile
wallet?Think of the developing world, and the first thing that springs
to mind probably isn't cutting edge technology.But since 2007, Kenya
has been leading the way with an innovative mobile phone technology
that has transformed the lives of millions of people and businesses.

Mobile money transfer allows those without a bank account to transfer
funds as quickly and easily as sending a text message.The most
successful of these systems, and the first to operate on a large
scale, is M-Pesa, a joint venture between mobile phone giant Vodafone
and Kenya's Safaricom. The M stands for mobile, and Pesa is Swahili
for money.

Over 50% of the adult population use the service to send money to
far-flung relatives, to pay for shopping, utility bills, or even a
night on the tiles and taxi ride home.

read more


Safaricom share price data and 1st Half Earnings and Analysis
Africa

Par Value:                  0.05/-
Closing Price:          4.55
Total Shares Issued:          40,000,000,000
Market Capitalization:        182,000M
EPS:            0.38
PE:                11.974

This is what I wrote at the Time of the Earnings release.

Swot Analysis Key Highlights 6 months to 30 Sep 2010 versus to 30 Sep 2009
EPS 0.193 versus 0.168 +14.9%
Revenue 47.111850b versus 40.660829b +15.9%
PAT 7.630591b versus 6.631898b +15.1%
16.71m Customers
CAPEX was 10.1b
Customer Market share 76.7% from 78.3 -> Note Well They lost only 1.6%
Data Revenue as a Percentage of Total Revenue 23.8% versus 17.7% in Sep 2009
Blended ARPU 456.6 versus 466 previous Kenya Data 3.61m #Data Users 9%
of #Kenya Population

Conclusions

These are Strong Results and have outperformed the Street - The Bharti
Airtel earnings release [and the Risk of an Impairment in the share
Price if this Africa Confetti Strategy is pursued much longer] I think
marks a turning of the Tide. They have delivered a 15.9% PAT Increase
at a time of 'Irrational' Competition, played muscular Defence self
evidently - the market share loss was less than 2% - and They are way
ahead on the Data Information Century with 3.61m #Data Users some 9%
of #Kenya's Population.

Therefore 0.193 x 2 looks eminently feasible + There was a Strong 2nd
Half Skew and Bias last time around.

0.386 x 15 = 5.79.

Therefore as of today 11th November I have a shilling off Headroom.

I said the Following to Bloomberg and Businessweek Here
http://bit.ly/bCogKt

“They outperformed market expectations,” Aly-Khan Satchu, an
independent financial analyst, said in an interview in Nairobi. “We
are going to find this year that data is going to reach a tipping
point and they are showing they can lead.”

“As we had anticipated data is proving to be the next frontier,
delivering very significant benefits,” Collymore said. The number of
data subscribers
grew 92 percent to 3.6 million in the past 12 months, he said.

My Tweets from the Results Presentation

read more


Shushmul #Kenya #Mobile Market Poised for Stupendous Growth
Information & Communication Technology

According to our report, mobile phone penetration has been increasing
in Kenya for the past few years and the trend is expected to continue
in future. Declining cost of mobile services, rising infrastructure,
mobile number portability, and intense competition among operators
will boost up growth in the coming years. Although the market has
largely been dominated by a single player, other operators are giving
tough competition to attract customers with different money plans.
Penetration of mobile into Kenya increased around 7 percentage points
from 2008 reaching around 50% at the end of 2009.

Our team of experts has found that, Kenya had the most intensive
mobile internet users in Africa in 2009, with each user browsing an
average of 525 pages monthly. In addition, the country has moved up
one place to attain number three slot in the list of top 10 African
countries, with the highest users of mobile internet during the same
year. This means that in the wider scenario, mobile internet usage is
much higher than many other developing countries. This is driven by
the cheaper cost of acquiring and maintaining the handsets compared to
laptops or desktop computers.

Conclusions

Its very late Cycle and quite Revolutionary. Layer on a predominantly
Young Under 30 Population and You have all the Ingredients of a
Laboratory Experiment.

read more


Centum Plans to Grow Portfolio to 30 Billion Shillings by 2014 Bloomberg
N.S.E Equities - Finance & Investment

Centum Investment Co. Ltd., Kenya’a largest investment company, plans
to grow its portfolio to 30 billion shillings by 2014, from 11.8
billion shillings at the end of September, Chief Executive Officer
James Mworia told reporters in Nairobi today.

