KUDOS to Kenyan entrepreneurs who have started off Financial Information websites!
Here are a few websites that I have used. I have brief reviews which I will update.
Please send me other websites/links - that I missed - as well as your reviews.
I am biased towards websites that highlight the Nairobi Stock Exchange...
Eight - Updated prices on an 15-minute delay. I wish they showed trading & volumes as well.
Nairobist - Great info & updates. Reviewed here.
Investing In Africa - Great info. Paid site for excellent newsletters. Reviewed here.
My Stocks - Great features & interface. Definitely worth a visit.
Stock Detective - Well written features
Wednesday, October 11, 2006
Monday, October 09, 2006
Sasini - Bonus? Rights? Acquisition? Or something we don't know?
Sasini announced an EGM on Nov 2 2006 under very low-profile circumstances....
I have not been a fan of Merali's listed firms but Sasini has done well (profit & stock price) considering their recent 1 month performance.
Nevertheless, there remain some intriguing questions:
I have not been a fan of Merali's listed firms but Sasini has done well (profit & stock price) considering their recent 1 month performance.
Nevertheless, there remain some intriguing questions:
- Why did Sasini announce 3Q 2005-6 results whereas this has never been done in the past?
- Traditionally, they used to announce only 1H & Final results. Will quarterly reporting become the norm? If not, why this one-off announcement?
- The 3Q results were announced after a 3-month hiatus i.e. 3Q ended 30 June 2006 but results announced on 26 Sep 2006. Why not sooner?
- The Final 2005-6 results are expected by 31 Dec 2006 when dividends are generally announced thus why the "sudden" 3Q dividend?
- Why was the EGM announced as a separate item a few days later on 9 Oct 2006?
- Why is the EGM being held at Kamundu Estate (Kiambu) rather than Nairobi?
- Most EGMs are not held for the sole purpose of authorising an increase in Share Capital unless there is a pending Rights, Bonus or acquisition. So why this EGM?
- There seems to have been some fore-knowledge on Sasini since there was a sudden increase in price from the 30/- to 50/- (in September 2006) and BEFORE the 3Q 2005-6 results were released!
Thursday, October 05, 2006
Dream Team for Kenya, by Kenyans, of Kenyans
After some thought:
President: Anyang Nyongo
- KE said: He reminds me of Manmohan Singh. He's a smart, well educated techocrat who could really fix Kenya. He just needs to get out of Raila's shadow.
- I met him about 6 years ago at a function where he was one of the keynote speakers & he came across as not only smart but very articulate.
"Prime" Minister or Head of the Civil Service or some powerful post: Titus Naikuni
- He is efficient, smart & a no-BS guy. I was impressed by his performance at KQ. He even told off moi when moi fired Naikuni! Guts!
Minister of Finance: Mohamed Adan
- KE said: The current MD of Barclays bank. This guy pulled himself up from the bootstraps of mandera, to the harvard business school to barclays.
- I have met him. He is very smart! See the post on the Barclays 2005 AGM (held in Apr/May 2006) on Bankelele. I agree with KE on this choice.
Minister of Agriculture, Conservation & Water: Wangari Maathai
- KE said: Agriculture depends on good environmental policy. She's the one.
- My choice too!
Minister of Justice: John Githongo or Prof. Yash Pal Ghai
- KE said of JG: You want to eliminate corruption? he's your guy.
- My take is to have a (smart & clean) lawyer not sullied by politics thus I propose Prof. Yash Pal Ghai. Perhaps he can get us a better constitution that does not allow for crooks to run for protection under the "constitution".
- JG certainly needs a position in government but not a political role. He needs to be the head of KACC or a ministry whose role is to "audit" the other ministries.
Attorney General: Maina Kiai or Pheroze Nowrojee
- MK is a Human Rights & Anti-corruption crusader who made life hot for moi. Definitely an excruciating thorn for kibaki & cronies associates!
- PN is someone who has stood up to the government on numerous occassions esp when defending the "undesirables" in court. Well known among the Human Rights circle.
