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

/IRBIS. June 10, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for June 10, 2011. The analysts expect mixed opening of trades amid multidimensional closure on stocks and depository receipts of Kazakhstani issuers in London yesterday, but, according to "BCC Invest" JCS forecast, in the afternoon, on the optimistic wave received from western floors, analysts of "BCC Invest" JCS will note the jump after yesterday fall, and KASE index will end the day at positive territory. Analysts of JSC "BCC Invest" expect the following developments in international markets today: - Ministry of Finance of Kazakhstan placed on the KASE on June 9 8.0 million MEUKAM-132 of the fourth edition at 4.93% per annum. June 9, 2011 in the trade system of KASE specialized trades on placement of government treasury bonds of the Ministry of Finance of the Republic of Kazakhstan MEUKAM-132 Release 4 with a maturity of 11 years (3,960 days) and Coupon Payments 1 per year. The volume of active orders, the proportion of pension market had 34.5%, the share of Kazakhstan's second-tier banks (STB) - 16.4%, clients of STB - 27.5%, broker-dealers - 3.0%, their customers - 18.6%. According to data of Central Securities Depository, all transactions on placement MEUKAM-132 of the fourth release by the end of calculations based on trades executed. 27.5% of the total outstanding bonds were purchased by pension market entities, 67.1% - STB clients, 5.4% - clients of broker-dealers. According to analysts of JSC "BCC Invest", a relatively low rate of yield to maturity at a relatively "long" GS developed as a result of multiple excess of demand over supply, which was caused by low initial volume of deals (6 billion tenge against the usual 15 billion) and excessive liquidity in the financial system of our country. - IMF confirms forecast for global GDP growth in 2011 at 4.4% despite the slowdown. The International Monetary Fund (IMF) continues to adhere to previous forecast for global GDP growth this year at 4.4%, despite the recent slowdown in business activity in a number of major economies, said First Deputy Managing Director John Lipsky, the IMF, which served as the head Commons after the resignation of Dominique Strauss-Kahn. Previously, economists began to talk about the fact that rising unemployment and falling real estate prices in the U.S., the debt crisis in Europe, a disaster in Japan, as well as a slowdown in the pace of economic activity in China and other countries could force the IMF to revise growth forecast for world the economy downward. At the same time D. Lipsky said that the irregularities in the supply chain caused by the catastrophic events in Japan, repaired "fairly quickly", but a slight decrease in energy prices is likely to continue. Thus, said Acting IMF head, factors that could affect the forecast organization, must be attributed to a "temporary, the effect of which will soon be closed." According to D. Lipsky, China's economy will probably grow by 9.5% in 2011, and in 2012, and inflation in the country will fall to 4% by the end of this year. In April, the annual growth rate of consumer prices in China amounted to 5.3%. Although the expert believes that the monetary policies of developed countries should continue to wear while stimulating character, he sees no need for its further softening. However, D. Lipsky believes that the world's Central Bank must already have clear plans to minimize the anti-crisis program and the normalization of monetary policy. - Board of directors ENRC was left by the third independent director. June 9, 2011 in an information portal Bloomberg report was published with reference to the Financial Times that Mehmet Dalman, the independent director of ENRC, is leaving his post at the company due to problems in corporate governance. In turn, Financial Times as its source named the two men versed in the situation. Thus, the company can stay only one independent director, Paul Judge, after June 8 at the Annual General Meeting by a vote of nominations for membership of the Board of Directors Richard Sykes and Kenneth Olisa were rejected. Analysts of JSC "BCC Invest" believe that the message is a negative for stock prices ENRC PLC, as calling into question the current situation in the company. Care of independent directors, which aim to make independent judgments of the management company, is a negative signal. Nevertheless, AO "BCC Invest" leaves its current recommendation to "buy" with a target price of ? 10.80 per share, with the assumption of possible subsidence because of uncertainty regarding a claim FQM $2 billion, and disagreements on the board of directors led to the partial maintenance of the independent parts of governing body. - "Norilsk Nickel" has launched one of its Australian units, Lake Johnston. OJSC MMC Norilsk Nickel (RTS: GMKN) has completed the preparatory work for the launch of the mine and concentrator on one of its four Australian divisions, Lake Johnston. Processing factory is running in normal mode, the output of the design capacity is planned for 2011. Ruda will be shipped from the mine Maggie Hays. Until the end of 2011 it is planned to produce 25 thousand tons of nickel concentrate (up to a stop, in 2008, the company had produced 8.9 tons). Supply of concentrate will be carried to the processing power companies in Finland (Plant NN Harjavalta). the Lake Johnston is located 500 km east of Perth (west coast of Australia). The project is an underground mine and processing plant with a capacity of 1.5 million tonnes of ore per year. In total, the company employs 180 shifts people, including contractors. Lake Johnston is the first company of the Group's assets in Australia to resume production after its stop in 2009. According to the results of calculating the economic efficiency of planning to launch other group companies in Australia. According to analysts JSC "BCC Invest", the news is moderately positive quotes for equity securities of OJSC MMC Norilsk Nickel. At this time, analysts of JSC "BCC Invest" expect the company's consolidated financial statements for the year 2010 to undertake a review of its stock valuation models. "BCC Invest" analysts are expecting the following events on international markets today: - Today in Russia data on monetary base in narrow definition, as well as fiscal balance, exports, imports and trade balance will be published. - Today in Germany at 12:00 (AST) will be published data on the consumer price index and wholesale price. In France, at 12:45 (AST) will be published data on industrial production. In Italy at 14:00 (AST) will be published GDP data. In the UK, at 14:30 (AST) will be published report on inflation by the Bank of England, data on industrial production, the Producer Price Index, as well as during the day, estimates of GDP growth from NIESR. - Today, in United States at 18:30 (AST) will be released price index for imports, and during the day - a monthly performance report. Analysts of BCC Invest JSC are giving the following advice for investors in securities of issuers in internal market: ------------------------------------------------------------- Closing Target Potential, Issuer Code price price % Recommen- dation ----------------- ------- ------- ------ ---------- --------- Kazkommertsbank KKGB 410 583 +42.20 Neutral KKGBp 198 196 -1.01 Neutral Halyk Bank HSBK 320 415 +29.69 Hold Bank CenterCredit CCBN 518 608 +17.37 Buy Tsesnabank TSBN 813.16 1,030 +26.67 Neutral KazMunaiGaz RDGZ 18,600 20,500 +10.22 Buy Kazakhmys PLC GB_KZMS 2,950 3,870 +31.19 Buy ENRC PLC GB_ENRC 2,065 2,550 +23.48 Buy Kazakhtelekom KZTK 19,600 Review KZTKp 9,500 9,300 -2.11 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.. [2011-06-10]