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Satchu's Rich Wrap-Up
Thursday 26th of March 2015

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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

very much looking forward to hosting @MikeMachariaSST at #Mindspeak
this Saturday @InterConNairobi

@BobCollymore Esquire of @Safaricomltd has kindly offered us a Live Feed

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Saudi Arabia building up military near Yemen border - U.S. officials
Law & Politics

Saudi Arabia is moving heavy military equipment including artillery to
areas near its border with Yemen, U.S. officials said on Tuesday,
raising the risk that the Middle East’s top oil power will be drawn
into the worsening Yemeni conflict.


ISIS just over the Border, Houthis in open rebellion, You would
forgive Saudi Arabia for turning paranoid.

@ahmed  Mar 9 Saudi Foreign Minister Prince Saud Al Faisal takes
the oath of office today. He has held this post since 1975 --SPA


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@RT_com Saudis deploy heavy military to #Yemen border where Shiite #Houthi rebels rise
Law & Politics

Hisham Al-Omeisy ‏@omeisy  Mar 23 2nd day & Taiz #Yemen protests
still at full-steam against Houthis & SSF..despite use of live
munitions! Brave women.


@archicivilians  Mar 23 PHOTOS: Thousands of Bani Hilal tribe
(extremely anti-#Houthis) in a military parade last month in Shabwah,


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Currency Markets at a Glance WSJ
World Currencies

Euro 1.0976
Dollar Index 96.85
Japan Yen 118.959
Swiss Franc 0.95942
Pound 1.48856
Aussie  0.7814
India Rupee 62.635
South Korea Won 1104.43
Brazil Real 3.2012
Egypt Pound 7.6310
South Africa Rand 11.8779

Dollar Index 3 Month Chart INO 96.85


Euro versus the Dollar 3 Month Chart 1.09842


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Commodity Markets at a Glance WSJ

Gold 6 month INO 1200.00


U.S. Energy Information Administration said U.S. crude stocks jumped
by 8.2 million barrels in the week to Friday, the highest in at least
80 years
and surpassing expectations of a 5.1 million barrel build.

read more

Yemen contributes less than 0.2 percent of global oil output, its location puts it near the center of world energy trade

The nation shares a border with Saudi Arabia, the world’s biggest
crude exporter, and sits on one side of a shipping chokepoint used by
crude tankers heading West from the Persian Gulf. Global oil prices
jumped more than 5 percent on Thursday after regional powers began
bombing rebel targets in the country that produced less than Denmark
in 2013.

Brent, the benchmark grade for more than half the world’s crude,
gained as much as $3.23, or 5.7 percent, to $59.71 a barrel in
electronic trading on the London-based ICE Futures Europe exchange on
Thursday. West Texas Intermediate futures, the U.S. marker, jumped 5.6
percent to $51.98 on the New York Mercantile Exchange.

Yemen is located on Bab el-Mandeb, the fourth-biggest shipping
chokepoint in the world by volume, through which 3.8 million barrels a
day of oil and petroleum passed in 2013, according to the EIA
. Its
closure may keep tankers from the Persian Gulf from reaching the Suez
Canal, diverting them around the southern tip of Africa, adding to
transit time and cost, the EIA said on its website.Ships carrying oil
from Europe and North Africa won’t be able to take the most direct
route to Asian markets via the Suez Canal if the Bab el-Mandeb strait
is shut, according to the EIA.

“Yemen is not an oil producer of great significance but it is located
geographically and politically in a very important part of the Middle
East,” said Ric Spooner, a chief strategist at CMC Markets in Sydney.

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"This time, should Riek's forces attack my forces again, I will fight them until they are gone," Kiir told a gathering of youth leaders in Juba.

"We will not stop this if the sanctions will be imposed on South
Sudan, simply because we are fighting for our self-defense."

Peace talks broke down three weeks ago with no date set for their
resumption, prompting the mediator to say leaders on both sides were
failing in their duty to find peace.

