NSE Daily Note

09 February 2011

Market News

East African Cables Reports 51% Drop in Pre-tax Profits.

East African Cables today announced that full year pre-tax profit dropped by
50.9% to KShs. 258.6 million as compared to KShs. 526.4 million posted for the
year ended 31 December 2009.

The drop in profits was expected following the profit warning issued by the
company in June last year where the management indicated that its Tanzanian
unit was struggling and making losses.

Despite an increase in turnover of 28.2% from KShs 2.8 billion to KShs 3.6
billion, EBITDA declined by 13.6% to KShs 632.2 million from KShs. 731.2
million, which pointed to escalating operation costs during the financial year
Market Summary Today Previous %∆
ended 31 December 2010.
Total Shares Traded (Mn) 8.71 23.71 -63.3%
The company further reported high depreciation expense and impairment
No. of Equity Deals 1,757 2,094 -16.1% losses especially in Q2 of 2010 which coincided with the profit warning issued
in June last year.
Equity Turnover (KShs. Mn) 262.85 423.57 -37.9%
Notwithstanding problems with the Tanzanian subsidiary, the company
No. of Bond Deals 40.00 29.00 37.9% remains bullish about the growth opportunities in the region and cited Grid
extension, Industrial Growth, Manufacturing, Building and Construction and
Bond Turnover (KShs. Mn) 2,431.30 1,752.25 38.8%
mining as growth drivers going forward. The Company also announced plans
Market Cap (KShs. Bn) 1,192.44 1,193.35 -0.1% to improve the distribution system by establishing a better support system and
setting up more exclusive distribution outlets across the region.
Gainers of the Day Price Previous %∆ The cable maker continues to however face threats of counterfeit goods, sub
E.A.Cables 20.00 16.10 24.22% standard products, tax evasion and uncertainty regarding world copper prices.

Car & General 62.50 59.50 5.04% A positive signal to shareholders was delivered through the maintenance of
dividends at KShs. 1.00 per share and a bonus share issue of one share for every
CFC Stanbic Holdings 79.50 78.00 1.92% four held, indicating that the company is keen on freeing reserves for expansion
purposes. The dividend and bonus shares will be issued to shareholders in the
Losers of the Day Price Previous %∆ register by close of business on Friday 18 March 2011.
Olympia Capital Holdings 5.15 5.60 -8.04%
Market activity
E.A.Portland Cement 108.00 113.00 -4.42%
Turnover for the day dropped sharply to KShs. 262.9 million on a volume of 8.7
Express 7.80 8.05 -3.11% million shares against the previous day’s session of KShs. 423.6 million on a
volume of 23.7 million shares.
%
Volume Value Total
The NSE 20 share Index and the All Share Index both declined closing the day
Top Traders Price %∆ (Mn) (Mn) Value
at 4,361.82 and 97.85 respectively.
Safaricom 4.40 0.00% 3.00 13.18 5.03%
The Bond market registered increased activity trading bonds worth KShs.2.4
Co-op Bank 20.00 0.00% 0.79 15.81 6.03%
billion up from the previously traded bonds worth KShs. 1.8 billion.
KPLC 23.25 -1.06% 0.66 15.32 5.84%
Sector Highlights
Exchange Rate Current Previous %∆
• EABL recorded the highest turnover at KShs. 106.9 million with block trades
KES/USD 81.22 81.15 -0.09% being executed at KShs. 190.00. Volumes traded were at 562,500 shares with
KES/GBP 130.54 130.92 0.29% foreigners on both the buy and sale sides.
KES/EURO 110.85 110.43 -0.37% • Block trades were observed in Scan group for 300,000 shares at KShs. 60.00
with largely foreign buyers on the buy side.
Interest Rates Current Value Date Previous
• E. A. Cables share price rallied to close 24.2% higher at KShs. 20.00, buoyed
91-day T-bill 2.555% 07-Feb-11 2.519%
by the dividend and bonus share announcement today.
182-day T-bill 2.675% 10-Jan-11 2.631%
Sources: NSE, CBK
364-day T-bill 3.722% 07-Feb-11 3.693%

Email: orders@nic-securities.com, SALES TEAM: PRISCILLA ROTICH. TEL: +254 20 2888 434, STEVEN MBUGUA. TEL: +254 20 2888 438, WILSON MAKAU. TEL: +254 20 2888 437, TIMOTHY GICHARU. TEL: +254 20 2888 468.
SUSAN RIGITHA. TEL: +254 20 2888 671, RUTH WAIYAKI. TEL: +254 20 2888 672, PURITY MIRITI. TEL: +254 041 222 1743 (MOMBASA).
The information contained herein has been obtained from sources that are believed to be reliable and is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only and should not be
considered a solicitation to buy or sell any security. Redistribution is prohibited without express permission of the management of NIC Securities.
 NSE Daily Note
09 February 2011

