ANALYSIS: Dynamics of conditional pension unit of Kazakhstan APF since beginning of their activities till June 1, 2003

/IRBIS, June 19, 03 / - 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 June 1, 2003 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 the start of their activity at the market. Trends are given in percents relative to corresponding data on May 1, 2003. ------------------------------------------------------------------------------ CPU change in % APR ----------------------------------------------------- Value since the beginning of: during last: Title Data of of ---------------------------- ------------------------ of activi- CPU on acti- fund ty start June 1.03 vity 2000 2001 2002 6 mon. 3 mon. 1 mon. ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- SAPF Jan15.98 275.6875 32.67 17.02 15.24 13.16 9.87 9.72 12.53 (+1.06) (+0.1) (+0.4) (+0.4) (+0.8) (-9.2) (+66.9) (+15.5) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- HBK Feb24.98 302.0487 38.35 16.28 13.43 10.89 7.69 7.54 8.87 (+0.75) (-0.5) (-0.4) (-0.5) (-0.4) (-19.0) (+382.2) (-2.5) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- VTF Mar20.98 286.9043 35.92 16.63 12.90 10.17 6.14 7.48 6.96 (+0.59) (-0.7) (-0.9) (-1.1) (-1.4) (-7.6) (+72.0) (-13.7) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- HPF Mar22.98 309.7273 40.35 17.16 14.14 11.21 9.82 14.96 2.80 (+0.24) (-1.3) (-1.9) (-2.6) (-4.4) (-13.3) (+33.0) (-84.4) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kuna- Mar24.98 266.3885 32.05 16.40 12.68 9.87 5.81 5.85 3.68 ev (+0.31) (-1.1) (-1.6) (-2.2) (-3.6) (-11.8) (+19.6) (-52.8) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kaz- Apr19.98 306.0121 40.23 16.19 12.82 9.91 4.70 4.95 1.27 mys (+0.11) (-1.5) (-2.2) (-3.1) (-5.2) (-25.1) (+263.9) (-81.6) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- UlUm Apr20.98 301.8865 39.45 15.88 13.11 10.70 7.48 5.00 2.59 (+0.22) (-1.3) (-1.9) (-2.6) (-4.4) (-16.4) (+4826) (-65.7) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kaz-n Apr28.98 287.3927 36.77 16.41 13.67 10.24 5.23 7.80 3.25 (+0.28) (-1.2) (-1.7) (-2.4) (-3.9) (-32.3) (+102.3) (-50.9) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- NGD Jun07.98 295.0538 39.12 16.69 14.18 9.88 7.14 7.29 10.38 (+0.88) (-0.4) (-0.1) (-0.1) (+1.2) (-10.4) (+1365) (+57.0) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kur- Jan22.99 242.5442 32.70 15.97 13.78 10.24 5.38 7.80 3.69 met (+0.31) (-1.4) (-1.6) (-2.3) (-3.6) (-33.4) (+133.9) (-47.9) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- ААКMG Mar03.99 210.0091 25.89 15.73 13.54 10.95 8.05 6.87 4.89 (+0.42) (-1.2) (-1.3) (-1.87) (-3.0) (-12.7) (+34.6) (-44.1) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- SENIM Jul20.99 165.3053 16.88 16.99 14.33 11.88 10.04 6.00 1.91 (+0.16) (-1.8) (-2.1) (-2.9) (-4.9) (-13.6) (-43.0) (-76.2) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kor- Dec01.99 148.4685 13.84 14.11 12.57 9.10 5.46 6.04 2.76 gau (+0.23) (-1.7) (-1.8) (-2.5) (-4.0) (-12.1) (+48.4) (-68.1) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- PMK Apr07.01 122.1260 10.29 - - 10.35 8.46 14.03 1.44 (+0.12) (-3.3) - - (-5.1) (-15.5) (+27.3) (-93.0) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Otan Nov26.01 112.4769 8.25 - - 8.36 5.16 5.11 3.56 (+0.30) (-3.0) - - (-3.3) (-17.8) (+34.3) (-42.8) ----- -------- --------- ------ ------ ------- ------ ------- -------- ------- Kapi- Mar06.02 107.1822 5.80 - - - 5.73 9.14 1.87 tal (+0.16) (-4.6) - - - (-13.9) (+45.3) (-91.2) ------------------------------------------------------------------------------ It's better to make conclusions about effectiveness of activity of APF (more precisely its PAMC, unless the fund itself manages assets) 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. On 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 described above change indicator of CPU (% APR) in monthly sector for the last 12 months. Funds in this table have been sorted alphabetically. ------------------------------------------------------------------------------------ 2002 2003 ----------------------------------------- ------------------------------ Ave- Fund June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May rage ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- ААКMG 10.73 12.99 8.58 10.57 7.58 11.63 15.69 11.36 -0.87 6.93 8.75 4.89 9.07 VTF 14.61 12.73 8.73 10.54 13.71 9.96 11.36 4.86 -2.92 7.31 8.06 6.96 8.83 SAPF 11.57 13.39 12.51 13.69 7.28 18.45 17.28 10.40 0.63 5.59 10.85 12.53 11.18 Kaz-n 11.53 13.47 9.21 11.28 6.44 17.88 13.81 2.30 -9.54 13.34 6.63 3.25 8.30 Kaz- mys 12.46 11.98 15.37 12.33 6.40 10.44 19.66 2.60 -10.39 6.70 6.88 1.27 7.97 Kapi- tal 5.53 8.12 6.29 6.66 5.50 7.17 11.88 1.57 -7.75 4.46 21.34 1.87 6.05 Kor- gau 8.01 11.54 8.31 8.33 4.66 7.09 13.09 4.25 -3.77 6.69 8.68 2.76 6.64 Ku- naev 17.30 9.64 8.30 7.83 7.47 8.18 9.59 6.46 0.44 6.06 7.79 3.68 7.73 Kur- met 10.49 12.39 9.53 12.93 6.18 19.51 15.80 2.25 -10.70 12.48 7.07 3.69 8.47 HBK 13.00 15.92 5.05 10.43 7.55 19.45 14.02 17.16 -9.76 4.57 9.10 8.87 9.61 NGD 8.94 12.29 8.09 8.54 4.95 15.35 14.24 15.39 -10.66 4.73 6.61 10.38 8.24 APF 9.13 11.98 8.34 9.77 7.07 11.29 18.25 3.54 -9.85 23.80 17.94 2.80 9.50 Otan 13.89 14.92 10.10 9.57 7.03 10.09 10.65 4.90 -0.71 5.52 6.22 3.56 7.98 SENIM 12.64 15.35 13.66 9.61 7.22 10.73 22.13 3.85 15.68 8.04 8.04 1.91 10.74 UlUm 9.43 11.69 11.77 16.02 5.14 11.00 35.14 5.60 -13.06 4.86 7.56 2.59 8.98 PMK 8.42 12.16 8.28 12.44 5.66 10.19 12.94 3.15 -9.10 19.80 20.66 1.44 8.84 ----- ----- ----- ----- ----- ----- ----- ----- ----- ------ ----- ----- ----- ----- Ave- rage 11.10 12.54 9.51 10.66 6.86 12.40 15.97 6.23 -5.15 8.81 10.14 4.53 8.63 ------------------------------------------------------------------------------------ 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. [2003-06-19]