Regal Report 19th Issue Q3 2018

REGAL REPORT WEALTH NEWS

19 TH ISSUE: 3RD QUARTER REPORT 2018

what is your plan to build your business? contact us today !!

BiasharaPlan goal is to help SME’s to access finances, this will ensure growth and sustainability of the business venture. SME’s should Plan, Manage, Analyzes their businesses for success.

We work with highly scalable businesses to plan for and achieve growth. This always requires a customized approach – we tailor our work based on individual business requirements in order to achieve the best results in the most cost effective way.

Practically speaking, we help businesses identify, answer and solve difficult questions and engage for the long-term, helping to implement solutions.

Business Advisory Services Accounting Outsourcing Employee Financial Benefits Programs BiasharaList Platform Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

www.regalafrica.co.ke info@regalafrica.co.ke

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Word from the C.E.O Money Market Analysis Equity Market Analysis Bond Market Analysis Balanced Funds Analysis Fixed Income Analysis Financing options for SME’s Corporate wealth planning services

Report Created BY: D.Gaitha Creative Studio www.dgaitha.com

WORDS FROM C.E.O Dear Regal Client, As the year is ending most of our clients are excited about the steps they took to reach their financial goals, more clients have been asking about our business services as our clients are starting to realize the benefits of having a formal business and ensuring that they keep financial records to ensure that they are able to access more affordable capital for growth, Regal Africa is focused on ensuring that we assist our clients on their wealth journey, whether it is through running a business or through investing if you are employed.

This issue will focus on the role of investment diversification through owning a business and you will learn how an advisor can guide you towards business success.

We wish you well on your Wealth Journey

Anne Wambui Gaitha

Founder and CEO of Regal Africa

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Q3 2018 MONEY MARKET ANALYSIS Short-term yields continued to decline as a result of improved liquidity and rejection of expensive bids at auctions by the Central Bank of Kenya. Yields for the 91,182 and 364 day T-bills declined by 0.28%, 1.1% and 1% respectively. During the quarter, the Central Bank of Kenya left the Central Bank Rate unchanged at 9.0%, highlighting that the impact of the previous meeting 0.5% cut had not yet filtered through to the economy.

Following the passage of the Finance Bill 2018, the deposit rate floor that required banks to price savings deposits at 70% of the Central Bank Rate was scrapped and this saw interest rates offered to clients on saving accounts and deposits lowered.

Average inflation for the third quarter of the year jumped to 4.70% from 3.99% in the previous quarter. Food inflation remained muted but an upward review in electricity tariffs and high petroleum prices as a result of the reintroduction of VAT saw the Transport Index and Housing, Water, Electricity, Gas, & Other Fuels’ Index increase by 7.99% and 7.29% year-on-year.

As a result of the drop in T-bill yields and interest rates offered by banks, the average yield for money market funds in Q3’18 declined to 8.92% from 9.18% in Q2’18. .

Money Market Funds’ Return in Q3 2018 The graph below shows money market funds return for the 5 best performing funds in Q2 2018

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Money Market Funds Return for the past 6 months.

The graph below shows money market funds return for the 5 best performing funds in the past 6 months.

Money Market Funds Return for the past 12 months.

The graph below shows money market funds return for the 5 best performing funds in the past 12 months.

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Money Market Outlook for Q4 2018 We anticipate that short-term yields may increase marginally as the inflation outlook has changed following the passage of the new tax measures, but we anticipate that the Central Bank may want to hold back interest rates so as to reduce the financing burden of the government..

Q3 2018 EQUITY MARKET ANALYSIS The stock market continued its dismal performance as foreign investor selling, tax increases and failure by Parliament to repeal the interest rate cap diminished investors’ appetite for equities. The NASI, NSE 20 and NSE 25 declined by 14.2%, 12.5% and 14.3% respectively in Q3’18. Foreign investors maintained their net selling position with net outflows worth USD 66.48m bring the cumulative outflows for 2018 at USD 224.23m compared to USD 108.32m in a similar period in 2017. Market turnover also declined further USD 316.04m from USD 466.17m in the previous quarter.

The decline in equity prices saw the net asset value (NAV) of equity funds decline by a further 9% compared to a similar 9% decline posted in Q2’18. The decline in NAV in Q2’18 and Q3’18 effectively wipes out the positive 4.90% return posted in Q1’18.

