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Monday 07th of October 2013
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Morning Africa |
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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 |
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With Thanks to David Williams @CNBCAFRICA for taking my thoughts Nairobi All Share at a record Africa |
THE NAIROBI ALL SHARE IS AT AN ALL TIME HIGH,The Star.
http://www.rich.co.ke/media/docs/039NSX0710.pdf
History shows that the greatest bull markets climb ' a Wall of Worry.'
The Nairobi All Share has rallied +4.5809% since the 24th of September
and set an All Time Closing High Thursday and Friday Last week. In
fact, the All Share is now +36.938% in 2013. The Nairobi All Share has
posted a +89.967% since January 2012. Putting it plainly, we have been
in a fully fledged Bull Market for a while now. Alec Wilkinson
described 'Parkour' in the New Yorker in 2007;
''Parkour, a cousin to the French parcours means “route,” is a quasi
commando system of leaps, vaults, rolls, and landings designed to help
a person avoid or surmount whatever lies in his path—a vocabulary,
that is, to be employed in finding one’s way among obstacles. Parkour
goes over walls, not around them; it takes the stair rail, not the
stairs. The movements are performed at a dead run. The more efficient
and fluid the path they define, and the more difficult and harrowing
the terrain they cross, the more elegant the performance is considered
by the discipline’s practitioners.''
A young man who practices parkour is called a traceur, a woman is
called a Traceuse. Depending upon your Point of View and I have to
admit to seeing the Markets as a Woman, There is a Ballet like beauty
when things are going well but you can never and I mean never assume
anything. So, I venture that the @NSEKenya has been a Traceuse. There
is no more elegant a performance I can think of where a market takes a
look at #Westgate and rallies practically in a straight line to an All
Time High.
The Kenya Shilling is at 3 month highs, Safaricom which is +76.23% in
2013 [versus a +43.365% Return for Vodafone over the same period] ,
Kenya Commercial Bank +57.983% this year both reached all time Highs
last week. EABL is now +19.78% since the 1st of September and is
+28.301% in 2013 [a return twice as fast as its Parent Diageo], Kenya
Airways finally emerged from a long entrenched Price Disequilibrium
and has rallied +8.8808% since Sep 27th.
As Lefevre said ''At the same time I realise that the best of all
tipsters, the most persuasive of all salesmen, is the tape.''
There is simply no Argument to be had with the Tape. And Do You
realise who propelled this market over the last 2 weeks? It was
International Investors who swooped in looking for lines of Stock in
the Big Cap Counters. International Demand has been the defining
characteristic of the Bull Market in Nairobi and across Sub Saharan
Africa. Ghana is +68.76% this Year, Nigeria +35.53%. Some of this SSA
Hinterland outperformance has been because of a degree of Disillusion
with the two historical Africa gateways Egypt +7.28% and South Africa
+15.21% in 2013.
The Point is International Investors have been at a near zero
weighting when it comes to SSA and are raising that to a little above
zero. They are nowhere near neutral. This has proven a relentless and
rising Tide. It also has created a massive Outperformance in the SSA
Big Caps and this is evidenced in the Nairobi All Share versus the
NSE20 Index Divergence.
The Bull market's Bona Fides have been established again over the last
ten trading sessions and in the sheer Violence of the Run Higher.
#Westgate did not dent the #Kenyatakeoff. That is what the Tape is
saying loud and clear. |
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PARKOUR NO OBSTACLES Navigating the world by leaps and bounds Africa |
Parkour, a made-up word, cousin to the French parcours, which means
“route,” is a quasi commando system of leaps, vaults, rolls, and
landings designed to help a person avoid or surmount whatever lies in
his path—a vocabulary, that is, to be employed in finding one’s way
among obstacles. Parkour goes over walls, not around them; it takes
the stair rail, not the stairs. Spread mainly by videos on the
Internet, it has been embraced in Europe and the United States by
thrill seekers and martial-arts adepts, who regard it as part extreme
sport—its founder would like to see it included in the Olympics—and
part gruelling meditative pursuit. Movies like its daredevil
qualities. The movements are performed at a dead run. The more
efficient and fluid the path they define, and the more difficult and
harrowing the terrain they cross, the more elegant the performance is
considered by the discipline’s practitioners.