Minister of Telecommunications: Ayisi Makatiani or Sammy Kirui
- KE said of AM: We've got to diversify the economy away from land and into high-tech.
- There are good candidates. I like Kirui (current Telkom MD) since he is intimate with the industry. He has been responsible for the refreshing direction Telkom has taken of late.
Minister of roads, public works: Mukhisa Kituyi or Manu Chandaria
- KE said of MK: He'a a hard worker and he understands that trade cannot take place without the proper infrastructure.
- I don't think kituyi cuts it any longer! Uchumi failed under his watch when ICDC warned him of the "impending" doom! His threats to Nakumatt - when Nakumatt (cheekily) asked for a "subsidy" similar to what the government offered Uchumi - was unprofessional. He does not have real brass-knuckle experience in the business world. I think we need someone from the private sector e.g. Manu Chandaria. He is very knowledgable about business in Kenya, trading with the world & dealing with MNCs. His firms are among the largest in E.Africa & has investments in UK, Nigeria, S.Africa, India & Australia!
Lands & Housing: ????
Foreign Affairs: ????
I like the recent trend in the US where Governors (not senators/congressmen) are elected as Presidents since they have more experience running a "government".
GW Bush- Texas
Bill Clinton - Arkansas
If Kenya had "real" governments at the provincial level, it might provide us better choices. I am not supporting divisive majimboism but I admire the (imperfect but working) US system.
Disclosure: I used Kenyan Entrepreneur's comments as a foundation for this blog entry. I don't know how to link to her comments. Thanks!
- I propose that there should be 1 (ONE) presidential term for 7 years. This means the Prez know there is no second chance for a "legacy". It will also eliminate dilly-dallying by a Prez in Year # 5 trying to get re-elected.
- Savings & productivity will accrue as there is only 1 campaign "season" every 7 years. The Prez can continue with running the government (Year 7) while the candidates run around like headless chickens.
- We adopt a ZERO party system thus making ALL candidates independent while eliminating the need for party loyalty.
President: Anyang Nyongo
- KE said: He reminds me of Manmohan Singh. He's a smart, well educated techocrat who could really fix Kenya. He just needs to get out of Raila's shadow.
- I met him about 6 years ago at a function where he was one of the keynote speakers & he came across as not only smart but very articulate.
"Prime" Minister or Head of the Civil Service or some powerful post: Titus Naikuni
- He is efficient, smart & a no-BS guy. I was impressed by his performance at KQ. He even told off moi when moi fired Naikuni! Guts!
Minister of Finance: Mohamed Adan
- KE said: The current MD of Barclays bank. This guy pulled himself up from the bootstraps of mandera, to the harvard business school to barclays.
- I have met him. He is very smart! See the post on the Barclays 2005 AGM (held in Apr/May 2006) on Bankelele. I agree with KE on this choice.
Minister of Agriculture, Conservation & Water: Wangari Maathai
- KE said: Agriculture depends on good environmental policy. She's the one.
- My choice too!
Minister of Justice: John Githongo or Prof. Yash Pal Ghai
- KE said of JG: You want to eliminate corruption? he's your guy.
- My take is to have a (smart & clean) lawyer not sullied by politics thus I propose Prof. Yash Pal Ghai. Perhaps he can get us a better constitution that does not allow for crooks to run for protection under the "constitution".
- JG certainly needs a position in government but not a political role. He needs to be the head of KACC or a ministry whose role is to "audit" the other ministries.
Attorney General: Maina Kiai or Pheroze Nowrojee
- MK is a Human Rights & Anti-corruption crusader who made life hot for moi. Definitely an excruciating thorn for kibaki & cronies associates!
- PN is someone who has stood up to the government on numerous occassions esp when defending the "undesirables" in court. Well known among the Human Rights circle.
Minister of Telecommunications: Ayisi Makatiani or Sammy Kirui
- KE said of AM: We've got to diversify the economy away from land and into high-tech.
- There are good candidates. I like Kirui (current Telkom MD) since he is intimate with the industry. He has been responsible for the refreshing direction Telkom has taken of late.
