TUNU

31/08/2026

23/08/2026

KENYA RE — H1 2026 RESULTS

Kenya Re delivered a strong first-half performance, with profitability and underwriting results improving significantly.

KEY HIGHLIGHTS

• Profit After Tax: KSh 2.3Bn (+42.78%)
• Insurance Service Result: KSh 1.3Bn (+314.18%)
• Total Insurance Revenue: KSh 9.4Bn (+14.36%)
• Total Assets: KSh 74.7Bn (+3.50%)

WHAT THE NUMBERS TELL US

The standout figure is the 314% increase in the Insurance Service Result, rising to KSh 1.3 billion. This points to a substantial improvement in the profitability of Kenya Re's insurance operations.

Profit After Tax also increased 42.8% to KSh 2.3 billion, while insurance revenue grew 14.4%, supported by continued regional business expansion across markets including Uganda, Zambia and Côte d’Ivoire.

Operating expenses increased 22% to approximately KSh 800 million, reflecting the cost of supporting the company's expansion.

INVESTMENT VIEW

TUNU Wealth Recommendation: BUY

Valuation:
Kenya Re trades at an attractive P/E of 4.6x and P/B of 0.4x, suggesting the market valuation remains relatively low compared with the company's earnings and asset base.

Risk:
Free cash flow declined to approximately -KSh 500.7 million, highlighting the cash-flow pressure associated with scaling operations and regional expansion.

Strategy:
For investors with a suitable risk appetite and long-term horizon, accumulation on weakness may be worth considering, particularly if the company continues to deliver improving underwriting results and earnings growth.

Kenya Re's H1 2026 numbers show a meaningful improvement in operational profitability. The combination of stronger insurance service results, earnings growth and relatively low valuation makes the counter one to watch closely.

TUNU Capital | Investment Research & Financial Education

23/08/2026

Sameer Africa is one of those NSE companies where the story becomes much more interesting when you look beyond the share price.

At first glance, the stock has already had a significant run, so the obvious question is:

Is there still value left, or has the market already priced in most of the opportunity?

That is what makes Sameer worth studying.

What does Sameer actually do today?

Sameer Africa is very different from the company many investors remember from its tyre-manufacturing days.

Today, the business is largely focused on investment property and rental income, with more than 750,000 square feet of lettable industrial space across its EPZ and non-EPZ facilities.

So the business model is relatively simple:

Own strategic property, rent it out, collect income, maintain the properties and, where appropriate, unlock value through property sales.

And I like the simplicity of that model.

The numbers are interesting

Sameer generated about KSh432.7 million in revenue in FY2025, up from approximately KSh389.5 million the previous year.

Profit after tax increased to around KSh274.3 million, from about KSh259.9 million.

So this isn't just a company sitting on property and hoping that the assets appreciate.

It is actually generating money from those assets.

That matters.

Then there is the balance sheet

This is probably one of the strongest parts of the story.

Sameer has cleared its borrowings.

That changes the equation considerably.

Imagine owning billions of shillings worth of property while carrying a large debt burden. A significant portion of the value effectively belongs to the lenders.

But when the company has no borrowings, more of the value created by those assets ultimately belongs to shareholders.

It also gives management more flexibility with the cash generated from the business.

But here is where the story gets really interesting

Sameer's investment properties were carried at around KSh932.8 million in FY2025.

An independent Knight Frank valuation put the fair value of the investment-property portfolio at approximately KSh9.19 billion.

That is a massive difference.

Now, I wouldn't simply say:

"Sameer owns KSh9.19 billion of property, therefore the shares should be worth X."

It doesn't work that way.

A valuation is an estimate.

Selling property comes with taxes, transaction costs, negotiations, timing issues and ex*****on risks.

Some properties may also never be sold.

But the gap is simply too large to ignore.

The real test is monetisation

This is where Sameer's next chapter becomes important.

