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Exchange Bar: Results forecast
murchr
#1001 Posted : Thursday, May 26, 2016 7:21:44 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980


KCB this morning
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
citymayor
#1002 Posted : Thursday, May 26, 2016 6:58:59 PM
Rank: New-farer


Joined: 2/15/2012
Posts: 29
Location: unimportant
obiero wrote:
Q1 PBT in KES 'B
KCB 7.1
EQTY 6.7 Actual 7.3
COOP 5.3 Actual 4.9
BBK 3.4
DTB 2.5
SCBK 2.4 Actual 3.7
CFC 1.8 Actual 1.8
NIC 1.3 Actual 1.4
HFCK 0.39 Actual 0.47
NBK -0.7


@Elder KCB below expectations
The Emotional Dog and Its Rational Tail
obiero
#1003 Posted : Thursday, May 26, 2016 7:02:26 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi
citymayor wrote:
obiero wrote:
Q1 PBT in KES 'B
KCB 7.1
Actual 6.6
EQTY 6.7 Actual 7.3
COOP 5.3 Actual 4.9
BBK 3.4
DTB 2.5
SCBK 2.4 Actual 3.7
CFC 1.8 Actual 1.8
NIC 1.3 Actual 1.4
HFCK 0.39 Actual 0.47
NBK -0.7


@Elder KCB below expectations

Yes. EQTY outgunned KCB but as earlier stated. The provisions are everything in 2016

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
VituVingiSana
#1004 Posted : Thursday, May 26, 2016 7:09:59 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,098
Location: Nairobi
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?

Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
innovator
#1005 Posted : Friday, May 27, 2016 6:12:29 PM
Rank: Member


Joined: 7/24/2010
Posts: 236
Location: nairobi
VituVingiSana wrote:
obiero wrote:
Q1 PBT in KES 'B
KCB 7.1 Actual 6.6
EQTY 6.7 Actual 7.3
COOP 5.3 Actual 4.9
BBK 3.4
DTB 2.5
SCBK 2.4 Actual 3.7
CFC 1.8 Actual 1.8
NIC 1.3 Actual 1.4
HFCK 0.39 Actual 0.47
NBK -0.7

Oigara must be cooking the books to beat Equity's numbers. Key is the NPLs. I don't trust KCB as far as NPLs are concerned.

@vvs Your concern seems to have been varied.
mlennyma
#1006 Posted : Friday, May 27, 2016 6:24:28 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
innovator wrote:
VituVingiSana wrote:
obiero wrote:
Q1 PBT in KES 'B
KCB 7.1 Actual 6.6
EQTY 6.7 Actual 7.3
COOP 5.3 Actual 4.9
BBK 3.4
DTB 2.5
SCBK 2.4 Actual 3.7
CFC 1.8 Actual 1.8
NIC 1.3 Actual 1.4
HFCK 0.39 Actual 0.47
NBK -0.7

Oigara must be cooking the books to beat Equity's numbers. Key is the NPLs. I don't trust KCB as far as NPLs are concerned.

@vvs Your concern seems to have been varied.

and equity seems to have consumed the lion seriously despite the safcom partnership I think that platform is bringing alot of bad debts
"Don't let the fear of losing be greater than the excitement of winning."
MadDoc
#1007 Posted : Friday, May 27, 2016 7:21:21 PM
Rank: Member


Joined: 10/26/2015
Posts: 151
mlennyma wrote:
innovator wrote:
VituVingiSana wrote:
obiero wrote:
Q1 PBT in KES 'B
KCB 7.1 Actual 6.6
EQTY 6.7 Actual 7.3
COOP 5.3 Actual 4.9
BBK 3.4
DTB 2.5
SCBK 2.4 Actual 3.7
CFC 1.8 Actual 1.8
NIC 1.3 Actual 1.4
HFCK 0.39 Actual 0.47
NBK -0.7

Oigara must be cooking the books to beat Equity's numbers. Key is the NPLs. I don't trust KCB as far as NPLs are concerned.

