Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for April 29, 2011

/IRBIS. April 29, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for April 29, 2011. The analysts are expecting a mixed and multidimensional opening on KASE in the inconsistent exterior background. During the day, the KASE index stock quotations dynamics will be changeable and the actors will probably decide to fixate the position before long weekend Analysts of JSC "BCC Invest" expect the following developments in international markets today: - "Zhaikmunai has gained $22.9 million in 2010, as against the fall in 2010. The "Zhaikmunai" oil company has gained $22.9 net profit as against the $18.8 million dead loss in 2009, the message from the company states. The proceeds went up 53.5% to $178.2 million, EBITDA - 68% up to $98.8 million. As stated, "Zhaikmunai" has extracted 2,829.8 thousand barrels of oil and condensates, which is 4.9% more than 2009 levels. You can gain further information on the results of ZhaikMinai LP activity on the company's site www.zhaikmunai.com. In spite of the fact that the company has realized a profit, "BCC Invest" analysts think that the company's stocks are overestimated due to excessively optimistic expectations on gross output of oil and condensates growth tempo. The gross output volume in 2010 was lower than "BCC Invest" conservative forecast - 2,830 th. barrels as against the forecast of 3,755 thousand (the April 14, 2010 forecast). Judging from 2010 totals, the analysts are skeptic about the company's ability to heighten the production volume in the short run, so the model of the stocks estimation would be changed, same as the prognosis on gross extraction growth tempo. "BCC Invest" analysts lower the recommendation on the company's depository receipts from "HOLD" to "SELL", with the target price of $8.70 per GDP. "BCC Invest" thinks that the possibility that the target price on ZhaikMunai LP GDR would be lowered is very high. - Nornickel has published the producing results for the first quarter of 2011. According to the report, the produce of metals on Russian enterprises was on last-year level. The reduce of copper production was shown by Finnish and African companies, reducing 2 thousand tons. Nickel production corresponded with "BCC Invest" JCS expectations, and palladium and platinum - even higher, which would positively affect the stocks and GDR of "Nornickel". - Seversteel has published the production results for the first quarter of 2011. In general, the analysts are satisfied. The serious change was the excluding of the past indices of Severstal Sparrows Point, Severstal Warren and Severstal Wheeling, which Renco agreed with Severstal to buy for $125 million of cash, $100 million papers and the liabilities on sum of $317 million. "BCC Invest" recalls its recommendations on Seversteel stocks and GDR and will review the stocks estimate model. Analysts of JSC "BCC Invest" also expect the following developments in international markets today: - Today in Russia the data on monetary basis in narrow terms and on refinancing rate is waited for. - On Friday and Monday the trade on LSE will be closed due to the wedding of Prince of Wales and the beginning of May dayoff. Today in Germany the data on retails will be published at 12:00 (AST). The data on producers' prices will be published at 12:45 in France. 14:00 (AST) - the Eurozone data on M3 money supply, 15:00 (AST) - the data on CPI prognosis, business climate index, and the consumers, economic and industrial trust, 15:00 - unemployment rate. The data on unemployment rate will be published at 14:00 (AST), at 15:00 (AST) - on the consumption price and producer price index- PPI. - Today the data on manpower costs index, personal receipts and expenditures and consumption expenditures deflator will be published at 18:30 (AST) in USA. 19:45 (AST) - the Chicago PMI business activity index, 19:55 (AST) - consumer trust from the Michigan university. 20:00 (AST) - the data on estate price index from NAPMMilwaukee and retails. Today the reports of Chevron Corp, Total SA, China Construction Bank Corp, HTC Corp, Hon Hai Precision Industry Co Ltd, China Petroleum & Chemical Corp, China Shenhua Energy Co Ltd, Merck & Co Inc, Caterpillar Inc, Daimler AG, Simon Property Group Inc and others will be available. Analysts of BCC Invest JSC are giving the following advice for investors in securities of issuers in internal market: ------------------------------------------------------------------ Last price Target Potential, Issuer Code price % Recommenda- tion ----------------- ------- ---------- ------ ---------- ----------- Kazkommertsbank KKGB 509.50 583 +14,43 Neutral KKGBp 225 196 -12,89 Neutral Halyk Bank HSBK 366 415 +13,39 Hold Bank CenterCredit CCBN 529.65 646 +21,97 Hold Tsesnabank TSBN 865 1,030 +19,08 Neutral KazMunaiGaz RDGZ 19,750 20,500 +3,80 Hold Kazakhmys PLC GB_KZMS 3,270 3,870 +18,35 Buy ENRC PLC GB_ENRC 2,250 2,550 +13,33 Hold Kazakhtelekom KZTK 19,700 Review KZTKp 9,700 9,300 -4,12 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. [2011-04-29]