The company has been pursuing the sale of approximately 3.75 acres of undeveloped land along Mombasa Road for about US$7.13 million, roughly KSh920 million based on the reported exchange rate.

If that transaction is successfully completed, it would be more than just another property sale.

It would give the market something it really wants to see:

Proof that the value sitting on the balance sheet can actually be converted into cash.

And once investors see that happening, they may start looking differently at the rest of the portfolio.

The rental business still matters

I also wouldn't want the entire Sameer thesis to depend on selling property.

The existing rental business is important.

The company has a substantial industrial property portfolio, and maintaining strong occupancy means Sameer continues receiving recurring income while waiting for the right opportunities to unlock additional asset value.

That gives the business two potential engines:

Recurring rental income + asset monetisation.

That's a combination worth watching.

What about dividends?

This is another interesting part of the story.

Sameer's historical retained-earnings position has limited its ability to make distributions.

If profitability continues and successful asset sales improve the company's financial position, the possibility of greater shareholder distributions becomes more interesting.

The potential chain is straightforward:

Sell an asset → generate cash → strengthen the balance sheet → improve retained earnings → potentially return more capital to shareholders.

Of course, that is a possibility, not a guarantee.

But I wouldn't chase the stock

This is where I become cautious.

Sameer has already attracted attention.

At around KSh18.10 on 21 August 2026, the company had a market capitalisation of roughly KSh5.16 billion.

The 52-week range was approximately KSh12 to KSh21.50.

So this is no longer an undiscovered stock trading quietly while nobody is paying attention.

The market has already recognised part of the story.

That changes the investment question.

We're no longer asking:

"Is Sameer undervalued?"

We're asking:

"How much of the remaining asset value can actually be unlocked, and is the current price still attractive enough to compensate investors for waiting?"

That's a much harder question.

What could move the stock from here?

I would watch five things very closely.

First, the Mombasa Road land transaction.

Successful completion would be a strong signal.

Second, rental income.

The recurring business needs to remain healthy.

Third, occupancy.

Empty industrial space would weaken the investment case.

Fourth, additional asset monetisation.

If management can sell selected assets at attractive valuations, the market could begin placing greater value on the remaining portfolio.

And fifth, shareholder distributions.

Ultimately, investors want the underlying asset value to translate into actual returns.

The risks

There are still several.

Property valuations are estimates, not guaranteed selling prices.

Transactions can take longer than expected.

The company has a relatively concentrated property portfolio.

Tenant losses could affect rental income.

And perhaps most importantly, the share price has already risen substantially.

So there is a real possibility that some of the easy upside has already been captured.

TUNU VIEW

SMER — HOLD / ACCUMULATE ON WEAKNESS

I like the underlying story.

We have a profitable business.

We have recurring rental income.

We have a debt-free balance sheet.

We have strategically located property.

And we have a very large gap between accounting carrying values and independent property valuations.

But I wouldn't buy Sameer purely because someone says:

"The property is worth KSh9 billion."

I want to see what management actually does with that value.

Can they monetise selected assets?

Can they continue generating strong rental income?

Can they build cash?

Can they improve shareholder returns?

That's where the real opportunity lies.

For me, Sameer is now a value-unlocking story.

The assets are already there.

The business is generating cash.

The balance sheet has improved.

The next step is proving that all of this can translate into real value for shareholders.

And if management continues doing that successfully, the current valuation may still leave room for further upside.

21/08/2026

NSE MARKET REVIEW — FRIDAY, 21 AUGUST 2026

The Nairobi Securities Exchange closed the week on a positive note, with the market continuing to show resilience despite increased movement between individual counters.

The NSE 20 Share Index gained 0.36% to close at 4,234.11, while the NSE 25 Share Index rose 0.24% to 6,837.07.

The bigger story, however, was not simply the rise in the indices. It was the rotation taking place beneath the surface.

Banking stocks show a mixed picture

The banking sector remained active, but performance was far from uniform.

