Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for September 23, 2010
23.09.10 18:03
/IRBIS. September 23, 2010/ - BCC Invest JSC has provided IRBIS with
a survey of main events, market reviews and investment ideas for
September 23, 2010.
Analysts of JSC "BCC Invest" is once again expected to multi-
directional opening trades at KASE on a background of mixed
multidirectional close of trading on the shares and depositary receipts
of Kazakhstan issuers yesterday in London. Further, during the day
dynamo trading in the local market will depend on investor sentiment in
global financial markets
Analysts of JSC "BCC Invest" and expect the following
developments on Kazakhstan markets today:
- Money supply in Kazakhstan in January-August 2010
increased by 12.5% to KZT8 trillion 424.6 billion informed the
National Bank on Wednesday. During August 2010 the money
supply grew by 0.3%. The volume of cash in circulation since the
beginning of the year grew by 17.1% to KZT1 trillion. 69.8 billion
(August decline by 0.2%). The monetary base (reserve money)
from the beginning of the year increased by 3% to KZT2 trillion.
523.4 billion (in August - has shrunk by 2.9%), the narrow
monetary base (does not include time deposits of banks in the
National Bank) - increased by 10.4% to 2 trillion. 165.5 billion
(increased by 4.9%, respectively).
- National Bank of Kazakhstan sees no reason for fluctuations
in the domestic foreign exchange market, the deputy chairman
of the National Bank Mr. Daniyar Akishev. "Those predictions,
which now exist, based on the dynamic of the balance of
payments, foreign trade and so on and not give grounds for some
anxiety about the situation on the domestic foreign exchange
market," - he told to journalists in Astana on Wednesday.
- National Bank of Kazakhstan in January-August 2010,
acquired in the domestic market of $ 2.5 billion, "Over the last 8
months of 2010, the National Bank bought in the domestic market
of $ 2.5 billion," - deputy chairman of the National Bank Mr.
Daniyar Akishev on Wednesday at the plenary session the Senate
of Parliament.
- Majilis of the Parliament of Kazakhstan at the plenary session
on Wednesday has approved a draft law "On Making
Amendments and Addenda to the Law" On national budget for
2010-2012. "The document sent to the Senate. Revenues and
expenditures adjusted republican budget of Kazakhstan for 2010
increased by KZT139.4 billion. As a result, the adjusted
parameters of the republican budget are as follows: revenue - $ 3
trillion. 517.8 billion, expenditures - KZT4trillion 321.4 billion, the
deficit - 803.6 bln. In part of the clarification of macroeconomic
indicators for the current year, the government has kept inflation
forecast for 2010 in the corridor of 6-8%.
- Fitch Ratings affirmed the ratings of Mangistau Electricity
Distribution Company (MEDNC): Long-term Issuer Default Rating
(IDR) in foreign currency at the level of "BB", a short-term foreign
currency IDR "B", a long-term local currency IDR "BB +" and a
national long term rating "AA-(kaz)". The outlook on long-term
ratings - "Stable". Simultaneously, Fitch affirms the senior
unsecured debt of the company in a foreign currency at the level of
"BB" rating and senior unsecured debt in national currency "BB +".
Ratings MEDNC linked with the sovereign rating of Kazakhstan
(long-term foreign currency IDR "BBB-" / long-term local currency
IDR "BBB", outlook on both ratings is Stable), but are at a low
level, which reflects the lack of evidence from the parent structure
Company, JSC Samruk-Energy (in an indirect 100-percent state
ownership), its readiness to provide timely financial support
MEDNC if necessary. Fitch views the independent business
position and financial performance of the company as the
corresponding weak rating "BB-".
- Kazakhtelecom (Kazakhstan) reported the results of an
extraordinary general meeting of shareholders held on
September 20, 2010. Extraordinary General Meeting of
Shareholders Kazakhtelecom decided: on the basis of a tender to
determine LLP Ernst & Young as an audit firm for 2010 for audit of
consolidated annual financial statements Kazakhtelecom. It was
also decided to elect the Board of Directors Kazakhtelecom at the
time provided by paragraph 12 of Article 30 of the Charter
Kazakhtelecom Mr. Sarsenov Adilbek Gazizovich (representative
of the Company Bodam BV).
Analysts of JSC "BCC Invest" and expect the following
developments in international markets today:
- In Russia, the significant economic and corporate events are
expected.
- Europe will be published by PMI index values in the manufacturing
and service sectors in France, Germany and the Euro zone.
- U.S. at 18:30 (AST) will be published data on the number of weekly
applications for unemployment benefits, and 20:00 (AST) are data
on sales of existing homes in August, and will be published value
of the index of leading indicators for August.
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 395 479 +21.27 Neutral
KKGBp 200 335 +67.50 Buy
Halyk Bank HSBK 310 386 +24.52 Buy
Bank CenterCredit CCBN 535 646 +20.75 Hold
Tsesnabank TSBN 960 1,030 +7.29 Neutral
KazMunaiGaz RDGZ 15,700 22,300 +42.04 Buy
Kazakhmys PLC GB_KZMS 3,200 3,392 +6.00 Hold
ENRC PLC GB_ENRC 2,194.50 2,858 +30.23 Buy
Kazakhtelekom KZTK 14,900 19,200 +28.86 Buy
KZTKp 7,200 9,300 +29.17 Buy
MREK MREK 1,100 1,130 +2.73 Hold
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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.
[2010-09-23]