@vvs Your concern seems to have been varied.

and equity seems to have consumed the lion seriously despite the safcom partnership I think that platform is bringing alot of bad debts


With a 50% jump in NPL compared to last year, it's most likely the SMEs. Catalysed by the tough business envt and high interest rates. Nonetheless,It's a tough year for financials.
VituVingiSana
#1008 Posted : Saturday, May 28, 2016 5:39:58 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,098
Location: Nairobi
Did KCB explain why they had a Net NPL Exposure of 1bn+ [for Kenya] for FY 2015? And now [1Q 2016] it is 4.1bn?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
lochaz-index
#1009 Posted : Sunday, May 29, 2016 9:54:48 AM
Rank: Veteran


Joined: 9/18/2014
Posts: 1,127
VituVingiSana wrote:
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?


This is what I gleaned from their statements:
1. Expensed LLP increased QonQ by about 300% for KE. Further to, Q12016 amount is 50% of the FY2015 amount. This would suggest that a huge loan/many loans moved from the watch to substandard category and lead to the spike. Either way the loan book is deteriorating.

2. I read the ceo say something to the effect that two loans for a combined 3b was non-performing and they don't expect to collect any amounts till June this year. The difference in net NPLs exposure between end year and end of Q1 is 3.1b. The impression I get here is the following scenarios;
a) They had some collaterals that were rerated downwards and which left them exposed both at end year and end of Q1.
b) They were/are sitting on a huge pile of NPLs which were not provided for adequately in prior periods and their collaterals had been discounted to zero hence the exposure and spike in expensed LLP. This would mean the same will likely resurface in upcoming periods till all of them are written off.
c) They made naked/unsecured loans in recent periods which were sub-prime.
d) They did not make a full provision of the 3.1b coz the loan is in the process of being collected (as intimated by the ceo) or is in court where a favorable judgement is expected/already given awaiting execution. This clause as given in the prudential guidelines lines gave them an escape window from making 100% write off. Prudent? Of course not. But time will tell whether they were right.

3. If it turns out that they were wrong in their treatment of the amounts then Kcb will be roasted before FY2016.

Other concerns/issues:

1. NPLs increased by 50% QonQ which in my reflects the tough business environment.
2.NIM shrunk by 11% QonQ.
3. Interest expense nearly doubled but deposits just increased by some.

The above implies that Kcb is highly correlated to the economy and so is Equity and Coop seeing as the latter two made money from cost cutting measures hence lower CTIs. Which begs the question how are smaller/lower tier banks defying the strong turbulence? The negative feedback loop is not complete.

All the capital ratios for Kcb KE declined and some are very slim which informs the rights issue.

There is a flight to quality by banks that is from wanjiku oriented to the heavy guns. So less diversification.

Deteriorating loan book and collaterals will not make for good reading.




The main purpose of the stock market is to make fools of as many people as possible.
Ebenyo
#1010 Posted : Sunday, May 29, 2016 10:14:10 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,997
Location: Kitale
lochaz-index wrote:
VituVingiSana wrote:
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?


This is what I gleaned from their statements:
1. Expensed LLP increased QonQ by about 300% for KE. Further to, Q12016 amount is 50% of the FY2015 amount. This would suggest that a huge loan/many loans moved from the watch to substandard category and lead to the spike. Either way the loan book is deteriorating.

2. I read the ceo say something to the effect that two loans for a combined 3b was non-performing and they don't expect to collect any amounts till June this year. The difference in net NPLs exposure between end year and end of Q1 is 3.1b. The impression I get here is the following scenarios;
a) They had some collaterals that were rerated downwards and which left them exposed both at end year and end of Q1.
b) They were/are sitting on a huge pile of NPLs which were not provided for adequately in prior periods and their collaterals had been discounted to zero hence the exposure and spike in expensed LLP. This would mean the same will likely resurface in upcoming periods till all of them are written off.
c) They made naked/unsecured loans in recent periods which were sub-prime.
d) They did not make a full provision of the 3.1b coz the loan is in the process of being collected (as intimated by the ceo) or is in court where a favorable judgement is expected/already given awaiting execution. This clause as given in the prudential guidelines lines gave them an escape window from making 100% write off. Prudent? Of course not. But time will tell whether they were right.

3. If it turns out that they were wrong in their treatment of the amounts then Kcb will be roasted before FY2016.

Other concerns/issues:

1. NPLs increased by 50% QonQ which in my reflects the tough business environment.
2.NIM shrunk by 11% QonQ.
3. Interest expense nearly doubled but deposits just increased by some.

The above implies that Kcb is highly correlated to the economy and so is Equity and Coop seeing as the latter two made money from cost cutting measures hence lower CTIs. Which begs the question how are smaller/lower tier banks defying the strong turbulence? The negative feedback loop is not complete.

