Market reviews and recommendations of BCC Invest JSC (Kazakhstan) analysts for September 26, 2011

/IRBIS, September 26, 2011/ - BCC Invest JSC has provided IRBIS with a survey of main events, market reviews and investment ideas for September 26, 2011. Analysts of JSC "BCC Invest" now expect negative opening of trades on negative external background. Further, during the day, according to analysts, on the local market dynamics will be mixed and multidimensional - number of losses will be played off, and the index of KASE, probably, will end the day with slight decrease. Analysts of JCS "BCC Invest" note the following events on Kazakhstani market today: - JSC "Halyk Savings Bank of Kazakhstan" provided KASE with a copy of the letter from Committee for the Control and Supervision of Financial Market and Financial Institutions of the National Bank of Kazakhstan (NBK FSC) of 20 September 2011, saying: "According to estimates based on the "Report compliance with prudential norms" presented by the Bank as of 01.08.2011, the early repayment of subordinated debt amounting to 10 billion tenge will not lead to a violation of prudential norms established by the Instruction on the normative values and calculation methods for prudential norms for commercial banks, approved by the Board of the Agency Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Institutions from September 30, 2005 # 358. In connection with the foregoing, the Committee considers the possible implementation of the JSC "Halyk Bank of Kazakhstan" full prepayment of the first issue of subordinated bonds. "According to the JSC "BCC Invest", the message is moderately positive for the stock price and the GDR for Halyk Bank. In particular, the amount of bonds that may pay off the bank is low, the bank's balance sheet at 30.06.2011 there were 323.8 billion tenge of debt securities and 380.9 billion of funds. Nevertheless, the early repayment of subordinated bonds with a coupon indexed to inflation with a coupon margin 2.0% (10.6% for the current coupon period in the payment coupon October 10, 2011), yet is an operation to reduce the cost of debt and the risk of excess liquidity. At present JSC "BCC Invest" is reviewing the recommendations of the JSC "Halyk Bank of Kazakhstan" and soon will release an updated overview on the issuer. Analysts of JSC "BCC Invest" expect the following developments on international markets today: - no important publications in the Russian economic statistics are expected. - in Germany at 14:00 (AST) will be published IFO business climate index, the current situation and expectations. In France, at 22:00 (AST) to be published data on net changes in job seekers and on the total number of unemployed. - in the U.S. before the opening of trading at 18:30 (AST) will be published index of overall economic activity from the Federal Reserve Bank of Chicago, and at 20:00 (AST) will be released sales data on the primary housing market. 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 265 Review KKGBp 148 Review Halyk Bank HSBK 230 Review Bank CenterCredit CCBN 355 608 +71.27 Buy Tsesnabank TSBN 903 1,030 +14.06 Neutral KazMunaiGaz RDGZ 13,850 Buy Kazakhmys PLC GB_KZMS 1,881 3,450 +83.41 Buy ENRC PLC GB_ENRC 1,380 1,900 +37.68 Buy Kazakhtelekom KZTK 18,500 27,500 +48.65 Buy KZTKp 8,988 8,900 -0.98 Buy MREK MREK 1,714.70 1,130 -34.10 Hold -------------------------------------------------------------- The given material has exclusively information character and is not the offer or recommendation to make any transactions with the stocks. IRBIS Agency doesn't take responsibility for the opinions which are in given material. [2011-09-26]