Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for March 17, 2010

/IRBIS, March 17, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for March 17, 2010. Analysts JSC "BCC Invest" now waiting on the Kazakhstan stock market continue to rise after two-day respite. According to our forecast growth leaders will share the commodity sector in the first place - ENRC PLC and Kazakhmys PLC, but the growth of shares of JSC "Exploration&Production KazMunaiGas, despite high oil prices will be tempered by the uncertainties in the PF" OzenMunayGaz. "In the banking sector is also possible to increase, primarily in the actions Kazkommertsbank and the People's Bank - the efforts of arbitrageurs against growth of quotations of their depositary receipts on the London Stock Exchange. Analysts JSC "BCC Invest" find it difficult to predict how long the optimism on world stock exchanges. However, due to the fact that the majority of the shares covered by the quotes are close to their local maxima and / or certain of our target prices, analysts JSC "BCC Invest" recommend investors to gradually reduce positions in the stocks, then to pay off their expectations after a global market correction . JSC "BCC Invest" also note the following important events in the Kazakh market: - Ministry of Oil and Gas of Kazakhstan will now represent the state's interests in major oil and gas projects, including those that are based on production sharing agreements, said Minister of Oil and Gas Sauat Mynbayev. In an interview with reporters on Tuesday in Astana, he recalled that previously, these interests represented oil and gas national company KazMunaiGaz. According to him, "KMG" will remain a commercial function: Production, sale of petroleum products, oil and gas. - South Korean Kookmin Bank has the right to convert their preferred shares into common shares of Bank CenterCredit (BCC) to 2012, said chairman of BCC Vladislav Li. As is known, Kookmin Bank is the principal shareholder of BCC with a share of 42%. B. Lee explained that the current implementation of the conversion is not possible due to the fact that BCC is not yet ready for this process. "The fact that Kookmin Bank listed on the New York Stock Exchange. The requirements of the Exchange and the Korean regulators if its share in the BCC will become the majority, we must consolidate the balance sheets of the two banks to consolidate with it for a month, based on audited reports. Technically, our IT-system for such consolidation is not ready",- he said. "We have a plan to achieve those goals before the end of 2011 and we are therefore the plan work. When we are technically ready for such a consolidation, then the conversion can happen," - concluded the head of BCC. According to analysts JSC "BCC Invest", the message is neutral for the stock price of BCC, since corresponds to the earlier statement and market expectations. - Bank CenterCredit plans in 2010, growth in assets at the level of 15- 16%, informed the chairman of BCC Vladislav Li. B. Lee also said that in the next 2-3 years, BCC is planning to enter the three leaders of the banking system of Kazakhstan. According to his information, the net profit of the bank is planned in 2010 at 5 milliard. tenge. In turn reckoning portfolio, according to a careful assessment should be up in 2010 to grow by 10-15%. Meanwhile, the bank will seek to increase this figure to 20%. Volume provisioning is scheduled at around just over 11% of the loan portfolio. The level of problem loans should not exceed 4% of the loan portfolio. Analysts JSC "BCC Invest" is currently reviewing its valuation model shares BCC against published data. In the near future JSC "BCC Invest" will release a new survey by the issuer and update the recommendations and price targets on shares of the Bank. Analysts JSC of "BCC Invest" are also waiting for the next events in the international markets: - On Russian markets today, news ticker will be scarce in the economic statistics, which will largely consist only of data on weekly inflation, which are unlikely to have any impact on the market. At the opening of the morning trading session on the RTS and MICEX exchanges in a positive mood is expected of players, because a favorable external background currently prevails in most of the world's stock exchanges. - European markets is the most important macroeconomic statistics will be published today in the UK, where there are data on the labor market in February. In addition, today held a monthly meeting of the Bank of England, which will be determined by the current monetary policy and, in particular, the volume of IPOs of government bonds. - On the U.S. markets are now expected to head the Fed statement, which will be the main event of the day. The greatest interest will be comments by Ben Bernanke, as a member of the Committee on the Federal Open Market (FOMC) to a decision on interest rates and the sight of the authorities on the state of monetary policy at this time. In addition, today released the producer price index for February, and the data as weekly crude oil and petroleum products in the country, which could have an impact on the commodity market Analysts of BCC Invest JSC are giving the following advice for investors in securities of issuers in internal market: ---------------------------------------------------------------------- Issuer Last price Target Predicted price, code price % Recom- mendation ----------------- ------- ---------- ------ ---------------- --------- Kazkommertsbank KKGB 641 695 +8.35 Hold KKGBp 245 347 +41.76 Hold Halyk Bank HSBK 380 335 -11.97 Hold Bank CenterCredit CCBN 735 On review Tsesnabank TSBN 980 737 -24.80 cut KazMunaiGaz RDGZ 20,400.01 20,300 -0.49 Hold Kazakhmys PLC GB_KZMS 3,320 3,528 +6.27 Hold ENRC PLC GB_ENRC 2,480 2,709 +9.23 Hold Kazakhtelekom KZTK 17,185 17,800 +3.58 Hold KZTKp 8,020 10,300 +28.43 Buy ---------------------------------------------------------------------- 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. [2010-03-17]