Kiir's comments came a day after South Sudan's parliament voted to
extend his term in office by three years after the country's June
elections were called off.

The United States as well as the European Union have imposed sanctions
on commanders on both sides.


Neither President Kiir or his adversary have shown the qualities
required to move the Dial.

In fact, one could argue they are singularly not qualified to move this forward.

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“Japan now ranks as the most active Asian project finance sponsor in Africa, investing almost three times as much as China, which is often regarded as the most active Asian investor on the continent,” according to the report published Monday.

Japanese investors accounted for $3.5 billion of the $4.2 billion of
project funds that Asian nations poured into Africa last year to
improve roads, water and sanitation and build oil and gas pipelines,
according to the London-based law firm.

“Japan has a much quieter and below-the-radar approach, less
headline-grabbing than Chinese investment,” said Andrew Jones, head of
Linklaters’ Africa unit, in an interview with Bloomberg TV Africa. “We
had a phase 10 to 15 years ago where there were some big Japanese
investments into Africa and now there’s a new wave of investment

A significant amount of Japanese investors’ money for projects went
into Morocco last year, according to the study. The North African
country said in September that Japan will provide the majority of
funds to build a coal-fired power plant in the western city of Safi,
which will produce 1,386 megawatts, or 25 percent of the country’s

“We’ve seen a mixture of securing fuel and natural resources, but also
selling equipment like turbines for power stations,” Jones said of
Japanese investment in Africa.

Nigeria, South Africa and Mozambique have attracted the most project
financing from Asian investors in Africa over the past 10 years,
according to Linklaters.

South Africa All Share Bloomberg +6.15% 2015


Dollar versus Rand 6 Month Chart INO 11.8779


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Nigeria Shuts Land, Sea Borders Before Presidential Election

Nigeria announced the closing of its land and sea borders at midnight
Wednesday as its security forces prepare for presidential and
legislative elections on March 28.

Borders will remain shut until midnight Saturday “to allow for the
peaceful conduct of the forthcoming national elections,” the Interior
Ministry said in a statement posted on an official government website.

Two journalists working for Al-Jazeera television were put under house
arrest in the northeastern city of Maiduguri, the military said on its
Twitter account Wednesday.

They were “monitored by military intelligence operatives until they
eventually had to be restrained to their hotel” after having been
found “loitering around areas where military operations are ongoing,”
it said.

read more

Unilever, whose detergents and deodorants are used by 2 billion consumers daily, plans to raise its stake in its Nigerian unit to as much as 75 percent to benefit from expected economic growth in Africa’s most populous nation.

Ethiopian Airlines Enterprise, is considering proposals to help set up
national airlines in Nigeria and three other countries to expand its
operations on the continent.


Nigeria All Share Bloomberg -12.58% 2015


Ghana Stock Exchange Composite Index Bloomberg -2.35% 2015


Zambian President Edgar Lungu on Wednesday directed the finance and
mining ministers to change royalties on mining firms by April 8,
saying the copper-producer could consider temporarily reverting to the
tax regime in 2014.


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Standard Chartered Kenya @StanChartke reports FY PAT 2014 +12.666% Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           342.00
Total Shares Issued:          309159514.00
Market Capitalization:        105,732,553,788
EPS:             33.21
PE:                10.298

Full Year Results through 31st December 2014 versus through 31st Dec 2013

Full Year Total Assets 222.495824b versus 220.391180b  +0.9549%
Full Year Loans and Advances to Customers [Net]  122.749233b versus
129.672004b -5.33%

Full Year Total Interest income 22.120026b versus  21.679714b
Full Year Net Interest Income 17.904721b versus  16.760331b
Full Year Total Non-Interest Income  8.169957b versus 7.067046b
Full Year Total Operating Income 26.074678b versus 23.827377b
Full Year Total operating Expenses 11.728697b versus 10.472412b
Full Year Profit before Tax 14.345981b versus 13.354965b +7.42%
Full Year Profit after Tax 10.436180b versus 9.262921b +12.666%
Full Year Earnings Per Share 33.21 versus 29.42 +12.882%
Full Year Dividend 17.00 versus 14.50 +17.24%