All the capital ratios for Kcb KE declined and some are very slim which informs the rights issue.

There is a flight to quality by banks that is from wanjiku oriented to the heavy guns. So less diversification.

Deteriorating loan book and collaterals will not make for good reading.





as long as the bank LLP is in line with cbk required rate is ok.Its good now we know that was the reason behind scrip dividend and right issue.Going forward i trust oigara to turn more attention govt securities to minimise exposure to bad loans.Mwangi did it at member albeit with high debt to equity ratio but things are calm.
Towards the goal of financial freedom
VituVingiSana
#1011 Posted : Sunday, May 29, 2016 10:52:33 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,098
Location: Nairobi
Thanks. Please see my comments/questions in blue

lochaz-index wrote:
VituVingiSana wrote:
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?


This is what I gleaned from their statements:
1. Expensed LLP increased QonQ by about 300% for KE. Further to, Q12016 amount is 50% of the FY2015 amount. This would suggest that a huge loan/many loans moved from the watch to substandard category and lead to the spike. Either way the loan book is deteriorating.

2. I read the ceo say something to the effect that two loans for a combined 3b was non-performing and they don't expect to collect any amounts till June this year. Since there is no guarantee of collection shouldn't they be prudent and provide (as LLP) for them? Or is this a case of a slight-of-hand rescheduling the loans to bring them current for now but the problem will re-emerge in the future? The difference in net NPLs exposure between end year and end of Q1 is 3.1b. The impression I get here is the following scenarios;
a) They had some collaterals that were rerated downwards and which left them exposed both at end year and end of Q1. Based on the re-rating, shouldn't these have been provided under LLP since KCB is exposed?BTW, I saw DTB's results. The Net NPL Exposure is ZERO.
b) They were/are sitting on a huge pile of NPLs which were not provided for adequately in prior periods and their collaterals had been discounted to zero hence the exposure and spike in expensed LLP. This would mean the same will likely resurface in upcoming periods till all of them are written off. Ouch! The right way to do is 'expense' them now.
c) They made naked/unsecured loans in recent periods which were sub-prime. Ouch! I wonder how salary checkoff loans that are in default are provided for.
d) They did not make a full provision of the 3.1b coz the loan is in the process of being collected (as intimated by the ceo) or is in court where a favorable judgement is expected/already given awaiting execution. This clause as given in the prudential guidelines lines gave them an escape window from making 100% write off. Prudent? Of course not. But time will tell whether they were right. A favorable judgement, in Kenya, doesn't mean much. Collection of the judgement is a whole different matter.

3. If it turns out that they were wrong in their treatment of the amounts then Kcb will be roasted before FY2016.
I see Oigara is cuddling up to Njoroge. On Twitter. At Mindspeak. If PN cracked down on KCB through a forensic audit or other 'tests' of KCB's loan book, will KCB pass the test?

Other concerns/issues:

1. NPLs increased by 50% QonQ which in my reflects the tough business environment.
2.NIM shrunk by 11% QonQ.
3. Interest expense nearly doubled but deposits just increased by some.

The above implies that Kcb is highly correlated to the economy and so is Equity and Coop seeing as the latter two made money from cost cutting measures hence lower CTIs. Which begs the question how are smaller/lower tier banks defying the strong turbulence? I think some small banks will take hits in 2016 as KCB starts looking at their loan books closely though some small banks have lent to long-term customers who provide collateral. To the best of my knowledge only CBA, KCB and Equity do 'phone loans' without collateral.
The negative feedback loop is not complete.

All the capital ratios for Kcb KE declined and some are very slim which informs the rights issue. I saw one of the CARs is at an excess of just 0.8% for Kenya. That Scrip Dividend & Rights Issue are needed ASAP.

There is a flight to quality by banks that is from wanjiku oriented to the heavy guns. So less diversification. I think people are moving back, albeit slowly & cautiously, to smaller banks as interest rates offered are better and the speed/quality of service helps.

Deteriorating loan book and collaterals will not make for good reading.



