Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for January 10, 2011

/IRBIS. January 10, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for January 10, 2011. Analysts of JSC "BCC Invest" now expect a mixed and multi-directional opening of trading on KASE on ambiguous external background. Further, during the day dynamics of trade will depend on investor sentiment in the western trading floors. JSC "BCC Invest" also notes the following important events in the Kazakh market: - The company Max Petroleum PLC announced the results of the initial test wells UTS-1 on the site Uytas at Block A & E. An initial test showed the presence of oil zone Cretaceous height of 55 meters and the effective capacity of 31 meters. Perforations at depths of 120 - 128 and 155 - 158 meters showed the presence of oil density of 26 degrees API with a debit of about 24 barrels a day. Test duration was limited under current regulations. The well will be put on the 90-day long-term production testing after obtaining all necessary approvals to be obtained within a few weeks. Based on the current oil-water contact at a depth of 161 meters, the company expects the power oil column at the level of the Cretaceous period between 85 and 135 million barrels, with recovery rates of 20-30%. The company plans to conduct additional exploration and evaluation at the site. The company also announced the extension of the period of the project pilot production at the field, Zhana Makat for 6 months to 1 July 2011, which will continue the exploration and appraisal work in this field. Planned to drill two new wells to a depth of the Triassic period. The Company has filed an application for assignment of mine Zhana Makat full status, allowing it to master the field for 25 years on the basis of a license for Block A & E. The drilling rig ZJ-30 will start drilling exploratory wells ALTW-1 in West Altykol site and drilling rig ZJ-40 will start drilling exploratory wells ASK-1 at the site Asanketken approximately until February 1, 2011 after receipt of all equipment at the sites. Analysts of JSC "BCC Invest" believe that the message is moderately positive for the stock price Max Petroleum PLC - a positive test wells UTS-1 on the site Uytas interrupts a series of messages on drilling dry wells. However, the market has already responded positively to this post significant growth in stock price of the company and analysts JSC "BCC Invest" does not expect further growth to new information. Accordingly, the JSC "BCC Invest" reiterates the recommendation to "hold" on the shares of Max Petroleum PLC with target price of 21 pence per share. Analysts of JSC "BCC Invest" and expect the following developments in international markets today: - In Russia the publication of important economic statistics is expected. - in France 13:45 (AST) in France is expected to publish data on industrial production. At 14:00 (AST) in the UK is expected to publish data on house price index Halifax. At 15:30 (AST) is expected to publish data on an index of investor confidence from Sentix. - In the U.S. publications of important economic statistics are expected. 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 425 479 +12.71 Neutral KKGBp 210 335 +59.52 Buy Halyk Bank HSBK 373 386 +3.49 Buy Bank CenterCredit CCBN 595 646 +8.57 Hold Tsesnabank TSBN 865 1,030 +19.08 Neutral KazMunaiGaz RDGZ 17,490 22,300 +27.50 Buy Kazakhmys PLC GB_KZMS 3,650 3,977 +8.96 Hold ENRC PLC GB_ENRC 2,450 2,298 -6.20 Hold Kazakhtelekom KZTK 18,800 19,200 +2.13 Buy KZTKp 8,600 9,300 +8.14 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. [2011-01-10]