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Satchu's Rich Wrap-Up
Wednesday 31st of January 2018

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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


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Rich, 'the Old Man said dreamily, 'is not baying after what you can't have. Rich is having the time to do what you want to do

Rich, 'the Old Man said dreamily, 'is not baying after what you can't
have. Rich is having the time to do what you want to do. Rich is a
little whiskey to drink and some food to eat and a roof over your head
and a fish pole and a boat and a gun and a dollar for a box of shells.
Rich is not owing any money to anybody, and not spending what you
haven't got.

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Blue moon, super moon and blood moon will all coincide in 2018 for the first time since 1866

A blue moon (a second full moon in a calendar month), a super moon
(when the moon is unusually close to Earth, making it bigger and
brighter) and a blood moon (a moment during an eclipse when the moon
appears red) will all coincide for the first time since 1866.

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28-AUG-2017 :: Talk of a unipolar US-dominated world have largely evaporated
Law & Politics

talk of a unipolar US-dominated world have largely evaporated.
President Putin refused to be rolled over by a Victoria Nuland
inspired ‘’Colour Revolution’’ in the Ukraine and drew a line in the
sand and one of the collateral consequences of that was to send
President Putin into the ready embrace of Xi Jinping. In fact, far
from being a unipolar world, we have entered a bipolar or even a
Tripolar world [US, China and Russia].

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Law & Politics

The Arab world must “take urgent action” to create jobs and increase
social spending to contain simmering public discontent, IMF Managing
Director Christine Lagarde said on Tuesday.

“The public dissatisfaction that is bubbling up in several countries
is a reminder that even more urgent action is needed,” Lagarde told a
two-day conference on inclusive growth, held in the Moroccan city of

Governments in the region have struggled to meet popular expectations
of more equitable economic growth and greater political freedom that
were unleashed by the Arab Spring uprisings that swept the Middle East
in 2011. While the global economy is growing at the fastest pace in a
decade, according to International Monetary Fund projections, conflict
and lower commodity prices have taken their toll on Arab economies.

At 3.5 percent in 2018 and 2019, forecast growth in the Arab world is
well below the average 5.6 percent achieved during 2000-2008, Lagarde

While Arab countries have focused their economic reform agendas on
job-creating growth, the progress is “not enough,” Lagarde said.

Cash-strapped governments should develop “broader and more equitable”
tax bases to help pay for more social services and infrastructure
spending, in which the Arab region lags emerging Europe, she said.
They should also encourage private-sector job creation to ease the
burden on state budgets.

“The old model where the state is employer of first resort is no
longer viable,” she said.

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Professor Teufel Dreyer, meanwhile, expects "proof," some day, that Admiral Zheng He arrived in Antarctica before the penguins
Law & Politics

“Or perhaps that the penguins, given their similar color, evolved from
pandas who arrived in Antarctica over a now-disappeared land bridge
(from China).”

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28-AUG-2017 :: China Rising
Law & Politics

China has established control over the South China Sea. It has created
artificial Islands and then militarised those artificial islands
across the South China Sea. It is a mind-boggling geopolitical advance
any which way you care to cut it. China has advanced its footprint in
Pakistan, where it has leased the Gwadar Port [giving China and
Central Asia access to the Gulf region and the Middle East] for 43
years. Sri Lanka, which gorged on Chinese debt, has had to disgorge
the Hambantota Port to its creditor. And recently, we saw China
formally open a miitary facility in Djibouti. These moves taken
together speak to a material Chinese advance. The pivot to Asia which
was supposed to contain China is dead in the water and China has
sprung that trap.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.2438
Dollar Index 88.95
Japan Yen 108.67
Swiss Franc 0.9324
Pound 1.4187
Aussie 0.8086
India Rupee 63.715
South Korea Won 1068.39
Brazil Real 3.1812
Egypt Pound 17.6613
South Africa Rand 11.9525

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Bitcoin is headed for its worst monthly slide since December 2013 @Business 9,975.00 Last
World Currencies

January is turning into a month to forget for digital currency investors.

Cryptocurrencies are extending losses with Bitcoin headed for its
worst monthly slide since December 2013 on the last day of January
trading as U.S. regulators ramp up their scrutiny of one of the
world’s largest digital currency exchanges while Facebook Inc. is
banning ads tied to the industry.