A young man who practices parkour is called a traceur; a woman is a traceuse.
Macro Thoughts
Home Thoughts
I wish to thank Mr. and Mrs. Markus Haefliger for a Lovely Saturday
afternoon BBQ.
It was good to catch up with Wouter again.
“Mattress Flip Front” (2001). CourtesyInternational Center of Photography.
http://www.newyorker.com/online/blogs/photobooth/2013/10/zoe-strauss-10-years.html#slide_ss_0=11
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Currency Markets at a Glance WSJ World Currencies |
Euro 1.3562
Dollar Index 80.13 “We are not going to pass a clean debt limit,”
Boehner said yesterday in an interview on ABC’s “This Week” program
Japan Yen 97.12
Swiss Franc 0.9050
Pound 1.6026 The pound touched $1.6260 on Oct. 1, the strongest since Jan. 2.
Aussie 0.9418
India Rupee 61.805
South Korea Won 1070.60 It touched 1,069.68 on Oct. 4, the highest
since Jan 25. The currency has rallied 6.7 percent since the end of
June, the best performance among Asia’s 11 most-traded currencies
Brazil Real 2.2141
Egypt Pound 6.9065
South Africa Rand 10.012
The dollar has fallen 2.5 percent in the past month, the most among 10
developed-market currencies tracked by Bloomberg Correlation-Weighted
Indexes. The yen has slid 0.3 percent, while the franc has risen 1.5
percent, and the euro has gained 0.7 percent. The pound has advanced
0.3 percent.
Conclusions
The Dollar is proving resilient for now.
Dollar Index 3 Month Chart INO 80.13
http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d3&t=c&a=50&w=1
“If the United States government, for the first time in its history,
chooses not to pay its bills on time, we will be in default,” Lew said
on CNN’s “State of the Union” yesterday. “Congress is playing with
fire.”
The U.S. will run out of borrowing authority on Oct. 17 and will have
about $30 billion in cash after that. The country would be unable to
pay all of its bills, including benefits, salaries and interest,
sometime between Oct. 22 and Oct. 31, according to the Congressional
Budget Office.
“Credit markets could freeze, the value of the dollar could plummet,
U.S. interest rates could skyrocket,” the Treasury said. “The negative
spillovers could reverberate around the world, and there might be a
financial crisis and recession that could echo the events of 2008 or
worse.”
Euro versus the Dollar 3 Month Chart 1.3562
http://quotes.ino.com/charting/index.html?s=FOREX_EURUSD&v=d3&t=c&a=50&w=1
Dollar Yen 3 Month Chart INO 97.12
http://quotes.ino.com/charting/index.html?s=FOREX_USDJPY&v=d3&t=c&a=50&w=1
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Official US reluctance to identify the target of the failed Somali raid by Seal Team Six special forces commandos may stem from a wish not to further bolster the growing reputation of al-Shabaab's shadowy leader, Ahmed Abdi Godane, also known as Mukhtar Africa |
A U.S. Navy SEAL team swam ashore near a town in southern Somalia
before militants of the al-Shabab rose for dawn prayers, U.S. and
Somali officials told The Associated Press.
http://www.aljazeerah.info/News/2013/October/6%20n/US%20Army%20Commandos%20Kidnap%20Abu%20Anas%20Al-Liebi,%20Navy%20Seals%20Fail%20to%20Kidnap%20Mukhtar%20Abu%20Zubayr,%20in%20Two%20Raids%20on%20Libya%20and%20Somalia,%20October%205,%202013.htm
The Somali raid was carried out by members of SEAL Team Six, the same
unit that killed al-Qaida leader Osama bin Laden in his Pakistan
hideout in 2011, another senior U.S. military official said, speaking
on condition of anonymity because the official was not authorized to
speak publicly.
But this time, SEAL Team Six members encountered fiercer resistance
than expected so after a 15-20 minute firefight, the unit leader
decided to abort the mission and they swam away, the official said.
