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AIB-AXYS Weekly Equities Note 11th November 2024

Africa Equities Return Regional Perspective

Heatmap SSA Equity Market Performance
Country w/w (%) YTD (%) African equity markets registered mild bullish
Kenya ▼ (1.7%) ▲ 25.5% sentiment in the week, to clock a median
Uganda ▲ 1.3% ▲ 34.3% return of 0.3%.
Tanzania ▲ 0.5% ▲ 26.9%
West Africa ▲ 0.1% ▲ 26.7% Ghana rose to the best performing market,
Nigeria ▼ (0.2%) ▲ 30.0% posting a 2.2% w/w return, whereas Kenya
Ghana ▲ 2.2% ▲ 47.9% was the least performing market for the week,
Malawi ▲ 0.7% ▲ 33.7%
posting a discount of 1.7%.
Mauritius ▼ (0.6%) ▲ 14.7%
Botswana ▲ 0.3% ▲ 10.6% Kenya’s week-on-week average discount of
Egypt ▲ 2.0% ▲ 25.6%
1.7% dragged the 2024 year-to-date
South Africa ▼ (1.2%) ▲ 10.7%
performance to 25.5%.
Powered by Bing Median ▲ 0.3% ▲ 26.7%
© GeoNames, Microsoft, OpenStreetMap, TomTom Source: African Markets, AIB-AXYS Research

Weekly Market Summary Kenyan Equities Market Performance

Previous
Statistic Latest Week % change
Week The market registered bearish sentiments as signaled by the 1.7% fall in the Nairobi All-Share
Market Cap (KES Bn) 1,809.49 1,840.97 ▼ (1.7%)
index (NASI) to close at 115.59 points. Trading activity increased 41.1% in the week to KES
Nairobi All Share Index 115.59 117.61 ▼ (1.7%)

NSE-10 Index 1,237.09 1,238.75 ▼ (0.1%) 1,599.65 Mn, up from KES 1,134.02 Mn in the previous week.
NSE-20 Index 1,927.51 1,905.51 ▲ 1.2%

NSE-25 Index 3,187.43 3,190.72 ▼ (0.1%) Foreign investors were relatively inactive players in the week, with their participation rate
Source: NSE, AIB-AXYS Research
increasing to 33.7% of total market activity. Further, foreign investors remained net bearish
Participation Mix
on Kenyan equities in the week – clocking net outflows totaling KES 194.94Mn.

33.7%
Trading Activity Stats
Statistic Latest Week Previous Week % change
66.3%
Equity Turnover (KES, Mn) 1,599.65 1,134.02 ▲ 41.1%

Foreigner buys (KES Mn) 441.96 171.92 ▲ 157.1%

Foreign Investors Domestic Investors
Foreigner sales (KES Mn) 636.90 389.32 ▲ 63.6%

Net foreign flows (KES, Mn) (194.94) (217.40) ▼ (10.3%)

Source: NSE, AIB-AXYS Research
Foreign Participation Rate 33.7% 24.7% ▲ 9.0%
Source: NSE, AIB-AXYS Research

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 AIB-AXYS Weekly Equities Note

Top Net Foreigner Buys Top Net Foreigner Sales

Turnover (KES Turnover (KES
Company Closing Price Company Closing Price
'000') '000')
East African Breweries Plc 192.75 113,331.45 British American Tobacco Kenya Plc 350.00 (201,723.68)
Stanbic Holdings Plc 134.00 29,583.20 Safaricom Plc 15.65 (146,758.77)
KCB Group Plc 39.00 16,758.36 Centum Investment Co Plc 9.62 (16,419.36)
Equity Group Holdings Plc 48.05 8,615.13 Standard Chartered Bank Kenya Ltd 231.00 (4,165.35)
ABSA Bank Kenya Plc 15.05 3,842.50 KenGen Co. Plc 3.98 (3,545.02)
Source: NSE, AIB-AXYS Research Source: NSE, AIB-AXYS Research

Top Traded Counters Top 3 Traded Counters

Company Turnover (KES Mn) Closing Price % price change

Safaricom Plc 348.22 15.65 ▼ (6.6%)

