Forecasts and recommendations of analysts of IFH "RESMI" (Kazakhstan) for December 3, 2009

/IRBIS, December 3, 09/ - Finance and Investment House "RESMI" has provided IRBIS with a survey of main events, Forecasts and Investment ideas for December 3, 2009. Analysts now paying attention to the following investors' significant events: - Kookmin Bank intends to close the deal to increase its stake in Bank CenterCredit (BCC) in early 2010. IFC, however, will get about 12.4% of the bank. According to the head of the bank, the completion of the transaction is scheduled for January and February 2010, the share of Kookmin Bank will be increased to 40% (from the current 30.55%), although earlier this year a South Korean bank was planning to increase its stake to 50.1%. Share IFS will be 12.4%. By source IFD "RESMI" in the BCC, the increase in shares will occur as a means dop.emissii and sale of existing shares. Attracting additional capital in the bank will be about $ 100 million This news is positive in terms of growth prospects of the Bank's shares. At this event, analysts IFD "RESMI" increase the predictive value of the shares CCBN from KZT 1,211 to KZT 1,313. - However, BCC announced raising $ 50 million from the EBRD for a period of 5 years. The annual rate of 8%. Funds in the bank intends to extend the financing of SMEs. According to the report of the bank for the third quarter of 2009, the total amount of the loan to the Bank amounted to some 10.4 billion tenge (or U.S. $ 69.4 million), which is according to our calculations 8.1% of the bank's loans. - Kazakhmys, "BelAZ" and "AstanaBelAZservis to" create a joint venture to produce a career and special equipment. Share holding of Kazakhmys in a project to build LLP JV KazBelAZ "will hold a 51% share of the Belarusian Automobile Plant - 29%, the proportion LLP ASTANABELAZSERVIS K, official dealer in Kazakhstan - 20%. Total investment cost of the project will amount to more than $ 70 million should be noted, participation in this joint venture company Kazakhmys, which makes extensive use of a career, and specialized equipment in the manufacturing process. Analysts IFD "RESMI" believe that the participation of "Kazakhmys" in the joint venture expects that the company expects in the future to actively procure equipment and as one of the participants in the joint venture, the purchase may be made at cost, thus reducing the cost of a company's, with purchase of special equipment. active equipment purchases in the future, saying that the company expects to increase production, commissioning of new mines and expansion of existing production capacity. - JSC National Company "Kazakhstan Temir Joly" (NC KTZ): the increase of cargo with the Customs Union. "Kaztemirtrans" (100% NC KTZ) buy 5 thousand gondolas in "Kazakhstan Railway Car Company." TOO Kazakhstan Vagonostroitelnaya company, where 33.4% belongs LLP Repair Corporation Kamkor "and 76.6% of NK KTZ. TOO" TAMA "51% - LLP Repair Corporation Kamkor". Building gondolas and fitting platforms will be based at the depot wagon LLP Taman. On the balance "Kaztemirtrans" about 60 thousand units. wagons. Every year 20 thousand units being repaired. This purchase shows that the introduction of the Customs Union, NC KTZ expects to increase turnover in Kazakhstan, which may further increase the existing shortage of freight cars in the country, and these actions aimed at reducing the costs of repair and maintenance of the technical condition of cars, gondola cars and fitting platforms. Analysts of IFH "RESMI" give the following advice for investors in securities of issuers in Kazakhstan: -------------------------------------------------------------------------- Last price Predicted price* Up/down from Target RSI, Эмитент Current price price** %*** ------------------ ---------- ---------------- ------------- ------- ----- Kazkommertsbak 700 611 -12.7 % 869 65.16 Halyk bank 330 On review 917 62.17 Bank Center Credit 880 1,313 +49.0 % 878 87.56 ENRC 2,260 On review 2,499 52.18 Kazakhmys 3,199 On review 3,229 58.36 RD KMG 21,900 On review N/A 48.59 Kazkhtelekom 19,000 33,842 +78.1 % 22,095 47.29 -------------------------------------------------------------------------- * Fundamental evaluation IFH "RESMI" for 12 months (weekly review) ** Target according to the consensus forecast of analysts surveyed by Bloomberg *** Relative strength index - an indicator of technical analysis. determines strength of trend and likelihood of change. Overbought / oversold - when RSI indicator value is closer to 100% / 0% - Cost of ordinary shares of Kazkommertsbank assessment IFD "RESMI" will cost no less than KZT 912 per share. Current levels are the same (P / E and P / BV) show the "overheated" market and in the short term correction; - Shares of Bank CenterCredit remain the most overbought from domestic blue chips. Correction is likely to continue, but in the longer term, analysts IFD "RESMI" about the outlook for growth in the securities and on the background of entering the capital of the Bank, IFC and increasing the share of Kookmin and raise the target to the level of 1,300 m.; - Shares of Kazakhtelecom look the most attractive for investment in the long term. Analysts of IFD "RESMI" believe that the potential for growth compared with the current price of 78.1% and recommend buying these shares. The given material has exclusively information character and is not the offer or recommendation to make any transactions with the stocks. Agency Irbis doesn't take responsibility for the opinions which are in given material. [2009-12-03]