Bitcoin is down about 31 percent this month, trading at $9,817 as of
10:20 a.m. in Hong Kong, according to composite pricing compiled by
Bloomberg. Rival coins Ripple, Ethereum and Litecoin are also down at
least 2 percent, the data show.

“The regulatory oversight and the clampdown is really coming to the
fore right now,” Stephen Innes, head of trading for Asia Pacific at
Oanda, said by phone from Singapore. “I don’t think we’ve seen the
last of it.”

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Rich Folks Are Fleeing London and Lagos, Wealth Report Shows
International Trade

Wealthy Londoners are leaving the city as new taxes make it expensive
to inherit and invest, and as Brexit prompts rich Europeans living in
the U.K. capital to return home.

This puts the British financial hub in the same category as Lagos and
Istanbul, which are also seeing net outflows of rich people, according
to the Global Wealth Migration Review published this month. About
5,000 high net-worth individuals left the U.K. during 2017 and only
about 1,000 arrived, the report shows.

“Over the past 30 years, the United Kingdom has been one of the
biggest recipients of migrating HNWIs,” the report said. “However,
this trend changed in 2017 when the country experienced its first
major HNWI net outflow.”

Cities that saw large inflows of HNWIs include Auckland, Dubai,
Montreal, New York, Tel Aviv and Toronto, the report showed.

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Gold 6 month INO 1343.10

U.S. crude #oil futures settle at $64.50/bbl. ⬇️$1.06. -1.62%. #CME #NYMEX


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Brent Crude @TCommodity 68.01

Emerging Markets

Frontier Markets

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Chinese bugs expose Africa's weak defences @FT

There is nothing new about governments spying on each other. They do
it all the time.

So African officials should not be surprised if Chinese state
contractors hard-wired the African Union headquarters in Ethiopia to
Beijing. They were given the opportunity by the pan-African body not
only to construct the building, but also to provide everything inside
from phones and voting technology to furniture, and to maintain these
on contracts paid by Beijing. What is more surprising is that the AU
was so willing to invite Chinese ears in.

The new building, which dominates the skyline of Addis Ababa, was
financed by Beijing to the tune of $200m and opened at a 2012 summit
by then Chinese president Hu Jintao. At the time the EU was by far the
biggest donor to AU operations, including peacekeeping.

Allegations about the colossal data breach at the AU headquarters
provide a cautionary tale about the dangers of developing fresh
dependencies. According to an investigation carried out by Le Monde,
AU officials discovered a year ago that confidential data had been
downloaded from the AU to servers in Shanghai every night since soon
after the inauguration.

Further afield, the reported data breach will no doubt reignite
concerns about technological backdoors in Chinese hardware. Chinese
contractors have built presidential palaces and parliament buildings
from Khartoum to Maputo. The two state-backed telecoms companies,
Huawei and ZTE, supply equipment in 50 African countries, according to
McKinsey. The potential for China to misuse these assets to gain
advantage is there, given how blurred the distinction is between state
policy and commercial strategy.

No doubt China’s burgeoning engagement in Africa has brought great
benefits. However, the hidden price may be high. African governments
should treat China’s avowed doctrine of non-interference with
scepticism. Above all they need to develop strategies to do business
with Beijing not as supplicants, but on their own terms.

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Africa's leaders choose diplomacy to Trump's toilet remarks @AP

The 55-nation African Union appears to have decided to react
diplomatically and strategically to President Donald Trump’s alleged
vulgar remarks about the continent.

Rather than issuing an angry condemnation of Trump’s reported comments
in which he likened Africa to a filthy toilet, the African Union may
decide to follow the advice of its new chairman, Rwandan President
Paul Kagame, to deal with the U.S. president as the leader of a
country elected by his people.

Kagame made the remarks Monday as the annual summit, which was
attended by more than 40 African leaders, drew to a close. Kagame
spoke at the African Union after meeting Trump last Friday in Davos,
Switzerland at the World Economic Forum.

“I’ve met the President of the United States . but the President of
the United States is Trump,” Kagame told reporters in Ethiopia’s
capital, Addis Ababa. “For me the most value is to meet the President
of the United States. When the United States decides to give us Trump
as their president, we will deal with that president.”

Many African leaders were outraged by Trump’s alleged rude comment
about the continent. Trump has said he didn’t use such language, while
others present say he did.

But the fury appears to have been muted by a letter sent by Trump to
African leaders in the past week in which he said he “deeply respects”
the people of Africa. Trump also pledged that U.S. Secretary of State
Rex Tillerson will make an “extended visit” to the continent in March,
his first in that role.

