Forecasts and recommendations of analysts of IFH RESMI (Kazakhstan) for February 23, 2010

/IRBIS, February 23, 2010/ - Finance & Investment House RESMI JSC (Almaty, IFH RESMI) provided IRBIS overview of major events and their investment ideas and projections for February 23, 2010. Analysts now paying attention to the following investors' significant events - Deposit and credit markets in Kazakhstan. According to published data from the National Bank of Kazakhstan, the deposit market has grown by 2.3% in January 2010 and amounted to KZT6,621 billion. In relation to January 2009, in January 2010, the deposit market has grown by 26%. Growth was observed on deposits nominated in KZT and amounted to almost 5.5% in January 2010. While, deposits denominated in foreign currency continued to decline and fell by 0,5%. Analysts IFD "RESMI" believe that the trend growth of deposits continues. Most of the growth will occur in deposits denominated in local currency in connection with its gradual strengthening. The credit market in January 2010 decreased by almost 0.5% and amounted to KZT7,609 billion. In comparison with January 2009, the credit market has grown by 3%. The main sectors were trade credit (23%), construction (19%) and other industries (41%). In comparison with January 2009, credit, agriculture, transport and communications showed a significant increase by 23%, 25% and 42% respectively. - Started trading bonds of JSC "NC" Food Contract Corporation". Now open at KASE trades in bonds 3rd issue of JSC" NK "Food Contract Corporation". January 29, 2010 bonds have been listed and were included in the official list of KASE, category "Debt securities with ratings. Issue of these bonds is the second in the first bond program "Food Contract Corporation, a registered Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Institutions 08 February 2006 totaling KZT30 billion and the third issue of internal bonds of the issuer, which took place at KASE listing procedure. Term of circulation of the first issue of bonds under this program was five years old (17.05.04 - 17.05.09). The bonds were placed and paid on time in full, and the amount of borrowed funds amounted to KZT3 billion. Analysts IFD "RESMI" expect that the proceeds from the second bond issue, as the first issue will be used to finance current activities and commitments "Food Contract Corporation", as well as to finance the commercial purchase of grain. 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 630 796 26.3% 1,261 46.80 Halyk bank 347 409 17.9% 1,006 45.00 Bank Center Credit 730 1,218 66.8% 865 40.05 ENRC 2,340 On review 2,775 54.40 Kazakhmys 3,050 On review 3,530 48.01 RD KMG 21,200 26,380 24.4% 26,636 44.85 Kazkhtelekom 17,750 33,842 90.7% 21,700 39.28 -------------------------------------------------------------------------- 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 KZT796 per share by the end of 2010; - Halyk Savings Bank of Kazakhstan is estimated IFD "RESMI" as the most promising in terms of business development financial institution in Kazakhstan. Analysts see the growth of bank shares to KZT409 per share; - Shares of Bank CenterCredit in the long term, analysts IFD "RESMI" about the outlook for growth in bank securities to a level 1 230 m.; - Shares of Kazakhtelecom look the most attractive for investment in the long term. Analysts IFD "RESMI" recommend buying ordinary 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 IFD "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. [2010-02-23]