Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 2, 2010

/IRBIS, April 2, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 2, 2010. Analysts of JSC "BCC Invest" expected today on the Kazakhstan stock market mixed trends. According to analysts, the shares Kazakhmys PLC and ENRC PLC will continue to grow on Friday, while shares of the banking sector may be adjusted downward. However, in view of the fact that western markets will be closed for the Easter holidays, trading in shares on KASE, most likely, will be held listlessly, and the movement of quotations will be of low amplitude. Today JSC "BCC Invest" will release a new review of Kazakhmys PLC c view of the published financial results for the year 2009. JSC "BCC Invest" also noted the following important events in the Kazakhstan market: - Inflation in Kazakhstan in March 2010 amounted to 0.7%, reported The State Agency for Statistics. Food prices in March rose by 1.2%, non- food goods - by 0.4%, paid services - by 0.2%. Meanwhile, the annual inflation rate (March 2010 to March 2009) amounted to 7.2%, while food prices grew by 5.4%, non - 6.7%, paid services - 10.2%. Average annual inflation is (January-March 2010 to January-March 2009) amounted to 7.3%. Groceries in January-March 2010 compared to the same period last year grew by 4.6%, non - on 8.0%, services - by 10.3%. - In Kazakhstan, the prices of enterprises-manufacturers of industrial products with regard to productive services in March by February 2010 had not changed, by March 2009 - increased by 40,6%, indicated in the report circulated on Thursday, the State Agency for Statistics. In this case, according to statistics has, the price of manufactured goods in March and have not changed (as compared to March 2009 - an increase of 43%), the production services - declined by 0.5% (an increase of 6,7%, respectively). According statvedomstva, last month there were price declines in the manufacturing industry - by 0,1% in manufacturing, distribution, electricity, gas and water - an increase of 0,3% in the mining industry remained unchanged. - Halyk Savings Bank of Kazakhstan has announced its consolidated financial results for the twelve months ended December 31, 2009, prepared in accordance with International Financial Reporting Standards and audited Delloitte, LLP. Financial highlights for 2009: Assets grew by 22,5%, means customers grew by 46.9%, individuals' funds increased by 20.9%, loans to customers fell by 4,6%, capital grew by 47,1% , cash and cash equivalents increased by 198.4%, net income increased by 9,1% to 15,9 billion tenge, net fee and commission rose by 47,1%, interest income increased by 0,7% , operating expenses increased 0.4%, provisions for impairment losses rose by 39.2% and net interest margin declined from 6,0% to 5,3%, the ratio of operating expenses to income from operations before deduction of provision for impairment has decreased from 34,4% to 30,0%, capital adequacy ratio of the first level, calculated in accordance with regulations of Basel, increased to 16.9% capital adequacy ratio, calculated in accordance with regulations of Basel, increased to 20.6%, the ratio of deposits to loans to customers fell to 0.89 x, the ratio of reserves to gross loan portfolio increased to 15,5%. JSC "BCC Invest" notes that the financial results were slightly better than expectations and well above the consensus forecast of analysts, mainly due to lower write-offs for impairment. According to analysts AO "BCC Invest" The above results have a positive impact on quotations of ordinary shares and GDRs of the bank, as were better than market expectations. The current recommendation of JSC "BCC Invest" securities the bank is located at the "sell", but the forecast raised for review. In the near future JSC "BCC Invest" will review the recommendations and price targets on securities Halyk Savings Bank of Kazakhstan. " Analysts of JSC "BCC Invest" also expect the following developments in international markets: - on Russian markets not expected to rush in economic statistics. The only publication will yield data as the monetary base in rubles at the end of March. From corporate events worth noting press conference UniCredit Bank, which will focus on the financial results of 2009 and projections for 2010. At the opening of trading is expected to continue optimistic, pledged at yesterday's trading on the background of positive traded Asia. Futures on U.S. indices currently traded in a minor flaw, which could have a deterrent effect on stock purchase. Nevertheless, given that stock markets in Europe and the U.S. today is not working, is not expected high activity at the Russian sites. - European markets trading will not be undertaken in connection with the Easter holidays. - on the U.S. markets, similar to the European market, will also be closed, but expected little activity on the debt market. The main event on Friday will yield data for the March unemployment, which is expected at the same level as last month. 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 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. [2010-04-02]