Co-operative Bank declined 5.58% on 4.73 million shares, while I&M Group gained 5.69%. KCB added 0.54%, Equity Group gained 0.27%, and NCBA edged up 0.28%.

This kind of divergence suggests that investors are becoming more selective rather than simply buying the entire sector.

KCB remains one of the counters worth watching. It closed at KSh93.50, with 2.25 million shares traded and turnover of approximately KSh210.28 million.

The stock reached KSh94.75 during the session, but failed to maintain that level into the close. The ability to sustain momentum above the mid-KSh90s will therefore remain an important area to watch.

CGEN delivers a volatile session

Car & General (CGEN) was another standout counter.

The stock traded as high as KSh409 before falling sharply to KSh335, then recovering to close at KSh374.25, a 0.60% gain.

A total of 42,821 shares changed hands.

The wide intraday range makes CGEN one of the counters to keep on the radar next week. The recent high around KSh409 and today's low around KSh335 now provide important reference levels for investors watching the stock's next move.

What does this mean for the market?

The broader picture remains constructive.

The NSE is still trading around elevated levels, while several large-cap and banking counters continue to attract significant investor attention. At the same time, today's mixed performance shows that the market is becoming more selective.

That is an important development.

After a strong period of gains, some profit-taking is normal. What matters now is whether investors continue to step in when prices pull back and whether recent breakouts can hold.

For the coming week, the key things to watch will be:

• Sustainability of recent breakouts
• Buying interest on pullbacks
• Trading volumes behind major price moves
• Continued rotation within the banking sector
• Whether the major indices can maintain their upward momentum

The NSE closes the week with the positive trend intact, but the next phase may be less about broad-based gains and more about identifying which individual counters continue to attract meaningful buying interest.

That makes next week's price action particularly important.

20/08/2026

NSE MARKET CLOSE UPDATE | 20 AUGUST 2026

The Nairobi Securities Exchange closed Thursday’s session on a positive note, with all three major share indices advancing.

The NSE 25-Share Index gained 0.80% to 6,820.58, followed by the NSE 10-Share Index, which rose 0.65% to 2,667.03, and the NSE 20-Share Index, which added 0.61% to 4,218.75.

The session was characterised by strong performance in selected counters rather than a broad-based rise across the market.

Carbacid Investments was the strongest gainer, rising 9.81% to KSh48.70, while Car & General advanced 8.85% to KSh372.00. I&M Holdings gained 4.18% to KSh74.75, and KCB Group added 3.33% to KSh93.00.

The strength in CGEN and CARB stands out. Gains approaching 9–10% in a single session represent significant price movements and continue to place both counters among the market's more active momentum stories.

The banking sector also remained active. KCB and I&M posted solid gains, although the movement across the sector was mixed. Standard Chartered Bank Kenya declined 2.54% to KSh335.75, while Family Bank fell 1.36% to KSh32.70.

On the declining side, Uchumi recorded the largest fall, dropping 4.52% to KSh1.48. Kenya Re declined 2.17% to KSh3.61, while EABL eased 1.27% to KSh272.00.

This divergence between individual counters is an important feature of the current market. The indices are advancing, but the gains are being concentrated in particular stocks, making individual stock selection increasingly important.

Trading activity was also substantial. The market recorded KSh1.8 billion in turnover, with 35 million shares traded through 14,423 deals. The average trade size stood at approximately KSh124,000, compared with KSh60,800, indicating a considerable increase in the average value per transaction.

Foreign investors remained on the selling side, recording a net sell of KSh417 million, equivalent to approximately 23% of the day's activity.

Despite that foreign selling pressure, the market still managed to close higher. This suggests that sufficient domestic and other investor demand was available to absorb the selling and maintain upward pressure on prices.

Market breadth stood at 58%, with 15 gainers against 11 decliners. This reinforces the picture of a market that is positive but selective rather than one experiencing a uniform advance.

Overall, Thursday's session continued the positive momentum at the NSE. The strongest price movements were concentrated in a handful of counters, while turnover remained healthy and the major indices continued to post gains.

