Panafric (or Kenya Re), Safaricom. I think at current prices they are bargains.

Bamburi..Kenya Re...KK

Tick tock. Time to borrow Hisah's goggles to follow the money.

Unga is trading at 45/- but my gut tells me someone local is accumulating at these (44-47) prices. There's always a bid at these prices.

Year End: 30th June (so results should be out by Oct)
1H: Very good vs prior years
2H: The purchase of Ennsvalley should have been concluded. The sale of Bullpak was completed in 1H but there might have been pending transfers/payments made in 2H. It will have to be accounted as 'discontinued' operations for FY 2014-15.
The KES was well-behaved in June 2015 so that should not affect their results but how they managed their forex liabilities in July (2015-16) will be crucial.

Management seems trustworthy. The CEO [Nick Hutchinson] led the turnaround but has hired new managers. The controlling owners [Ndegwas] have their representatives (chairperson is also on NIC's board) on the board. He has been seconded by Seaboard which is a 35% shareholder of the major subsidiary but Nick isn't an expat i.e. his bio says he was born or brought up in Nairobi/Kenya.

Ndegwas sold their agricultural equipment business to Paul Wanderi Ndungu.
http://www.businessdaily.../-/2cd8nnz/-/index.html

Question: Are the Ndegwas exiting their 'small' businesses to concentrate on their huge finance & real estate operations e.g. NIC & ICEA? [One ICEA project can be worth more than Unga]

Do you think Unga will be on the block & offered to a Strategic Investor or Operator? [For whom milling is the main business not a mpango]

NIC's Market Cap is 9x Unga. Unga is worth only 3.4bn while NIC's PAT in 2014 was 4.1bn. So NIC could buy a Unga every year & pay a dividend!

This deal [Tiger Foods buying Rafiki/Magic Oven] didn't happen but was priced at $25mn (2.5bn @100 today) in 2014.
http://www.businessdaily...48/-/6oibu7/-/index.html

Award of the most resilient counters in the NSE this year goes to;
Kenya Re
Co-operative Bank of Kenya.
Both are on positive territories since January and no wild price swings