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

/IRBIS. December 20, 2010/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for December 20, 2010. Analysts of JSC "BCC Invest" now expect a mixed and multi-directional opening of trading on the KASE with a negative bias on controversial foreign background. According to forecasts of JSC "BCC Invest", KASE index end the day moderately lower. JSC "BCC Invest" also notes the following important events in the Kazakh market: - Company ZhaikMunai LP reported financial results for the first 9 months of 2009. Revenue in the 3 rd quarter of 2010 totaled $ 53.13 million which is 62.2% more than in the 3 rd quarter of last year, for the 9 months of 2010 - $ 127.78 million which is 65.0% more over the same period last year. Revenue growth has occurred as a consequence of growth in production and due to growth in sales prices. The volume of oil in the 3 rd quarter of 2010 amounted to 8,972 barrels per day (28.6%) 9 months of 2010 - 7,683 barrels per day (6.1%). In this case, the selling price amounted to $78.64/bbl (+9.7%) in the third quarter and $ 78.33/bbl (+36.4%) for 9 months of 2010. Net income for the third quarter totaled $ 10.64 million against loss of $ 0.4 million a year earlier, the first 9 months of 2010 - $30.21 million against loss of $ 20.46 million for the same period last year. According to the JSC "BCC Invest", published its financial results for the neutral quotations of depositary receipts ZhaikMunai LP, since it basically corresponds to market expectations. - The company Max Petroleum PLC published its interim financial results for the six months ended September 30, 2010. Revenues for the six months of 2010 totaled $ 24.68 million, up 20% over the same period last year. Revenue growth has occurred as a result of the growth in sales prices. The volume of oil for 6 months of 2010 amounted to 378 million barrels, up 6% less than a year earlier. In this case, the selling price amounted to $ 65.21/bbl, which is 27% more than a year earlier. Net loss for the six months of 2010 totaled $ 13.29 million (3 cents per share) versus loss of $ 113.92 million (31 cents per share) for the same period last year. According to the JSC "BCC Invest", published its financial results for the neutral stock price Max Petroleum PLC, since basically correspond to market expectations, as the main driver of stock price is a program of exploratory drilling. In addition to the published financial results the company also revealed some issues related to financing and debt servicing, as well as with the program of exploration drilling. In the near future JSC "BCC Invest" will reconsider its pricing model shares Max Petroleum PLC in the light of published information, and will release an updated review of the issuer with a new target price and recommendation. Analysts of JSC "BCC Invest" and expect the following developments in international markets today: - in Russian publications of economic statistics is not expected. - in Germany 13:00 (AST) is expected to publish data on producer prices for November. At 15:00 (AST) is expected to publish data on the balance of the current balance of the euro area and the current account balance of payments of the European Central Bank for October. At 21:00 (AST) publication of data on consumer confidence in the euro area in December - U.S. at 19:30 (AST) is expected publication of data index of general economic activity FRB Chicago in November. - Today reports Jefferies Group Inc. and others. Analysts of JSC "BCC Invest" give the following advice for investors in securities of issuers in the domestic Kazakh market:: ---------------------------------------------------------------------- Issuer Last price Target Predicted price. code price % Recom- mendation ----------------- ------- ---------- ------ ---------------- --------- Kazkommertsbank KKGB 430 479 +11.40 Neutral KKGBp 210 335 +59.52 Buy Halyk Bank HSBK 365 386 +5.75 Buy Bank CenterCredit CCBN 584 646 +10.62 Hold Tsesnabank TSBN 908 1,030 +13.44 Neutral KazMunaiGaz RDGZ 17,510 22,300 +27.36 Buy Kazakhmys PLC GB_KZMS 3,630 3,977 +9.56 Hold ENRC PLC GB_ENRC 2,200 2,298 +4.45 Buy Kazakhtelekom KZTK 18,400 19,200 +4.35 Buy KZTKp 8,500 9,300 +9.41 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. [2010-12-20]