Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for February 8, 2011
08.02.11 17:07
/IRBIS. February 8, 2011/ - BCC Invest JSC has provided IRBIS with a
survey of main events, market reviews and investment ideas for February
8, 2011.
Analysts of JSC "BCC Invest" is awaiting the opening of trading on a neutral
background multidirectional closing on shares and depositary receipts of
Kazakhstan issuers on the eve of London. Further, during the day, the dynamics of
trading on the Kazakhstan stock market will depend on investor sentiment in the
western trading floors.
JSC "BCC Invest" also noted the following important events in the
Kazakh market:
- The court has banned two of the island Nevis subsidiary of OJSC MMC
Norilsk Nickel "- Corbiere and Raleigh - voting shares owned by them
quasitreasury and blocked a deal to sell stock in MMC Netherlands
company Trafigura, the report said UC Rusal. This decision was made in
the petition meet Rusal to impose interim measures. These security
measures in effect until March 2, when will the next hearing. The next
hearing Rusal will present their arguments as to why Corbiere and
Raleigh do not have the right to vote or transfer their shares Norilsk
Nickel, as well as take further action in respect of transactions with
Trafigura. As explained in the message, "Rusal" appealed to the court of
the island Nevis, trying to prevent damage arising as a result of
repurchase of shares of MMC and the transaction with the company
Trafigura. Previously, the company has repeatedly stated that the
decision of the Board of Directors of MMC on redemption of 6.2% stake
in Norilsk Nickel at a premium to the market value of securities taken a
little more than a week after announcing the sale of 8% packet
quasitreasury shares at a lower price Netherlands Trafigura, "is unlawful
and harms the company's shareholders and destroys its value." As a
matter of "Norilsk Nickel" confirm the imposition of such interim
measures, and claim that "the structures of MMC plan to appeal the
verdict." As they say in the decision to impose interim measures
(available to the Interfax news agency), it can be appealed within five
working days. The decision was dated on February 3. Quotations stake
in Norilsk Nickel on the news about the imposition of provisional
measures on Monday, February 7, at 15:10 Moscow time fell by 2 7%, to
7,236 rubles per share. Analysts of JSC "BCC Invest" expect a
moderately negative impact of these events on the quotation of equity
securities of MMC Norilsk Nickel. Corporate conflict escalates; however,
JSC "BCC Invest" leaves the current recommendation to "hold" with a
target price of $ 25.08 per depositary receipt.
Analysts of JSC "BCC Invest" and expect the following developments
in international markets today:
- Russia is expected to publish data on the contingency fund and the
National Welfare Fund
- in 06:01 (AST) in the UK were published data on retail sales of BRC
and an index of housing prices from RICS. In France, in 13:30 (AST)
will be published data on the index of business sentiment from the
Bank of France, and in 13:45 (AST) - for the balance of the budget and
trade balance. At 17:00 (AST) in Germany to be published data on
industrial production.
- U.S. at 18:30 (AST) will be published data from the optimism of small
business from the NFIB, and 21:00 (AST) - an index of economic
optimism of the IBD / TIPP and the JOLTs - to open vacancies.
- today reports UBS AG, Toyota Motor Corp, ArcelorMittal, Xstrata PLC,
BG Group PLC, Gazprom OJSC, 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 585 479 -18.12 Neutral
KKGBp 230 335 +45.65 Buy
Halyk Bank HSBK 435 432 -0.69 Hold
Bank CenterCredit CCBN 658 646 -1.82 Hold
Tsesnabank TSBN 865 1,030 +19.08 Neutral
KazMunaiGaz RDGZ 19,200 22,300 +16.15 Buy
Kazakhmys PLC GB_KZMS 3,800 3,977 +4.66 Hold
ENRC PLC GB_ENRC 2,455.01 2,767 +12.71 Hold
Kazakhtelekom KZTK 20,000 19,200 -4.00 Hold
KZTKp 9,100 9,300 +2.20 Hold
MREK MREK 1,210 1,130 -6.61 Hold
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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.
[2011-02-08]