ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till December 1, 2002

/IRBIS, December 18, 02 / -information agency of financial markets IRBIS (Almaty) continues publication of information on pension market provided by the National Bank of Kazakhstan. In the following table values of condition pension unit (CPU) of accumulative pension funds' (APF) assets of the republic as of December 1, 2002 and also dynamics of this indicator for different periods of funds' activity (calculated by IRBIS) are given. Funds have been sorted in the order, which corresponds to a start of their activity at the market. Trends are given in percents relative to corresponding data on November 1, 2002. --------------------------------------------------------------------------------- CPU change in % APR ------------------------------------------------------ Data of Meaning from the beginning of: During last: Title Activi- of CPU on ----------------------------- ------------------------ of fund ty start Dec 1.02 activity 2000 2001 2002 6 mon. 3 mon. 1 mon. ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- SAPF Jan15.98 262.7542 33.36 17.39 15.86 14.25 13.13 13.21 18.45 (+1.52) (+0.7) (+1.7) (+2.3) (+4.6) (-2.1) (+17.6) (+153.3) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- HBK Feb24.98 290.8968 40.02 17.10 14.38 12.16 12.15 12.54 19.45 (+1.60) (+0.7) (+2.0) (+3.2) (+8.0) (+16.2) (+63.0) (+157.7) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- VTF Mar20.98 278.3789 37.92 17.88 14.23 12.00 12.00 11.54 9.96 (+0.82) (-0.5) (-0.5) (-0.5) (-0.8) (+2.1) (+3.9) (-27.3) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- HPF Mar22.98 295.2637 41.56 17.56 14.55 11.40 9.78 9.42 11.29 (+0.93) (-0.4) (-0.1) (-0.1) (+0.8) (+4.6) (+11.7) (+59.6) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kuna- Mar24.98 258.8891 33.86 17.70 14.06 11.74 9.96 7.87 8.18 ev (+0.67) (-0.7) (-0.9) (-1.2) (-2.3) (+0.3) (-0.6) (+9.6) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kaz- Apr19.98 299.0106 43.06 17.74 14.59 12.45 11.77 9.76 10.44 mys (+0.86) (-0.5) (-0.3) (-0.4) (-0.7) (+3.2) (-14.8) (+63.0) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- UlUm Apr20.98 291.0381 41.36 16.70 14.05 12.01 11.06 10.75 11.00 (+0.90) (-0.4) (-0.1) (-0.1) (+0.1) (+3.5) (-2.5) (+113.9) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kaz-n Apr28.98 280.0948 39.17 17.85 15.47 12.64 11.88 11.91 17.88 (+1.47) (+0.5) (+1.5) (+2.2) (+5.8) (+11.2) (+32.1) (+177.7) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- NGD Jun07.98 284.9073 41.20 17.70 15.46 10.99 9.87 9.63 15.35 (+1.26) (+0.1) (+0.9) (+1.2) (+5.4) (+10.4) (+33.4) (+210.0) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kur- Jan22.99 236.2093 35.28 17.32 15.55 12.55 12.08 12.92 19.51 met (+1.60) (+0.6) (+2.0) (+2.8) (+7.5) (+17.5) (+34.9) (+215.9) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- ААКMG Mar03.99 201.9049 27.17 16.39 14.39 12.04 10.56 9.98 11.63 (+0.96) (-0.3) (+0.1) (+0.1) (+0.6) (+2.0) (+11.4) (+53.5) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- SENIM Jul20.99 157.4221 17.04 17.32 14.72 12.27 11.82 9.24 10.73 (+0.88) (-0.0) (-0.2) (-0.3) (-0.4) (-0.3) (-9.9) (+48.5) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kor- Dec01.99 144.5301 14.83 15.18 14.04 10.78 8.12 6.70 7.09 gau (+0.58) (-0.9) (-0.9) (-1.6) (-2.7) (-1.2) (-5.9) (+52.2) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- PMK Apr07.01 117.1803 10.40 - - 10.91 9.70 9.46 10.19 (+0.84) (+0.7) - - (+0.2) (+4.7) (+7.3) (+80.2) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Otan Nov26.01 109.6550 9.52 - - 9.85 11.18 8.94 10.09 (+0.83) (+1.4) - - (+1.1) (+2.2) (-0.2) (+43.4) ------- -------- --------- -------- ------ ------ ------ ------- ------- -------- Kapi- Mar06.02 104.2047 5.68 - - - 