KCB Group Plc 237.42 39.00 ▲ 1.3% 14.7%

21.8%
East African Breweries Plc 235.59 192.75 ▲ 5.3%

British American Tobacco Kenya Plc 212.81 350.00 ▼ (1.9%)

Equity Group Holdings Plc 161.83 48.05 ▲ 1.6% 14.8%
Source: NSE, AIB-AXYS Research

Safaricom Plc KCB Group Plc

Stock Commentary
East African Breweries Plc
Safaricom Plc was the most traded counter in the week with aggregate turnover clocking
Source: NSE, AIB-AXYS Research
KES 348.22Mn – representing 21.8% of total market activity. Top Gainers
Company Closing Price W/W Change (%)
Bullish foreigner sentiment was skewed on East African Breweries Plc for the week, to Unga Group Ltd 17.70 ▲ 17.2%
Trans-Century Plc 0.41 ▲ 10.8%
register net inflows amounting to KES 113.33Mn.
Uchumi Supermarket Plc 0.21 ▲ 10.5%
E.A Portland Cement Co. Ltd 35.20 ▲ 10.3%
On the flipside, bearish foreigner sentiment was most pronounced on British American
TPS Eastern Africa (Serena) Ltd 13.90 ▲ 9.4%
Tobacco Kenya Plc, which registered net outflows amounting to KES 201.72Mn.
Top Losers
Company Closing Price W/W Change (%)
HF Group Plc 3.84 ▼ (12.9%)
Corporate Actions
Crown Paints Kenya Plc 30.60 ▼ (11.7%)
Interim/Special
Company Final Dividend Book Closure Dividend Payment
Dividend Express Kenya Plc 3.15 ▼ (10.0%)
Centum Investment Plc KES 0.32 11-Oct-24 TBA Carbacid Investments Plc 20.00 ▼ (7.8%)

Kenya Power and Lighting Company PLC KES 0.70 2-Dec-24 31-Jan-25 Williamson Tea 228.50 ▼ (6.7%)

Carbacid Investments PLC KES 1.70 26-Nov-24 18-Dec-25 Source: NSE, AIB-AXYS Research

