NSE | AIB Axys November 2023 Stock Picks

October 2023 Review

  • FY’23 Earnings Season - During the month, we had FY’23 earnings release from KPLC, Carbacid and KenGen. KPLC reported a 197.85% decline in PAT to a loss of KES 3.19Bn. Carbacid reported a 15.31% increase in PAT to KES 816.01Mn and a final dividend of KES 1.70 was declared. KenGen reported a 48.34% increase in PAT to KES 5.02Bn and a final dividend of KES 0.30 was declared.
  • Safaricom Acquisition of Mpesa Holding from Vodafone - During the month, Safaricom announced the successful completion of acquisition of 100% shareholding of Mpesa Holding Ltd from Vodafone. We view this as a positive step towards aligning the telco’s strategy with long-term growth centered on the mobile money business.
  • ILAM Fahari Redemption Offer Results - During the month, ILAM Fahari announced the results of their redemption offer following the closing on 6th October 2023. The subscription rate of the offer was 113.08% representing 41,371,604 units.
  • October MPC Meeting - Central Bank’s MPC held the sixth meeting of 2023 where the Central Bank Rate was maintained at 10.50% to allow for effects of the previous hike to be transmitted across the economy. The committee also noted the banking sectors non-performing loans increased to 15.00% in August ’23 from 14.50% in June’23.

 

What does November '2023 Hold ?

  • Q3’23 Earnings Season - We expect the release of Q3’23 net earning results from the banking sector where we anticipate strong performance to be driven by an increase in interest income and non-funded income.
  • HY’24 Earnings Results - We expect Safaricom Plc to announce their HY’24 results during the month where we expect revenue growth to be driven by data revenue and Mpesa revenue.
  • Listed Companies EGM - In the month of November, KPLC and ILAM Fahari will be holding their EGMs via virtual meetings.

 

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AIB-AXYS Africa Ltd is the fusion of two established companies; AIB Capital Limited and Apex Africa Capital Limited, both with over 25 years of experience in the Securities market. With the solid reputation and experience of the professional teams, we leverage talent and networks to better service businesses and investors looking to capitalize on the African growth story, and its vibrant financial sector.
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