The combination of rising indices, strong activity in selected stocks, substantial turnover and continued foreign selling makes the current market environment particularly important for investors focused on stock selection, valuation, earnings momentum and liquidity.

For now, the numbers continue to point to a market with positive momentum underneath, but significant divergence between individual counters.

20/08/2026

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19/08/2026

NSE MARKET CLOSE | 19 AUGUST 2026

A strong finish to the day at the Nairobi Securities Exchange.

The market closed with solid buying interest, supported by healthy turnover, positive breadth and notable foreign participation.

TODAY’S NUMBERS

• Turnover: KSh 7.5B
• Volume: 210.3M shares
• Deals: 15,543
• Gainers: 16
• Decliners: 8
• Market breadth: 67% — Strong
• Foreign activity: KSh 4B net buying

The major indices also finished higher:

NSE 10: 2,649.71 | +0.74%
NSE 20: 4,193.03 | +0.35%
NSE 25: 6,766.28 | +0.53%

WHAT STOOD OUT?

Car & General led the gainers, climbing 9.89% to KSh 341.75.

It was followed by Carbacid, up 9.51%, and DTB, which gained 7.67%.

On the downside, Stanbic Holdings was the biggest decliner, falling 3.81% to KSh 258.50.

Perhaps the most interesting number today was the KSh 4B in net foreign buying.

That's a significant flow and one worth watching closely over the coming sessions.

THE BIGGER PICTURE

There is plenty to be encouraged about.

Liquidity remains healthy.
Market breadth is positive.
Foreign participation is supportive.
And the major indices continue to move higher.

But let's remain cautious.

One strong session doesn't mean every stock is suddenly a buy. Some of today's gains were concentrated in specific counters, while several stocks are already showing strong momentum.

The key question now is whether today's buying interest can be sustained and which counters continue to attract meaningful accumulation.

Overall: A positive day for the NSE — encouraging, but still a market where selectivity matters.

Let's see what tomorrow brings.

19/08/2026

Update:
Absa Bank Kenya Trading Temporarily Suspended
The Nairobi Securities Exchange has temporarily suspended trading in Absa Bank Kenya shares today from 9:30 a.m. to 11:00 a.m. to facilitate a major transaction involving 896 million shares, equivalent to approximately 16.5% of the bank.
Investors should watch the counter closely once trading resumes, as the transaction could influence share price movement, trading volumes and investor sentiment around Absa Bank Kenya

18/08/2026

TUNU CAPITAL TRADERS — NSE MIDDAY MARKET BRIEF

Tuesday, 18 August 2026 | 11:09 AM EAT

MARKET AT A GLANCE

The Nairobi Securities Exchange is showing a strong bullish tone at midday, with the major indices firmly positive and market breadth favouring advancing counters.

At approximately 11:09 AM, the market recorded:

Indicator| Midday Reading| TUNU Interpretation
Turnover| KSh 113.5M| Moderate liquidity
Volume| 3.9M shares| Healthy activity
Deals| 5,125| Broad participation
Gainers| 35| Strong
Decliners| 19| Controlled selling
Market Breadth| 65% — Strong| Bullish
Foreign Activity| Net sell KSh 5M| Caution
NSE 10-Share Index| 2,619.83 (+1.24%)| Strong momentum
NSE 20-Share Index| 4,178.50 (+1.02%)| Strong
NSE 25-Share Index| 6,717.10 (+1.20%)| Strong

The NSE's published market statistics corroborate the index levels shown in the live screen: NSE-10 at 2,619.83, NSE-20 at 4,178.50 and NSE-25 at 6,717.10.

1. TUNU MARKET TREND — BULLISH

The first signal is price direction.

All three major NSE indices are above +1% at midday:

NSE 10: +1.24%

NSE 20: +1.02%

NSE 25: +1.20%

This is important because the advance is not confined to one narrow index. The broader NSE 25 is also participating.