Centum +712% 1st Half Results Analysis share price data www.rich.co.ke
+107.983% 1 Year
http://bit.ly/3jc0KV

Par Value:                  0.50/-
Closing Price:          22.75
Total Shares Issued:          549,951,872
Market Capitalization:        7,094M
EPS:            1.62
PE:              14.04

Company 1st Half Sep 2010 versus 1st Half Sep 2009

Investment Income 705m versus 64m
PAT 846m versus 73m
EPS 1.53 versus 0.13
Diluted EPS 1.43 versus 0.12

These are Plain Strong Turnaround results

Conclusions

Re Tooled and Reengineered I believe with a higher Quotient of Real
Estate in the Portfolio.

James Mworia the MD of Centum at Mindspeak Rich Radio
http://bit.ly/6lSn7W


Centum Profit Climbs on Private Equity, Real Estate Bloomberg
http://bit.ly/euUKfS

“The improved performance was driven by a significant improvement in
investment income from both the private equity and real estate
business lines,” Mworia said. “All revenue lines went up.”Centum plans
to grow its total portfolio to 30 billion shillings by 2014, from 11.8
billion shillings at the end of September, Mworia said. The company
also further plans to reduce the proportion of investments in Kenya to
50 percent by 2014 from 97 percent at the moment, he said.


 




read more


I want to go and see the Elephants in the Tsavo again Google Image Search
Africa

And Then spend some time at the Beach

The Setting Sun Lamu Twitpic
http://www.twitpic.com/2reo8b


 


The Kenyan shilling weakened for the first time in seven trading days
after the central bank bought euros, forcing domestic lenders to cover
their short euro positions.
The currency weakened as much as 0.7 percent to 80.60 per dollar and
was trading at 80.20 shillings as of 12:35 p.m. in Nairobi, the
capital. The East African nation’s currency closed trading yesterday
at 80.05 shillings.Kenya’s central bank bought 5 million euros ($6.78
million) in the foreign-exchange market yesterday to build reserves
and support the government’s external payments, said an official at
the Central Bank of Kenya who can’t be identified in line with central
bank policy.

read more


M-Pesa Boosts War Against Poverty TMCNET
N.S.E Equities - Commercial & Services

The M-Pesa network is a model for taking banking services to the
grassroots, the World Bank has said.The managing director, Ms Ngozi
Okonjo-Iweala, said M-Pesa is the ideal story of why it pays to invest
in the poor.

"Africa has a culture of saving but people often do not have the
mechanisms to save. M-Pesa provides a low-cost transaction platform
which Kenyans can use to save," she told a conference in Washington DC
last week.

The bank's lead economist Wolfgang Fengler said the ICT sector kept
Kenya's economy growing at 3.7 percent through the last decade.

"Without the telecom sector, growth would have only been 2.8 percent,
barely matching population growth," he said. "Now, we see that ICT is
starting to transform other areas of the economy, especially the
financial sector." Mr Michael Joseph, the former CEO of Safaricom,
explained how M-Pesa had achieved such large scale success in Kenya,
and outlined the key elements for replicating its success.

He said that building trust with consumers using a strong brand, and
making it accessible even in the remotest of villages were vital.

Safaricom also made it a point to offer superior customer service and
built up a strong agent network through which customers could exchange
electronic balance for hard cash. M-Pesa currently has 23,000 agents
spread throughout Kenya.Panelist and ICT Sector Manager Philippe
Dongier said the M-Pesa experience offered huge opportunities to
replicate mobile banking globally.

"Given the difference between the level of access to mobile phones and
access to bank accounts, mobile banking has the unique potential to
bridge the gap between the banked and the unbanked," Mr Dongier said.

He also identified similar transformational opportunities combining
the use of mobile phones, geo-spatial tools and citizen feedback to
improve good governance and accountability.

Mr Joseph ended the conference by stressing the need to continually
innovate to meet customer needs, which in this case, are the poor and
under served.

He cited the recently launched M-Kesho, which gives any M-Pesa
customer the ability to start saving with as little as $1 and earn
interest on the principal.

"Kesho" is Kiswahili for "tomorrow" or the "future." Joseph mentioned
that in the short time since its introduction, M-Kesho has resulted in
approximately 650,000 users opening saving accounts.

Mr Joseph shared that M-Pesa has become so ubiquitous that customers
have even turned the name of the platform into a verb.

