ANALYSIS: Centras Securities JSC (Kazakhstan) prepared ranking of Kazakhstan APF

/IRBIS, Natalya Kuznetsova, Andrey Tsalyuk, January 5, 06/ - Investment company Centras Securities JSC (Almaty) prepared ranking of accumulative pension funds (APF) of Kazakhstan as of January 1, 2004 and 2005, and also as of October 1, 2005, comparing various indexes of funds' activity. As per data of Centras Securities JSC as of January 1, 2005 the best accumulative pension fund is acknowledged OAPF Halyk pension fund JSC. Specialists of Centras Securities JSC note, that in 2004 comparatively high indexes of yield on pension assets had OAPF Halyk pension fund JSC, AAPF Kazakhstan JSC and ABN AMRO-CaspiMunaiGas APF, which were almost pursued by NOAPF Kurmet and APF NefterGas-DEM CJSC. Fund ABN AMRO-CaspiMunaiGas APF is called the best by attraction and corporate management. By the results of 2004 the most highest index on attraction of depositors had OAPF Halyk pension fund JSC, but due to relatively low financial indexes was ranged only the fourth. As of October 1, 2005 situation almost has not changed: APF Atameken JSC could hold high yield and high financial indexes, APF BTA Kurmet- Kazakhstan JSC showed yield above 10%, but due to low attraction of depositors took only the fifth place. From the third place OAPF Halyk Bank of Kazakhstan JSC was replaced, which kept first place on attraction and improved yield indexes. APF UlarUmit JSC occupies the fourth place, because it has comparatively stable indexes of yield, as well as attraction. Specialists of Centras Securities JSC also commented some moments, concerning ranking method applied by them: "There is no comparison on quality of assets, because these data are not public first of all, and secondly, not all assets, included in portfolio of pension funds, have international rating. We consider, that quick introduction of national rating scale from agency Standard & Poor's could give push to compare such indexes. These indexes may be further represented by agency, or if all accumulative pension funds of the Republic of Kazakhstan publish portfolio structure, as it was done by State accumulative pension fund JSC. Meanwhile, such index, characterizing quality of investment portfolio as duration and currency diversification, also were unavailable for analysts in preparation of the present work". In below table ranking of APF of Kazakhstan are given, prepared by specialists of Centras Securities JSC. ---------------------------------------------------- Posi- Name of Resulting tion pension fund value ----- --------------------------------- ---------- As of Oct. 1, 05 ---------------------------------------------------- 1 APF Atameken JSC* 9.74 2 APF BTA Kurmet-Kazakhstan JSC 9.34 3 OAPF Halyk Bank of Kazakhstan JSC 9.27 4 APF UlarUmit CJSC 8.94 5 APF Kazakhmys JSC 8.64 6 ABN AMRO-CaspiMunaiGas APF 7.81 7 AAP Valut-Tranzit Fund JSC 7.75 8 OAPF Senim JSC 7.630 9 APF NefterGas-DEM CJSC 7.625 10 OAPF OTAN JSC 7.12 11 APF CAPITAL JSC 6.71 12 APF SAPF JSC 5.84 13 AAPF named after D.A.Kunayev JSC 5.63 14 APF Korgau JSC 3.79 ----- --------------------------------- ---------- As of Jan. 1, 05 ---------------------------------------------------- 1 OAPF Halyk pension fund JSC 10.48 2 AAPF Kazakhstan JSC 10.17 3 ABN AMRO-CaspiMunaiGas APF 9.49 4 OAPF Halyk Bank of Kazakhstan JSC 9.34 5 NOAPF BTA Kurmet JSC 8.89 6 APF UlarUmit CJSC 8.81 7 OAPF OTAN JSC 8.75 8 APF NefterGas-DEM CJSC 8.53 9 APF Kazakhmys JSC 7.75 10 APF CAPITAL JSC 7.43 11 APF SAPF JSC 7.21 12 AAP Valut-Tranzit Fund JSC 7.12 13 OAPF Senim JSC 5.72 14 AAPF named after D.A.Kunayev JSC 5.13 15 APF Korgau JSC 4.27 ----- --------------------------------- ---------- As of Jan. 1, 04 ---------------------------------------------------- 1 OAPF Halyk Bank of Kazakhstan JSC 11.23 2 APF SAPF JSC 9.30 3 OAPF Halyk pension fund JSC 9.19 4 ABN AMRO-CaspiMunaiGas APF 8.95 5 AAP Valut-Tranzit Fund JSC 7.75 6 OAPF Senim JSC 7.23 7 APF NefterGas-DEM CJSC 6.97 8 KAPF Philip Morris Kazakhstan JSC 6.88 9 APF UlarUmit CJSC 6.87 10 APF Kazakhmys JSC 6.61 11 AAPF Kazakhstan JSC 6.60 12 OAPF OTAN JSC 6.54 13 NOAPF BTA Kurmet JSC 6.20 14 APF CAPITAL JSC 6.04 15 APF Korgau JSC 4.98 16 AAPF named after D.A.Kunayev JSC 2.90 ---------------------------------------------------- * OAPF Halyk pension fund JSC АО on May 5, 2005 is reregistered in Accumulative pension fund Atameken (APF Atameken JSC). Below indexes are given, which were used by specialists of Centras Securities JSC for creation of ranking of pension funds: 1. Yield - fund's yield from the beginning of 2002 - fund's yield for the last calendar year - dispersion of fund's yield for the last reporting year - fund's yield from the beginning of activity - fund's yield for the last quarter 2. Financial indexes - fund's equity capital - fund's yield for the previous financial year - size of fund's reserve capital - management with fund's own assets - tax burden relative to fund's own assets - administrative expenses of fund of one depositor 3. Attraction of depositors and assets (for the reporting year) - fund's volume of assets - fund's net-transfers - fund's size of accumulations of one depositor - fund's growth of depositors - fund's size of payments - fund's size of fees - fund's number of depositors 4. Condition of corporate management [2006-01-05]