Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for May 5, 2010

/IRBIS, May 5, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for May 5, 2010. Today Analysts of JSC BCC Invest expected on the Kazakhstan stock market a substantial drawdown of Kazakhstan's stock market after their counterparts abroad. Particularly strong may fall campaign ENRC PLC and Kazakhmys PLC, which yesterday on the London Stock Exchange lost, respectively, 11.34% and 7.41%. Yesterday Depositary Receipts of Halyk Bank and Kazkommertsbank in London also declined - on 6.19% and 2.39% respectively. Showed some resistance Depositary Receipts KMG, this declined only insignificantly to 0.81%. Analysts of JSC "BCC Invest" recommend investors take advantage of the drawdown of the market and continue to gently increase the position on the shares for the long term. JSC BCC Invest also notes the following important events in the Kazakhstan market: - The international rating agency Moody's Investors Service reviewed the ratings of the six Kazakh companies with state participation. This report indicates Moody's, downgraded ratings of the five companies. In particular, long-term issuer rating and debt in foreign currency of the State Bank of Kazakhstan (KDB) downgraded to "Baa3" from "Baa2" (Outlook Stable); long-and short-term ratings for deposits in national currency Construction Savings Bank to "Ba1" / Not Prime from "Baa3" / Prime-3 (Stable), long-term issuer rating in foreign and local currency 'KazAgroFinance "to" Ba2 "from" Ba1 "(Outlook Stable), long-term issuer rating in foreign and local currency Agricultural Credit Corporation to "Ba2" from "Ba1" (Outlook Stable); long-term issuer rating in national currency of Kazakhstan mortgage company to "B1" from "Ba2" (negative outlook). Long-term issuer rating in foreign and local currency 'BRC Leasing confirmed at the previous level - "Ba3". As reported, these rating actions made in connection with changing the forecast of a sovereign rating of Kazakhstan "Baa2" to "stable" from "negative" in early April. Ratings also lowered due to the fact that the prospect of receiving government support data gosfininstitutami remains unclear. - Kazakh authorities approved the acquisition by KazStroyService Global BV (KSS) 50 million global depositary receipts (GDR) of oil and gas "Zhaikmunai. In this case, as indicated in the message "Zhaikmunaya", this volume GDR is about 27% of the company. Seller is the main shareholder Zhaikmunaya "- Claremont Holdings Ltd. According to the report, the completion of the transaction take place soon. KSS - a subsidiary of JSC "OGCC" KazStroyService, which is the general contractor for the project to build a gas plant at Chinarevskoye gas condensate field. "Zhaikmunai" is an independent oil and gas company engaged in the present exploration, production and sale of crude oil and condensate in the north West Kazakhstan. under development company Zhaikmunai license area covers a field Chinarevskoye field in the northern Caspian Sea basin. Chinarevskoye deposit covers about 324 square meters. km, is located in West Kazakhstan region of Kazakhstan, near the border with Russia and close to several major pipelines. According to JSC "BCC Invest", the message is neutral Quotes GDR ZhaikMunai LP, because it corresponds to the expectations of the market. Recommendation JSC "BCC Invest" - "hold", target price - $ 8.70. Analysts JSC BCC Invest also expect the following developments in international markets: - at the Russian market is expected to yield data on the status of the National Welfare Fund in April. From corporate events worth mentioning the publication of financial results for the first quarter of 2010, on Russian Accounting Standards (RAS) of CJSC "UES FGC". Despite the significant decline during the last trading session, analysts JSC "BCC Invest" do not expect that today the market will begin to recover significantly, as the negative external background from Asia and the U.S. is not conducive to shopping. As a result, at the opening of trading, we expect continued negative dynamics. - on the European markets would value the index of business activity in the service sector in April, as well as data on the volume of retail sales for March. Also, today is expected publication of quarterly reports of such large companies as BMW Group AG, Societe Generale, and so - U.S. market will be published on the number of jobs created in April, the index of business activity in the services sector during the same period, as well as the state of stocks of petroleum and petroleum products per week. Among other things, will be unveiled today as the financial results of various companies in the U.S.A. and Latin America, which may influence the bidding. Steel sector may be subject to the resonance of the pressure record of Brazilian mining giant Vale SA 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 610 623 +2.13 Hold KKGBp 260 312 +20.00 Hold Halyk Bank HSBK 343 330 -3.79 Sell Bank CenterCredit CCBN 652 777 +19.17 Hold Tsesnabank TSBN 941 737 -21.68 Cut KazMunaiGaz RDGZ 22,000 20,300 -7.73 Sell Kazakhmys PLC GB_KZMS 3,100 3,559 +14.81 Neutral ENRC PLC GB_ENRC 2,800 2,642 -5.64 Hold Kazakhtelekom KZTK 15,600 17,800 +14.10 Hold KZTKp 6,600 10,300 +56.06 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. [2010-05-05]