TUNU reading: POSITIVE TREND

The market is currently rewarding risk-taking rather than displaying broad-based defensive behaviour.

2. MARKET BREADTH — A MAJOR POSITIVE

There are 35 gainers against 19 decliners.

That gives the market a roughly 1.84:1 advancing-to-declining ratio.

The displayed breadth of 65% therefore confirms that the rally has reasonable participation.

This is healthier than a situation where the index rises only because one or two heavyweight counters are moving.

TUNU reading: STRONG

However, breadth should be monitored into the afternoon. A strong morning breadth that deteriorates sharply later would suggest profit-taking.

3. WHERE THE MONEY IS MOVING

The active-turnover screen gives a particularly interesting picture:

1. KCB — KSh 90.00 | KSh 21.82M turnover

2. ABSA — KSh 34.30 | KSh 11.48M

3. Family Bank — KSh 33.90 | KSh 11.29M

4. NCBA — KSh 91.75 | KSh 9.18M

5. KPLC — KSh 21.15 | KSh 7.92M

These five counters alone account for approximately KSh 61.7M, or about 54% of the displayed KSh 113.5M market turnover.

That tells us something important:

The market is bullish, but liquidity is still concentrated in a relatively small group of counters.

KCB is particularly dominant, contributing almost 19% of total midday turnover by itself.

4. BANKING LEADERSHIP

The banking complex is clearly central to today's activity.

KCB at KSh 90.00, NCBA at KSh 91.75 and ABSA at KSh 34.30 are among the most actively traded counters.

KCB is especially noteworthy because the screen marks it "cum dividend", meaning the stock is trading with the relevant dividend entitlement attached. KCB's shareholder-return profile remains significant: the bank approved a total FY2025 dividend of KSh 7.00 per share, while its 2025 net profit reached KSh 68.4 billion.

The bigger TUNU point is not simply that KCB is rising.

It is that capital is concentrating around liquid, established businesses with earnings and dividend narratives.

5. ACTIVE VOLUME — SPECULATION VS PARTICIPATION

The active-volume screen shows:

KEGN — 411,855

KPLC — 376,992

FMLY — 337,037

ABSA — 334,374

KNRE — 316,601

This is useful because turnover and volume tell different stories.

KCB dominates value traded, while KEGN and KPLC dominate share volume.

That suggests two different layers of market participation:

Large-cap/value participation: KCB, ABSA, NCBA.

Higher-volume/price-accessible participation: KEGN, KPLC, Family Bank, Kenya Re.

TUNU therefore sees broad participation, but not uniform capital intensity.

6. TOP GAINERS — MOMENTUM IS MOVING BEYOND THE BLUE CHIPS

The strongest gainers at the time of the screenshots were:

Car & General — KSh 316.75 | +9.98%

NSE PLC — KSh 26.70 | +7.44%

Olympia Capital — KSh 8.60 | +7.23%

East African Portland Cement — KSh 122.75 | +4.69%

BOC Kenya — KSh 190.00 | +4.68%

Car & General is effectively at the displayed +10% intraday threshold.

This is a sign of strong speculative/momentum activity in selected smaller counters.

But the TUNU principle here is:

A strong price move is not automatically a strong investment thesis.

Momentum should be separated from business quality, earnings growth and valuation.

7. DECLINERS — SELLING REMAINS SELECTIVE

The leading decliners were:

Africa Mega Agricorp — KSh 122.50 | -5.22%

Limuru Tea — KSh 501.00 | -4.57%

Crown Paints — KSh 60.00 | -3.61%

Liberty Kenya Holdings — KSh 9.12 | -2.15%

Umeme — KSh 6.50 | -2.11%

Notably, two of the leading decliners are marked ex-dividend.

Therefore, their price weakness should not automatically be interpreted as deteriorating investor sentiment. Dividend adjustments can mechanically affect share prices.

