Forecasts and recommendations of analysts of BTA Securities (Kazakhstan) for October 19, 2011

/IRBIS, October 19, 2011/ - JSC BTA Bank's Subsidiary organization BTA Securities (BTA Securities, Almaty) has provided IRBIS with a survey of main events, forecasts and investment ideas for October 19, 2011. According to the report, analysts note that the premarket on world markets is composed as follows: - Today, the activity in a locale will grow, but for investors it generally will be difficult to decide on future strategy. Many of the stocks at current levels look attractive. Dynamics of prices of industrial metals is not in favor of securities of ENRC. Fairly good growth of oil should support to quotations of KMG EP, which can grow by 0.5% - 1.2%. - Asian indices today to demonstrate poor growth. Support to the market have positive financial reports of Bank of America and Intel Corp. International agency Moody's has cut Spain's credit rating by two notches from A1 to Aa2. Rating outlook remains negative. There are reports that the agreement to increase the size of the European Stabilization Fund from 440 million to $ 2 trillion euro does not exist. Nikkei today is growing at 0.2%, Hang Seng - 1.2%, and Shanghai is in the red at 0.2%. - The euro/dollar now adds 0.43% and is at 1.381. Such a movement should have taken place yesterday. Rumors that the EFSF will increase have not been confirmed. The official representative of the German chancellor denied the news. The downgrade of Spain by two notches to Aa2 by Moody's scale had little pressure on the euro. However, a cause for concern should be the agency a statement that the Aaa rating of France is under threat. - In this regard, the authorities of the EU, even under the pressure of G20, a week will not be able to provide some concrete and effective measures to prevent the crisis. During this period, it may be done only solution for the sixth tranche of Greece. Plan to recapitalize the banking system is still far from the final version, amid continuing political controversy. - Quotes of Brent today are close to the mark of $ 113 per barrel on the wave of optimism about the stability of the U.S. economy and debt problems in the eurozone. Copper in Shanghai is still in the red area on concern about reducing the amount of metal in China. Gold traded at $ 1,662 per troy ounce. The downgrade of Spain should support the precious metal. Analysts of BTA Securities give the following advice for investors in securities of issuers in Kazakhstan: ----------------------------------------------------------------------- Last. Target price Recommen- Poten- Issuer SE price for 2011 dation tial, % -------------------------- ---- -------- ------------ --------- ------- Banks ----------------------------------------------------------------------- KAZKOMMERTSBANK-GDR LSE 3.0 6.2 Buy +106.7 KAZKOMMERTSBANK KASE 258.0 452.0 Buy +75.2 KAZKOMMERTSBANK -PREF KASE 148.0 226.0 Buy +52.7 HALYK BANK-GDR LSE 5.6 13.6 Buy +142.4 HALYK BANK KASE 210.0 474.0 Buy +125.7 HALYK BANK -PREF (HSBKP) KASE 168.4 237.0 Buy +40.7 HALYK BANK -PREF1 (HSBKP1) KASE 171.0 237.0 Buy +38.6 BANK-CENTER-CREDIT KASE 329.9 - Neutral n/a -------------------------- ---- -------- ------------ --------- ------- Oil-and-Gas ----------------------------------------------------------------------- KAZKMUNAIGAZ-GDR LSE 15.8 22.7 Hold +43 KAZKMUNAIGAZ KASE 14,300.0 20,062.0 Hold +40 BMB MUNAI AMEX 1.02 n/a Review n/a -------------------------- ---- -------- ------------ --------- ------- Metallurgy: ----------------------------------------------------------------------- KAZAKHMYS PLC LSE 874.5 1,427.0 Buy +63 ENRC LSE 640.5 1,216.0 Buy +90 KAZAKHGOLD-GDR LSE n/a n/a Review n/a URANIUM ONE LSE 2.3 3.3 Buy +44 -------------------------- ---- -------- ------------ --------- ------- Companies with small capital: ----------------------------------------------------------------------- Kazakhtelecom KASE 18,200.0 33,825.0 Buy +86 STEPPE CEMENT LSE 33.3 n/a Review n/a ----------------------------------------------------------------------- This material has exclusively informative 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 present material. [2011-10-19]