Research

Fixed Income Weekly: September 13 - September 19, 2021

Fixed Income Weekly: September 06 - September 12, 2021

It is expected to further expand to historically record levels – 33% higher than the deficit of the crisis 2020.

Fixed Income Weekly: August 30 - September 05, 2021

We keep our forecast for consumer inflation at the level of 8.5-8.7% at the end of 2021.

Fixed Income Weekly: August 23 - August 29, 2021

Fixed Income Weekly: August 16 - August 22, 2021

As of 1H2021, global oil consumption increased by 5.9% yoy, while supply partly driven by the OPEC+ agreement, decreased by 2.8% yoy. As a result, the decline of excess reserves of oil and petroleum products continued and their level returned to pre-pandemic values.

Fixed Income Weekly: August 09 - August 15, 2021

In the 1st half of 2021, the company's net profit increased by 89% yoy to KZT 58.1 bn due to the faster growth rates of income compared to costs, reduction of other expenses, as well as due to the compensation from Telia and Turkcell in the amount of T9.4 bn. Within this, we forecast an increase in dividends by the end of 2021 by 87% yoy to 3,230 KZT/share. We maintain the recommendation to Buy Kazakhtelecom shares from 12M Price target 39,398 KZT/share.