As we wait for the results of the Kenya Aiways rights issue, it seemed to have passed without any investment banks or stock brokers producing any independent analysis and recommendation on it’s prospects. 

That’s not a 100% true as a Google search has found two broker reports on the KQ rights, one with a buy recommendation, and the other with  an underweight recommendation – which usually means that the security is expected to underperform either its industry, sector, or even the market. 

Still, it’s been almost impossible to get my stockbroker, or any other investment bank to share a copy of a report on KQ, or the earlier British American IPO. Yet a few years ago, most brokers were happy to share analysis (theirs, or from other brokers/banks) on Kengen, Safaricom, even Kenya Re. 

I discussed with @Coldtusker around the time of Britak and his view was that brokers don’t produce public analysis reports for shares that they don’t believe will perform well – They say nothing, so as not to be seen to endorse, or hype weak share sales to their insititutional or retail clients.

Is that the case? Are negative reports shelved in order to keep corporate issuers happy, and ensure retail shareholders line up and buy shares? So where’s a retail shareholder supposed to  get objective reports?

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