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The table below shows the 10 best performing stocks at the NSE year to date;

30/09/2018 41.00 86.00 27.75 15.95 4.25 90.00 10.60 540.00 84.00 40.00

Unga Group Kapchorua Tea Plc Total Kenya Ltd KenolKobil Ltd Express Plc Stanbic Holdings Plc Barclays Bank Limuru Tea Plc Crown Paints Plc Equity Group Holdings Ltd

YTD Return 41.38% 31.30% 18.09% 13.93% 13.33% 11.11% 10.42% 8.00% 5.00% 0.63%

The table below shows the 10 worst performing stocks at the NSE year to date;

Deacons (East Africa) Plc Kenya Orchads Ltd Uchumi Supermarkets Eveready East Africa Ltd ARM Cement Plc Nairobi Business Ventures Home Afrika Ltd Mumias Sugar Company Kenya Power East African Cables

30/09/2018 0.45 14.00 0.90 1.00 5.55 1.60 0.65 0.55 4.65 2.95

YTD Return -87.14% -85.57% -80.43% -58.33% -57.31% -52.24% -51.85% -50.00% -48.90% -45.87%

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EQUITIES FUNDS ANALYSIS Q3’2018 The graph below shows the return of the 5 best performing equity funds in Q3’2018

EQUITIES FUND 6 MONTHS ANALYSIS The graph below shows equities funds return for 5 of the best performing funds in the past 6 months.

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EQUITIES FUNDS 12 MONTHS ANALYSIS The graph below shows equities funds return for 5 of the best performing funds in the past 12 months.

Stock Market Q4’ 2018 Outlook

Equity prices are expected to come under pressure in the short-term as result of foreign investor selling. Despite the bearish sentiment, the current level of prices present investors who have a long-term investment horizon with an opportunity to buy blue chip counters at cheap prices.

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Q3’2018 BOND MARKET ANALYSIS Declining yields for long-term government securities saw the NSE FTSE Government Bond Index gain 3.2% during the quarter. The decline in yields as at the end of the quarter was across the yield curve. Secondary market activity declined during the quarter by 22% to KES 123.2bn. The Central Bank took advantage of declining yields by offering longer-term bonds of 10yrs and 20yrs with an aim of lowering financing cost and lengthening tenure of government debt. However, these papers received low reception notching a subscription rate of only 47% as investors preference remained in shorter-term papers.

The graph below shows bond funds return for the past 3 months.

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BOND FUND 6 MONTH ANALYSIS The graph below shows bond funds return for the past 6 months.

BOND FUND 12 MONTH ANALYSIS The graph below shows bond funds return for the past 12 months.

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Fixed IncomeOutlook for Q4’ 2018

Despite a higher inflation outlook in the short-term, we don’t anticipate that the Central Bank will be willing to increase yields on government securities and therefore we urge investor to invest in short to medium papers.

Q3 2018 BALANCED FUNDS ANALYSIS The graph below shows balanced funds return for 5 of the best performing funds in Q3 2018

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BALANCED FUND 6 MONTH ANALYSIS The graph below shows balanced funds return for 5 of the best performing funds in the past 6 months.

BALANCED FUND 12 MONTH ANALYSIS The graph below shows balanced funds return for the past 12 months.

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Q3’2018 FIXED INCOME FUNDS ANALYSIS FIXED INCOME FUND Q3’2018 ANALYSIS The graph below shows fixed income funds return for Q3’2018.

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FINANCING OPTIONS FOR SME’s IN EAST AFRICA

By Anne Wambui Gaitha

Most SMEs are only familiar with getting bank loans as their main source of funding and we usually get asked where can i find alternative sources of funding for my business? We have highlighted some of the other sources of funding but the KEY is to know how much you need, what stage you are in as a business, so that you can prepare for financing.

BiasharaPlan is the go to SME Ecosytem in East Africa and we work to link formal SMEs to financing and you can use this guide as a business person to learn about some of the various financing options that are available to SMEs. Bootstrapping - This is when you use funds that you have saved or get from family/friends to start and sustain your business. This is usually the only form of financing your business can receive when you are a start up and in the idea phase. The reason is that most investors or lending institutions view your business as too risky since you may not have a track record of consistent income generation to ensure a good return on investment or payment schedule.

