Indices
Latest Report
RENCASIA
Current Value Last Week 1m 3m YTD 52 Weeks
Change, %
604.56 1.00 1.88 11.91 3.08 17 -30
Performance
Ratios
History
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The Most Influential RENCASIA Constituents
Ticker Company Influence, pts
Leading Movers
ENRC LN Equity Eurasian Natural Resources Corp PLC +3.27
KAZ LN Equity Kazakhmys PLC +2.06
UUU CN Equity Uranium One Inc +0.74
KMG LI Equity KazMunaiGas Exploration Production +0.55
HSBK LI Equity Halyk Savings Bank of Kazakhstan JSC +0.50
Lagging Movers
CGH LN Equity Chaarat Gold Holdings Ltd -0.02
MXP LN Equity Max Petroleum PLC -0.07
SATC KZ Equity SAT & Co -0.09
CG CN Equity Centerra Gold Inc -1.39
Index Movers
Composition of RENCASIA
Number Ticker Company Industry MktCap, $mn Weight in Index
1 1878 HK Equity SouthGobi Resources Ltd Metals & Mining 1,333.24 2.44
2 CG CN Equity Centerra Gold Inc Metals & Mining 4,441.17 11.12
3 CGH LN Equity Chaarat Gold Holdings Ltd Basic Materials 104.48 0.70
4 DGO LN Equity Dragon Oil PLC Oil&Gas Alternatives 4,170.39 13.55
5 ENRC LN Equity Eurasian Natural Resources Corp PLC Metals & Mining 14,887.64 14.89
6 HSBK LI Equity Halyk Savings Bank of Kazakhstan JSC Banking 1,831.78 3.07
7 KAZ LN Equity Kazakhmys PLC Metals & Mining 10,276.47 17.89
8 KMG LI Equity KazMunaiGas Exploration Production Oil & Gas 6,551.62 12.97
9 KYS LN Equity Kryso Resources PLC Basic Materials 135.76 0.62
10 KZTK KZ Equity Kazakhtelecom JSC Telecoms 1,597.47 3.17
11 MATD LN Equity Petro Matad Ltd Oil & Gas 88.30 0.47
12 MXP LN Equity Max Petroleum PLC Oil&Gas Alternatives 172.02 0.52
13 SATC KZ Equity SAT & Co Basic Materials 497.13 0.47
14 TPL CN Equity Tethys Petroleum Ltd Oil & Gas 175.78 1.39
15 UUU CN Equity Uranium One Inc Uranium 2,553.40 10.88
16 ZKM LI Equity Zhaikmunai LP Oil&Gas Alternatives 2,062.75 5.87
Recently Reports
February 3, 2012
Kazakhstan: ENRC - Two’s company... three’s a crowd?
9 Pages
PDF file 293 KB
Glencore-Xstrata-ENRC: If Glencore bids for and eventually merges with Xstrata, we think a similar bid for ENRC is unlikely in the foreseeable future. We suspect Glencore has considered the acquisition of a stake in ENRC at some point, but a Glencore-Xstrata merger (if it even happens) would make it difficult for Glencore to sustain any interest in ENRC, given the potential regulatory hurdles that such market concentration would bring. Xstrata is the largest ferrochrome producer in the world (16% of global ferrochrome), while ENRC is the second largest (around 13%). In early 2011, The Sunday Times and Bloomberg reported on Glencore’s possible acquisition of a sizeable ENRC stake. Although Glencore did not confirm any plan to bid for ENRC, the UK Takeover Panel responded on 15 June by barring it from making a bid for six months – a restriction that we believe expired at the end of last year.
February 1, 2012
Turkey: Turkish banks - 4Q11 results preview
5 Pages
PDF file 283 KB
4Q11 preview. Turkish banks 4Q11 results season will kick off with Garanti Bank on 2 February. We forecast our coverage universe to record a 15% QoQ increase in earnings, which still represents a YoY decrease. Broadly speaking, we are below Bloomberg consensus forecasts for FY11 (hence, also 4Q11). We think banks’ 4Q11 profitability will be positively affected by increasing income from CPI linkers (at selected banks) in 4Q11, while book value growth will remain arrested due to bond market sell-off and resulting MtM losses on AFS securities.