SEAL Team Six has responsibility for counterterrorism activities in
the Horn of Africa.
Al-Shabab later posted pictures on the Internet of what it said was
U.S. military gear left behind in the raid. Two former U.S. military
officers identified the gear as the kind U.S. troops carry. Pictures
showed items including bullets, an ammunition magazine, a military GPS
device and a smoke and flash-bang grenade used to clear rooms. The
officials could not confirm if those items had come from the raid.
Conclusions
@PeterGreste of @AJELive is of the opinion that the Al-Shabaab
essentially repelled the SEAL Team Six.
U.S. raid in Somalia targeted al Shabaab commander Ikrima: officials
http://www.reuters.com/article/2013/10/06/us-security-africa-raids-target-idUSBRE9950JM20131006
Al-Shabab leader’s ambitions appear to be as complex as his personality
http://www.washingtonpost.com/world/africa/investigators-search-rubble-of-kenyan-mall-for-bodies-clues-to-bloody-massacre/2013/09/25/b9b383e2-25e5-11e3-b75d-5b7f66349852_story.html
Mukhtar Abu Zubeyr, known as Godane, is bookish, eloquent in both
Arabic and Somali, recites poetry and is known to quote from obscure
academic journals, analysts say. Yet he trained and fought in
Afghanistan for the jihadist cause and has ruthlessly killed most of
his rivals to seize control of al-Shabab, a Somali militia linked to
al-Qaeda that has asserted responsibility for the mall attack.
“Godane is clearly positioning himself as the next Anwar al-Awlaki —
on top of his game as the head of a local al-Qaeda affiliate, and with
international ambitions,” said Abdi Aynte, director of the Heritage
Institute for Policy Studies, a Mogadishu-based think tank. He was
referring to the Yemeni American preacher who was a key figure in
al-Qaeda’s Yemen branch and was killed in a2011 U.S. drone strike.
Mukhtar Abu Zubeyr known as Godane
http://www.thetimes.co.uk/tto/multimedia/archive/00456/137911083_01_456416b.jpg
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Al-Shabaab 2.0 Africa |
Interestingly, I think the #Westgate Attackers might well represent an
Al-Shabaab 2.0. The Extraordinary thing is how Al-Shabaab are able to
leverage the new Digital World to such outstanding effect. The
Linguistics around their Tweets speak powerfully to the fact that
Al-Shabaab's Audience is no longer in Mogadishu, its in the Diaspora
Communities in the West in Minneapolis, London et al. The Direction of
their Digital Voice speaks volumes to the Internationalisation of this
Group.
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“We should certainly expect Al Hijra and Al Shabab to try again,” Mr. Bryden said. “And we should expect them to have the capacity to do so.” Africa |
Navy SEALs raided the seaside villa of a militant leader in a predawn
firefight on the coast of Somalia.
Barawe
http://i.telegraph.co.uk/multimedia/archive/02693/barawe_2693757b.jpg
“My assessment has always been that the day that al-Shabab lets go of
the ‘Cult of the Suicide Bomber,’ we will be in world of trouble,”
said Matt Bryden NYT
http://www.washingtonpost.com/world/africa/at-westgate-al-qaida-group-figures-out-that-less-is-more-with-dangerous-consequences/2013/10/05/3246defa-2dbe-11e3-b141-298f46539716_story.html
“My assessment has always been that the day that al-Shabab lets go of
the ‘Cult of the Suicide Bomber,’ we will be in world of trouble,”
said Matt Bryden, the former coordinator of the United Nations
Monitoring Group on Somalia and Eritrea. “It’s far more complicated to
procure the parts for an explosive vest, as well as to find people
willing to be martyrs. I always worried that if you just get guys
riding in with AK-47s and grenades, they could do incredible damage,”
he said. “We have now reached that dangerous place.”
“Suicide bombers are no longer the center of gravity of al-Shabab
tactics — and that is the shift that has enabled the attack to take
place here in Nairobi.”