Strong Results given there was no repeat of the One-Off Real estate
related gain
Interesting that they eked out +12.882% EPS Gain versus a -5.33%
decline in Loans to Customers
Big statement via the +17.24% FY Dividend hike

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Jubilee Insurance reports FY PAT 2014 +24.006% Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           559.00
Total Shares Issued:          59895000.00
Market Capitalization:        33,481,305,000
EPS:             48
PE:                11.645

Full Year Earnings through 31st December 2014 versus through 31st December 2013

Full Year Total Assets 74.505374b versus 61.159185b +21.822%
Full Year Gross earned premium Revenue 24.782043b versus 18.087946b
FY Net Insurance Premium Revenue 16.331221b versus 10.773385b
FY Investment Income 4.833582b versus 3.697032b
Full Year Total Income 24.375885b versus 18.042639b
Full Year Net Insurance benefits [15.870479b] versus [10.985554b]
Full Year Total Expenses and Commissions [5.987944b] versus
[4.828781b] +24.005%
Full Year Profit before Tax 3.949285b versus 3.151188b +25.32%
Full Year Profit after Tax 3.103653b versus 2.502817b +24.006%
Full Year Earnings Per Share 48.00 versus 38.00 +26.3517%
Bonus share Issue of 1 share for every ten held
Final Dividend 7.50 a share +[Interim Dividend of 1.00

Company Commentary

Profit before Tax +25%
Gross written premium +30%
Total Income +35%
Gross Revenue +37%
Long Term business +60%
Medical Business +21%


Real strong results and thats why the share price is at a record.

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. Arm Cement @ARMCement1 reports FY PAT 2014 +10.71% Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           84.00
Total Shares Issued:          495275000.00
Market Capitalization:        41,603,100,000
EPS:             3.01
PE:                27.906

A mineral extraction and processing company which manufactures lime,
cement and other industrial fertilisers.
Full Year Results through 31st Dec 2014 versus through 31st Dec 2013
Full Year Revenue 13.743185b versus 14.179208b -3.075%
Full Year Profit before Tax 2.018133b versus 2.000060b +5.043%
Full Year Profit after Tax 1.493393b versus 1.348803b +10.71%
Full Year EPS 3.01 versus 2.74 +9.85%
Full Year Dividend 0.60cents unchanged
Assets 36.912580b versus 29.705254b
.Cash Flows at End of reporting Period [2.735632b] [1.879015b]

Company Commentary

''Revenue remained stable as no significant capacity came on line and
the Tanga Clinker Plant was only completed in December 2014''
Gross Margin improved by 8%
Total group cash flow generated from operations stood at 2.5b while
total borrowings increased by 4.8b shillings
Group is confident about the outlook for 2015
cement markets continue to grow at double digits with significant
demand from the infrastructure segment
margins are expected to grow as we substitute clinker imports with our
own clinker
Company doubled the manufacturing capacity for Mavuno Fertilisers
ARM has appointed a group of mandated lead arrangers to assist the
company in raising medium to long ted, funding
Annual General Meeting will be held at the Laico Regency 30th July 2015


I think these were promising results. The Cement Demand Curve remains
muscular and ARM is well placed.