“President Trump wrote a letter through the (AU) Commission and to the
Chairperson addressing the heads of state of Africa wishing them every
success and stating how he is ready to collaborate with Africa,” said

Trump called Kagame a “friend” when they met at the World Economic Forum.

Many in Africa were taken aback by Trump’s rude toilet comment after
nearly a year of little attention to Africa by the U.S. president’s

U.S. diplomats have scrambled for days to address the shock and
condemnation after the reports of Trump’s remarks. Trump’s letter and
Kagame’s careful response seem to have calmed things down. Chairman of
the African Union Commission, Moussa Faki Mahamat, toned down his
stance in a press conference with journalists on Monday. The previous
week he said “Africa cannot keep quiet” about Trump’s “shocking”
remarks. But Monday he would only say African leaders had received a
“letter of correspondence” from Trump and “we’ve taken due note of

Another controversy at the African Union summit was over the report in
the French newspaper, Le Monde, that China spied on the organization’s
headquarters from 2012 to 1017. Chinese officials quickly rejected the

“It’s a sensational and total preposterous accusation. It’s so
absurd,” said Kuang Weilin, China’s representative to the African
Union, who said he suspects the report was intended to harm China’s
relations with Africa.

The African Union’s headquarter in Ethiopia’s capital, Addis Ababa,
was built as a gift by China to Africa at a cost of more than $200
million. The main building is 100 metres (328 feet) high and is
currently the tallest building in Addis Ababa.

Also at the African Union summit, it was announced the organization
has launched a new aviation deregulation scheme. The plan calls for a
full liberalization of air market access between African states and
the elimination of restrictions on ownership of airlines and full
liberalization of air frequencies. The move is intended to promote
cheaper air travel between African countries.

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.@CapitecBankSA : A wolf in sheep's clothing @viceroyresearch

Based on our research and due diligence, we believe that Capitec is a
loan shark with massively understated defaults masquerading as a
community microfinance provider. We believe that the South African
Reserve Bank & Minister of Finance should immediately place Capitec
into curatorship.
Capitec Bank Holdings Limited (JSE: CPI) is a South Africa-focused
microfinance provider to a majority low- income demographic, yet they
out-earn all major commercial banks globally including competing
high-risk lenders. We don’t buy this story. Viceroy believes this is
indicative of predatory finance which we have corroborated with
substantial on-the-ground discussions with Capitec ex-employees,
former customers, and individuals familiar with the business.
Viceroy’s extensive due diligence and compiled evidence suggests that
indicates Capitec must take significant impairments to its loans which
will likely result in a net-liability position. We believe Capitec’s
concealed problems largely resemble those seen at African Bank
Investments (JSE: AXL) prior to its collapse in 2014.
We think that it’s only a matter of time before Capitec’s financials
and business unravel, with macro headwinds creating an exponential
risk of default and bankruptcy.
This report will provide underlying information and analysis we
believe supports the following conclusions:
▪ Reconciliation of loan book values, maturity profiles and cash
outflows imply Capitec is either fabricating new loans and
collections, or re-financing ~ZAR 2.5bn – 3bn (US$200m-$240m) in
principal per year by issuing new loans to defaulting clients.
▪ LegaldocumentsobtainedbyViceroyshowCapitecadvisingandapprovingloanstodelinquentcustomers
in order to repay existing loans. These documents also show Capitec
engaging in reckless lending practices as defined by South Africa’s
National Credit Act. This corroborates Viceroy’s loan book analysis.
▪ As a consequence of re-financing delinquent loans, Viceroy believes
Capitec’s loan book is massively overstated. Viceroy’s analysis
against competitors suggests an impairment/write-off impact of ZAR
11bn will more accurately represent the delinquencies and risk in
Capitec’s portfolio.
▪ Legal experts that we have spoken to believe that the outcome of an
upcoming reckless and predatory lending test case in March 2018 will
be used to trigger a multi-party litigation refund (class action). We
believe that, at a minimum, Capitec will be required to refund
predatory origination fees primarily related to multi-loan facilities;
an estimated ZAR 12.7bn.
▪ Viceroy’s investigations suggest that Capitec’s prohibited and
discontinued multi-loan facility lives on, rebranded as a “Credit
Facility”. Former Capitec employees have corroborated this. Despite
its perception as an affordable lender, Capitec’s implied interest
rates are significantly true of the maximum allowable rates in South
▪ South Africa’s microfinancing sector has been the graveyard of
numerous Capitec competitors who chased the same meteoric growth
Capitec displays, largely due to low acceptance and mass
delinquencies. We see no operational difference between Capitec and
its ill-fated predecessors, including African Bank.
▪ Former employees consider the business to still be an outright
loan-shark operation, where fees are key. Some former employees
believe they
▪ Jean Pierre Verster, chairman of Capitec’s audit committee, is/was
indirectly short Capitec through Steinhoff. We believe this is an
oversight, and understand Verster to be an excellent analyst on the
short side. We encourage Verster to raise the concerns within this
report to company auditors and recognize Capitec’s resemblance to his
previous African Bank short.
Given what we believe is a massive overstatement of financial assets
and income, together with opaque reporting of loan cash flow and
reckless lending practices, we believe Capitec is simply uninvestable
and accordingly have not assigned a target price.

