Forecasts and recommendations of analysts of BTA Securities (Kazakhstan) for November 9, 2010

/IRBIS, November 9, 2010/ -BTA Bank JSC subsidiary BTA Securities (BTA Securities, Almaty) has provided IRBIS with a survey of main events, Forecasts and Investment ideas for November 9, 2010. According to the report, analysts note that the premarket on world markets is composed as follows: - In early trading the major indexes falling Asian region at a moderate pace under pressure consolidating the dollar and speculation about tighter monetary policy in China against the backdrop of accelerating inflation in that country and the risk of a bubble in real estate. Hang Seng index at this time is reduced by 0.4%, Nikkei and the Shanghai Composite - within 0.6%. - The euro/dollar is now somewhat slowed its decline. It seems the market has already laid the Irish factor in rate quotations and is now waiting for news to determine the future direction of motion. At the moment, the dollar strengthened limited pace, the pair is trading at around close to 1.39. According to the BTA Securities, observed in recent days to strengthen the "green" is a short-term nature, the fundamental factors of today speak in favor of his slides. U.S. in the next six months will increase the money supply, while the ECB will refrain from making any monetary action. At the moment, the euro looks oversold. - Strengthening of the dollar so far has limited impact on the quotations of commodities. Futures for Brent crude oil show a moderate decrease in the range 0.4%, trading at levels above $ 87 a barrel. Gold adds to 0.1%, stabilizing at around $ 1,410 an ounce. Observed on the copper market euphoria. After a weak growth of the previous day, the price of the "red metal" today continue to rally, more expensive in Shanghai and New York on 1.55% and 0.86% respectively. Quotes of the metal support speculation that the recently adopted program of incentives, the U.S. Federal Reserve will support economic growth and demand for the metal. It is noted that at yesterday's auction in London spot prices for copper exceeded the cost of a three-month futures contract for the first time last year, reflecting increased investor demand for the metal. - European stock market today, probably will moderate decrease in the major indices under the influence of sentiment in Asia. Meaningful statistics for Europe today, will not. In the afternoon, the market will operate in the absence of relevant statistical data and corporate news. According to U.S. statistics will be available only for wholesale inventories and the confidence index of small business. - The news today is positive backdrop for stocks Kazakhmys. World prices for the company's products are growing, while the issuer itself compared to the closest analogues looks significantly undervalued. Thus, rapid analysis of BTA Securities market multiples have shown that these close analogs Kazakhmys, Antofagasta and Chile as the Swiss Xstrata estimated the market in terms of P/E at a level above 9.3. P/E Kazakhmys currently stand at 7.7. According to the BTA Securities, undervalued securities will be of great interest from investors in a rally. Yesterday the paper Kazakhmys rose 0.5% against the market as a whole, insignificant small increase in quotations of copper on the London Metal Exchange. It is obvious that today, investors will continue to buy at 1.5% growth in prices for the red metal. " Analysts of BTA Securities give the following advice for investors in securities of issuers in Kazakhstan: -------------------------------------------------------------------------- Stock Final Target price Recom Potential Emitter Exch price 2010 year mendation % percent ange -------------------------- ----- -------- ------------ --------- --------- Banks -------------------------------------------------------------------------- KAZKOMMERTSBANK-GDR LSE 6.2 9.8 Buy +58 KAZKOMMERTSBANK KASE 445.0 728.3 Buy +64 KAZKOMMERTSBANK -PREF KASE 215.0 388.5 Buy +81 HALYK BANK-GDR LSE 10.0 10.5 Hold +5 HALYK BANK KASE 350.0 377.5 Hold +8 HALYK BANK -PREF (HSBKP) KASE 185.2 189.0 Hold +2 HALYK BANK -PREF1 (HSBKP1) KASE 175.0 189.0 Hold +8 BANK CENTER CREDIT KASE 590.0 1,531.0 Buy +159 -------------------------- ----- -------- ------------ --------- --------- Oil and Gaz: -------------------------------------------------------------------------- KAZKMUNAIGAZ-GDR LSE 17.9 n/a Review n/a KAZKMUNAIGAZ KASE 16,000.0 n/a Review n/a BMB MUNAI AMEX 0.78 n/a Review n/a -------------------------- ----- -------- ------------ --------- --------- Metallurgy: -------------------------------------------------------------------------- KAZAKHMYS PLC LSE 1,507.0 1,427.0 Hold -5 ENRC LSE 986.0 1,216.0 Buy +23 KAZAKHGOLD-GDR LSE 3.6 7.0 Buy +97 URANIUM ONE LSE 5.1 3.3 Sell -35 -------------------------- ----- -------- ------------ --------- --------- Companies with small capital: -------------------------------------------------------------------------- KAZAKTELECOM KASE 16,000.0 33,825.0 Buy +111 STEPPE CEMENT LSE 42.0 120.9 Buy +188 -------------------------------------------------------------------------- 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. [2010-11-09]