Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for July 20, 2010

/IRBIS. July 20, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for July 20, 2010. Analysts of JSC "BCC Invest" now expect mixed driving dynamics of stock price at the opening of trading on the local stock market in different directions against the closure of the shares and depositary receipts of Kazakhstan issuers yesterday in London. However, according to analysts, during the day dynamics of bidding will be mainly positive and KASE index finish the day in positive territory. JSC BCC Invest also note the following important events in Kazakhstan market: - A representative of the state fund SamrukKazyna Mr. Serik Saudabayev elected to the Board of Directors of Kazakhstan's telecom operator Kazakhtelecom. This decision was taken at an extraordinary general meeting of shareholders on July 12. Chairman of the Board of Directors of the company is Mr. Aidan Karibzhanov (Managing Director SamrukKazyna). The board will also include Mr. Mukhtar Abdrakhmanov (director of communications asset management "SamrukKazyna"), Mr. Kuanyshbek Esekeev (Chairman KazakhTelecom), Mrs. Aigul Nureyeva (Director Bodam BV), Mrs. Katerina Shelpenberg (Partner CaspianCapital Investment AG). Mrs. Natalia Akenteva, Mr. Vitaly Kuchuriv, Mr. Yermek Okaev have status of independent directors. Shareholders as of July 1 are Bodam B.V. (Netherlands) - 15.18% shares, "SamrukKazyna" - 45.90%, Deran Services Limited - 8.65%. According to analysts of JSC "BCC Invest", the message is neutral for the stock price Kazakhtelecom as meet the expectations of the market. JSC "BCC Invest" save recommendations "buy" on common and preferred shares Kazakhtelecom with target prices of KZT19,200 and KZT9,300 per share, respectively. - The company Max Petroleum PLC announced the suspension of licenses Astrakhan block at the defaults on the implementation of works on the block. The company's management decided not to drill exploratory wells on the block until, until he finds a partner for the project at Astrakhan Block. The company has received the consent of the creditor and the holders of 85% of the bonds that the license suspension is not a trigger event of default. The company is currently preparing for negotiations with the ROK MNG about further developments with the project on development of the Astrakhan Block. Company management has determined that the company's core business is the exploration of surface and deep over saline subsalt potential sites for Blocks A and E, believes that the suspension of a license to Astrakhan block should not affect the future development of the company. According to analysts of JSC "BCC Invest", the message, despite claims Management Company is a negative for the stock price Max Petroleum PLCv short term. Attempt of drilling exploratory wells in certain prospective areas in Blocks A and E, the Kazakh tax claim of fiscal authorities, and now the license suspension on the Astrakhan block - all this affects the company's market value - for the past 3-4 months Max Petroleum PLC lost half its market capitalization. However, JSC "BCC Invest" believes that the company has prospects for recovery and growth in value as the development of promising areas for Blocks A and E and an increase in commercial oil production. Analysts of JSC "BCC Invest" recommendation on "hold" on the shares of Max Petroleum PLC with target price of 21 pence per share. JSC BCC Invest also note the following important events in wolrd market: - U .S. market now will be published June data on the number of building permits issued and the volume of construction started. The publication of corporate reports for the 2nd quarter will continue. The most significant events will be published reporting Johnson & Johnson, State Street Corp., The Bank of New York Mellon Corp., and The Goldman Sachs Group Inc. prior to opening, and Apple Inc and Yahoo! Inc after the market close. 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 370 479 +29.46 Neutral KKGBp 209 335 +60.29 Buy Halyk Bank HSBK 315 386 +22.54 Buy Bank CenterCredit CCBN 520 734 +41.15 Buy Tsesnabank TSBN 970 737 -24.02 Cut KazMunaiGaz RDGZ 16,950 Review Kazakhmys PLC GB_KZMS 2,241 3,135 +39.89 Hold ENRC PLC GB_ENRC 1,980 2,638 +33.23 Buy Kazakhtelekom KZTK 15,100 19,200 +27.15 Buy KZTKp 7,040 9,300 +32.10 Buy MREK MREK 1,000 1,130 +13.00 Hold ---------------------------------------------------------------------- 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. [2010-07-20]