January 24, 2012
Central Asia: Dragon Oil – Year of the Dragon
2 Pages
PDF file 364 KB
Growth, growth and growth... Dragon Oil (DGO) started the Chinese Year of the Dragon on 23 January by releasing a positive trading update. The company reiterated its previously disclosed 2011 exit rate of 71.5kb/d, with production averaging 61.5kb/d last year (+30% YoY), and its target of a 15% production increase in 2012, underpinned by an intensive drilling programme.
January 19, 2012
Kazakhstan: ENRC - Time for a change?
19 Pages
PDF file 899 KB
We have lowered our estimates for ENRC, as demand erosion in stainless steel, weaker commodity markets and negative corporate newsflow continue to affect the stock price.
January 12, 2012
EMEA Telecoms Quarterly: Focusing on CIS and African geographies – 3Q11 wrap and look ahead
49 Pages
PDF file 1.24 MB
In 2011 (YoY) the telecoms sector was almost entirely down in dollar terms. Only two stocks – Rostelecom prefs and Kazakhtelecom – managed to end the year in the black. Both for very specific reasons: prefs have mostly traded at a 50% discount to common shares after Rostelecom was reconstituted in May 2011 and rallied on the belief that the company’s BoD would approve a generous dividend policy (this did not materialise); Kazakhtelecom announced the sale of its 49% stake in the leading Kazakh mobile operator K-Cell to TeliaSonera for $1.52bn.
December 9, 2011
Central Asia: Max Petroleum - ASK2 disappoints; investment case intact
2 Pages
PDF file 208 KB
ASK2: No oil. Max Petroleum (MXP) reported this morning (9 December) that its exploration well targeting the Triassic section failed to encounter a commercially viable reservoir. The well will now be completed as a producer in the shallower Jurassic section of the reservoir. The stock has already reacted to the negative news, falling c. 8% this morning. We want to reiterate that it is the nature of exploration risk that the odds can work against a company, and to date success at MXP’s post-portfolio has been 38%, so less than half of the wells are expected to translate into discoveries.
December 7, 2011
Central Asia: Max Petroleum - Stepping up to the plate
30 Pages
PDF file 1.71 MB
We initiate coverage of Max Petroleum with a BUY rating and GBp35 target price, implying 150% upside potential to the current price. Max Petroleum (MXP) is a small-cap Kazakhstan-based E&P play, targeting large resource potential in the pre-salt Pre-Caspian basin. This area has produced some of the world’s largest pre-salt oil & gas discoveries, such as the Tengiz, Kashagan and Karachaganak fields.
November 24, 2011
Халык Банк: Результаты за девять месяцев
3 Pages
PDF file 374 KB
Рекомендация. Результаты Халык Банка за девять месяцев 2011 г. продолжают известные тенденции: кредитный портфель без изменений (за исключением сегмента потребительского кредитования), высокая доля проблемных кредитов, адекватный уровень капитализации и избыточная денежная позиция.
November 23, 2011
Kazakhstan: Halyk Bank – 9M11 results review
1 Pages
PDF file 219 KB
Recommendation. Halyk’s 9M11 results show a continuation of trends seen in the bank’s previous reports, with a stagnant loan portfolio (except in the consumer lending segment), high NPLs, adequate capital and an excessive cash position. We think the market is fully pricing in the relative safety of Halyk’s funding profile. Despite 350-bpt spread-widening in Halyk’s paper and its subsequent return to August price levels, we think it would be fair to say that the bonds have reacted to market volatility by losing liquidity rather than with a sharp price action. At current levels (about 600 bpts to swaps, or 7.4% YtM for the five-year duration of HSBK17), we see no trade ideas in Halyk bonds.
November 15, 2011
Mongolia: SouthGobi Resources - Impending catalyst
8 Pages
PDF file 227 KB
Change of control? Subject to a favourable arbitration ruling in December, Rio Tinto (RIO LN) could take control of Ivanhoe Mines (IVN CN) on 18 January 2012 when the standstill agreement limiting RIO to a 49% interest expires. Should RIO take control of Ivanhoe, it would retain the Oyu Tolgoi copper-gold project, but likely divest non-core assets including IVN’s 57% SouthGobi interest. The best outcome for minority shareholders would likely be a sale to a strategic investor, at a premium to the current share price with a bid for the remainder.
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