Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 30, 2010

/IRBIS, April 30, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 30, 2010. Today Analysts of JSC BCC Invest is waiting on the Kazakhstan stock market continued recovery in the Kazakhstan stock market against the background of yesterday's positive close of business in the U.S. and growth in the commodity markets. Analysts JSC "BCC Invest" recommend investors continue to cautiously increase the position on the shares for the long term. JSC BCC Invest also notes the following important events in the Kazakhstan market: - April 29, 2010 in the trade system of KASE a specialized auction on placement of government long-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUZHKAM-204 3 release. The volume of placement was 14 million bonds worth 14,000,000 (100% of plan), the rate cut (fixed coupon) - 0.1% per annum. - Profit of Polyus Gold IFRS grew in 5.3 times in 2009. Net profit of OJSC Polyus Gold IFRS grew in 5.3 times in 2009 compared with 2008 - up to $ 323,183 thousand, says the company. Revenues in 2009 increased by 13% - up to $ 1,225 million due to higher production volumes and rising prices for gold. Gross profit was $624.561 million (23.8%). EBITDA rose by 26% - up to $549 million, gross margin and EBITDA margin amounted to 51% and 45% respectively. Net income margin was 26% against 6% last year. Cash, cash equivalents and short-term investments at the end of 2009 totaled $486 million cash operating costs decreased by 2.3% to $574 million, total cash costs per ounce calculated sold the metal, fell to $391. In general, the results of the company for the 2009 goal were at the level of expectations JSC "BCC Invest", reflecting higher prices for gold and restore production. It is noted that simultaneously with the publication of financial statements "Polyus Gold", reached its audited financial results of the company KazakhGold, which resulted in the share of the subsidiary, was at loss to $80 mln. According to JSC "BCC Invest" publication, financial results are negative for the quotations of depositary receipts "Polyus Gold, traded on the LSE, because net income was much less than the expectations of most experts. There is also a possible negative effect on the GDR KazakhGold, since the revised results for 2008 and 2009 results reflected the company's unprofitable. Currently, the recommendation of JSC "BCC Invest" quotations ADRs "Polyus Gold" is at the level to "sell" and the company KazakhGold not be considered separately from the parent organization. - Company KAZAKHMYS PLC announced production results for the first quarter of 2010. In the first quarter figures for the production of copper suited to their annual objectives. Positive impact on production results has increased production at several mines of the Group, as well as the completion of work is in progress at the end of the previous quarter. During the first three months of this year production of copper in cathode equivalent was 78.4 thousand tons (1st. quarter of 2009: 85.6 thousand tons, 4th quarter of 2009: 69.1 thousand tons). The volume of manufactured goods passing slightly higher than under the annual plan. According to JSC "BCC Invest", this news is neutral for the stock price of the company Kazakhmys, because production results correspond to the production plans for the current year. With the recent correction in global stock market rally KAZAKHMYS rolled up their local maxima and currently have some growth potential in the medium term. JSC "BCC Invest" changing a recommendation on the shares KAZAKHMYS from "neutral" to "hold", while leaving the target price unchanged -1,582 pence and KZT3,559 per share, which implies upside potential at 10.47% and 11.22 % of the closing prices on Thursday. - The company Max Petroleum PLC announced the start of drilling an appraisal well of BOR-2 on the site Borkyldakty Block E. According to JSC "BCC Invest" This news is neutral for quotes Max Petroleum, as consistent with earlier statements. JSC "BCC Invest" reiterates the recommendation of "hold" on the shares of the company with a target price of 21 pence per share. Analysts JSC "BCC Invest" offers also following developments in international markets: - on the Russian market is not expected particularly rich in economic events. The only publication will yield data on the state of the monetary base in narrow definition of the ruble at the beginning of this week, which is unlikely to have a significant impact on market sentiment. At the opening of today's trading is expected to continue the positive trend, which was laid down during yesterday's trading session on the background of the closed positive on the eve of the U.S. stock market, as well as the prevalence of shopping on Asian trading floors. - on European markets flagship publication of macroeconomic statistics today will relate to data on unemployment in the region in March, and the inflation forecast in April. In addition, European investors can respond to the macroeconomic statistics from Japan, where there appeared large number of publications. - on U.S.A. markets there are data of GDP growth in the first quarter of this year, as well as rising consumer prices over the same period and the index of consumer confidence and business activity in April. 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 610 695 +13.85 Hold KKGBp 260 347 +33.58 Hold Halyk Bank HSBK 345 330 -4.35 Sell Bank CenterCredit CCBN 685 777 +13.43 Hold Tsesnabank TSBN 940 737 -21.60 Cut KazMunaiGaz RDGZ 22,500 20,300 -9.78 Sell Kazakhmys PLC GB_KZMS 3,200 3,559 +11.22 Hold ENRC PLC GB_ENRC 2,750 2,642 -3.93 Hold Kazakhtelekom KZTK 15,700 17,800 +13.38 Hold KZTKp 7,100 10,300 +45.07 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. [2010-04-30]