Crowdfunding - This is a new way of raising capital where a startup or SME can use an online platform to share to the world the great idea they have and the funds they are looking to raise so as to implement the idea. This new way of funding is becoming more popular as many people are able to fund the idea/project which reduces the risk of the investor, but increases the ability of an entrepreneur to raise funds. A really great, unique and innovative idea will ensure that more investors are willing to back your idea and you are able to raise the much needed funding.

Angel Investors - They are a group of investors who are usually wealthy or a group of investors that are looking for a good idea to invest in and they are willing to be the first to invest so that they can gain better returns if the business is successful. These angel investors usually invest in industries that they are familiar with, so that they are able to not only put in their investment, but are able to play an advisor role to the leadership so as to ensure success of the project.

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Micro & SME Loans - These loans are usually small in size and are given to startups and small businesses who need the money and they usually do not have much collateral and are considered high risk. These funds are usually given through chamma’s, Saccos and microfinance institutions. They target businesses which are small in nature and constantly need financing to survive the business.

Factoring / Invoice discounting - factoring is a type of financing when an already existing business has receivables from clients and they sell them to a third party company for instant cash and they delegate and outsource the collection of the receivables to the third party to help in liquidity to assist in the business cash flow. Invoice discounting is a type of financing where the existing business is given funding based on the amount on the invoice they have and they are required to payback the funds within a certain time and it just helps the business with working capital.

Government Funding - These are funds that are received from the government in form of loans i.e. in Kenya we have the Women, Youth and Uwezo funds.They usually have a lower threshold to qualify and are disbursed through particular banking partners and payment is also done through them.

Donor Funding - These are funds that are given specifically to a project that will make an impact in the community they serve. They can be Bilateral or Multilateral donor agencies or NGO’s that can support a business venture to achieve it set business goals that will transform a community. They are usually very specific on who can get the funds and a detailed proposal on how the funds will be used is required before disbursement of the funds.

Venture Capital - This type of financing is given as an early stage financing options to companies that are not startups and have at least more than 3 years of operations. The venture capital fund invests in a business with the hope of getting a good return of investment within a particular time period. Most VC’s are focused on a particular industry or group of industries as they usually want to be familiar with the business operations and opportunities and have a place on the board so as to influence the direction the business takes to achieve its business goals.

Bank Loans and Lines of Credit - This type of funding is usually given to SME’s who are able to show a track record of about three years of business operations. Keeping track of your business operations and having your audited financial statements, will show the banking institution your risk profile and they will be able to make an informed decision if they will be able to get repayment if they lend the money to your business.

Private Equity - This type of financing is when a private equity fund invests in a business that is not public. The company is usually a mature company with growth opportunities but needs an injection of capital, good management skills or strategies to turnaround the business. The PE firm usually have a set period to exit the business and they plan to have a good return on investment to compensate them for they risk they took in investing in the company. The owner usually gives an equity stake to the investor with hopes that they company will grow and they can cash out on the great returns after the exit strategy which usually means to sell the company, sell the equity stake or have an IPO in the capital Market.

These 10 options are some of the available financing options that are found and depending on what stage of the business you are in or what your business goals are, you will be able to get the right financing you need to ensure that your business is successful and the investor or lending institution is able to also benefit from the investment they made into your business venture.

These are some of the success factors you need to ensure that you are able to get funding for your business, Have a great idea that will generate good income Have a strong management team Keep good financial records Have a business plan Show your business is scalable The Owners and Management need to be committed to the success of the venture.

For additional business advisory services, you can contact the BiasharaPlan department and speak to one of our business advisors at info@regalafrica.co.ke

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CONTACT US TODAY! Invest in your Home Country Invest in your Family Invest in your Community Regal Africa Group is a diversified Financial Service Group that offers Financial Services, Advisory and Real Estate services to Individuals, Businesses and Institutions. We are based in Nairobi, Kenya to help our global clientele to achieve their financial goals.