Algerians Amass Black-Market Euros as Arab Spring Drives Demand Bloomberg
http://www.bloomberg.com/news/2013-10-06/algerians-amass-black-market-euros-as-arab-spring-drives-demand.html
“Currency, currency!” Nadir, 28, shouts out to passing cars from his
spot on the curb of Port Said Square in the Algerian capital. “Come
here for your currency!” He’s among dozens of money changers milling
around the gardens of the sunbaked esplanade overlooking the
Mediterranean, chatting on mobile phones and counting crisp dinar
notes. Last week, their going rate was a record 150 dinars ($1.84) per
euro, almost 40 percent more than the official price.
“To protect themselves against inflation, and therefore the
devaluation of the dinar, Algerians are investing in property, gold
and foreign currencies,” Abderrahmane Mebtoul, a professor of
economics at the University of Algiers, said in an interview. “It is a
way of looking for security.”
Malek, 48, said he bought euros on the black market last year and took
the cash by ferry to southern Spain, where he purchased a
three-bedroom apartment in Alicante for 50,000 euros ($68,000) -- and
found most of his neighbors were Algerians too.
Through official channels, Malek wouldn’t be allowed to buy more than
140 euros for travel, or take more than 7,200 euros a year out of the
country. It’s those curbs that have created a thriving black market,
not any shortage of foreign currency. The nation’s $190 billion
stockpile of reserves is among the world’s biggest.
South Africa All Share Bloomberg +15.21%
http://www.bloomberg.com/quote/JALSH:IND
Dollar versus Rand 6 Month Chart INO 10.0124
http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&v=d6&t=c&a=50&w=1
Members of the Shembe church kneel in the sea while praying as a
surfer rides a wave in the background Photograph: Rogan Ward/ Reuters
http://www.theguardian.com/world/picture/2013/oct/06/eyewitness-durban-south-africa
Egypt Pound versus The Dollar 3 Month Chart INO 6.9061
http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1
Egypt: dozens of protesters killed as rival factions tear Cairo apart
http://www.theguardian.com/world/2013/oct/06/egypt-cairo-morsi-yom-kippur
Egypt EGX30 Bloomberg +7.28% 2013
http://www.bloomberg.com/quote/CASE:IND
Nigeria All Share Bloomberg +35.53% 2013
http://www.bloomberg.com/quote/NGSEINDX:IND
Ghana Stock Exchange Composite Index Bloomberg +68.76% 2013
http://www.bloomberg.com/quote/GGSECI:IND
Gecamines of Congo Studies Selling Stake in Glencore Copper Mine
http://www.bloomberg.com/news/2013-10-06/gecamines-of-congo-studies-selling-stake-in-glencore-copper-mine.html
Gecamines, the Democratic Republic of Congo’s state-owned mining
company, may sell its 20 percent stake in Glencore Xstrata Plc
(GLEN)’s Kamoto Copper Co. to raise money for other projects, said
Chairman Albert Yuma.
“We’ve been in discussions with 14 groups who’ve gone through a tender
and the process is ongoing,” Yuma said in an Oct. 4 interview in the
Congolese capital, Kinshasa. Glencore’sKatanga Mining Ltd. (KAT),
which owns 75 percent of KCC, would have right of first refusal of any
sale, he said.
KCC’s copper output may climb to 300,000 metric tons by the end of
next year, according to Glencore’s 2012 annual report, which would
make it Congo’s biggest miner. The company produced 93,000 tons of
copper in metal and concentrate form and 2,100 tons of cobalt last
year, it said. A January Bank of America Merrill Lynch report on the
merger between Glencore and Xstrata Plc valued Katanga Mining’s stake
in KCC at $5.2 billion.
Yuma said KCC missed production targets for the past five years and
has too much debt after investing in an underground mine and plant
expansion to be profitable for Gecamines. The company’s shares in KCC
“are not strategic,” he said. “The value today of KCC is now
negative.”