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KenolKobil reports FY PAT 2014 +95.42% Earnings here
Kenyan Economy

Par Value:                  0.50/-
Closing Price:           9.35
Total Shares Issued:          1471761200.00
Market Capitalization:        13,760,967,220
EPS:             0.74
PE:                12.635

Full Year Earnings through 31st December 2014 versus through 31st December 2013

Full Year Net Sales 91.315702b versus 109.687453b -16.74%
Full year Cost of Sales [86.263995b] versus [105.422286b] -18.17%
Gross Profit 5.051707b versus 4.265167b
Full Year Other Income 963.265m 1.402931b
Full Year administrative and operating cost [1.873607b] versus [2.514187b]
Full Year Exchange Losses [367.613m] versus [105.347m]
FY Finance Cost [1.339503b] versus [1.671759b]
Full Year Profit Before Tax 1.520820b versus 563.918m
FY Profit after Tax 1.091284b versus 558.419m +95.42%
Full Year Earnings Per Share 0.74 versus 0.38 +94.73%
Full Year Dividend 20cents a share versus 10cents a share +100.00%
Full Year Net cash generated in operating activities 5.454957b versus 1.297340b
Full Year Net repayments of borrowings [4.878598b] versus [1.237945b]

Company Commentary

Group has focussed its concentration on 5 major areas
Corporate Structure
Financing Costs
operating costs
human resources
enterprise risk management

Gross margin to sales improved to 5.5% in 2014 from 3.9% in 2013

''Management is confident in the the Group's strength to continue
significant improvement in 2015, with the first quarter already
delivering strong expected results with significantly lower net


Real strong rebound numbers.
Reduced the Footprint and eked out operational efficiencies to good effect.
This is a cheap stock now.

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Kakuzi reports FY PAT 2014 -2.922% Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           280.00
Total Shares Issued:          19600000.00
Market Capitalization:        5,488,000,000
EPS:             8.17
PE:             34.27

Kakuzi reports FY Earnings through 31st December 2014 versus 31st December 2013

Full Year Sales 1.689917b versus 1.384375b +22.070%
Profit before Fair value gain in biological assets and Income Tax
153.486m versus 142.989m
Fair Value Gain in Biological Assets 79.313m versus 96.317m
Full Year Profit before Tax 232.799m versus 239.306m -2.719%
Full Year Profit after Tax 160.205m versus 165.028m -2.922%
Full Year EPS 8.17 versus 8.42 _2.969%
Full Year Dividend unchanged at 3.75 a share

Company Commentary

''Avocados with increased volumes were the significant contributor to
profit …mitigating very poor prices of Tea in 2014''


Creditable results given the extreme weakness seen in Tea Prices in 2014.
Valued on an elevated PE of 34.27 because shareholders are pricing in
the Real Estate Arbitrage.
Has rallied sharply in 2015
Strong FY Sales number

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Kenya Shilling versus The Dollar Live ForexPros 91.777 [The Shilling is Teflon]
Kenyan Economy

Nairobi All Share Bloomberg +6.59% 2015 [2.512% below a Record High
reached 25th Feb 2015]


173.05 +0.48 +0.28%

Kenyan authorities have closed a Chinese restaurant in the capital
which was accused by a local newspaper of refusing to serve Africans.
(Khalil Senosi/Associated Press)


Nairobi ^NSE20 Bloomberg +3.33% 2015 [224 points below a 7 year High
of 5499.64 reached 2nd March]


5,275.10 +20.50 +0.39%

Every Listed Share can be interrogated here


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N.S.E Equities - Commercial & Services

Safaricom surged +2.173% to close at a Fresh All Time High of 16.45
and on heavy volume of 20.194m shares worth 332.482m as Buyers [who
outpaced Sellers yesterday by an egregious Factor of 10 to 1] paid up
for shares. Safaricom traded shares at an All Time High Print of 17.00
+5.59%. Safaricom closed the session trading at 16.55 +2.8% and that
signals the Bull Surge which has seen Safaricom surge +17.79% in 2015.
Buyers outpaced Sellers by a Margin of 5-1 at the finish signalling
further upside action tomorrow. Recent News of a clearing out has re
affirmed the CEO Bob Collymore's zero-tolerance credentials which
resonates well with the shareholder base.

by Aly Khan Satchu (www.rich.co.ke)
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March 2015

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