Company Price Previous 1 Day %chg QT D %chg YT D % Chg EPS DPS P/E DY

Agricultural
Kakuzi 79.50 78.50 1.3% -2.5% -2.5% 17.34 2.50 4.61 3.13%
Re a Vipingo Plantations 17.00 17.00 0.0% -2.6% -2.6% 1.12 0.80 14.87 4.80%
Sasini 12.00 12.05 -0.4% -8.0% -8.0% 4.30 0.50 2.83 4.12%

Commerce & Allied

Acce ss Ke nya Group 12.70 12.75 -0.4% -5.9% -5.9% 0.76 0.30 16.91 2.33%
Car & Ge ne ral (K) 62.50 59.50 5.0% 33.0% 33.0% 10.70 0.80 5.28 1.42%
CMC Holdings 11.30 11.60 -2.6% -7.8% -7.8% 0.70 0.20 16.57 1.72%
Hutchings Bie me r 20.25 20.25 0.0% 0.0% 0.0% -18.34 0.00 N/A 0.00%
Ke nya Airways 42.50 43.25 -1.7% -7.6% -7.6% 4.40 1.00 10.00 2.27%
Marshalls (E.A.) 14.25 14.25 0.0% 1.1% 1.1% -11.80 0.00 N/A 0.00%
Nation Me dia Group 171.00 170.00 0.6% 2.4% 2.4% 7.00 5.50 24.43 3.22%

Safaricom Ltd 4.40 4.40 0.0% -6.4% -6.4% 0.38 0.20 11.58 4.55%
Scangroup Ltd 60.00 60.00 0.0% -2.4% -2.4% 1.81 0.50 34.53 0.80%
Standard Group 41.75 42.50 -1.8% -8.2% -8.2% 3.24 0.50 12.65 1.22%
TPS Easte rn Africa (Se re na) 66.50 66.50 0.0% -2.9% -2.9% 3.60 1.25 18.19 1.91%
Uchumi Supe rmarke t 14.50 14.50 0.0% 0.0% 0.0% 2.34 0.00 6.20 0.00%

Finance & Investments

Barclays Bank 60.50 60.50 0.0% -3.2% -3.2% 4.50 2.50 13.78 4.03%
Ce ntum Inve stme nt 22.75 23.25 -2.2% -1.1% -1.1% 1.62 0.00 14.35 0.00%
CFC Stanbic Holdings 79.50 78.00 1.9% 5.3% 5.3% -0.22 0.00 N/A 0.00%
Diamond Trust Bank Ke nya 144.00 144.00 0.0% 6.7% 6.7% 7.67 1.55 18.77 1.08%
Equity Bank Ltd 28.50 28.50 0.0% 6.5% 6.5% 1.14 0.40 24.34 1.44%
Housing Finance Co 26.75 27.25 -1.8% 0.9% 0.9% 1.02 0.50 26.47 1.85%
Jubile e Holdings 189.00 189.00 0.0% 2.7% 2.7% 18.33 4.50 10.37 2.37%
Ke nya Comme rcial Bank 22.75 22.50 1.1% 4.6% 4.6% 1.54 1.00 14.45 4.49%
Ke nya Re -Ins urance Corporation 11.15 11.15 0.0% 0.9% 0.9% 2.21 0.50 5.05 4.48%

National Bank of Ke nya 43.25 43.75 -1.1% 11.6% 11.6% 4.01 0.00 11.03 0.00%
NIC Bank Ltd 50.00 50.00 0.0% 8.7% 8.7% 3.75 0.50 13.33 1.00%
Olympia Capital Holdings 5.15 5.60 -8.0% -13.4% -13.4% 0.36 0.10 15.83 1.75%

Pan Africa Insurance Holdings 70.00 70.00 0.0% 6.9% 6.9% 2.89 1.70 24.22 2.43%
Standard Charte re d Bank 270.00 270.00 0.0% 4.7% 4.7% 15.90 11.37 16.98 4.21%
The Co-ope rative Bank of Ke nya 20.00 20.00 0.0% 5.3% 5.3% 0.85 0.20 23.53 1.00%

