Our view
We are seeing an increase in the rate of decline in turnover from 1% in 1Q2018 to 2% in 1Q2019. We estimate a decrease in oil turnover within 2% of the acceptable level. Noting the increasing relevance of dividend expectations, we maintain our recommendation to “Buy” KTO shares with 12M TP of T1582/share.
The Company does not guarantee profit or the absence of losses when trading in securities. The Client is aware of the risks inherent in securities trading and has the financial ability to assume such risks and bear any losses incurred in this regard. The Company shall not be liable for any losses arising from investments made based on any recommendations, forecasts, reviews, or other information.
JSC «Halyk Finance». License for securities market activities No. 3.2.229/7, issued by the National Bank of the Republic of Kazakhstan on November 4, 2016.
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