Forecasts and recommendations of analysts of IFH RESMI (Kazakhstan) for January 14, 2010

/IRBIS, January 14, 2010/ - Finance & Investment House RESMI JSC (Almaty, IFH "RESMI") provided IRBIS overview of major events and their investment ideas and projections for January 14, 2010. Analysts now paying attention to the following investors' significant events: - Macroeconomic indicators of the National Bank. Yesterday the National Bank of Kazakhstan announced macroeconomic data for the 9 months of the previous year. According to the current account balance of payments in Kazakhstan in January-September 2009, emerged with a deficit of $ 3.9 billion in the period under review, surplus of trade operations amounted to over $ 9 billion in the financial account net inflows emerged in the $ 6 billion in overall result balance of payments turned positive, which contributed to a favorable situation in foreign markets. Good overall balance was due to the third quarter of 2009, while in the first half there were negative indicators. The influx of foreign investment impact on the strengthening of tenge and the head of the National Bank does not rule out further consolidation. In order to maintain the exchange rate of tenge National Bank since the end of last year began actively buying dollars. However, few of tenge could not be avoided. According to assumptions of analysts IFD RESMI, further improvements in macroeconomic performance will continue this year, which will increase the inflow of foreign investment into the country and strengthen the national currency. Analysts believe that the revaluation of the tenge will happen in the first half of this year. Analysts of IFH RESMI give the following advice for investors in securities of issuers in Kazakhstan: --------------------------------------------------------------------------- Issuer Last price Predicted price* Up/down from Target RSI, Current price price** %*** ------------------ ---------- ---------------- ------------- ------- ------ Kazkommertsbak 695 796 +14.5% 1,096 57.21 Halyk bank 355 409 +15.2% 1,118 Bank Center Credit 780 1,218 +56.2% 906 52.71 ENRC 2,365 On review 2,638 59.99 Kazakhmys 3,350 On review 3,493 56.82 RD KMG 24,000 26,380 +9.9% 26,714 Kazkhtelekom 19,100 33,842 +77.2% 21,700 53.86 --------------------------------------------------------------------------- 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 IFH "RESMI" will cost no less than KZT 796 per share by the end of 2010; - Halyk Savings Bank of Kazakhstan is estimated IFH "RESMI" as the most promising in terms of business development financial institution in Kazakhstan. Analysts see growth of bank shares to KZT 409 per share; - Shares of Bank CenterCredit in the long term, analysts of IFH RESMI about the outlook for growth in bank securities to a level KZT 1,230 m.; - Shares of Kazakhtelecom look the most attractive for investment in the long term. Analysts of IFH "RESMI" believe that the potential for growth compared with the current price of 77.2% and recommend buying simple shareholders of the issuer. - JSC Exploration Production KazMunaiGas - the company is actively consolidating oil and gas sector in Kazakhstan, which exports about 80% of its oil. Provision is 5% of the total volume of proven reserves in Kazakhstan. Analysts IFH "RESMI" sees upside of 22% in the conservative approach, ie, while maintaining the production level as in 2008, increasing capex in 1.5 times, acquiring 50% stake in Mangistaumunaigaz and at an average price of oil at $ 65/barrel. 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. [2009-01-14]