Overview of key developments from analysts of Asyl Invest JSC (Kazakhstan) on April 21, 2010

/IRBIS April 21, 2010/ - ASYL INVEST JSC (Almaty) provided IRBIS overview of major events and of their investment ideas and forecasts on April 21, 2010. Analysts of ASYL INVEST JSC identify the following significant developments in the markets: - Kazkommertsbank (KKB, KKGB) reported for 2009. KKB has announced its results for the year 2009, based on the audited consolidated financial statements under IFRS. Results for net profits were slightly better than the consensus forecast, however, the results as a whole, according to ASYL INVEST JSC analysts - is neutral. - Net profit for 2009 amounted to KZT19 billion (-5.7% year to year). According to the bank the reason of reduction is increase of the cost of corporate tax from revaluation of deferred tax liabilities; - Net interest income before provision for impairment losses for 2009 amounted to KZT193.2 billion (-3.2% year to year). The reason - is the reducing of average return on assets of the bank. Net interest margin before provisions amounted to the formation of 7.8% (8% in 2008); - Operating profit before taxation was much better than expected ASYL INVEST and the consensus forecast and amounted to KZT31.8 billion (KZT11.5 billion in 2008). The reason - the growth of net non-interest income to KZT2.2 billion in 2008 to KZT58.9 billion in 2009 ode; - A positive indicator was the reduction of costs / revenues to 12.2% as a result of strict control over expenditures; - Provisions for impairment of loans increased from KZT289.3 billion in 2008 to KZT505.5 billion in 2009. Inactive loans accounted for 22.8% of loans to customers (8.1% at the end of 2008). The level of provisions amounted to 19% of the loans; ASYL INVEST Analysts considers results of the Bank in 2009 to be neutral and do not expect their influence on stock prices. An analyst of ASYL INVEST expects to hear the predictions for the future management of the bank during a conference call, which will be on April 26 and its follow-up to upgrade the economic value of bank shares. - Goldman Sachs posted good financial results for the first quarter of 2010. Net profit increased by 2 times and amounted to $ 3.3 billion, or $ 5.59 per share, above expectations of $ 4.14 per share. Goldman Sachs shares during yesterday's trading declined in value by 2.2%; - Producer of consumer products Johnson & Johnson issued a financial statement, which was better than analysts' forecasts. Net income excluding non-recurrent factors amounted to $1.29 per share, while expecting $1.27 per share. Revenues for the first quarter totaled $15.6 billion, fully met expectations. However, the management of the company lowered earnings forecast for the current year from $4.85-4.95 to $4.8-4.9 per share, which led to a decrease in quotations of shares of Johnson & Johnson to 0.06%. This material is for informational purposes and is not an offer or recommendation to perform any transaction in securities. Agency IRBIS is not responsible for the opinions expressed in this material. [2010-04-21]