Minister of roads, public works: Mukhisa Kituyi or Manu Chandaria
- KE said of MK: He'a a hard worker and he understands that trade cannot take place without the proper infrastructure.
- I don't think kituyi cuts it any longer! Uchumi failed under his watch when ICDC warned him of the "impending" doom! His threats to Nakumatt - when Nakumatt (cheekily) asked for a "subsidy" similar to what the government offered Uchumi - was unprofessional. He does not have real brass-knuckle experience in the business world. I think we need someone from the private sector e.g. Manu Chandaria. He is very knowledgable about business in Kenya, trading with the world & dealing with MNCs. His firms are among the largest in E.Africa & has investments in UK, Nigeria, S.Africa, India & Australia!
Lands & Housing: ????
Foreign Affairs: ????
I like the recent trend in the US where Governors (not senators/congressmen) are elected as Presidents since they have more experience running a "government".
GW Bush- Texas
Bill Clinton - Arkansas
If Kenya had "real" governments at the provincial level, it might provide us better choices. I am not supporting divisive majimboism but I admire the (imperfect but working) US system.
Disclosure: I used Kenyan Entrepreneur's comments as a foundation for this blog entry. I don't know how to link to her comments. Thanks!
Tuesday, October 03, 2006
My Dream Team for Kenya
Mostly non-Kenyans but the BEST of the BEST...
El Presidente: Lee Kuan Yew
Economic Czar: Manmohan Singh
Foreign Affairs/Chief Diplomat: Nelson Mandela
Internal Affairs: Vladmir Putin or Rudy Guiliani
IT: Bill Gates or Sam Pitroda
Transportation: Titus Naikuni or outsource to UPS
Environment, Water & Forests: Wangari Maathai
El Presidente: Lee Kuan Yew
- Former PM of Singapore.
- A benevolent dictator & true leader who who guided Singapore from the dregs of poverty to being an Asian Tiger. Singapore for all intents & purposes is an INDUSTRIALISED nation.
Economic Czar: Manmohan Singh
- Current PM of India & former Finance (technocrat) Minister. The reforms launched in the 1990s have propeled India's economy into the top 20. Poverty still remains an issue but the progress made is phenomenal.
Foreign Affairs/Chief Diplomat: Nelson Mandela
- Well respected & liked. Almost a saint! For all the criticism, Mandela voluntarily left the S.African presidency after one term - which begs the question; was he a real African president? - which has endeared him to many around the world. It is this selflessness that gives him diplomatic heft.
Internal Affairs: Vladmir Putin or Rudy Guiliani
- Putin - Current President of Russia. Tough guy who will take care of any Mafiosi out there! Just don't ask how he does it! Not as a Prez but definitely a great guy for keeping crooks in check!
- Guiliani - Did wonders in New York. Showed real leadership mettle on 9/11 and its aftermath.
IT: Bill Gates or Sam Pitroda
- Bill Gates- Do I say?
- Sam - Genius who revamped India's telcom system in the 1990s & partially responsible for India's booming IT sector. Took a salary of $1/year!
- Warren - My hero....
- Bill - The Warren of Bonds
Transportation: Titus Naikuni or outsource to UPS
- Naikuni - Did a great job as PS until moi fired him over the radio. Naikuni responded with something on the lines of "Thanks to whoever fired me"... Hah, chutzpah! Prior to joining the government as PS, he was MD of Magadi Soda & currently CEO of KQ. KQ's profitability has grown exponentially during Naikuni's leadership.
- UPS - "Big Brown" is one of the world's largest logistics & transportation firm & has its own fleet of aircraft (235+ aircraft; compare KQ at 22), semi-trucks, storefronts & freight cars!
Environment, Water & Forests: Wangari Maathai
- Nobel Prize winner who REFUSED to take up a ministerial post when she felt the government's policies did not reflect her views.
- Has done wonders for Nairobi even with idiotic politicians trying to override him!
- A despotic guy but RESULTS...