Israeli billionaire Dan Gertler’s Fleurette Group is among the 14
bidders for Gecamines’ stake, Yuma said. He did not immediately
provide the names of other bidders. Gertler already has shares in
Katanga Mining and bought Gecamines’ stakes in Glencore’s Mutanda
Kansuki mining project in 2011.
Gecamines may halt the sale if it can find financing for its $2.75
billion reorganization plan, Yuma said. The company wants to build a
coal-fired power plant and new processing factories to begin
exploiting several fully owned mining sites it recently bought from
former partners.
To make the company more attractive to investors, Gecamines is
spinning off its minority stakes in joint ventures and creating a new
offshore company, Yuma said.
Payments from its partners including royalties and dividends will flow
through the subsidiary, which “will be disconnected from Gecamines’
debt” of about $1 billion, he said.
“This revenue flow will be a guarantee for the borrowing we’ll do on
the markets,” he said. “If we can raise the financing through our
subsidiary, that would be worth more” than selling assets, he said.
Congo is the world’s eighth-largest producer of copper and the biggest
source of cobalt, which is used in rechargeable batteries. Copper
prices have fallen 9.2 percent since the beginning of the year and
traded at $7,199.50 a ton by 9:17 a.m. in London.
Oil-Rich Angola Is the Next Frontier for Dinosaur Hunters TIME
http://world.time.com/2013/10/04/angola-is-rich-in-oil-but-it-also-may-be-rich-in-dinosaurs/
As a child, Ana Soraya Marques grew up hearing about Kianda, a
mythical sea creature worshiped in Angola, a country whose rocky west
coast borders the Atlantic Ocean. “In a certain season, the waves, the
sea, turns very agitated,” says the 22-year-old native of Luanda,
Angola’s capital. “So the fisherman, they pray to her,” she says,
“they ask her for more fish and not to destroy the houses.”
Today, Marques is learning about different Angolan monsters —
prehistoric ones. She is part of PaleoAngla, an international
paleontological team studying the fossilized million-year-old remains
of mosasaurs (the cold-blooded equivalent of killer whales), sauropods
(long-necked dinosaurs), and pterosaurs (hollow-boned flying
reptiles). “At first I was only finding shark teeth, I wasn’t really
excited,” says Marques. Then, she says, “we found Arsinoitherium
teeth,” a rhino-like mammal with a v-shaped front horn. “That was the
best finding.”
It’s ground-breaking work. In the 1960s, there was paleontological
research done in Angola by colonial Portuguese scientists, but that
was before a civil war ravaged the country for decades. “There had
been no boots on the ground, we knew there was an opportunity,” says
Louis Jacobs, a palaeontologist at Southern Methodist University in
Dallas. Jacobs is presenting some of his team’s findings to the
prestigious Geological Society of America late October. The team has
already published on Angolatitan adamastor, a new species of dinosaur
discovered in 2005 — one of the first found in Angola — named after a
sea beast once feared by Portuguese sailors. “We’re finding fossils no
one has ever found before,” says Jacobs.
Angola, while under-researched, is in a unique geographic position.
Unlike the neighboring Democratic Republic of the Congo, whose ground
is covered by jungle, or Namibia, where deserts have eroded the land,
Angola’s yellow rocks have preserved a wealth of fossils. Like
stretches of Argentina and Chile, Angola is a prime location for
scientists to uncover evidence of a whole, lesser-known realm of
prehistoric life in the southern hemisphere.
Some 300 million years ago, the earth was a supercontinent, Pangaea.
Then the supercontinent broke in two. The north eventually formed
North America and Asia, the south South America and Africa. Most of
the best-known dinosaurs — the tyrannosaurus rex and triceratops, for
example — come from the northern hemisphere. “The trajectory of fossil
exploration went to Western Canada and Asia,” says Jonah Choiniere, a
palaeontologist at Wits University in Johannesburg.
“So little is known from that part of the world, it’s an exciting time
to be looking in,” says Mark Norell, chairman of palaeontology at the
American Museum of Natural History in New York. “It will help us
understand the climate right before the asteroid hit,” he says,
referring to the theory that suggests an asteroid hit the planet near
Mexico 65 million years ago and wiped out most of the world’s
dinosaurs. “It’s a really interesting time in the history of the
Earth.”