"M-Pesa is so successful, now it has become a part of the Kenyan
vocabulary and is used to describe mobile payments: people in Kenya
now 'm-pesa' their money," he said.

read more



 
 
N.S.E Today

The NSE20 edged 0.37 points lower to close at 4576.80.
The Nairobi All Share eased 0.32 points to close at 100.38.
Market Cap was 1.195774 Trillion versus 1.201409 Trillion.
Equity Turnover was 372.963m versus 363.206m. EABL turned lower after
touching New Highs all Time Closing Highs last week. Centum reported
strong 1st Half Results up over 700% compared to the Previous Year.
KPLC bounced.



N.S.E Equities - Agricultural

Kakuzi closed at 83.50 and traded 18,300 shares.
Rea Vipingo firmed to close at 16.90 and traded 7,500 shares.
Sasini Tea traded 27,000 shares and closed at 13.20.



N.S.E Equities - Commercial & Services

SAFARICOM

shares volume     9,180,200
total turnover     41,828,140
avg price     4.556 CLOSING PRICE 4.55 Unchanged
high price     4.60
low price     4.50
last price     4.55

Conclusions

Safaricom was unchanged at 4.55 and traded 4th overall. At a Trailing
PE of 11.974, I believe the 'Voice' News is all in the Price. I
recently saw a Report which said that Kenya had the most intensive
mobile internet users in Africa in 2009, with each user browsing an
average of 525 pages monthly. Thats a Hyper Growth Curve right there
and Safaricom are the Outsize Leader in Data. I think the Price has
not properly factored in the Data Story.

Scangroup was marked down Limit 9.83% to close at 55.00 and traded
12,600 shares. ScanGroup has now posted a 127.314% 1 Year Return and
peaked at 76.00 Closing on 7th October.

TPS Serena was the 5th most actively traded share today. TPS Serena
was unchanged at 68.00 and traded a 68.00-69.00 range and 590,600
shares worth 40.231m. Tourism remains a Rising Tide and they have the
biggest Regional Footprint. Proparco recently entered the Share
Register and TPS Serena remains the only listed Tourism Security and
hence the only Proxy.

Kenya Airways bounced at further 1.11% to close at 45.25 and traded
102,900 shares. Kenya Airways reported 1st Half  66% ahead of the
Previous Years.

Access Kenya closed unchanged at 15.55 its 12 Month low and traded
151,300 shares.

Nation Media eased 2 shillings to close at 165.00 and traded 13,600 shares.
Standard was marked down 4.94% to close at 43.25 and traded 1,500 shares.

CMC Holdings was marked down 2.97% to close at at 13.05 and traded
43,900 shares. Compare yesterday Up Move on Volume of over 1m shares.
CarGen did not trade.



N.S.E Equities - Finance & Investment

Centum reported 1st Half Results 2010 PBT +712% which is a High Beta
Turnaround. At the CDC Dinner at the Muthaiga Residence of the British
Ambassador last week, James Mworia oozed confidence as I remarked to
him. “The improved performance was driven by a significant improvement
in investment income from both the private equity and real estate
business lines,” Mworia said. “All revenue lines went up.”Centum plans
to grow its total portfolio to 30 billion shillings by 2014, from 11.8
billion shillings at the end of September, Mworia said. The company
also further plans to reduce the proportion of investments in Kenya to
50 percent by 2014 from 97 percent at the moment, he said. Centum has
been re tooled and re engineered for a higher Alpha Growth Trajectory
but recall this Comparison is versus a Period when the Earnings were
depressed by the taking of an RVR Impairment, a great deal of which
was subsequently written Back. Centum firmed 2.22% to close at 23.00
and was trading out the Session at 23.50 +4.44%. Centum traded 595,000
shares worth 13.688m.

KCB firmed 1.15% to close at 22.00 and was trading at 22.25 +2.3%
session Highs at the Close. KCB traded 1.080m shares worth 23.973m.
KCB trades on a Trailing PE OF 11.821 and post 3rd Quarter I have a
Forward PE of about 8.00. Listen to Martin O-O's #Mindspeak
Presentation here on RICH TV http://bit.ly/1mPS6v or read the
Presentation here http://bit.ly/b8oKik Its a Powerful Investment Case
and I think the we will see a sharp Re Rating ahead of the Full Year
Earnings Release.