Despite similar branch and ATM numbers, @CapitecBankSA boasts a
cost-to-income percentage of 35%, far below competitors
FirstRand(51%), @StandardBankZA (55%), @BarclaysAfrica (56%) and
@Nedbank (35%).

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Ghana's Cocoa Body to Sell $556 Million of Debt, End Subsidies Bloomberg

Ghana’s cocoa regulator will sell as much as 2.5 billion cedis ($556
million) of debt to pay for liabilities and operational costs while
pledging to end subsidies for farmers, according to a deputy finance

The debt sale will follow after Ghana Cocoa Board opted to prop up
farmer pay with 984 million cedis in the current season, incurred
losses of at least 110 million cedis during the previous crop and had
to deal with legacy debts from an administration that was replaced
last year. The pledge to end subsidies signal a policy shift after the
world’s second-biggest cocoa grower ruled out changing producer
payments since setting the minimum price at 7,600 cedis per ton in
October 2016.

Over the same period, futures contracts in London slumped by more than
a third on forecasts of a second consecutive bumper crop in Ghana and
neighboring Ivory Coast, the world’s largest cocoa producers.

“We believe that from next season, when there is no subsidy, the board
will make sufficient revenue to pay off its debts,” said Boahen, who
also serves as chairman of the regulator’s finance committee. “The
cocoa board is a very viable commercial entity.”

A cocoa debt auction may take place this week as Ghana already used
about $1.25 billion of a $1.3 billion syndicated loan that it obtained
for farmer payments from foreign and local banks in September, Boahen

Ghana regularly sells 182-day cocoa bills to shore up its finances. It
sold 580.2 million cedis in notes earlier this month at a yield of
20.07 percent.

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Baobab trees (mibuyu) framing a serene view of night skies in Tarangire National Park, Tanzania. 📷 Tom Schwabel, My Shot @Destination_TZ

Baobab trees (mibuyu) framing a serene view of night skies in
Tarangire National Park, Tanzania. Some species of baobab trees can
live for a thousand years - potentially reaching a height of 80 feet
(25 meters) and a diameter of 40 feet (12 meters). 📷 Tom Schwabel, My

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Opposition Fortunes Wane as Tanzania's President Rules Supreme @business

Two years into his rule, Tanzanian President John Magufuli has some
unexpected new fans: his political opponents.

His chief rival in the 2015 vote, Edward Lowassa, has praised his
reforms and urged others to support them. Another challenger became
one of his regional commissioners, while two opposition lawmakers
recently defected to the ruling party and will run as candidates in
February by-elections.

These could be signs that Magufuli, who’s nicknamed “the bulldozer,”
is finding popular support for his bids to tackle graft and challenge
foreign companies like Barrick Gold Corp. and Bharti Airtel Ltd. for
more revenue. But, following the arrests of other politicians and
shuttering of several news outlets, some analysts say it also points
to the decline of political dissent.

Tanzania’s opposition was always limited. Magufuli’s Chama Cha
Mapinduzi party and its earlier iterations have ruled ever since the
nation was unified in 1964, winning all five multiparty elections that
began in 1995. All the same, rights groups and the opposition say
there was leeway for criticism -- until recently. It comes as
opposition movements elsewhere in East Africa feel the squeeze as
leaders from Burundi to Uganda further entrench their reigns.