Deadly lake turns animals into statues New Scientist
http://www.newscientist.com/article/mg21929360.100-deadly-lake-turns-animals-into-statues.html#.Uk_pd78RyX3
Unless you are an alkaline tilapia (Alcolapia alcalica) – an
extremophile fish adapted to the harsh conditions – it is not the best
place to live. Temperatures in the lake can reach 60 °C, and its
alkalinity is between pH 9 and pH 10.5.
The lake takes its name from natron, a naturally occurring compound
made mainly of sodium carbonate, with a bit of baking soda (sodium
bicarbonate) thrown in. Here, this has come from volcanic ash,
accumulated from the Great Rift valley. Animals that become immersed
in the water die and are calcified.
Photographer Nick Brandt, who has a long association with east Africa
– he directed the video for Michael Jackson's Earth Song there in 1995
– took a detour from his usual work when he discovered perfectly
preserved birds and bats on the shoreline. "I could not help but
photograph them," he says. "No one knows for certain exactly how they
die, but it appears that the extreme reflective nature of the lake's
surface confuses them, and like birds crashing into plate glass
windows, they crash into the lake."
When salt islands form in the lake, lesser flamingos take the
opportunity to nest – but it is a risky business, as this calcified
bird (top) illustrates. The animals are all arranged in poses by the
photographer. Above, on the right we have a sea eagle and on the left
a dove, in what is surely the most horrific depiction of the "bird of
peace" since Picasso's Guernica.
Youths play as the sun sets over a beach in the capital Luanda
January 23, 2010.
http://world.time.com/2013/10/04/angola-is-rich-in-oil-but-it-also-may-be-rich-in-dinosaurs/
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Safaricom share price data and Earnings Releases +76.237% 2013 [Record Closing High] Kenyan Economy |
Par Value: 0.05/-
Closing Price: 8.90
Total Shares Issued: 40000000000.00
Market Capitalization: 356,000,000,000
EPS: 0.44
PE: 20.227
FY 2013 Earnings through 31st March 2013 versus FY through March 2012
FY Revenue 124.287856b versus 106.995529b +16.2%
FY Gross Profit 67.743420b versus 52.856310b +28.2%
FY Operating Expenses [40.643226b] versus [32.704953b] +24.3%
FY PBT 25.450565b versus 17.369400b +46.5%
FY PAT 17.539810b versus 12.627607b +38.9%
FY EPS 0.44 versus 0.32 +37.5%
FY Dividend 0.31 cents a share +40.9%
Cash and Cash Equivalents at End of Period
Company Commentary
Customer Numbers have increased +1.8% to 19.42m [1.4m Customers were
disconnected in this Period]
Mobile Data Customers who were active in the last 30 days increased by
56.7% to 7.13m as at March 2013
M-Pesa Registered Customers grew by 14.8% to 17.11m as at end March 2013
Voice Revenue +12.6% to 77.66b
SMS Revenue +30.4% to 10.13b
Data Revenue increased by +27.8% to 8.42b
M-Pesa Revenue +29.5% to 21.84b
M-Pesa/SMS/Data Revenue increased to 32.5% of Total Revenues from 29.2%
Further Commentary
FY 2013 Voice Revenue now 65.8% versus 68.8% previously of Total Revenue
FY 2013 M-Pesa Revenue now 18.5% versus 16.8% previously of Total Revenue
FY 2013 SMS Revenue now 8.6% versus 7.8%
FY 2013 Data Revenue now 7.1% versus 6.6%
1.2m Customers using M-Shwari
Giving Free Cash Flow Guidance for FY 2014 of between 15.5-17.5b Kenya Shilling
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@KCBGroup share price data and Earnings Releases +57.983% 2013 [Record Closing High] Kenyan Economy |
Par Value: 1/-
Closing Price: 47.00
Total Shares Issued: 2950170000.00
Market Capitalization: 138,657,990,000
