@edwinmukiri
@Gadaffi
@Pedes
@1masha
@Mangs
@mugz

All Added.

kindly add me too... emungai99@gmail.com

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FYI & A if you are the virtual republik boss.

2015 Market recommendations - Source Faida IB

Stock: ARM - BUY

Our target price of KES 141.07 provides a 64.0% upside potential from the current market of (KES 86.00). With significant limestone deposits in East Africa and
investment in integrated capacity, we see ARM as being well positioned to integrate vertically. This will come with significant market power which we expect
to sustain growth in the future.

2015 Market recommendations - Source Faida IB

Stock: Pan Africa Insurance - BUY

Our target price of KES 144.43 provides a 20.3% upside potential from the current market share price of KES 120.00. We see Pan Africa benefiting from massive
untapped from potential in the life insurance industry through such products as Bima Mkononi. We also expect continued growth in the group life business.

January 2015 stock picks - Source: NIC

SAFARICOM BUY at TP of KES 15.95 Current price KES 13.90

♦ Safaricom will invest KES 30bn to upgrade its infrastructure and offer subscribers better quality of data and voice services. The funds will be spent in the next six months and will involve expansion and upgrade of its transmission stations around the country. Roll out of 4G network launched.

♦ Safaricom has received approval from CBK to offer cashless payment services in matatus via M-PESA.

♦ Increase in subscribers and stronger ARPUs should continue to drive revenues. Safaricom’s market share increased by 400bps to 68% while Service ARPU increased by 10% to KES 558 per month in FY14.

♦ Strong cash generation and position likely to be maintained. This should enable Safaricom maintain and possibly increase dividend payout. Dividend payout was 82% in FY14.

♦ Safaricom has also lowered MPESA charges in the lower cadre (transactions below KES 1,500) by 65% in an effort to fend off competition from MVNOs.

♦ Buy out of YU mobile infrastructure to improve network capability.

♦ Has re-strategized the Linda Jamii health insurance (which was jointly developed with Britam) to now target SMEs. The product will be marketed at workplaces similar to group medical covers

Pesa Nane kindly load full reports on the googlegroup.

January 2015 stock picks - Source: NIC

EQUITY BANK BUY at TP of KES 59.41 Current Price KES 49.50

♦ Equity Bank recently received KES 5.6bn from the European Investment Bank to support lending to SMEs. This should help support stronger loan growth to this highly lucrative segment.

♦ Equitel, Equity’s MVNO, is finally being rolled out. Already, approximately 200,000 SIM Cards have been issued. Money transfer charges will be set at 1% of transaction amount but capped at KES 25. Key near term benefits of MVNO include increased efficiency and increased non funded income .

♦ Equity’s PBT 3Q14 growth of 26%y/y was the highest in the last 7 quarters. We note an improvement in cost of risk (CoR) and NIR/total revenue as key drivers.

♦ Loan impairment charges declined by 62% to KES 900m, driving down Cost of risk (CoR) by 150bps y/y to 0.6% which augmented earnings. Despite increased lending, asset quality improved, as seen in the NPL ratio declining by 30bps q/q and 120bps y/y to 4.3%. Of note is that impairments from subsidiaries now account for 30% of total impairments, against 21% a year earlier.

♦ Strong loan growth to anchor earnings. Loans grew at 30% y/y in 3Q14. This was particularly strong in Q3, growing by an absolute KES 20bn increase representing 40% of loans issued in the last 12 months.

♦ Strong growths in non funded income to adequately compensate for interest margin contraction. Revenue channels include diaspora remittances, merchant banking and mobile payments.