“Backing the opposition in an authoritarian state is backing a losing
horse,” said Dan Paget, a doctoral candidate researching Tanzania at
the University of Oxford. “People are defecting from the opposition
not only because they love Magufuli, but because they fear him.”

The detention of some lawmakers last year for allegedly making
inflammatory statements against the government sent a “strong
message,” according to Aidan Eyakuze, executive director of
civil-society group Twaweza East Africa.

Politicians may also be seeking career advancement, according to
Benson Bana, political science lecturer at the University of Dar es
Salaam. “Some don’t see that the opposition will win State House
anytime soon, so see working for the ruling party as a chance to shape
policy,” he said.

There could be a simpler reason: Magufuli is pursuing policies that
were the opposition’s. He’s also gained backing from his
confrontations with foreign investors: a demand for $190 billion in
back taxes from Acacia Mining Ltd. led to the company agreeing to
establish a model to equally share the economic benefits from its
mines and pay $300 million to the state as a “show of good faith.”

The ruling party’s main challenger, Chadema, “was united by its
opposition to corruption in government” and Magufuli has made tackling
graft his “moral mission,” Paget said. “The same goes for mining:
Chadema had won votes with their tough stance on mining companies for
a decade, but in six months Magufuli garbed himself in the
opposition’s clothes.”

Zitto Kabwe, leader of the opposition Alliance for Change and
Transparency, acknowledged Magufuli’s anti-graft crusade is “taking
the message away from the opposition.”

While presidential challenger Lowassa rebuffed an offer to rejoin the
ruling party, others had fewer qualms. Lawrence Masha was home affairs
minister in the government of Jakaya Kikwete, Magufuli’s predecessor,
before shifting to the opposition in 2015. He moved back -- because of

“While you may not always agree with the way he does things, his heart
is in the right place and it is having an impact on the lives of
everyday Tanzanians,” Masha said. “There is accountability in Tanzania
with regards to corruption, for example, for the first time in a long

It’s unclear how effective that drive has been. While a May 2017
survey by the Afrobarometer research network showed 72 percent of
Tanzanians thought there’d been a decline in graft, Transparency
International’s Corruption Perceptions Index ranked it one point lower
in 2016 than in 2013.

The opposition needs to fully question government claims of progress,
Eyakuze said.

Kabwe said they must offer fresh policies as alternatives to the
ruling party, especially in areas where they control local

“Places where the opposition have a mandate, we need to show
improvements in anti-corruption and development,” he said.


He is creaming Kenya on a purely Geopolitical ''Transit State'' basis.

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I wish to thank the people of Kenya for the mandate they have given us and for their steadfast confidence in us. @RailaOdinga
Kenyan Economy

I wish to thank the people of Kenya for the mandate they have given us
and for their steadfast confidence in us. You came from all corners of
the republic to witness my inauguration and it was good to see you out
in millions.

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Broadcasters shut as thousands gather for Kenyan opposition "swearing in"
Kenyan Economy

Kenyan authorities shut down private television and radio stations on
Tuesday as thousands of supporters of opposition leader Raila Odinga
gathered in a Nairobi park where he was due to take the presidential
oath in an act of protest.

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"Today is a typical example of a rogue state," Odinga said.
Kenyan Economy

“We are seeing the return of an authoritarian, imperial presidency in
our country. They rule by fiat and this is what must be resisted.”

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Kenyan Opposition to Inaugurate Odinga as State Warns Media
Kenyan Economy

Kenya’s main opposition group prepared to inaugurate Raila Odinga as
the country’s so-called people’s president, as the government warned
the media not to provide live coverage of the event.

The National Super Alliance plans to hold its swearing-in ceremony on
Tuesday at Uhuru Park on the outskirts of Nairobi’s central business
district, the opposition group said in an emailed statement. Attorney
General Githu Muigai has said the inauguration would amount to
treason, while the city’s police chief has threatened to crack down on
the rally.

“We intend to hold a peaceful event, in total compliance with the
constitution and the law,” Nasa said in an emailed statement. “We
nonetheless wish to put the Jubilee administration on notice that we
will accomplish our mission come hell or high water.

There were few police on the streets of the city and none at Uhuru
Park, where thousands of opposition supporters had gathered by 9:47
a.m. in Nairobi. Shares on the Nairobi Securities Exchange fell 0.2
percent, while the shilling traded less than 0.1 percent weaker at
102.35 per dollar.