I am biased but I will still pick Equity over KCB for the medium-term. DRC is a huge opportunity for growth replacing SS for Equity. Not to mention that Equity keeps on growing profitably in Kenya as well as the EAC.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
lochaz-index
#1012 Posted : Monday, May 30, 2016 12:18:05 AM
Rank: Veteran


Joined: 9/18/2014
Posts: 1,127
VituVingiSana wrote:
Thanks. Please see my comments/questions in blue

lochaz-index wrote:
VituVingiSana wrote:
KCB (Kenya) has increased the TNPLs by 6bn (1c) but only provided for an additional 1.5bn from Dec 2015. (1d)

The NNPL Exposure is up by 3bn from Dec 2015. It was zero at Mar 2015 but now at 4.1bn. (1g).

Will KCB have to 'zero' it out by taking an additional provision on the P&L of 4.1bn in future months?

The NNPL is 11.7bn (1e) but the Discounted Value of Securities is only 7.6bn (1f) so even of KCB can recover 100% of the DVS, it will still be short 4.1bn and therefore shouldn't KCB provide for it as part of the prudential guidelines?


This is what I gleaned from their statements:
1. Expensed LLP increased QonQ by about 300% for KE. Further to, Q12016 amount is 50% of the FY2015 amount. This would suggest that a huge loan/many loans moved from the watch to substandard category and lead to the spike. Either way the loan book is deteriorating.

2. I read the ceo say something to the effect that two loans for a combined 3b was non-performing and they don't expect to collect any amounts till June this year. Since there is no guarantee of collection shouldn't they be prudent and provide (as LLP) for them? Or is this a case of a slight-of-hand rescheduling the loans to bring them current for now but the problem will re-emerge in the future? Definitely a case of sleight of hand/pushing the envelope. They used the only loophole they could find.The difference in net NPLs exposure between end year and end of Q1 is 3.1b. The impression I get here is the following scenarios;
a) They had some collaterals that were rerated downwards and which left them exposed both at end year and end of Q1. Based on the re-rating, shouldn't these have been provided under LLP since KCB is exposed?BTW, I saw DTB's results. The Net NPL Exposure is ZERO. They should've. But they didn't. Conservatism went to the dogs. In a prudent set up a bank should match it's risk of exposure to the value of collateral backing the same at all times.
b) They were/are sitting on a huge pile of NPLs which were not provided for adequately in prior periods and their collaterals had been discounted to zero hence the exposure and spike in expensed LLP. This would mean the same will likely resurface in upcoming periods till all of them are written off. Ouch! The right way to do is 'expense' them now. Absolutely. This is the most incriminating predicament if it turns out to be true. Those reports by Citi bank and IMF on suppressing of NPLs numbers are firmly vindicated. Coz ideally you should make provisions automatically on the loan balance outstanding after you net the value of discounted securities. For them to have held out for so long(more than 5 years) without making the necessary adjustments speaks volumes.
c) They made naked/unsecured loans in recent periods which were sub-prime. Ouch! I wonder how salary checkoff loans that are in default are provided for. I would assume the same playbook as the normal ones the only difference coming in that the maximum allowable time period for full provisions of the non-performing ones would be a lot shorter to match the stipulated frequency of installments payable.
d) They did not make a full provision of the 3.1b coz the loan is in the process of being collected (as intimated by the ceo) or is in court where a favorable judgement is expected/already given awaiting execution. This clause as given in the prudential guidelines lines gave them an escape window from making 100% write off. Prudent? Of course not. But time will tell whether they were right. A favorable judgement, in Kenya, doesn't mean much. Collection of the judgement is a whole different matter. Tedious processes. Better to take a hit earlier and reverse things later if they become favorable.

3. If it turns out that they were wrong in their treatment of the amounts then Kcb will be roasted before FY2016.
I see Oigara is cuddling up to Njoroge. On Twitter. At Mindspeak. If PN cracked down on KCB through a forensic audit or other 'tests' of KCB's loan book, will KCB pass the test? I don't think so. And so many others will be in the same boat. Let's hope they make the findings public.

Other concerns/issues:

1. NPLs increased by 50% QonQ which in my reflects the tough business environment.
2.NIM shrunk by 11% QonQ.
3. Interest expense nearly doubled but deposits just increased by some.

The above implies that Kcb is highly correlated to the economy and so is Equity and Coop seeing as the latter two made money from cost cutting measures hence lower CTIs. Which begs the question how are smaller/lower tier banks defying the strong turbulence? I think some small banks will take hits in 2016 as KCB starts looking at their loan books closely though some small banks have lent to long-term customers who provide collateral. To the best of my knowledge only CBA, KCB and Equity do 'phone loans' without collateral.
The negative feedback loop is not complete.