Kengen KES 0.65 28-Nov-24 13-Feb-25

Source: NSE, AIB-AXYS Research

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 AIB-AXYS Equities Market Snapshot
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
AGRICULTURAL Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Eaagads Ltd 12.00 ▼ (9.1%) ▼ (14.0%) 200 44.67 385.9 (1.91) - (6.3x) 0.3x 0.0% 0.0% 0.0% 0.0%
Kakuzi Plc 434.00 - ▲ 12.7% 0 302.55 8,506.4 (14.02) 24.00 (31.0x) 1.4x 5.5% 103.7% 0.0% 0.0%
Kapchorua Tea Kenya Plc 248.25 ▼ (7.9%) ▲ 15.5% 300 249.69 1,942.3 25.49 25.00 9.7x 1.0x 10.1% 49.0% 10.2% 7.5%
The Limuru Tea Co. Plc 365.00 - ▼ (3.9%) 0 76.28 876.0 0.11 1.00 3,318.2x 4.8x 0.3% 29.6% 0.1% 0.1%
Sasini Plc 15.95 ▲ 0.3% ▼ (20.3%) 500 63.16 3,637.5 1.70 1.00 9.4x 0.3x 6.3% 41.5% 2.7% 2.2%
Williamson Tea Kenya Plc 228.50 ▼ (2.8%) ▲ 9.9% 12,300 365.89 4,001.6 (3.64) 25.00 (62.8x) 0.6x 10.9% 88.0% 0.0% 0.0%
Industry Median ▼ (1.4%) ▲ 3.0% 19,349.7 1.5x 0.8x 5.9% 45.2% 0.1% 0.1%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
AUTOMOBILES & ACCESSORIES Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Car & General (K) Ltd 21.55 - ▼ (13.8%) 0 133.35 864.2 (3.77) - (5.7x) 0.2x 0.0% 0.0% 0.0% 0.0%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
BANKING Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
ABSA Bank Kenya Plc 15.05 ▲ 0.7% ▲ 31.4% 38,200 13.44 81,744.6 3.89 1.55 3.9x 1.1x 10.3% 51.5% 28.9% 4.4%
BK Group Plc 33.25 ▲ 8.3% ▼ (7.1%) 100 49.40 29,817.2 10.93 3.90 3.0x 0.7x 11.7% 38.0% 22.1% 3.8%
Diamond Trust Bank Kenya Ltd 52.00 ▼ (0.5%) ▲ 15.4% 6,800 301.35 14,539.3 30.75 6.00 1.7x 0.2x 11.5% 24.4% 10.2% 1.5%
Equity Group Holdings Plc 48.05 ▲ 0.1% ▲ 42.8% 445,100 58.43 181,325.1 14.60 4.00 3.3x 0.8x 8.3% 36.0% 25.0% 3.2%
HF Group Plc 3.84 ▼ (1.0%) ▲ 10.3% 33,500 24.22 1,476.9 1.01 - 3.8x 0.2x 0.0% 0.0% 4.2% 0.6%
I&M Group Plc 28.00 ▼ (0.9%) ▲ 60.0% 160,900 52.76 46,301.4 8.10 2.55 3.5x 0.5x 9.1% 33.4% 15.4% 2.5%
KCB Group Plc 39.00 ▲ 1.4% ▲ 78.1% 1,705,600 75.00 125,325.0 20.29 1.50 1.9x 0.5x 3.8% 12.9% 27.1% 3.3%
NCBA Group Plc 43.30 ▼ (0.1%) ▲ 11.2% 30,800 57.03 71,337.6 13.41 4.75 3.2x 0.8x 11.0% 36.5% 23.5% 3.6%
Stanbic Holdings Plc 134.00 - ▲ 23.2% 5,000 175.45 52,973.1 31.16 15.35 4.3x 0.8x 11.5% 49.9% 17.8% 2.5%
Standard Chartered Bank Kenya Ltd 231.00 ▼ (1.0%) ▲ 42.6% 8,600 169.67 87,283.4 45.09 29.00 5.1x 1.4x 12.6% 80.2% 26.6% 4.5%
The Co-operative Bank of Kenya Ltd 14.20 ▼ (0.4%) ▲ 24.6% 44,000 21.60 83,314.0 5.01 1.50 2.8x 0.7x 10.6% 38.3% 23.2% 4.1%
Industry Median ▼ (0.1%) ▲ 24.6% 775,437.7 3.3x 0.7x 10.6% 36.5% 23.2% 3.3%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
COMMERCIAL AND SERVICES Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Eveready East Africa Ltd 1.09 ▼ (8.4%) ▲ 0.9% 39,800 0.30 228.9 (0.28) - (3.9x) 3.7x 0.0% 0.0% 0.0% 0.0%