Nasa is swearing in Odinga and his deputy, Kalonzo Musyoka, after
rejecting the outcome of a repeat presidential vote in October in
which incumbent President Uhuru Kenyatta secured a second term. The
alliance said on Jan. 26 it has evidence that Odinga won an Aug. 8
election that was later annulled by the Supreme Court after the
electoral commission failed to disprove an opposition claim the ballot
was rigged.

Kenyatta, his deputy William Ruto and ICT Secretary Joe Mucheru met
Kenyan media managers on Jan. 26 to warn them not to broadcast
Tuesday’s proceedings, according to the Kenya Editors Guild, a
Nairobi-based media body.

“Kenyatta expressly threatened to shut down and revoke the licenses of
any media houses that would broadcast live the planned purported
swearing in,” the guild said in a statement posted on Twitter. “The
guild is appalled by the details of the meeting, which was held under
an atmosphere of intimidation.”

The standoff between Kenyatta and Odinga could provoke protests,
further police crackdowns and bloodshed, while deepening already
dangerous levels of polarization in Kenya, the International Crisis
Group said in a statement urging both sides to show restraint. At
least 92 people died in clashes between Kenyan security forces and
opposition supporters during last year’s election period, according to
the Kenyan National Commission on Human Rights.

“Odinga should call off the ceremony; President Kenyatta should agree
to an audit of Kenya’s electoral authorities,” the ICG said. “Kenyan
leaders also should consider some form of national convention to
discuss reforms to lower the stakes of political competition.”

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Eveready East Africa Ltd reports FY17 EPS +229.592% Earnings here
Kenyan Economy

Par Value:                  1/-
Closing Price:           2.15
Total Shares Issued:          210000000.00
Market Capitalization:        451,500,000
EPS:             1.27
PE:               1.69

Kenyan battery manufacturer

Eveready E.A. Ltd FY 2017 results through 30th September 2017 vs. 30th
September 2016
FY Sales 338.931m vs. 553.311m -38.745%
FY Cost of sales [251.610m] vs. [425.016m] -40.800%
FY Gross profit 87.321m vs. 128.295m -31.937%
FY Other income 49.546m vs. 4.872m +916.954%
FY Gain on disposal of assets 452.468m vs. –
FY Overhead Expenses [330.465m] vs. [296.782m] +11.349%
FY Finance costs [9.736m] vs. [72.368m] -86.547%
FY Profit/ [Loss] before tax 249.134m vs. [218.962m] +213.780%
FY Profit/ [Loss] for the year from continuing operations 266.081m vs.
[171.824m] +254.857%
FY Profit/ [Loss] for the year from discontinued operations 1.092m vs.
[34.681m] +103.149%
FY Profit/ [Loss] for the year 267.173m vs. [206.505m] +229.378%
EPS – Basic and diluted 1.27 vs. [0.98] +229.592%
Total equity 549.370m vs. 486.578m +12.905%
Cash and cash equivalents at the end of the year 245.827m vs. [0.731m]
No dividend

Company Commentary

During the Year under review we experienced a significant downturn in
the economy following a prolonged period of electioneering insecurity
in certain segments of the market, weak credit growth, creeping
inflation and drought. These factors together with our status as a new
entrant in the battery business resulted to a decline in revenues to
339m representing 39% of prior period performance.
Sale of our Nakuru property which was finalised in the year under
review led to a gain of 452m from the sale proceeds. Proceeds were
used to clear the Company's debts and provide working capital to
support the business.
Dividend of 1 shilling a share.


Without the disposal they would have booked a loss. They have piled a
great deal back into the business a business in which they have not
made a profit in for years.

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@Kenolkobil are price data here +5.714% 2018
Kenyan Economy

Par Value:                  0.50/-
Closing Price:           14.80
Total Shares Issued:          1471761200.00
Market Capitalization:        21,782,065,760
EPS:             1.64
PE:                 9.024

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%

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@Barclays_Kenya closed unchanged at 10.50 is +9.375% in January.
Kenyan Economy

Par Value:                  2/-
Closing Price:           10.50
Total Shares Issued:          5431536000.00
Market Capitalization:        57,031,128,000
EPS:             1.36
PE:                 7.721

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.@KCBGroup Group ramped +1.704% higher to close at 44.75 KCB is +4.678% in January
Kenyan Economy

Par Value:                  1/-
Closing Price:           44.75
Total Shares Issued:          3066056647.00
Market Capitalization:        137,206,034,953
EPS:             6.46
PE:                 6.927

