Despite forthcoming elections and uncertainties thereof and the rumbling train of Safaricom, investors continue to pour into shares. Most of this is driven by the on-going results season and should peter beyond that.
KenGen, announced disappointing numbers. Whether the impact of the tax is one-off or is on-going (they have a deferred tax charge of Ksh5.6bn which will have to be released back into the P&L over time. Given their heavy investment programme, I think its bit irresponsible of them to increase their dividend payout. I guess GoK needs the doh. The fall in its share price will probably reflect this
City Trust announced excellent full year followed by a sweetener dividend Ksh3.75) and predictably a 1 for 4 bonus issue. For my money, this stock has had more insider-dealing than any other this year.
Good news for holders of the Mumias (dudes when you going to have a website?). The COMESA waiver has been extended another 4 years!
EA Portland also released FY and saw flat PAT and PBT with sales not really improving from prior year. I guess shareholders at least have the likely merger to look forward to.
Safaricon still has that whiff of controversy everyway you look. Now Vodafone are threatening to delay the IPO unless GoK signs some agreement. My view is it shouldn't happen until we know who is Mobilete aand there is some agreement as to how Mobiltelea will compensate Kenya for its shareholding-corruption was involved so that is that for me. If the IPO does go ahead, lets have all 25% being NSE-listed. The argument about foreign exposure is neither here not there.
4 comments:
Guys are waiting for Safcom like the second coming of Christ.
If not more. Its might the last big hurrah where easy pickings are concerned.
For Mumias, I'm not sure if the COMESA window has been extended - and that all that has happened is that Kenya has asked for it to be extended (and the COMESA ministers are to meet in November)
Banks-you maybe right you know. My source was KBC.
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