Express Kenya Plc 3.15 - ▼ (14.9%) 0 9.76 150.3 (1.13) - (2.8x) 0.3x 0.0% 0.0% 0.0% 0.0%
Homeboyz Entertainment Plc 4.66 - - 0 0.35 294.5 (0.74) - (6.3x) 13.2x 0.0% 0.0% 0.0% 0.0%
Longhorn Publishers Plc 2.38 - ▼ (1.2%) 400 0.39 648.4 (2.45) - (1.0x) 6.1x 0.0% 0.0% 0.0% 0.0%
Nairobi Business Ventures Ltd 2.15 - ▼ (20.4%) 200 0.48 2,910.5 0.01 - 232.8x 4.5x 0.0% 0.0% 1.9% 1.6%
Nation Media Group Plc 14.75 ▼ (0.7%) ▼ (26.4%) 4,800 2.50 3,059.1 (2.60) - (5.7x) 5.9x 0.0% 0.0% 0.0% 0.0%
Sameer Africa Plc 2.37 ▼ (0.4%) ▲ 4.4% 6,700 1.70 659.7 0.17 - 13.9x 1.4x 0.0% 0.0% 10.0% 3.2%
Standard Group Plc 5.96 ▲ 1.4% ▼ (23.0%) 300 15.36 487.1 (10.15) - (0.6x) 0.4x 0.0% 0.0% 0.0% 0.0%
TPS Eastern Africa (Serena) Ltd 13.90 ▼ (2.1%) ▼ (15.5%) 700 57.78 2,532.2 2.89 - 4.8x 0.2x 0.0% 0.0% 5.0% 2.6%
Uchumi Supermarket Plc 0.21 ▲ 5.0% ▲ 23.5% 37,600 -11.73 76.6 (5.56) - (0.0x) (0.0x) 0.0% 0.0% 0.0% 0.0%
WPP Scangroup Plc 2.63 ▼ (6.1%) ▲ 20.6% 40,800 11.72 1,136.6 0.31 - 8.5x 0.2x 0.0% 0.0% 2.6% 1.8%
Industry Median - ▼ (1.2%) 12,183.9 (0.5x) 0.9x 0.0% 0.0% 0.0% 0.0%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
CONSTRUCTION & ALLIED Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Bamburi Cement Ltd 65.50 ▼ (0.8%) ▲ 82.7% 4,800 85.85 23,773.8 2.67 23.72 24.6x 0.8x 36.2% 1285.0% 3.1% 3.0%
Crown Paints Kenya Plc 30.60 ▼ (1.3%) ▼ (14.2%) 500 22.25 4,356.3 0.07 - 437.1x 1.4x 0.0% 0.0% 0.3% 0.1%
E.A Cables Ltd 1.08 ▼ (1.8%) ▲ 11.3% 17,800 0.84 273.4 (1.20) - (0.9x) 1.3x 0.0% 0.0% 0.0% 0.0%
E.A Portland Cement Co. Ltd 35.20 ▲ 10.0% ▲ 340.0% 5,000 204.83 3,168.0 (14.19) - (2.5x) 0.2x 0.0% 0.0% 0.0% 0.0%
Industry Median ▼ (1.0%) ▲ 47.0% 31,571.5 11.8x 1.0x 0.0% 0.0% 0.2% 0.1%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
ENERGY & PETROLEUM Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
KenGen Co. Plc 3.98 ▼ (0.5%) ▲ 98.0% 817,100 42.17 26,246.2 1.03 0.65 3.9x 0.1x 16.3% 85.5% 2.4% 1.4%
Kenya Power & Lighting Co Plc 4.76 ▼ (0.8%) ▲ 235.2% 1,333,500 44.74 9,289.0 15.41 0.70 0.3x 0.1x 14.7% 4.5% 34.4% 8.4%
TotalEnergies Marketing Kenya Plc 20.05 ▲ 0.3% ▲ 11.4% 12,400 51.19 12,622.3 4.48 1.92 4.5x 0.4x 9.6% 42.9% 8.8% 3.7%
Umeme Ltd 16.55 ▲ 0.6% ▲ 3.4% 4,900 19.64 26,875.2 0.24 3.11 68.5x 0.8x 18.8% 1287.5% 1.2% 0.5%
Industry Median ▼ (0.1%) ▲ 54.7% 75,032.7 4.2x 0.2x 15.5% 64.2% 5.6% 2.6%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
INSURANCE Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Britam Holdings Plc 5.68 ▲ 3.3% ▲ 18.6% 10,900 10.18 14,333.4 1.29 - 4.4x 0.6x 0.0% 0.0% 12.7% 1.9%
CIC Insurance Group Ltd 2.29 ▲ 2.7% ▲ 2.2% 48,100 2.91 5,989.6 0.57 0.13 4.0x 0.8x 5.7% 22.8% 19.6% 3.0%
Jubilee Holdings Ltd 163.00 ▲ 0.2% ▼ (11.9%) 4,300 784.89 11,813.1 59.00 14.30 2.8x 0.2x 8.8% 24.2% 7.5% 2.1%