Industrial & Allied

Athi Rive r Mining 185.00 184.00 0.5% 1.1% 1.1% 6.52 1.50 28.37 0.81%
B.O.C Ke nya 140.00 140.00 0.0% 6.1% 6.1% 7.88 6.80 17.77 4.86%
Bamburi Ce me nt 195.00 197.00 -1.0% 4.3% 4.3% 18.32 11.00 10.92 5.50%
British Ame rican Tobacco Ke nya 270.00 270.00 0.0% 0.0% 0.0% 14.78 14.75 18.27 5.46%
Carbacid Inve stme nts 146.00 146.00 0.0% 4.3% 4.3% 9.05 5.00 16.13 3.42%
Crown Be rge r 33.00 33.00 0.0% -8.3% -8.3% 3.64 1.25 9.48 3.62%
E.A.Ca ble s 20.00 16.10 24.2% 23.1% 23.1% 1.52 1.00 10.49 6.27%
E.A.Portland Ce me nt 108.00 113.00 -4.4% 35.0% 35.0% -3.25 0.00 N/A 0.00%
East African Bre we rie s 190.00 190.00 0.0% -5.5% -5.5% 9.09 8.05 20.79 4.26%
Eve re ady East Africa 2.70 2.75 -1.8% -10.0% -10.0% 0.041 0.00 68.29 0.00%
Ke nGe n 16.60 16.60 0.0% -2.4% -2.4% 0.89 0.50 18.65 3.01%
Ke nolKobil 9.80 9.90 -1.0% -2.0% -2.0% 0.88 0.33 11.29 3.28%
Ke nya Powe r & Lighting 23.25 23.50 -1.1% -3.1% -3.1% 5.87 1.00 3.96 4.30%
Mumias Sugar Co. 8.75 8.85 -1.1% -9.8% -9.8% 1.03 0.40 8.69 4.47%
Same e r Africa 6.80 6.75 0.7% -11.7% -11.7% 0.57 0.50 11.40 7.69%
Total Ke nya 28.00 28.50 -1.8% -3.4% -3.4% 1.62 1.00 17.59 3.51%
Unga Group 10.80 10.85 -0.5% -1.8% -1.8% 1.81 0.50 5.91 4.67%

Alternative Investments
A.Baumann & Co 11.10 11.10 0.0% 0.0% 0.0% -2.02 0.00 N/A 0.00%
City Trust Ltd 186.00 186.00 0.0% 16.3% 16.3% 5.89 4.00 31.41 2.16%
Eaagads Ltd 54.50 54.50 0.0% 9.0% 9.0% 0.74 0.00 74.32 0.00%
Expre ss Ltd 7.80 8.05 -3.1% 0.0% 0.0% 0.15 0.00 54.67 0.00%
Williamson Te a Ke nya 200.00 201.00 -0.5% 8.1% 8.1% 96.42 6.25 2.08 3.11%
Kapchorua Te a Co. 124.00 124.00 0.0% 24.0% 24.0% 35.60 6.25 3.65 4.81%
Ke nya Orchards Ltd 3.00 3.00 0.0% 0.0% 0.0% -1.24 0.00 N/A 0.00%
Limuru Te a Co. 305.00 305.00 0.0% 1.7% 1.7% 22.50 7.50 13.56 2.46%

Email: orders@nic-securities.com, SALES TEAM: PRISCILLA ROTICH. TEL: +254 20 2888 434, STEVEN MBUGUA. TEL: +254 20 2888 438, WILSON MAKAU. TEL: +254 20 2888 437, TIMOTHY GICHARU. TEL: +254 20 2888 468.
SUSAN RIGITHA. TEL: +254 20 2888 671, RUTH WAIYAKI. TEL: +254 20 2888 672, PURITY MIRITI. TEL: +254 041 222 1743 (MOMBASA).
The information contained herein has been obtained from sources that are believed to be reliable and is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only and should not be
considered a solicitation to buy or sell any security. Redistribution is prohibited without express permission of the management of NIC Securities.
 NSE Daily Note
09 February 2011

Email: orders@nic-securities.com, SALES TEAM: PRISCILLA ROTICH. TEL: +254 20 2888 434, STEVEN MBUGUA. TEL: +254 20 2888 438, WILSON MAKAU. TEL: +254 20 2888 437, TIMOTHY GICHARU. TEL: +254 20 2888 468.
SUSAN RIGITHA. TEL: +254 20 2888 671, RUTH WAIYAKI. TEL: +254 20 2888 672, PURITY MIRITI. TEL: +254 041 222 1743 (MOMBASA).
The information contained herein has been obtained from sources that are believed to be reliable and is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only and should not be
considered a solicitation to buy or sell any security. Redistribution is prohibited without express permission of the management of NIC Securities.