TUNU reading: DECLINER DATA NEEDS CONTEXT.

8. FOREIGN FLOW — THE BIGGEST WARNING SIGNAL

The strongest cautionary indicator on the screen is:

FOREIGN ACTIVITY: NET SELL KSh 5M

This is relatively small compared with total turnover, but it matters because it contrasts with the bullish domestic price action.

We therefore have an interesting market structure:

«Prices are rising while foreign investors remain net sellers.»

This suggests that today's strength is being absorbed by other market participants, particularly local investors and institutions.

Recent market developments also show that the NSE rally has increasingly broadened beyond the traditional largest counters, with smaller and mid-cap stocks gaining market share.

TUNU reading: CAUTION, NOT PANIC.

A persistent foreign net-selling trend combined with weakening breadth would be much more concerning.

9. MACRO BACKDROP

The monetary environment remains relatively supportive for equities.

The Central Bank of Kenya's latest published rates show:

CBR: 8.75%

KESONIA: 8.7526%

91-day T-bill: 8.773%

July inflation: 6.49%

CBK has maintained the Central Bank Rate at 8.75%, while KESONIA has converged around the same level.

This creates a mixed but constructive environment for equities:

Positive: lower and stable monetary rates can support credit growth and equity valuations.

Risk: inflation at 6.49% remains sufficiently elevated to limit the room for aggressive further monetary easing.

The upcoming Treasury-bill auction on 20 August 2026 is also worth watching because money-market yields remain an important alternative to equities.

10. TUNU RESEARCH SYSTEM — MIDDAY SCORECARD

TUNU Factor| Assessment| Signal
Market Trend| Major indices +1%| Strong
Market Breadth| 35 gainers vs 19 decliners| Strong
Liquidity| KSh 113.5M turnover| Moderate/Positive
Volume| 3.9M shares| Positive
Leadership| Banks + utilities prominent| Positive
Momentum| Several counters +4% to +10%| Strong but selective
Foreign Flow| Net selling KSh 5M| Caution
Macro| CBR 8.75%, inflation 6.49%| Neutral/Positive
Concentration| Top 5 ≈54% of turnover| Watch
Long-term Quality| Requires company-level analysis| Selective

TUNU MARKET VERDICT: BULLISH — BUT SELECTIVE

The evidence at midday supports a bullish market regime, not a blind "buy everything" environment.

The strongest combination is:

Positive indices + strong breadth + healthy volume + banking leadership.

The main counter-signals are:

Foreign net selling + turnover concentration + sharp speculative moves in smaller counters.

WHAT TUNU INVESTORS SHOULD WATCH THIS AFTERNOON

1. Does breadth remain above 60%?
If gainers continue to dominate, the bullish signal strengthens.

2. Does turnover accelerate beyond the KSh 113.5M midday level?
Increasing turnover alongside rising prices would provide stronger confirmation.

3. Does KCB maintain the KSh 90 area?
Given its unusually high turnover and dividend-related trading, KCB is an important market sentiment gauge today.

4. Does foreign selling intensify?
A move materially beyond the current KSh 5M net sell would introduce greater caution.

5. Do the NSE 10, 20 and 25 remain above +1%?
Holding these gains into the close would provide stronger evidence of broad market strength.

6. Do today's high-flying small caps retain their gains?
TUNU would distinguish between genuine accumulation and short-term momentum.

THE TUNU TAKEAWAY

Today's market is telling us something quite clear:

The NSE is strong, participation is broad, and buyers currently have control.

But the quality of the rally matters more than the colour of the screen.

The TUNU Research System therefore favours selective accumulation of quality businesses supported by earnings growth, sustainable dividends, reinvestment and long-term compounding, rather than chasing whatever counter is up the most at midday.

Market direction: BULLISH
Breadth: STRONG
Liquidity: HEALTHY
Foreign flow: CAUTIOUS
Risk level: MODERATE
TUNU stance: STAY INVESTED, BUT BE SELECTIVE