Kenya Re- Insurance Corporation Ltd 1.14 ▲ 5.6% ▼ (39.4%) 153,900 8.60 6,383.5 0.89 0.15 1.3x 0.1x 13.2% 16.9% 10.3% 7.6%
Liberty Kenya Holdings Ltd 8.00 ▲ 2.0% ▲ 116.8% 7,000 17.88 4,285.7 1.22 0.37 6.6x 0.4x 4.7% 30.6% 6.8% 1.5%
Sanlam Kenya Plc 6.00 ▲ 4.5% - 18,300 7.98 864.0 (1.12) - (5.4x) 0.8x 0.0% 0.0% 0.0% 0.0%
Industry Median ▲ 3.0% ▲ 1.1% 43,669.3 3.4x 0.5x 5.2% 19.8% 8.9% 2.0%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
INVESTMENT Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Centum Investment Co Plc 9.62 ▲ 0.2% ▲ 14.5% 22,600 59.75 6,402.6 4.27 0.60 2.3x 0.2x 6.2% 14.1% 7.1% 3.7%
Home Afrika Ltd 0.34 ▼ (2.9%) ▼ (8.1%) 54,900 -5.97 137.8 0.13 - 2.6x (0.1x) 0.0% 0.0% (2.2%) 1.1%
Kurwitu Ventures Ltd 1,500.00 - - 0 502.63 153.4 (19.22) - (78.1x) 3.0x 0.0% 0.0% 0.0% 0.0%
Olympia Capital Holdings Ltd 2.90 ▲ 0.7% ▼ (11.3%) 10,100 32.70 116.0 0.49 - 5.9x 0.1x 0.0% 0.0% 1.5% 1.4%
Trans-Century Plc 0.41 ▲ 2.5% ▼ (21.2%) 106,200 -24.20 153.8 (9.11) - (0.0x) (0.0x) 0.0% 0.0% 0.0% 0.0%
Industry Median ▲ 0.2% ▼ (8.1%) 6,963.6 2.3x 0.1x 0.0% 0.0% 0.0% 1.1%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
INVESTMENT SERVICES Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Nairobi Securities Exchange Plc 5.78 ▼ (2.7%) ▼ (4.0%) 6,000 7.25 1,505.1 0.07 0.16 82.6x 0.8x 2.8% 228.6% 1.0% 0.9%
Daily Change YTD change Volumes Book Value per Market Cap Dividend Per Dividend Payout Ratio
MANUFACTURING & ALLIED Current Price Trailing EPS P/E Ratio P/B Ratio ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
B.O.C Kenya Plc 81.00 - ▼ (1.2%) 0 97.29 1,581.6 10.14 6.05 8.0x 0.8x 7.5% 59.7% 10.4% 9.6%
British American Tobacco Kenya Plc 350.00 ▼ (0.1%) ▼ (14.1%) 700 144.44 35,000.0 48.82 50.00 7.2x 2.4x 14.3% 89.8% 33.8% 21.9%
Carbacid Investments Plc 20.00 ▲ 0.3% ▲ 33.3% 41,500 17.94 5,097.0 3.31 1.70 6.0x 1.1x 8.5% 51.4% 18.5% 18.9%
East African Breweries Plc 192.75 ▲ 1.6% ▲ 69.1% 767,100 35.38 200,125.7 12.47 7.00 15.5x 5.4x 3.6% 56.1% 35.2% 10.4%
Flame Tree Group Holdings Ltd 1.05 ▼ (1.9%) ▲ 1.0% 21,400 7.21 187.0 (0.42) - (2.5x) 0.1x 0.0% 0.0% 0.0% 0.0%
Kenya Orchards Ltd 70.00 - ▲ 259.0% 0 2.18 900.8 0.13 - 538.5x 32.1x 0.0% 0.0% 6.0% 1.2%
Unga Group Ltd 17.70 - ▲ 5.0% 0 72.52 1,340.0 (9.78) - (1.8x) 0.2x 0.0% 0.0% 0.0% 0.0%
Industry Median ▲ 5.0% 244,232.1 7.2x 1.1x 3.6% 51.4% 10.4% 9.6%

TELECOMMUNICATION Current Price

Daily Change YTD change Volumes 4
Book Value per Market Cap
Trailing EPS
Dividend Per
P/E Ratio P/B Ratio
Dividend Payout Ratio
ROE (%) ROA (%)
(%) (%) Traded Share (KES, Mn) Share yield (%) (%)
Safaricom Plc 15.65 ▼ (0.3%) ▲ 12.6% 3,815,500 3.88 627,023.9 1.42 1.20 11.0x 4.0x 7.7% 76.4% 36.6% 11.8%
Market Average ▲ 0.2% ▲ 25.5% 11.0x 0.9x 4.7% 7.8% 2.8%
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