We offer unrivalled financial solutions that focus on the Kenyan/Africa Diaspora with a goal to assist them to invest and get great returns. RegalDiaspora is our diaspora financial services product, that is offered to AtKenyans/Africans Regal africa we believe that Good Health is the most important thing a person can have . Good health goes a who reside outside the country. long way in helping an individual on their wealth creation journey #HealthyUWealthyU. Regal Africa would like your trusted partner our goalwhere is to beyou the can go toeasily firm for the diaspora the ground, ensure toAsintroduce youfinancial to an online platform generate quotesonfrom the topto20 insurance that our clients achieve their investment and financial goals. companies in Kenya.

Our services but not limited to:your loved ones and we will assist you in taking care of your financial Take care of include your health and that of Investments success . Talk to one of our wealth advisors today at insurance @regalafrica.co.ke or call 0714 009 065 for Banking and Insurance more assistance.

Wealth Management Real Estate services

Regal Africa Financial Services Ltd. 4th Floor, Top Plaza Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065 www.regalafrica.co.ke info@regalafrica.co.ke

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Regal Africa Group is a diversified Financial Service Group that offers Financial Services, Advisory and Real Estate services to Individuals, Businesses and Institutions in East Africa to help them achieve their financial goals.

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We offer unrivalled financial solutions to help our clients to achieve their financial goals. GlobalOffice our Accounting and Audit services include but not limited to: Accounting Outsourcing Asset and Inventory management Forensic Audit Internal and External audits Internal Control and Systems assessments Finance and Audit policy manuals Tax services Accounting Software installation and training Regal Africa Financial Services Ltd. 4th Floor, Top Plaza Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

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WELCOME TO THE BESPOKE REAL ESTATE SERVICE EXPERIENCE

Regal Africa Properties is part of the Regal Africa Group and is a company that offers Real Estate services in East Africa from its head office in Nairobi, Kenya.

We focus on finding great opportunities in the Real Estate industry and we have demonstrated experience in advising clients on real estate opportunities, which requires practical experience and an intimate knowledge of what works in East Africa

4th Floor Top Plaza, Kindaruma Road P.O. Box 40187 -00100, Nairobi, Kenya Phone: +254 0714 009 065 Email: properties@regalafrica.co.ke www.regalafrica.co.ke/properties

REGAL AFRICA PROPERTIES

Corporate Wealth Planning Services

By Anne Wambui Gaitha We believe that business owners should be able to spend time in their businesses doing what they do best, not worrying about financial planning issues. Owner managers and directors face very specific issues. No matter what stage a business is in i.e. just starting out, well established, or looking to sell and move on, we at Regal Africa can help the business grow and scale up operations. Our corporate wealth planning service aims to help make business owners, their family and the business wealthier and more financially secure.

Every business client has different circumstances and priorities. Some clients come to us for advice for a specific circumstance; others are looking for an ongoing service. We believe that the majority of businesses have two fundamental issues to address: how best to balance financial resources and constraints and what steps can be taken to protect and further develop the business. Not necessarily easy issues to deal with, but with specialist help, the business success journey can be much easier.

The overall objective of our corporate wealth planning service is to assist business owners in turning their aspirations into reality and create a LEGACY for generations to come.

We work with business owners and we are able to use our expertise to assist them to grow and develop their businesses. Some of the topics we cover include but not limited to: Business Financial Net Worth Calculation Cash flow management - Savings, Budgeting & Cash flow projections Financial statement analysis Credit & Debt Management Insurance planning Taxation planning Retirement planning for business owners Investment options and wealth accumulation Business Succession planning At Regal Africa we also offer Wealth & Executive Coaching services to Business owners / Entrepreneurs and we work mostly with Women Business Leaders who are looking to reach their greatest potential and we use the MAPE your life formula to ensure that all our clients are able to achieve that which they are looking to have and live the lifestyle they have always dreamt of.

M- Mindset shift (Think positive about Money and Wealth) A- Advise - Get an advisor to work with you about the way forward P- Plan - Put together an action plan to help you achieve your financial goals E-Execute the action plan to ensure you are successful For additional wealth management services, you can contact the Wealth Management department and speak to one of our wealth advisors at info@regalafrica.co.ke

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LETS HELP YOU PLAN FOR YOUR FUTURE

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PesaPlan100 is an innovative financial product by Regal Africa. This financial solution is great for the youth and people in the informal economy, who are able to put aside funds daily to start on their wealth journey.