All the capital ratios for Kcb KE declined and some are very slim which informs the rights issue. I saw one of the CARs is at an excess of just 0.8% for Kenya. That Scrip Dividend & Rights Issue are needed ASAP.

There is a flight to quality by banks that is from wanjiku oriented to the heavy guns. So less diversification. I think people are moving back, albeit slowly & cautiously, to smaller banks as interest rates offered are better and the speed/quality of service helps.

Deteriorating loan book and collaterals will not make for good reading.



I am biased but I will still pick Equity over KCB for the medium-term. DRC is a huge opportunity for growth replacing SS for Equity. Not to mention that Equity keeps on growing profitably in Kenya as well as the EAC. Equity over KCB any day. It is the more nimble/agile of the two giants not to mention better ROA & ROE. The only problem is that it is always a bit pricey compared to Kcb. Guess that is the cost of quality.

The main purpose of the stock market is to make fools of as many people as possible.
obiero
#1013 Posted : Monday, May 30, 2016 9:43:28 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi
Q1 PBT in KES 'B
KCB 7.1
Actual 6.6

EQTY 6.7 Actual 7.3

COOP 5.3
Actual 4.9

BBK 3.4
Actual 3.2

DTB 2.5

SCBK 2.4
Actual 3.7

CFC 1.8 Actual 1.8

NIC 1.3 Actual 1.4

HFCK 0.39 Actual 0.47

NBK -0.7


HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
obiero
#1014 Posted : Friday, June 24, 2016 3:40:39 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi


KQ 2015 full year projection

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
jawgey
#1015 Posted : Saturday, June 25, 2016 5:42:53 PM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
obiero wrote:


KQ 2015 full year projection

If this is anything to go by then they're making good progress.
Seeing is believing
obiero
#1016 Posted : Saturday, June 25, 2016 9:56:29 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi
jawgey wrote:
obiero wrote:


KQ 2015 full year projection

If this is anything to go by then they're making good progress.

Indeed.. progress is good. the price action on KQ in the next few weeks shall be key.. I feel good about the spring in its step

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
obiero
#1017 Posted : Sunday, July 03, 2016 9:01:37 AM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi
Just woke up trying to recall what we discussed at the exchange bar. At least I can remember the top six. Will post shortly

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
maka
#1018 Posted : Sunday, July 03, 2016 9:09:45 AM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
obiero wrote:
Just woke up trying to recall what we discussed at the exchange bar. At least I can remember the top six. Will post shortly


Laughing out loudly
possunt quia posse videntur
Spikes
#1019 Posted : Sunday, July 03, 2016 9:27:03 AM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
obiero wrote:
jawgey wrote:
obiero wrote:


KQ 2015 full year projection

If this is anything to go by then they're making good progress.

Indeed.. progress is good. the price action on KQ in the next few weeks shall be key.. I feel good about the spring in its step


Don't you think the new revelation about idle 777s KQ planes at JKIA and standoff between top management and staff plus hiring a dutch national as COO will comprise efforts of fattening a bull for slaughter? The newly appointed COO will keep KLM interest on top of the agenda squeezing KQ out of its market niche. @Obiero bailout yourself and watch from a distance. We have not yet bottomed out with KQ! Archive my words.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
obiero
#1020 Posted : Sunday, July 03, 2016 9:36:19 AM
Rank: Elder


Joined: 6/23/2009
Posts: 13,503
Location: nairobi
Spikes wrote:
obiero wrote:
jawgey wrote:
obiero wrote:


KQ 2015 full year projection

If this is anything to go by then they're making good progress.

Indeed.. progress is good. the price action on KQ in the next few weeks shall be key.. I feel good about the spring in its step


Don't you think the new revelation about idle 777s KQ planes at JKIA and standoff between top management and staff plus hiring a dutch national as COO will comprise efforts of fattening a bull for slaughter? The newly appointed COO will keep KLM interest on top of the agenda squeezing KQ out of its market niche. @Obiero bailout yourself and watch from a distance. We have not yet bottomed out with KQ! Archive my words.

Let me understand this, KLM hold 26% equity worth billions at KQ and defended their rights at 14bob forking out EUR 46m so that they could drive the share down to KES 4.5O. Now they have brought in Mr Van to erode the KQ share further to KES 2.00. Opinions are like an asshole. Every human being deserves to have one

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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