Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 15, 2010

/IRBIS, April 15, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 15, 2010. Analysts of JSC BCC Invest expected today on the Kazakhstan stock market after yesterday's correction, rehabilitation on the background of the positive closing in the U.S. and growth in Asian markets. JSC BCC Invest also noted the following important events in Kazakhstan's market: - April 14, 2010 in the trade system of KASE a specialized auction on placement of short-term treasury bills of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-12 106 issue. Volume totaled 164.4 million placements of bonds to KZT16 117.64 million (109.6% of the plan), the yield to maturity - 2% per annum. - JSC National Company KazMunayGas summed up the preliminary operating results for the first quarter of 2010. For January and March 2010 consolidated oil and gas condensate, taking into account the share of KazMunaiGas "amounted to 5 314.9 thousand tons, exceeding the target rate at 4 percent. Compared with the same period in 2009, in the first quarter of 2010 consolidated production of oil and condensate production companies, taking into account the share of JSC "NC KMG has grown by 878.8 thousand tons, or 19.8%. Growth achieved through consolidation of production of JSC "Mangistaumunaigas" (696, 2 thousand tons) and increase production of LLP. Tengizchevroil and other companies. In March 2010 the consolidated oil and gas condensate, taking into account the share of KazMunaiGas "amounted to 1 827.5 thousand tons, exceeding the target by 2.9% per cent. Analysts JSC "BCC Invest" believe that the message can only be judged indirectly on production results for the first quarter of 2010, KMG, whose publication is expected within the month. The big question is, how much much lower the actual oil KMG due to industrial conflict in PF OzenMunayGaz. In the case of a significant reduction of production of JSC "BCC Invest" will modify the model estimates of shares and will review the recommendations and price targets on shares and depositary receipts of KMG EP. At present JSC "BCC Invest" reaffirms the recommendations of "hold" on the shares and GDRs of the company with target price 20 300 tenge per share and $ 23.30 per GDR. - Kazakhstan's electrolysis plant attracted a loan BRC on $ 400 million of JSC "Kazakhstan electrolysis plant and the State Bank of Kazakhstan (KDB) have reached agreement on the terms of the contract a bank loan for $ 400 million, the press service of the plant. As indicated in the dissemination of information, a credit of $ 400 million issued for a period of 15 years. Borrowed funds will be provided KEZ of confessional credit line from Eximbank of China open to the BRC, the report indicates. JSC "Kazakhstan electrolysis plant is a member of Kazakhstan's commodity holding Eurasian Natural Resources Corporation (ENRC). According to JSC "BCC Invest", the message is neutral for the stock price ENRC, as corresponds to the earlier statement. At present JSC "BCC Invest" reiterates the recommendation of "hold" of ENRC with target prices of 2 642 m. and 1214 pence per share, respectively, at KASE and LSE. - KazakhGold stated that consideration of the transaction with the company's "daughters" of "PolyusZoloto(Gold)", which on Tuesday endorsed a government commission on foreign investments in Russia, is still in a preliminary stage and a final decision on its performance is not accepted. "Consideration of a possible transaction remains in the preliminary stage; no final decision has been made. To commit any of the possible transactions must be harmonized set of conditions and receipt of approvals, including government and state regulators. Consequently, there is no assurance that the transaction will made ", - said in a statement KazakhGold. According to analysts AO "BCC Invest", this news is neutral for quotations of depositary receipts KazakhGold, since it corresponds to previous reports of the company. Analysts JSC "BCC Invest" is not considered securities KazakhGold separately from the parent company, because the organization failed to submit financial statements and operating results for the year 2009. JSC "BCC Invest" reiterates the recommendation to "sell" on the ADRs of Polyus Gold. Analysts of JSC BC Invest" also expect the following developments in international markets: - At the Russian market of the main economic event will be publishing data on the state of international reserves in U.S. dollars at the end of last week. In addition, the expected output of a set of corporate news that may affect the trading of individual securities. The external background can also have a significant impact on market sentiment, so the stock players will watch the developments from abroad. At the opening of today's trading is expected to maintain a positive market dynamics, embodied in the previous trading day, amid growth in the Asian stock exchanges and high prices in the commodity market. Nevertheless, analysts AO "BCC Invest" does not exclude a fixed profit, which may occur in some overheated securities traded on the background of negative futures for U.S. indices. - On the European markets are now expected to yield data on the trade balance in Italy in February. In addition, the European Central Bank will publish a regular monthly report, which will summarize the monetary policy, as well as prospects for the future. - On the U.S. markets are expected influx of a large number of macroeconomic statistics, the most important of which will yield data on weekly applications for unemployment benefits, as well as the volume of industrial production for March. In addition, the continued publication of quarterly reports of companies with different capitalization, this may also influence the bidding. 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, Recom- code price % mendation mendation ----------------- ------- ---------- ------ ---------------- --------- Kazkommertsbank KKGB 660 695 +5.23 Hold KKGBp 260 347 +33.58 Hold Halyk Bank HSBK 375 330 -12.00 Sell Bank CenterCredit CCBN 710 777 +9.44 Hold Tsesnabank TSBN 940 737 -21.60 Cut KazMunaiGaz RDGZ 22,300 20,300 -8.97 Hold Kazakhmys PLC GB_KZMS 3,470 3,559 +2.56 Neutral ENRC PLC GB_ENRC 2,710 2,642 -2.51 Hold Kazakhtelekom KZTK 16,810 17,800 +5.89 Hold KZTKp 7,800 10,300 +32.05 Buy MREK MREK 910 800 -12.09 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. [2010-04-15]