Forecasts and recommendations of analysts of IFH RESMI (Kazakhstan) for June 24, 2010

/IRBIS, June 24, 2010/ - Finance & Investment House RESMI JSC (Almaty, IFH RESMI) provided IRBIS overview of major events and their investment ideas and projections for June 24, 2010. Analysts of IFH RESMI are paying attention to investors on the following important events in the markets now: - On Wednesday, Federal Reserve System (FRS) USA has decided to maintain the target range of the base interest rate from 0% to 0.25%. The Fed once again made it clear the market, which will retain a stake in "extremely low" for a "long time". The key factors in maintaining the value of money at the same low level was that conditions in financial markets have become less supportive of economic growth. Also, there is a continuing decline in bank lending in recent months. The U.S. central bank keeps rate in the target range from 0% to 0.25% per annum from December 2008, while during the reporting period, the rate dropped 7 times. This measure is to reduce the key interest rate, has become a key tool to maintain the level of liquidity. Leading world's central banks resorted to lower rates, allowing commercial banks to borrow at very low rates. The move will mitigate the impact of the liquidity crisis arising from the collapse of major U.S. financial institutions. Perhaps the corridor 0-0.25% persists until the end of the year. Analysts of IFD "RESMI" believe that the debt crisis of the euro area, affecting the more expensive interbank lending, will not allow the biggest central banks to significantly increase the rate in the short term. To compare: the base rate of the European Central Bank is currently 1% per annum, the Bank of Japan - 0.1% per annum, the Bank of England - 0.5% per annum. - OJSC Wimm-Bill-Dann (WBD US), which opened last Friday, a book of applications for bonds for 5 billion rubles. Decided to increase the supply to 10 billion rubles. It is possible that these actions taken by the company to prepare for the upcoming redemption of its minority stake to 18.4% in Danone (DANO LN, DANOY US). In connection with the merger and Danone Unimilk, WBD has expressed interest in buying its shares from Group Danone. Collection of applications for three-year bonds of 7 series of 5 billion rubles. WBD began on Friday. Book bids shall close on June 25, preliminary date on MICEX - July 1. Organizers accommodation - Raiffeisenbank and VTB. A source close to bidders, said that WBD has decided to increase the bond placements, as demand exceeded supply, so it was decided to produce an additional bonds for 5 billion rubles for the same period. Also, do not exclude the fact that the borrowed funds can be used to finance M&A, as WBD has already voiced its intention to hold a series of transactions to acquire assets of a number of milk in dairy end of 2010. - Encana Corp, the largest gas company in Canada and CNPC agreed to set up joint venture to develop oil shale deposits of gas, which belongs to a Canadian company, located in northern British Columbia. Randy Eresman, the head of Encana, also said the company is going to attract more partners to develop such an atypical gas fields, as the company intends to double its gas production over the next five years. CNPS will be the second company in the Asian region, which will partner with Encana in the development of oil shale deposits. In February, Korea Gas Corp announced that it will spend more than $1.1 billion over five years to develop these deposits and the acquisition of shares in the joint venture. This agreement is the latest invasion of Chinese companies in Canada at the moment, because China needs gas and oil to meet the needs of its booming economy. Also this year, Sinopec Group paid about $ 4.65 billion company ConocoPhillips for a stake in the company SynCrude Canada Ltd, which develops oil sands. Last year, PetroChina bought 60% in the Athabasca Oil Sands Corp, which is also developing oil sands in Canada. Mining energy from non- traditional places, like oil sands or oil shale deposit is changing, more and more oil and gas companies are seeking technology of extraction of "unconventional" oil and gas. 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 420 796 89.5% 791 32.90 Halyk bank 303 409 35.0% 676 49.03 Bank Center Credit 559 1,218 117.9% 1,054 42.42 ENRC 2,225 On review 2,841 47.70 Kazakhmys 2,600 On review 3,291 49.32 RD KMG 17,300 24,895 43.9% 25,175 34.38 Kazkhtelekom 14,500 33,842 133.4% 20,436 61.12 -------------------------------------------------------------------------- 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. [2010-06-25]