- Former PS without political experience - a huge PLUS- thus trusted by Kenyans. He was the CEO of Transperancy International until he was made PS. Living in exile since he fears - rightly so - for his life were he to return to Kenya while michuki, karua & kibz are in power.
Monday, October 02, 2006
A True Economic Union Can Benefit ALL E.African Countries
Tanzania has abundant coal deposits that it can't exploit, Uganda has an inefficient dam system while Kenya relies on hydroelectric power through rain-fed dams.
If TZ would ease up on its xenophobic attitude towards Kenya, there is sufficient liquidity amongst the private firms to develop the coalfields.
If TZ would ease up on its xenophobic attitude towards Kenya, there is sufficient liquidity amongst the private firms to develop the coalfields.
- A resurgent KR could hook up with Tazara to extend the railway all the way to southwest TZ & ship the coal to Kenya.
- KenGen could colloborate, provide funds & expertise for the power plants.
- KPLC could extend its grid further south to enable imports from TZ and re-exports to Uganda.
- Bamburi uses coal for its plants & would invest to ensure a reliable supply at a reasonable cost.
- Various manufacturers could use SW Tanzania as a springboard to S.African countries/markets like Malawi & Mozambique.
Saturday, September 30, 2006
Githongo implicated kibaki... Economic fallout expected
Sigh... I have tried to keep my blog focused on Kenyan financial matters including listed firms e.g. (KQ & EAPCC) as well as macro-economic trends.
I think the current political issues & scandals will negatively affect Kenyans' economic well-being.
Of all the personalities named/involved in the Anglo-Fleecing scandal - among others - IMHO John Githongo seems to have little or no reason to "hide" any of the incriminating evidence since he is neither a politician nor benefitted or benefitting from any of the "proceeds" from the numerous scandals.
The current government did try to blackmail John Githongo through "exposing" an alleged loan made by pereira (an arms dealer & crook) to JG's father. This was unsuccessful. JG stuck to his guns. I can see why he is in exile because I also fear for his safety.
The news that kibaki knew of the extent of rot within his government will definitely affect the economic outlook for Kenya as more Kenyans & foreign investors get disgusted with the status quo. This news also brings to the fore further agitation that will affect multiple businesses & lead to an acrimonius election.
Was evidence gathered by The Standard the reason why their offices were raided?
None of the so-called "treasonable evidence" has been released nor has the government taken The Standard to court over this "treasonable evidence"...
Thankfully, there is a strong private sector that can resist the shenanigans of the government & politicians. The recent privatisation & divestitures of entities like Mumias, KCB & soon KenRe will increase the resilience of Kenya's economy.
I hope other institutions like KenGen, EAPCC & KPLC can escape the government yoke thus do their best for the people of Kenya not the politicians & their cronies.
I think the current political issues & scandals will negatively affect Kenyans' economic well-being.
Of all the personalities named/involved in the Anglo-Fleecing scandal - among others - IMHO John Githongo seems to have little or no reason to "hide" any of the incriminating evidence since he is neither a politician nor benefitted or benefitting from any of the "proceeds" from the numerous scandals.
The current government did try to blackmail John Githongo through "exposing" an alleged loan made by pereira (an arms dealer & crook) to JG's father. This was unsuccessful. JG stuck to his guns. I can see why he is in exile because I also fear for his safety.
The news that kibaki knew of the extent of rot within his government will definitely affect the economic outlook for Kenya as more Kenyans & foreign investors get disgusted with the status quo. This news also brings to the fore further agitation that will affect multiple businesses & lead to an acrimonius election.
Was evidence gathered by The Standard the reason why their offices were raided?
None of the so-called "treasonable evidence" has been released nor has the government taken The Standard to court over this "treasonable evidence"...
Thankfully, there is a strong private sector that can resist the shenanigans of the government & politicians. The recent privatisation & divestitures of entities like Mumias, KCB & soon KenRe will increase the resilience of Kenya's economy.
I hope other institutions like KenGen, EAPCC & KPLC can escape the government yoke thus do their best for the people of Kenya not the politicians & their cronies.
