Forecasts and recommendations of analysts of IFH RESMI (Kazakhstan) for April 26, 2010

/IRBIS, April 27, 2010/ - Finance & Investment House RESMI JSC (Almaty, IFH RESMI) provided IRBIS overview of major events and their investment ideas and projections for April 26, 2010. Analysts of IFH RESMI are paying attention to investors on the following important events in the markets now: - Kazakhtelecom issued financial statements for the year 2009 in accordance with IFRS. According to the report, in relation to the previous year's assets, liabilities and shareholders' equity rose by 9%. Revenue increased by 4% and amounted to nearly KZT144 billion. Predicted IFD "RESMI", revenues were up KZT142.6 billion. Accordingly, the company slightly exceeded expectations in terms of income, and the coincidence was 99%. As analyst IFD "RESMI", despite the increase in revenue last year, net profit decreased by 13% relative to 2008. However, expectations IFD "RESMI" net income was sufficiently conservative. According to forecasts IFD "RESMI", reducing the net profit was up 22%, this figure was only 13%. Given that the company has reached agreements to sell its stake in MTS (51%) of the international telecommunications company, "Tele2", analysts IFD "RESMI" expect further improve financial performance in 2010, as these distressed assets are still in the balance sheet. Given the stable financial condition of the issuer's prospects for growth, as well as its plans to liquidate assets, analysts IFD "RESMI" consider action Kazakhtelecom underestimated, especially at the current level. It is recommended to buy shares of Kazakhtelecom. - Kazakhstan plans to increase area under oilseeds up to 2 million hectares. In the current situation of overproduction of grain in foreign markets in Kazakhstan, there has been a slight tendency to reduce the acreage of wheat in favor of oilseeds. At the moment, according to Mrs. A. Evnieva vice Minister of Agriculture, the tendency is to reduce the acreage of grain crops - about 200 thousand hectares. And the increase in oilseeds to 200 thousand hectares. In 2010, Kazakhstan plans to increase the area under oilseeds by 17% to 1.4 million hectares. And in the near future, the republic plans to bring in cultivated area under oilseeds until at least 2 million hectares, including rape - up to 1 million hectares in the northern regions of Kazakhstan. These measures are aimed at diversifying production in the plant. It is worth recalling that in March of this year, Ministry of Agriculture of Kazakhstan offered to farmers of the country to shift production of other crops with greater demand on the world market, such as oilseeds, fodder and vegetables. Mr. A. Kurishbayev Minister of Agriculture said that the economy, which will sow oilseeds, will receive grants in 9 times more than those who will plant crops. - ENRC (ENRC LN) bought a 12.21% stake in Northam Platinum Ltd (NHM SJ) at the South African company, Mvelaphanda Resources (MVL SJ) for 2.2 billion rand (US $ 298.4 million), the price of 50 rand per share. Northam - a mining company in South Africa, engaged in the development and production of platinum ores in the deposit Northam (Western Cape of South African plateau), as well as the development of high-quality asset Booysendal (Eastern Cape South African plateau). Reserves of the company are approximately equal to 133 million ounces. Northam Platinum mining complex gives the company a production at about 300,000 ounces a year, complex Booysendal, at the start of production on this field, can add to the total production of about 350,000 ounces a year. The company expects to start mining the deposit Booysendal the end of 2010 and reach full capacity by 2013. The company also owns a metallurgical complex in the Western Cape of South African plateau. Northam wholly owns the entire chain from mining ore to the delivery of finished products (platinum) to the consumer. This is not the first asset, which the company ENRC may add to its treasury of African assets. November 12 group of companies ENRC acquired a 91.65% stake CAMEC (Cental African Mining and Exploration Company) for the US $955 million, which owns assets in Mali, Republic of the Congo, Zimbabwe, Mozabike and South Africa. Analysts IFD "RESMI" consider the transaction as very positive for ENRC given the increasing prices of basic metals. Analysts of IFH RESMI give the following advice for investors in securities of issuers in Kazakhstan: -------------------------------------------------------------------------- Issuer Last price Predicted price* Up/down from Target RSI, Current price price** %*** ------------------ ---------- ---------------- ------------- ------- ----- Kazkommertsbak 621 796 28.2% 609 43.95 Halyk bank 353.53 409 15.7% 427 38.58 Bank Center Credit 650 1,218 87.4% 1,070 23.78 ENRC 2,750 On review 2,935 59.20 Kazakhmys 3,240 On review 3,657 43.49 RD KMG 22,500 24,895 10.6% 25,118 59.27 Kazkhtelekom 16,450.01 33,842 105.7% 18,344 33.76 -------------------------------------------------------------------------- Fundamental evaluation IFH RESMI for 12 months (weekly review) ** Target according to the consensus forecast of analysts surveyed by Bloomberg *** Relative strength index - an indicator of technical analysis. determines strength of trend and likelihood of change. Overbought / oversold - when RSI indicator value is closer to 100% / 0%. - Cost of common shares Kazkommertsbank assessment IFD "RESMI" will cost no less than KZT796 per share by the end of 2010; - Halyk Savings Bank of Kazakhstan is estimated IFD "RESMI" as the most promising in terms of business development financial institution in Kazakhstan. Analysts see the growth of the bank's shares up to KZT409 per share; - Shares of Bank CenterCredit in the long term analysts IFD "RESMI" about the outlook for growth in securities of the bank to the level of 1,230 m.; - Stocks of Kazakhtelecom are looking most attractive for investment in the long term. Analysts IFD "RESMI" recommend buying simple shareholders of the issuer. - The updated target price of shares of JSC Exploration Production KMG is KZT24,895 per share. 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. [2010-04-27]