By setting aside money as low as 100/day, we are able to assist our clients to get an investment account, a personal pension fund and enroll in an insurance plan.

Option 1 - Invest in a money market fund Option 2 - Invest in a money market fund + personal pension plan Option 3 - Invest in a money market fund + personal pension plan + Insurance (NHIF) Talk to one of our Wealth Advisors TODAY to start investing for your future

CONTACT US TODAY!!!

Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065 www.regalafrica.co.ke info@regalafrica.co.ke

OUR TRANSACTION ADVISORY SERVICES ARE UNMATCHED

Regal Africa Advisory is an independent investment banking firm that offers transaction advisory services in East Africa. We are an independent firm with a network of investors, lending institutions and other partners, which helps us provide the most optimal cost of capital for our clients. We ensure that our financial recommendations are based on the best options in the market.

We are an independent and globally connected advisory firm , we are able to provide comprehensive strategic and advisory solutions to our clients. Our ability to deliver the best solutions is based on our highly experienced team and our global networks and partners.

We specialize in bespoke creative approaches to clients needs as each project assignment is unique. Our approach is solutions focused and a customer centric way of doing business.

Mergers & Acquisitions Capital Raising Corporate Restructuring

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OUR MANAGEMENT CONSULTING APPROACH IS SOLUTION FOCUSED.

We work with highly scalable businesses to plan for and achieve growth. This always requires a customized approach – we tailor our work based on individual business requirements in order to achieve the best results in the most cost effective way. Practically speaking, we help businesses identify, answer and solve difficult questions and engage for the long-term, helping to implement solutions.

Company Strategy & Innovation Company Restructuring Business Succession Planning Executive Training

Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

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introducing regal law

We would like to introduce to practicing lawyers �RegalLaw� the financial advisory service for lawyers. We will discuss about our Treasury Management service for funds entrusted to your law firm and our Corporate Wealth Planning services covering your business and personal financial plans.

Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

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INVEST IN YOUR EMPLOYEES FINANCIAL HEALTH.

FINANCIAL WELLNESS PROGRAM FOR YOUR EMPLOYEES We offer financial wellness programs to corporates as part of their employees benefits program (Regal@work).

This group presentation ensures that all your employees have the basic financial knowledge to make the best financial decisions and have a positive effect on the company and its bottom line. We also offer group events i.e. workshops and seminars to individuals, entrepreneurs and professionals.

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WE ARE THE BEST IN CUSTOMIZING A WEALTH MANAGEMENT PLAN TAILORED FOR YOU

Regal Africa Wealth Management provides financial planning , wealth advice to individuals, families, family offices and businesses. We offer a high touch, high quality and customized service.

We believe that finding the right wealth adviser is critical to attaining your lifetime financial plan. Our aim is to help our clients to make the right financial decisions to attain their financial and investment goals as we assist them to plan, grow and manage their wealth.

Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

www.regalafrica.co.ke info@regalafrica.co.ke

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join the regal club today!!!

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EXPAND YOUR INVESTMENT PORTFOLIO Are you looking to invest Part of your income this year or do you have a lump-sum saved up to start investing ? Regal Africa would like to work with you to acheive your goals. We will facilitate the best investment vehicle that is specific to your needs, having factored in the investment amount, risk tolerance and time horizon.

We provide an array of investments options and each of them is concluded upon evaluation of the three mentioned factors. Investments are a means to help you secure a better future, so start investing wisely TODAY.

CONTACT US TODAY!!

LET US GET YOU STARTED...

Tel: +254 0714 009 065 www.regalafrica.co.ke info@regalafrica.co.ke AGRIBUSINESS

REAL ESTATE

STOCK MARKET Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya

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Disclaimer: The views expressed in this publication, are those of the writers where particulars are not warranted - as the facts may change from time to time .

The information and numbers stated and analyzed , are received from public information found in the daily newspapers. This publication is meant for general information only , and is not a warranty , representation or solicitation for any product that may be on offer. Readers are thereby advised in all circumstances , to seek the advice of an independent financial advisor or contact the Regal Africa team to advise them on the suitability of any financial product for their investment purposes.

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WE CARE . . .

WE UNDERSTAND . . .

WE ARE HERE TO GUIDE YOU . . .

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