Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for January 21, 2011

/IRBIS. January 21, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for January 21, 2011. Analysts of JSC "BCC Invest" again today, expect negative opening trades amid falling stock prices, and depositary receipts of Kazakhstan issuers yesterday in London. Further, during the day the sale can proceed under the influence of correctional attitudes and willingness of investors to close positions before the weekend. JSC "BCC Invest" also notes the following important events in the Kazakh market: - Joint Lead Manager and Bookrunner announced the results of the placement of Eurobonds Halyk Savings Bank of Kazakhstan. January 19, 2011 JSC "National Bank of Kazakhstan" has successfully entered the market with a direct issuance of long-term Eurobonds. Global senior unsecured Eurobonds (further - Bonds) were issued under Regulation S / Rule 144A and in accordance with Kazakh legislation were proposed to the acquisition of Kazakh investors in the organized securities market of the Republic of Kazakhstan together with the start of the Placement in foreign countries. Upon completion of data collection applications on the same day the issuer set cut-off price for a yield to maturity at 7.50%. Total output reached 500 million U.S. dollars. Kazakh investors were allocated bonds for a total nominal amount of $ 36 million (or 7.2% of total output), though the volume of orders for Kazakh investors, filed by KASE, amounted to 463 million U.S. dollars. In total requests Kazakh investors accounted for 49.9% of pension funds, 43.2% - on the banks, 6.9% - by broker-dealers and their customers. - The primary beneficiary of OJSC Severstal (RTS: SHMF) and majority shareholder of the Italian Lucchini Mr. Aleksey Mordashov amended the proposal to creditors Lucchini on debt restructuring of the company, reported trade publication Metal Bulletin. Changes relate to expedite the sale of French companies Lucchini - Division Ascometal. Their sale will help pay off the debt of Italian companies. In Severstal declined comment. As previously announced, Severstal on June 30 last year, has closed a deal to sell 50.8% stake in the Italian Lucchini SpA structure of its main owner Mr. A. Mordashov for a nominal sum. The company retained the right to buy the asset back to the same conditions. If Mr. A. Mordashov later be able to implement a package to a third party for a large sum, the income from this operation will get "Severstal". The remaining shares Lucchini (49.2%) still belong to Severstal. Payable at the time of sale Lucchini Mr. A. Mordashov control was 800 million euros. Lucchini includes enterprises in Italy (Lucchini Piombino) and France (Ascometal). According to the JSC "BCC Invest", the news will not have a strong influence on the quotations of equity securities of OJSC Severstal. Mr. Mordashov sale of the asset is considered quite a long time. Analysts of JSC "BCC Invest" to leave their current recommendation. Analysts of JSC "BCC Invest" and expect the following developments in international markets today: - Russia is expected to publish data on monetary base in narrow definition, and in 15:00 (AST) will be published data on producer prices. - in France 13:45 (AST) will be published data on the indicator of business climate index for the prospects of the productive sector and forecast the manufacturing sector of private companies. At 15:00 (AST) in Germany to be published data on the business climate index, the indicator of the current situation and expectations. At 15:30 (AST) in the UK will be published data on retail sales (excluding automobiles. Fuel). - U.S. at 02:30 (AST) was published data on the composite index of retail prices for 28 days. - Today reports Google Inc, Bank of America, General Electric 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 464 479 +3.23 Neutral KKGBp 210 335 +59.52 Buy Halyk Bank HSBK 390 386 -1.03 Buy Bank CenterCredit CCBN 650 646 -0.62 Hold Tsesnabank TSBN 865 1,030 +19.08 Neutral KazMunaiGaz RDGZ 19,500 22,300 +14.36 Buy Kazakhmys PLC GB_KZMS 3,650 3,977 +8.96 Hold ENRC PLC GB_ENRC 2,550 2,298 -9.88 Neutral Kazakhtelekom KZTK 19,800 19,200 -3.03 Hold KZTKp 9,300 9,300 0 Hold 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. [2011-01-21]