EPS: 4.11
PE: 11.436
H1 2013 Earnings through June 2013 versus June 2012
Total Assets 370.911015b versus 349.275693b
H1 Total Operating Income 23.996726b versus 21.900088b
Total and Other Operating Expenses 13.900304b versus 13.396280b
H1 PBT 10.096422b versus 8.503808b +18.728%
H1 PAT 7.192232b versus 6.086014b +18.176%
H1 EPS 2.41 versus 2.05 +17.5609%
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EABL share price data here +19.718% since September 1st Kenyan Economy |
Par Value: 2/-
Closing Price: 340.00
Total Shares Issued: 790774976.00
Market Capitalization: 268,863,491,840
EPS: 8.83
PE: 38.505
FY Revenue 59.061875b versus 55.522166b +6.375%
FY Cost of Sales [31.562560b] versus [28.657047b]
FY Gross Profit 27.499315b versus 26.865119b
FY Other Income 140.54m versus 3.797208b -99.62%
FY PBT 11.114919b versus 15.253049b -27.1298%
FY PAT 6.994745b versus 11.186113b -37.469%
FY EPS 8.83 versus 13.46 -34.39%
Final Dividend 4 shillings a share [Interim Dividend 1.50 a share]
Total 5.50 versus 8.5 Previous Year -35.294%
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@KenyaAirways share price data here +8.802% since 27th September Kenyan Economy |
Par Value: 5/-
Closing Price: 10.50
Total Shares Issued: 1496470000.00
Market Capitalization: 15,712,935,000
EPS: -6.35
PE: -1.654
FY Earnings through March 2013 versus FY through March 2012
FY Revenue 98.86b versus 107.897b -8.3755%
FY Direct Costs -77.725b versus -77.217b
FY Fleet Ownership Costs -11.178b versus -9.970b
FY Overheads -19.469b versus 19.404b
Operating [Loss] Profit -9.012b versus +1.306b
FY Finance Costs -1.907b versus -1.341b
Realised Gain on Fuel Derivatives 602m versus 2.508b
Other Costs -1.930b versus -571m
FY PBT -10.826b versus +2.146b
FY PAT -7.864b versus +1.660b
FY EPS -6.35 versus +3.58
Summary Consolidated Statement
Surplus on Revaluation of Property and Equipment 5.082b
Cash and Cash Equivalents at End of Year 14.393b versus 6.840b
Conclusions
These Results were telegraphed at the H1 Stage and therefore were a Known Known.
In fact, notwithstanding the tricky H2 Backdrop [Travel Advisories and
the Election Period in Kenya] Kenya Airways posted a material
improvement in the Second Half and pared Costs a great deal, which
positions it for the Rebound.
The Core African Franchise was firm.
Rest of Africa expanded 300 basis Points to 51% for 48%.
Kenya expanded to 6% from 5%.
The Reconfiguration of the Fleet will improve Fuel Efficiency by about
20% and reduce Maintenance Costs.
The AFREXIM Bank $2b Loan [which extended to Financing PDPs] + the
Rights Issue Proceeds means Kenya Airways has enough Cash in hand
which was a concern.
It was a clearly an Annus Horribilis but I feel Kenya Airways is
optimised to rebound hard.
A Post FY Results Interview with Dr. Titus Naikuni CEO @KenyaAirways RICH TV
http://www.rich.co.ke/rctools/richtvi.php
The @KenyaAirways CEO can see the turnaround and the CFO as well. They
told me so. Take a long hard look. The rebound is coming June 17th
2013
http://www.rich.co.ke/media/docs/038NSX1706.pdf
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N.S.E Today |
The Nairobi All Share rallied +1.123% to set a 3rd Consecutive All
Time Closing High.
The Nairobi All Share is now +38.47775% in 2013 and incredibly has
rallied 5.374% and with some Violence since the Westgate Event.
The Nairobi NSE20 Index rallied 40.11 points to close at 4881.44.
The Nairobi NSE20 Index is +18.098% in 2013 and 149.91 points and
2.979% below its 2013 Closing High.
The Price Response seen since Westgate has been quite breathtaking.
