Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for March 31, 2010

/IRBIS, March 31, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for March 31, 2010. Analysts JSC "BCC Invest" expected today on the Kazakhstan on stock market a small correction after two days of growth, however, in the case of a positive background news from abroad could be continued growth. JSC "BCC Invest" also note the following important events in the Kazakhstan market: - March 30, 2010 in the trade system of KASE a specialized auction on placement of government long-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUZHKAM-144 of the first issue. Volume of placement amounted to 5 billion tenge (100% of plan), the rate cut (fixed coupon rate) - 0.01% APR. Maturity of MEUZHKAM-144 - 12. - Russia and Kazakhstan have prepared an intergovernmental agreement on joint geological study and exploration of cross- border Imashevsk gas condensate field. Prime Minister Vladimir Putin on March 25 signed an order approving the draft agreement. After calculating the reserves, their performances on the balance of the parties and determine the economic feasibility of further development of the deposit will sign a new agreement governing the joint development of the deposit. The company Max Petroleum PLC owns the license for exploration and development of the Astrakhan Block, which is adjacent to Imashevsk gas condensate field. As previously reported, the company plans to transfer the rights to develop the Astrakhan Block to lease or sell to third parties. According to JSC "BCC Invest", the beginning of the development Imashevsk field, and the development of appropriate infrastructure, will enable Max Petroleum successfully implement plans for the sale or transfer of rights in the Astrakhan Blok. But analysts AO "BCC Invest" believe that this message will be neutral for the stock price Max Petroleum, since it corresponds to the expectations of the market. JSC "BCC Invest" retains the recommendation of "deja" on the shares of Max Petroleum with a target price of 21 pence per share. - March 30, 2010 the company Kazakhmys PLC published its audited financial statements for the past year, including results from investments in ENRC PLC, in which the company has 26% stake. EBITDA for the company in 2009 amounted to $ 1 634 million, which includes $ 423 million from ENRC. The lower yield Kazakhmys Copper compared with 2008 resulted in the fact that the company's EBITDA fell by more than a quarter. Net income was equal to $ 602 million and earnings per share amounted to $ 1 13 cents. Share in ENRC was $ 223 million level of capital expenditures totaled $ 187 million pressure on profit margins have high tax expenses. A special feature of the presentation of financial results in 2009 was that the company had not included in the consolidated revenue share in the Kazakhmys Power and MKM, because these units were classified as "held for sale". Declared December 10, 2009 agreement of sale 50% share of the Ekibastuz GRES-1 led to the leadership of Kazakhmys PLC as the company reclassified as "intended for sale and suspended operations for financial reporting purposes. Analysts JSC "BCC Invest" put the recommendation and target price on shares of the company Kazakhmys PLC for review, and will soon release a new review in the light of published data for 2009. - Tsesnabank "KASE notified that the April 28, 2010 annual general meeting of its shareholders. This message is a neutral stock price of the bank, so the CCA agenda includes the usual for such meetings issues. However, before fixing the date of the register of shareholders to participate in the OCA may increase the activity of transactions on the shares of the bank. Analysts JSC "BCC Invest" preserve the recommendation to "reduce" on ordinary shares Tsesnabank "with a target price of 737 tenge per share. - Today is expected to publish financial statements ZhaikMunai LP in 2009. However, according to AO "BCC Invest", reporting itself does not have a significant impact on the dynamics of quotations of depositary receipts ZhaikMunai LP, greater attention should be given information in the course of construction of gas processing plant (GTU) and related infrastructure facilities, as well as plans for the company's management in terms of production at 2010. In the event of a substantial backlog of construction GTU and / or discrepancies management plans mining company in 2010 with expectations of analysts, analysts will be forced to revise their models of evaluation of the company, which could lead to a substantial drawdown of stock price ZhaikMunai LP. Analysts JSC "BCC Invest" also expect the following developments in international markets: - on Russian markets are data on weekly inflation at the Monday and on the accumulated inflation since the beginning of the year. Other publications, statistical indicators today are not expected. Investors also will monitor corporate events of the day, which today will enjoy their abundance. Among the flood of news worth mentioning the publication of financial statements for the year 2009 according to company OAO Mobile TeleSystems, the bank "Revival", Evraz, etc. At the opening of today's trading is expected to increase the basic indices, because Asian markets are currently located mainly in the black. Nevertheless, a slight decrease in futures for U.S. indices are likely to be offset this growth. - European markets with major economic events will be publishing data on unemployment in Germany in March and a similar indicator of the labor market across the euro area in February. In addition, the expected yield forecast inflation data of European countries in March compared to the same period last year. - on the U.S. markets is expected to publish the Chicago PMI manufacturing index for March and the data on the growth of industrial orders in February. In addition, the situation on the commodity market can affect the next output data for weekly storage reserves of oil and petroleum products. 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 690 695 +0.65 Hold KKGBp 269.5 347 +28.87 Hold Halyk Bank HSBK 390 335 -14.23 Sell Bank CenterCredit CCBN 740 777 +5.00 Hold Tsesnabank TSBN 940 737 -21.60 Cut KazMunaiGaz RDGZ 21,670 20,300 -6.32 Hold Kazakhmys PLC GB_KZMS 3,390 On review ENRC PLC GB_ENRC 2,585 2,642 +2.21 Hold Kazakhtelekom KZTK 17,150 17,800 +3.79 Hold KZTKp 7,902 10,300 +30.35 Buy MREK MREK 960 800 -16.67 Cut ---------------------------------------------------------------------- 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. [2010-03-31]