Overview of key developments from analysts of Asyl Invest JSC (Kazakhstan) on April 22, 2010

/IRBIS April 22, 2010/ - ASYL INVEST JSC (Almaty) provided IRBIS overview of major events and of their investment ideas and forecasts on April 22, 2010. Analysts of ASYL INVEST JSC identify the following significant developments in the markets: - Banking sector: total loan portfolio of banks continued to decline. FSA has published statistics on the loan portfolio of banks in March 2010. Banks have shown reductions in credit growth. The aggregate loan portfolio of banks fell by 0.9% compared with February and amounted to KZT9,417.86 billion. Total YTD loan portfolio of banks declined by 1.7%. The share of non-performing loans in March decreased from 36,27% to 35,94%, the share of loans overdue over 90 days increased from 24.55% to 25.05%, the level of provisions has increased from 37,6% to 36.96%. Excluding BTA Bank and Alliance Bank's level of non-performing assets amounted to 18.3% of the total portfolio (March 01, - 16.6%), the level of loans overdue over 90 days - 12.8% (as of March 1 - 18.0%). The level of non-performing assets at the CMC in March increased from 23.5% to 24%, in the People's Bank - from 17.7% to 18%, in BCC - from 9.1% to 9.7%, the level of loans overdue more than 90 days for CMC decreased from 21.6% to 20.4%, in the People's Bank increased from 18.35% to 16.85%, in BCC - fell from 2.77% to 2.68%. The level of provisions, meanwhile, the CMC has declined in March from 28.26% to 27.79%, in BCC from 10.66% to 10.57%, in the People's Bank - grew from 19.73% to 20.22%. Published statistics, in general, analysts "ASYL INVEST considered neutral for the shares of banks. The preliminary projection "ASYL INVEST" for 2010 on the loan portfolio involves the growth of its volume by 8%, while the main growth came in the second half of 2010. - Head of the National Bank sees a long recovery of Kazakh economy. The head of the National Bank during the online- conference yesterday said that the economic recovery will take a long time. "Economic recovery will be longer." Currently, there is still some stagnation in the growth of the credit market. For example, in 2009 credit growth economy was only 2.5% ", - said Mr. Marchenko." ASYL INVEST Analysts share the forecast data, and believe that with the current situation with a shortage of long-term liquidity of banks, slow overflow deposit component of the bank's funding of loans, economic recovery will be long. Banks need to reduce interest rates on loans to pre-crisis levels, but more opportunities they have for this. - Operating results of KMG EP for the first quarter: output growth due to share in the COE. Yesterday, the company unveiled its production results for the first quarter of 2010, which, in general, were neutral. Company which consist of shares in companies like Kazgermunai, CCEL and PetroKazakhstan Inc. (PKI) for the first quarter of 2010, mined 3183 tons of oil, which is 16% more than in the first quarter of 2009. The main contribution to the growth of oil production has made the share of KMG in the COE, which amounted to 487 thousand tons of oil. The main assets of the company) "Ozenmunaygaz" and "EmbaMunaiGas for the first quarter of 2010 were extracted 2085 tones, which is 1.9% less than the same period. If in the first quarter of 2009 output adversely affect the heavy weather conditions, in the first quarter of 2010, the company explains the decline of production in the core assets, the lack of timely repair of oilfield equipment during a protest rally in PF "Ozenmunaygaz" from 4 to March 18, when some workers refused to go on shift. In general, analysts say the "ASYL INVEST neutral results, shares of KMG EP are on the" revision ". - Stock markets in Europe, finished the trading session with declining on concern efforts that the provision of financial assistance to Greece is not enough to avoid default; - Markets U.S. stocks closed down in different directions. In yesterday's trading Shares of Apple Inc. showed an increase of 5.98% after the financial report of the company, which had a much better predictions and promises of CEO Steve Jobs to release more non-standard products this year. Morgan Stanley shares rose on 4.3% as the company's good financial results for the first quarter of the current. 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. [2010-04-22]