International Investors and it is their Participation which has
characterised the Bull Run in SSA Equity Indices which began in 2012.
The Divergence between the Nairobi All Share +38.4775% in 2013 and the
NSE20 +18.098% over the same period is a consequence of International
Demand for Big Cap Stocks.
Safaricom +80.198% in 2013 closed above 9.00 for the first time ever at 9.10.
Kenya Commercial Bank and Equity Bank set Fresh All Time Highs.
The Rally had better breadth and depth today.
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N.S.E Equities - Commercial & Services |
Safaricom rallied 2.247% to close at a Fresh Record High of 9.10. The
Weighted Average was 9.14 signalling the Rally is very much in tact
and pointed higher still. Safaricom traded an 8.90-9.25 Range and 9.25
is the highest Price Print since Safaricom was listed. Safaricom
traded 28.539m shares worth 260.802m. Safaricom is +80.198% in 2013
and has been in a relentless Bull Move since January 2012. Safaricom
targets 10.00.
Scangroup firmed 0.84% to close at 60.00 and traded 727,500 shares.
Big Clips of shares have been going through at these Levels of late.
WPP via Cavendish Holding has already signalled its Intent to take
itself into a Majority Position and it is predicted that ScanGroup
will be WPP's SSA Vehicle. First Half Results were crimped via Entry
Costs related to Nigeria [Please find me someone who entered for Free
- A Toll Charge to enter Nigeria is practically a Given] and the Price
has for now focussed on the Headline Earnings Number and missed the
important WPP Signal in the Earnings noise.
Uchumi rallied 3.75% to close at 20.75 and traded 92,500 shares. The
Loose Supply has been mopped up and Uchumi looks cheap versus its
Peers on a Trailing PE of 15.37.
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N.S.E Equities - Finance & Investment |
Equity Bank rallied +3.649% to close at 35.50 and set a Fresh All Time
Closing High. Equity Bank traded a 34.50-36.00 range and 3.55m shares
worth 126.777m. Equity Bank is +49.47% in 2013, trades on a Trailing
PE of 10.88 and accelerated H1 2013 PAT +16.746%.
Equity Bank share price data and Earnings Releases here +49.47% 2013
[Record Closing High]
http://www.rich.co.ke/rcdata/company.php?i=MTc%3D
Kenya Commercial Bank rallied +3.72% to close at 48.75 and set another
All Time Closing High of 48.75. Kenya Commercial Bank is +63.865% in
2013, trades on a Trailing PE of 11.861 and accelerated H1 2013 PAT
+18.176%. Reuters was carrying a report this afternoon where they are
reporting that ''KCB has won a licence from VISA Inc to launch credit
cards in South Sudan.''
KCB now has a market share of 42% serving 138,000 customers said
Rebecca Likami, deputy managing director of KCB in South Sudan.
CFC Stanbic Bank firmed +2.67% to close at 77.00 and traded 39,900 shares.
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N.S.E Equities - Industrial & Allied |
Total Kenya rallied +7.317% to close at 22.00 and was locked at limit
Up and 22.50 +9.76% for most of the session. Total Kenya has rallied
+15.4855% over the last 2 trading sessions and is +20.457% in October.
Total traded 20,400 shares and Buy Side Demand at the Finish Line was
a Multiple of that.
KenolKobil closed unchanged at 8.00 on good volume of 3.527m shares
worth 28.281m.
Bamburi Cement bucked the Blue Wave to trade 250,000 shares all at
210.00 -1.87%.
Athi River Cement closed unchanged at 73.00 and traded 31,800 shares.
East African Portland Cement firmed 1.665% to close at 61.00 on light
trading of 1,700 shares.
Eveready was the biggest Gainer at the Exchange today and rallied
+7.41% to close at 2.90 and traded 128,100 shares.
GEMS
Home Afrika rebounded +3.305% to close at 6.25 and saw its busiest
session since it was introduced to the GEMS Market with 1.274m shares
traded today. Home Afrika at 6.40 +5.59% at the Finish Line and traded
shares as high at 6.65 +9.92% during the Session.
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