6.64 6.47 7.17 tal (+0.59) (+4.0) - - - (+5.3) (+4.7) (+30.2) --------------------------------------------------------------------------------- It's better to make conclusions about effectiveness of activity of APF (more precisely PAMC) based not on absolute value of CPU but its speed of change since the absolute value of the unit depends on operating tern of the fund. Due to this reason IRBIS agency operates in table with the speed of the change of CPU in different periods, expressed in percents APR. The indicator for each period is determined as a difference between the last and first values of CPU divided by first value, expressed in percents, then divided by number of days in the period and multiplied by 365. According to IRBIS analysts' opinion, derived parameter can be considered as a nominal (without taking into account inflation) yield of fund assets during period for the depositor. The following detailed table enables to observe dynamics of above described change indicator of CPU (% APR) in monthly sector for the last 12 months. The data have been sorted alphabetically. -------------------------------------------------------------------------------------- 2002 2001 ----------------------------------------------------------------- Avera- Fund Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov ge ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ААКMG 19.80 15.05 13.43 13.26 12.24 10.38 10.73 12.99 8.58 10.57 7.58 11.63 12.19 VTF 22.36 12.60 14.04 9.06 11.52 8.61 14.61 12.73 8.73 10.54 13.71 9.96 12.37 SAPF 19.01 12.79 10.61 10.54 17.50 19.83 11.57 13.39 12.51 13.69 7.28 18.45 13.93 Kaz-n 19.92 13.72 15.00 9.68 13.66 10.88 11.53 13.47 9.21 11.28 6.44 17.88 12.72 Kazmys 18.61 21.88 11.82 8.64 10.66 8.41 12.46 11.98 15.37 12.33 6.40 10.44 12.42 Kapital - - - - 3.41 5.23 5.53 8.12 6.29 6.66 5.50 7.17 5.99 Korgau 18.79 28.18 10.44 9.07 10.20 7.69 8.01 11.54 8.31 8.33 4.66 7.09 11.03 Kunaev 15.15 16.81 10.62 19.31 9.67 8.08 17.30 9.64 8.30 7.83 7.47 8.18 11.53 Kurmet 19.23 14.72 12.81 12.06 12.12 9.00 10.49 12.39 9.53 12.93 6.18 19.51 12.58 HBK 18.39 13.62 11.59 10.10 11.50 9.55 13.00 15.92 5.05 10.43 7.55 19.45 12.18 NGD 36.86 0.04 19.11 18.03 11.53 9.81 8.94 12.29 8.09 8.54 4.95 15.35 12.80 APF 22.45 17.71 12.36 12.29 11.23 8.79 9.13 11.98 8.34 9.77 7.07 11.29 11.87 Otan 6.57 7.04 6.47 9.09 7.01 8.74 13.89 14.92 10.10 9.57 7.03 10.09 9.21 SENIM 18.10 13.70 12.08 10.27 12.31 10.96 12.64 15.35 13.66 9.61 7.22 10.73 12.22 UlUm 19.49 15.94 11.89 12.96 11.36 8.83 9.43 11.69 11.77 16.02 5.14 11.00 12.13 PMK 18.14 14.24 11.79 13.81 10.38 7.69 8.42 12.16 8.28 12.44 5.66 10.19 11.10 ------- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ Average 19.52 14.54 12.27 11.88 11.02 9.53 11.10 12.54 9.51 10.66 6.86 12.40 11.64 -------------------------------------------------------------------------------------- For simplicity, following abbreviations have been used in the table: VTF - PAPF Valut-tranzit fund CJSC; Kunaev - PAPFOT after Kunaev CJSC; HPF - OAPF Halyk Pension Fund CJSC; Kaz-n - PAPF Kazakhstan CJSC; HBK - APF Halyk Bank of Kazakhstan; Kazmys - APF Kazakhmys CJSC; UlUm - up to Oct 10,01 OAPF Ular CJSC, on October 1 - OAPF UlarUmit CJSC; NGD - PAPF NefteGas-Dem; Kurmet - POAPF Kurmet; AAKMG - APF ABN AMRO - KaspiiMunaiGas CJSC; SENIM - OAPF SENIM CJSC; Korgau - APF Korgau CJSC; PMK - KAPF Philip Morris Kazakhstan CJSC; Otan - OAPF OTAN CJSC; SAPF - State Accumulative Pension Fund CJSC; Capital - APF Capital CJSC; "-" - the data is absent because of no fund activity or fund liquidation and also due to that fund worked during non-full month or data cannot be taken into account as objectively unstable. The data is published as deserving attention of all participants of Kazakhstan pension reform. [2002-12-18]