Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 20, 2010

/IRBIS, April 20, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 19, 2010. JSC "BCC Invest" Analysts expected today on the Kazakhstan stock market technical rebound after two days of fall, which can be supported by growth in Asian trading platforms and commodity markets. JSC "BCC Invest" also notes the following important events in the Kazakhstan market: - Board of Directors of Kazkommertsbank decided to convene annual general meeting of shareholders. The general meeting of shareholders will held on May 24, 2010 at 11:00 by Almaty time. Joined the Bank's shareholders will begin on May 24, 2010 at 10:30. The list of shareholders entitled to participate in the general meeting of shareholders of the Bank, will be prepared on the basis of the system register of shareholders of the Bank as on April 23, 2010. As indicated, for 2009 the amount of the Bank's profit amounted to KZT19 billion. To maintain the capital adequacy of the Bank's shareholders and banking conglomerate, a net income for the year 2009 is to capitalize, sending on undistributed net income of previous years. According to JSC "BCC Invest", the message is neutral for the stock price and depository receipts of the bank, as the annual general meeting of shareholders which is a regular recurring event. The decision to pay dividends on ordinary shares for the year 2009 is also consistent with the current dividend policy of the bank. Publication of the audited consolidated financial statements of the bank for 2009 is expected at the end of this month. After the publication of statements of JSC "BCC Invest" will adjust the model estimates the bank's shares and will issue a new review of Kazkommertsbank with updated recommendations and target prices. At present JSC "BCC Invest" recommendation on "hold" on the shares of the bank with a target price KZT695 per ordinary share, KZT347 per preferred share and $ 9.50 per GDR. - The company Max Petroleum PLC announced the results of drilling exploration wells KZN-2 on the Northern part Kyzylzhar 2 Western Block of Block E. The depth of drilling wells reached 1 457 meters. Oil was not discovered, and the drilling was stopped. Rig Sun ZJ-30 will be moved to the area Borkyldakty to drill an appraisal well BOR-2, the first of two appraisal wells to be drilled at this site over the next few months. The company currently is negotiating for a tender to lease an additional rig that will be used, along with Sun ZJ-30, for drilling exploration and appraisal wells in the promising areas of Blocks A and E. As previously reported, exploratory drilling KZN-1 in the Northern part Kyzylzhar 2 East Block of Block E is also not yielded positive results. According to preliminary estimates made by the company before the program of exploration drilling on the likelihood of success of the northern Kyzylzhar 2 Eastern bloc and Western bloc was estimated at 32% and 45%, respectively. The first exploratory well BOR-1 in the area Borkyldakty revealed the presence of oil deposits and, in our opinion, it is quite logical that the company currently is focusing on further in-depth review on the site. In general, according to AO "BCC Invest", a post may have a moderately negative effect on company share prices in the short term, but over a long horizon, the dynamics of stock price the company will depend on the success of the entire program of exploration drilling in general. At present JSC "BCC Invest" retains the recommendation of "hold" on shares MaxPetroleum PLC with a target price of 21 pence per share. Analysts JSC "BCC Invest" offers also following developments in international markets: - on the Russian markets at the opening of morning trading session is expected technical rebound after two days of decline. Players will probably have to buy noticeably depreciating paper on the background of the closed positive on the eve of the American stock market, as well as positive trading in Asia. Nevertheless, not excluded that the growth will be restrained enough. - on the European markets is the most important economic statistics today will relate to data on producer prices index and index of business expectations in Germany in March and April, respectively, as well as the price index of business expectations of Euro Zone for April. In the UK, will be the value of consumers' price index in March, which is expected to increase on 0.3%. - on the U.S. markets today, important macroeconomic publications is not expected. 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 625 695 +11.12 Hold KKGBp 260 347 +33.58 Hold Halyk Bank HSBK 365 330 -9.59 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 3,400 3,559 +4.68 Neutral ENRC PLC GB_ENRC 2,700 2,642 -2.15 Hold Kazakhtelekom KZTK 16,750 17,800 +6.27 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. [2010-04-20]