KCB share price data www.rich.co.ke
http://bit.ly/bshUrU

Par Value:                  1/-
Closing Price:          21.75
Total Shares Issued:          2,950,259,712
Market Capitalization:        64,168M
EPS:            1.84
PE:                11.821

Equity Bank was the most actively traded share at the Bourse. Equity
Bank eased 1.9% to close at 25.75 and traded a 25.50-26.25 range and
2.075m shares worth 53.895m. There was a further 3.787m shares being
shown for sale. Equity Bank has posted a 91.144% 1 Year Return and is
7.207% off its 2010 High of 27.75 from 9th August.
COOP Bank traded 3rd at the Bourse. COOP Bank eased 0.25% to close at
19.85 and traded 2.366m shares worth 46.981m. COOP Bank has posted a
130.417% 1 Year Return and has posted a Sequence of New All Time Highs
which culminated at 21.50 on 26th October and is now  7.67% below that
Level.
Barclays Bank was unchanged at 63.50 and traded 31,100 shares only
with only 47,800 shares shown for Sale all the way up to 68.50.
Standard Chartered eased back 0.74% to close at 271.00 and traded
14,400 shares.

CFC Stanbic bounced 3.125% to close at 82.50 and traded 58,800 shares.
NIC improved 0.52% to close at 48.25 and traded 139,300 shares.
DTB traded 2,000 shares and rowed back a shilling to close at 133.00.
HFCK eased 25 cents to close at 26.00 and traded 27,700 shares.
NBK traded 40,400 shares and was unchanged at 38.50.

Kenya Re bounced 1.75% to close at 11.60 and traded 488,200 shares.
Jubilee traded 400 shares and closed at 194.00.
PanAfric traded 500 shares unchanged at 70.00

Olympia Capital was unchanged at 6.65



N.S.E Equities - Industrial & Allied

KPLC rallied 5.36% to close at 29.50 [Its trading post 8-1 Split now
ahead of its Rights Issue where shares are being sold at 19.50] and
traded 325,300 shares worth 9.666m. The News that Equity and Centum
[who reported Turnaround 1st Half Results today see above] have
underwritten 50% of the Rights Issue has lent support to the Price.
KenGen traded 6th. KenGen eased 5 cents to close at 17.70 and traded a
16.65-17.90 range and 1.356m shares worth 24.038m.
Cables closed lower at 17.45 and traded 4,400 shares.

EABL eased back 0.89% to close at 223.00. EABL traded a 220.00-225.00
range and 59,000 shares worth 13.204m. There was a Seller of over
150,000 shares camped at 225.00 which was the All Time Closing High
from Yesterday and Friday.

Bamburi Cement traded 2nd at the Bourse. Bamburi Cement was unchanged
at 196.00 and traded 260,600 shares worth 51.076m. Bamburi Cement has
posted a 29.757% 1 Year Return and 10.909% off its 2010 Closing High
of 220.00 printed 22nd September 2010. Bamburi trades on a Trailing PE
of 10.699 but recall the Last Full Yea Results included a 1 Off Gain
associated with the sale of shares held in Athi River Mining.

Bamburi Cement share price data from www.rich.co.ke
http://bit.ly/5704zw

Par Value:                  5/-
Closing Price:          196.00
Total Shares Issued:          362,959,264
Market Capitalization:        71,140M
EPS:            18.32
PE:                10.699

Athi River Mining firmed 1.16% to close at 174.00 and traded 29,700 shares.
Portland traded 2,300 shares at 108.00 unchanged.

Mumias Sugar could not sustain yesterdays Move higher and closed 5
cents easier at 9.70 [versus a 15.50 High 9th August this Year] and
traded 771,100 shares.

BAT firmed 1.04% to close at 290.00 on just 200 shares.

KenolKobil closed at 10.20 and traded 90,200 shares.
Total traded 20,200 shares and was unchanged at 29.25.

Sameer closed higher at 6.65 and traded 300 shares.

Crown Berger was marked down 7.14% to close at 32.50 and traded 13,700 shares.

Carbacid was unchanged at 150.00 and traded 1,200 shares.
BOC Kenya did not trade.
Eveready closed 5 cents better at 3.10 and traded 9,300 shares.
Unga closed at 11.80.



by Aly Khan Satchu (www.rich.co.ke)
 
 
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November 2010
 
 
 
 
 
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