Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 25, 2011

/IRBIS. April 25, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 25, 2011. Analysts of JSC "BCC Invest" now expect a neutral opening of trading on the ambiguous external background. Further, during the day, probably on the shares included in the index KASE, will be a mixed and multidirectional dynamics and KASE index end the day near a neutral point.. Analysts of JSC "BCC Invest" and expect the following developments in international markets today: - Nornikel can repay, in spite of $4.5 billion buy-back. - Potanin. "PTC:GMKN "Norilsk nikel" may have to pay the dividends on the 2010 work, even after it spends $4.5 billion to buy back, Vladimir Potanin, a holder of the biggest GMKN issuer "Interros", giving interview to Bloomberg, said. He declared earlier that he believes the dividend payment for 2010 to be unlikely, with a glance of the fact that the program of stimulating the issuers realizes as own stock buy-out. The $4.5 billion buy-back will require more expenditures than dividends payment, even if being 50% of net profit. "The corporation should pay the dividends in accordance with the dividend policy", - Potanin said, not giving exact numbers. "Nornickel"'s dividend policy provides 20- 25% of the net profit payments to the issuers. As the head of "Nornickel" Vladimir Strzhalkowsky during the meeting with the prime minister V.Putin said, GMKN net profit will exceed $5 billion as a result of year 2010. "Nornickel" hasn't published the IAS results for 2010 yet; the report is still not approved by the board of directors, the publication is expected to see light on May. Minority issuers of "Nornickel" want the stability, in spite of the issuers' conflict, Potanin said. "Nornickel" has good financial rates, and there is no reason not to pay the dividends, he thinks. In 2008, "Nornickel" didn't pay any dividends due to crisis, in 2009 paid off nearly 50% net profit ($1,325 billion). Also, last year the dispute over the dividends, as listed, caused the difficulties among the issuers: $1,325 billion dividends the managers of GMLN and "Interros" offered. The second-rate issuer "RusAl" (25.13%) proposed $3 billion to be sent for payments. As stated, "Nornickel"s director board made a decision in the end of December, 2010 to hold a buy-back for the sum of $4.5 billion in next 12 months. In the framework of the first stage of the re-redemption of stock GMKN's subsidiary Corbiere-Holdings Limited has bought 6.85% of the GMKN authorized capital (13,670,302 units) for $252 per stock and $25.2 for the depositary receipt. Corbiere sent $3,29 billion to the buyout. April, 5, Cirbiere has announced the second stage of buy-back, $1.2 billion. Corbiere is planning to buy out 2.3% of the authorized capital on market prices. The announced buyback was believed to be "unleashed use of company's finances to strengthen the HQ and "Interros" by "RusAl". "BCC Invest JCS" analysts think this news will be positive for "Nornickel" share stock index, as the dividends payment possibility was questioned in 2010 because of the re-redemption of stock program. The register of issuers is expected to be closed on May, 16, and Annual Global Meeting of Issuers (AGMI) - on July 21. In BCC- Invest's judgment, the company could generate good cash flow, allowing to cover the global investment program, but the published information about the buy-back makes the possibility of deposit payment doubtful. Although everything will depend on the AGMI results. "BCC Invest" JCS expects the net profit for 2010 to make $5.1 billion. "BCC Invest JCS" analysts also expect the following events in the international marketplaces: - No important economic statistics is expected to be published today in Russia. - No important economic statistics is expected to be published today in Euro zone. - Today in USA at 20:00 (AST) the data on the sales in primary estate market will be published, as at 20:30 (AST) - on FRB Dallas producing activity. Today the reports of China Life Insurance Co Ltd, Netflix Inc, Johnson Controls Inc, Cooper Industries PLC and others will be presented. 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 510 583 +14,31 Neutral KKGBp 225 196 -12,89 Neutral Halyk Bank HSBK 380 415 +12,16 Hold Bank CenterCredit CCBN 526 646 +22,81 Hold Tsesnabank TSBN 865 1 030 +19,08 Neutral KazMunaiGaz RDGZ 19 500 20 500 +5,13 Hold Kazakhmys PLC GB_KZMS 3 338,40 3 870 +15,92 Buy ENRC PLC GB_ENRC 2 200 2 550 +15,91 Hold Kazakhtelekom KZTK 19 750 19 200 -2,78 Hold KZTKp 9 600 9 300 -3,13 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. [2011-04-25]