Kaz Minerals

Kaz Minerals is a holding company. Co. and its subsidiaries operates in the natural resources industry through five divisions: Bozshakol, Aktogay and East Region, which are engaged in the mining and processing of copper and other metals in Kazakhstan; Bozymchak, which is engaged in the mining and processing of copper and gold in Kyrgyzstan; as well as Mining Projects, which is engaged in the development of metal deposits and processing facilities in Kazakhstan. Co. operates the Bozshakol and Aktogay open pit copper mines in Pavlodar and the East Region of Kazakhstan, three underground mines in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan.
  • TickerKAZ
  • ISINGB00B0HZPV38
  • ExchangeLondon Stock Exchange
  • SectorMining
  • CountryUnited Kingdom

BCS Equity Daily: Index Alert, Transneft, Severstal, KAZ Minerals, Petropavlovsk, Sistema

Recovery hopes shore up Brent; Risks linger Ahead: Upside bias, but muted. The game is the same, only the degree to which players commit has changed. Markets are anticipating a ‘U’-shaped recovery as countries re-open for business, bolstering the demand outlook for oil – a win for Russia risk. However, the appetite arguably has been somewhat whetted and feeders appear not to have lost track of the lingering risks – a 2nd COVID wave could derail recovery and OPEC+ may not extend the record level output cuts beyond July. Upside bias will likely be muted. US up, Asia mixed. US (S&P 500 +1.2...

Artem Bagdasaryan ...
  • Kirill Chuyko
  • Oleg Petropavlovskiy

BCS Under Review: KAZ Minerals – COVID headwinds cloud future

We are taking KAZ Minerals Under Review and withdrawing our recommendations, TPs and earnings estimates. – UR as rapidly changing economic environment casts uncertainty o Full impact and duration of COVID-19 epidemic still unknown – We will perform more detailed scenario analysis and update rating shortly Note: Our previous recommendation, target price and financial forecasts are withdrawn and should not be relied upon in making investment decision. Kirill Chuyko, Managing Director, Head of Research, Oleg Petropavlovskiy, Director, Senior Analyst, Artem Bagdasaryan, Associate, Anal...

An increasingly favourable environment allows KAZ MINERALS PLC. to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of KAZ MINERALS PLC. (GB), a company active in the General Mining industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date May 19, 2020, the closing price was GBp 450.60 and its expected value was estimated at GBp 398.51.

BCS Equity Daily: Surgutneftegas, Novatek, Transneft, Steel, NLMK, Norilsk Nickel, EVRAZ, KAZ Minerals, Alrosa, VTB, Sberbank, Veon, Unipro, Inter RAO, Obuv Rossii, Detsky Mir

Reopenings, c$31 Brent v COVID threat, Fed-speak Ahead: Too soon to ‘count chickens’. Ongoing measured reopenings of various economies worldwide have injected a modicum of optimism into the growth and demand outlook, bolstering the risk trade and Brent, also buoyed by scaled back US and OPEC+ production. Still, while economic reopenings and rising Brent offer relief, prudence warns it is too soon to ‘count chickens’. Indeed, COVID-19 remains a threat to recent reopenings / global growth (namely, a second wave is still feared and the virus continues to mutate – e.g., a new study, albeit not y...

Research Team

WOOD Daily: BRISA TI; EME Macro/Strategy – ESI; CPS PW; TUPRS TI; NLMK LI; OTKAR TI; SBER RX; LTS PW; YKBNK TI; AFLT RX; BELA GA; SAB1L LH; TPE PW; EVR LN; MNOD LI; KAZ LN; MBK PW; TEN PW; Rear-View Mirror; PKN PW; MOEX RX; MTSS RX; RTKM RX

HEADLINES: • Brisa: Turkish samurai (BUY - initiation of coverage) • EME Macro/Strategy: it's big • Cyfrowy Polsat: signs preliminary agreement to acquire Interia Group NEUTRAL • Tupras: suspends production at Izmir (Aliaga) Refinery • NLMK: 1Q20 results - better-than-expected FCF and dividend POSITIVE • Otokar: 1Q20 results - 7% EBITDA beat POSITIVE • Sberbank: 1Q20 financial results NEGATIVE • Lotos: massive inventory write-downs mar estimated 1Q20 results NEGATIVE • Yapi Kredi: 1Q20 highlights (beefing up on provisions) NEUTRAL • Aeroflot: RAS 1Q20 - revenues down 12% yoy vs. traffic 18...

Dave Nicoski ...
  • Ross LaDuke

Insights: Copper Miners are Bottoming -- Add Exposure

Copper Miners are Bottoming -- Add Exposure The weight of the evidence continues to point to global equities beginning a new leg higher as the global economy shows signs of troughing. Copper prices are also showing signs of bottoming and should continue to benefit from an improving global economy. Below we lay out what we believe is a compelling case to add exposure to copper miners at current levels. • EM Equities, Global Interest Rates, Copper, Copper/Gold Ratio Bottoming. These are just a few indicators that point to a strengthening global economy, supported by easing US-China trade tensi...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities within Mobile Payments, Metals & Mining, and Utilities The MSCI ACWI and S&P 500 continue to recover following the most recent test of support at their respective 200-day moving averages. With market internals still mixed, support levels holding, and indexes continuing to consolidate sideways, our neutral but constructive outlook remains intact. • Major themes: Mobile Payments, Metals & Mining, and Utilities. We believe the secular mobile payments theme (ETF: IPAY) has room to run, and we expect related stocks to continue outperforming... see pages 2-4 for actionable stocks. W...

