Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for November 30, 2010

/IRBIS. November 30, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for November 30, 2010. Analysts of JSC "BCC Invest" now expect moderately negative open trades on stocks in the index KASE, amid falling stock prices, and depositary receipts of Kazakhstan issuers yesterday in London. According to the JSC "BCC Invest", the dynamics of KASE index later in the day would be volatile, and KASE index end the day moderately lower. JSC "BCC Invest" also notes the following important events in the Kazakh market: - Development Bank of Kazakhstan JSC informed of upcoming meetings with potential investors in the planned international bond issue. Development Bank of Kazakhstan, which have a rating of BBB-(Standard & Poor's)/BBB-(Fitch)/Baa3 (Moody's), mandated Citi, Deutsche Bank, JP Morgan and JSC "Halyk Finance" to organize a series of meetings with potential investors since Dec. 1, 2010, to attract investors to participate in the planned deployment of international bond Development Bank of Kazakhstan. The timing of the transaction depends on market conditions. Stabilization: FSA/ICMA. - KASE Listing commission agreed to the inclusion of planned to issue international bonds of JSC "Development Bank of Kazakhstan on the official list of KASE category" Debt Securities with ratings. Decision of KASE Listing commission of Kazakhstan on November 25, 2010 consented to the inclusion in the official list of KASE category "Debt Securities Rated 'planned to issue international bonds of JSC" Development Bank of Kazakhstan. " This decision is also a decision on the inclusion of the bonds in the KASE official list of the named category, which will come into force after their issuer conditions set forth in paragraphs 2.1 Article 18 of the internal document KASE "Listing Rules". The bonds are scheduled to be released as part of the production of medium-term notes amounting to 2.0 billion U.S. dollars. More information about the issue of the bonds will be published on KASE's web site after the entry into force of the Listing Commission decision. - National Company Kazakhstan KazMunaiGas early repayment of a 35-year subordinated bonds by KZT190 billion. As stated in the Kazakhstan Stock Exchange (KASE), with reference to an official letter to the company, an issuer apply to KASE with an exemption of the bonds from the official list of the Exchange in connection with their purchase for early repayment. According to information provided by KazMunaiGaz, the redemption of the bonds was made at nominal value - 1 thousand KZT per share, with one time payment, accrued before the date of prepayment. These bonds were included in the KASE official list on July 3, 2009. Their period of treatment should be up in 2044. Semi-annual coupon of 5% per annum. Trades of the bourses are open and have not been. As indicated in the message exchange initiated by the Issuer these bonds have been de-listed. - Kazkommertsbank published financial statements for the third quarter and 9 months of 2010. Highlights: Net income for the first 9 months of 2010 amounted to KZT15.7 billion ($ 106.8 million), up 7.7% over the same period last year, asset growth since the beginning of the year amounted to 4.3% (KZT) Gross loans to customers since the beginning of the year grew by 1.7% and amounted to KZT2,710 billion. Net loans to customers as at 30 September 2010 amounted to KZT2,161 billion. Customer deposits (excluding deposits of stabilization of the state) beginning of the year increased by 15,0%, retail deposits since the beginning of the year grew by 29.2% Adjusted net interest margin was 3.7% of provisions amounted to 20.3% of gross loans to customers; share of non-performing loans amounted to 26.7% of gross loans clients. - Monday, November 29, 2010, JSC "BCC Invest" has issued a new report by ENRC PLC. Analyst of JSC "BCC Invest" lowered the price target on shares of ENRC PLC from 1232 pence (2,858 KZT) to 998 pence (2298), and, accordingly, the recommendation to "buy" to "hold". Analysts of JSC "BCC Invest" and expect the following developments in international markets today: - In Russia the publication of important economic statistics is expected. - The UK 06:01 (AST) were published data on consumer confidence index from the GfK. At 14:55 (AST) in Germany to be published data on the unemployment rate for November. At 16:00 (AST) will be published data on the projected consumer price index and unemployment rate of the euro zone. - U.S. at 20:00 (AST) is expected to publish data from Standard & Poor/CaseShiller index of housing prices in the third quarter. At 20:45 (AST) is expected to publish an index of business activity Chicago PMI. At 21:00 (AST) is expected to publish data on potrebitelckomu confidence, as well as house price index from the NAPM-Milwaukee - Today reports Seadrill Ltd., ThyssenKrupp AG, SodaStream Inernational Ltd., AVANIR Pharmaceuticals Inc. and others. 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 437 479 +9.61 Neutral KKGBp 215 335 +55.81 Buy Halyk Bank HSBK 342 386 +12.87 Buy Bank CenterCredit CCBN 590 646 +9.49 Hold Tsesnabank TSBN 865 1,030 +19.08 Neutral KazMunaiGaz RDGZ 17,390 22,300 +28.23 Buy Kazakhmys PLC GB_KZMS 3,235 3,392 +4.85 Neutral ENRC PLC GB_ENRC 2,100 2,298 +9.43 Buy Kazakhtelekom KZTK 17,300 19,200 +10.98 Buy KZTKp 8,250 9,300 +12.73 Buy MREK MREK 1,100 1,130 +2.73 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. [2010-11-30]