Friday, September 29, 2006
KQ to add Comoros as a destination
The reason I have KQ as one of my Sep 2006 Raves is their dynamism. After announcing flights to Paris in Oct 2006, they will add French-speaking Comoros in Nov 2006.
The JKIA expansion has finally taken off, 3 years late, but welcomed by KQ since JKIA is their main hub for their rapid growth as a regional airline.
What does Kibaki mean by "ultra-modern facilities" in Wajir & Isiolo? Is this another Eldoret?
Why don't they extend the runway at Eldoret Airport to ease congestion at JKIA?
There are many tourists who care not to see Nairobi but would rather fly to Eldoret then to the Game Reserves & National Parks!
The JKIA expansion has finally taken off, 3 years late, but welcomed by KQ since JKIA is their main hub for their rapid growth as a regional airline.
What does Kibaki mean by "ultra-modern facilities" in Wajir & Isiolo? Is this another Eldoret?
Why don't they extend the runway at Eldoret Airport to ease congestion at JKIA?
There are many tourists who care not to see Nairobi but would rather fly to Eldoret then to the Game Reserves & National Parks!
Uganda to issue more UShs 5 coins!
Absurd economics...
1US$ = UShs 1866
Lowest US coin is USc 1 = UShs 18.66
UShs 5 = USc 0.268 (US$ 0.00268)
KShs 1 = UShs 26
UShs 5 = KShs 0.1937
Why would the CBU (even after Museveni's edict) do something so stupid as issue such valueless coins? Even Kenyans have moved to the KShs 1 coin & forgotten about the 50 cent coin!
I think I should go acquire a furnace, ship it to Uganda, accumulate Ugandan coins & smelt them down... then export the metal to China... who will turn them into goods to re-import into Uganda!
1US$ = UShs 1866
Lowest US coin is USc 1 = UShs 18.66
UShs 5 = USc 0.268 (US$ 0.00268)
KShs 1 = UShs 26
UShs 5 = KShs 0.1937
Why would the CBU (even after Museveni's edict) do something so stupid as issue such valueless coins? Even Kenyans have moved to the KShs 1 coin & forgotten about the 50 cent coin!
I think I should go acquire a furnace, ship it to Uganda, accumulate Ugandan coins & smelt them down... then export the metal to China... who will turn them into goods to re-import into Uganda!
Central Bank of Kenya Website is down & out!
Wow... and we want to be a "developed" country but the Central Bank's website has been down for a week!
Didn't CBK Bank pay its ISP?
Did CBK run out of cash?
Is CBK's internet access through PCK (another entity which was cut off from internet access)?
Why can't I get to the homepage but this link allows me to view Andrew Mullei's biography even though he has been fired or suspended as CBK governor?
Didn't CBK Bank pay its ISP?
Did CBK run out of cash?
Is CBK's internet access through PCK (another entity which was cut off from internet access)?
Why can't I get to the homepage but this link allows me to view Andrew Mullei's biography even though he has been fired or suspended as CBK governor?
Thursday, September 28, 2006
KPLC announces 2005-6 Results
KPLC reported a higher profits for 2005-6 (y-o-y):
Year End: 30 June 2006
Sales (Net): KES 22.5 Billion (+3%)
PBT: KES 2.5 Billion (+25%)
PAT:KES 1.64 Billion (+29%)
Taxation: KES 48 Million (+20%)
EPS: KES 20.78 (+29%)
Dividend: KES 1.50 per share
Units sold were 3% y-o-y but that is lower than GDP (+5.8) growth which indicates there may have been "transmission" constraints while prices were higher than 2004-5. KPLC passes through all fuel-cost recoveries but lower fuel costs in 2006-7 (hoping the current lower oil prices remain, well, low) will be beneficial as more customers hook up to KPLC's network.
Future prospects seem good if the economy continues on its current growth, fuel prices remain steady (or drop) & increased efficiencies in transmission. There is a new management team in place from Manitoba Hydro International.
A major issue/challenge remains the rate hike that KenGen wants but will impact KPLC unless it can recoup the increase from its customers. This is unpopular since Kenya has among the highest electricity costs among major African countries.
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