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@KeEquityBank is +8.176% in January
Kenyan Economy

Par Value:                  0.50/-
Closing Price:           43.00
Total Shares Issued:          3702777020.00
Market Capitalization:        159,219,411,860
EPS:             4.38
PE:                 9.817

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EABL pushed +0.79% higher to close at a 2018 High of 254.00 is +6.722% 2018 H1 Earnings here @Diageo_News @KenyaBreweries @tuskerlager
Kenyan Economy

Par Value:                  2/-
Closing Price:           253.00
Total Shares Issued:          790774356.00
Market Capitalization:        200,065,912,068
EPS:             9.71
PE:                 26.056

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N.S.E Today

I thought President Trump played his #SOTU address really quite well.
It was inclusive and wrong-footed is Adversaries.
POTUS said ''because Americans are Dreamers too'' which was a very
subtle and neat linguistic steal.
However, there is an abyss between the rhetoric and the reality and
todays divergence was extreme.
Equity Markets were rudely awoken from their recent ''sweetspot''
slumber the world over yesterday.
BITCOIN has fallen below $10,000 again and is headed for its worst
monthly slide since December 2013.
Dr. Njoroge has warned severally and Citi calculated the Kenya long
position at $1.63b when the price was at 11,700.00
The Central Bank of Kenya is set to tap its Infrastructure Bond which
carries a 12.5% coupon and where previously they rejected off-market
offers in the primary sale.
It will be fully subscribed in short order.
The Nairobi All Share eased -0.44 points to close at 180.60
The Nairobi NSE20 improved +9.53 points to close at 3737.27.
Trading volumes clocked 638.405m.

N.S.E Equities - Commercial & Services

Safaricom eased -0.84% to close at 29.50 and traded 8.892m shares
worth 263.39m. Safaricom has surged +10.28% in 2018 and -1.666% below
a record closing High reached 4 sessions ago. Safaricom has been in a
Bull Channel for Eternity.

Nation Media [whose NTV Kenya along with KTN and Citizen TV are
currently switched off - As per The Star's Oliver Mathenge ''Interior
CS Fred Matiangi says the switching off of TVs and withdrawal of
police from Uhuru Park as GoK had intelligence that there was planned
"massacre" that would have been blamed on the police and propelled by
live coverage''] eased -1.904% to close at 103.00 and traded 17,200
shares. NMG is -11.206% in January.
Standard Group eased -0.75% on just a 100 shares.

TPS Serena Hotels has been on a roll in January and rallied +3.4722%
to close at 37.25 [+14.165% in January] and traded 14,300 shares.

N.S.E Equities - Finance & Investment

Equity Bank closed unchanged at 43.00 [+8.176% in January] and traded
4.875m shares worth 209.65m.
KCB rallied +1.117% to close at 45.25 [+5.84% in January] and traded
CO-OP Bank rallied +1.846% to close at 16.55 [+3.4375% in January] and
was trading session highs of 16.80 +3.38% at the Finale. Buyers
outpaced Sellers by a Factor of 6.5 versus 1.
Barclays Bank firmed +0.95% to close at 10.60 [+10.41% in January] and
was trading session highs of 10.80 +2.86% at the Closing Bell.

N.S.E Equities - Industrial & Allied

KenGen had more than 6 Buyers for every Seller and rebounded +1.818%
to close at 8.40 and was trading at 8.65 +4.85% at the closing Bell.
KenGen traded 168,800 shares. We have now bounced thrice off 8.20
levels signalling a buoyant Buy Side Structure at those levels.
KPLC firmed +1.75% to close at 8.70 and traded 23,700 shares.

Eveready East Africa released Full Year Earnings where FY Sales
slumped -38.745% and FY Earnings Per Share turned around +229.378% to
clock 1.27 versus [0.98] last time around. The Turnaround was
delivered via the sale of Eveready's Nakuru Property which Sale
realised a one-off gain of 452.468m. Eveready paid a special Dividend
of 1/= a share in August 2017 after that sale.
Without the disposal, Eveready would have reported a Loss. Eveready
rallied +6.98% to close at 2.30 and remains -4.1666% in 2018.

EABL eased -0.4% off a 2018 high to close at 252.00 and traded 113,100
shares. EABL has rallied +5.88% in January and recently released H1
Earnings which indicated a skew towards chasing growth and innovation.


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

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