Dave Nicoski ...
  • John Betz

Int'l Insights: Bullish Stocks

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). So, within EAFE, where would we want to be invested? Our answer: outperforming SMID-caps, as displayed via the 10-year chart (attached). We expect this outperformance to continue; stick with this trend. In today's report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels). Charts highlighted: NMC-GB, ASC-GB, TEMN-CH, EVR-GB, DIM-FR, WCH-DE, KRX-IE, POM-FR, BCVN-CH, WLN-FR, JE-GB, RUI-FR, LOGI-US, 4004-JP, HLMA-GB, ASRNL-NL,...

1 director bought

A director at Kaz Minerals bought 3,325 shares at 588p and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

BCS Equity Daily: Index Alert, Transneft, Severstal, KAZ Minerals, Petropavlovsk, Sistema

Recovery hopes shore up Brent; Risks linger Ahead: Upside bias, but muted. The game is the same, only the degree to which players commit has changed. Markets are anticipating a ‘U’-shaped recovery as countries re-open for business, bolstering the demand outlook for oil – a win for Russia risk. However, the appetite arguably has been somewhat whetted and feeders appear not to have lost track of the lingering risks – a 2nd COVID wave could derail recovery and OPEC+ may not extend the record level output cuts beyond July. Upside bias will likely be muted. US up, Asia mixed. US (S&P 500 +1.2...

Artem Bagdasaryan ...
  • Kirill Chuyko
  • Oleg Petropavlovskiy

BCS Under Review: KAZ Minerals – COVID headwinds cloud future

We are taking KAZ Minerals Under Review and withdrawing our recommendations, TPs and earnings estimates. – UR as rapidly changing economic environment casts uncertainty o Full impact and duration of COVID-19 epidemic still unknown – We will perform more detailed scenario analysis and update rating shortly Note: Our previous recommendation, target price and financial forecasts are withdrawn and should not be relied upon in making investment decision. Kirill Chuyko, Managing Director, Head of Research, Oleg Petropavlovskiy, Director, Senior Analyst, Artem Bagdasaryan, Associate, Anal...

BCS Equity Daily: Surgutneftegas, Novatek, Transneft, Steel, NLMK, Norilsk Nickel, EVRAZ, KAZ Minerals, Alrosa, VTB, Sberbank, Veon, Unipro, Inter RAO, Obuv Rossii, Detsky Mir

Reopenings, c$31 Brent v COVID threat, Fed-speak Ahead: Too soon to ‘count chickens’. Ongoing measured reopenings of various economies worldwide have injected a modicum of optimism into the growth and demand outlook, bolstering the risk trade and Brent, also buoyed by scaled back US and OPEC+ production. Still, while economic reopenings and rising Brent offer relief, prudence warns it is too soon to ‘count chickens’. Indeed, COVID-19 remains a threat to recent reopenings / global growth (namely, a second wave is still feared and the virus continues to mutate – e.g., a new study, albeit not y...

Research Team

The Rear-View Mirror – EME markets: Markets rebound from March’s meltdown, all indices in the black

EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, where the BUX index rebounded 8.6%. The Turkish ISE30 Index showed a healthy advance of 5.4%, while the Roma...

Andy Jones

WOOD Flash – KAZ Minerals: 1Q20 trading update – guidance reiterated

KAZ Minerals released its 1Q20 trading update this morning (30 April). It reiterated its 2020E production guidance for copper at 280-300kt, gold at 180-200koz, silver at 3moz and zinc at 40kt. The company continues to operate despite COVID-19, with only some small delays in shipments hampering its existing operations so far. However, due to COVID-19 related disruptions, KAZ announced that the Aktogay II expansion will be delayed to the end of 2021E and the 2020E capex on the project will be USD 300-350m, rather than the original plan of USD 400m, with the balance carrying over into 2021E. Prev...

Research Team

WOOD Daily: BRISA TI; EME Macro/Strategy – ESI; CPS PW; TUPRS TI; NLMK LI; OTKAR TI; SBER RX; LTS PW; YKBNK TI; AFLT RX; BELA GA; SAB1L LH; TPE PW; EVR LN; MNOD LI; KAZ LN; MBK PW; TEN PW; Rear-View Mirror; PKN PW; MOEX RX; MTSS RX; RTKM RX

HEADLINES: • Brisa: Turkish samurai (BUY - initiation of coverage) • EME Macro/Strategy: it's big • Cyfrowy Polsat: signs preliminary agreement to acquire Interia Group NEUTRAL • Tupras: suspends production at Izmir (Aliaga) Refinery • NLMK: 1Q20 results - better-than-expected FCF and dividend POSITIVE • Otokar: 1Q20 results - 7% EBITDA beat POSITIVE • Sberbank: 1Q20 financial results NEGATIVE • Lotos: massive inventory write-downs mar estimated 1Q20 results NEGATIVE • Yapi Kredi: 1Q20 highlights (beefing up on provisions) NEUTRAL • Aeroflot: RAS 1Q20 - revenues down 12% yoy vs. traffic 18...

Research Team

WOOD Daily: KAZ LN; TBCG LN; TKFEN TI; TCELL TI; MOL HB; M RO; NLBR SV; JMT PL; DIGI RO; ARCLK TI; NVTK LI; PPA GA; CDR PW; SNG RO; MAIL LI; ATGRRA ZA; TLV RO; EL RO; PODRRA ZA; WINE RO

HEADLINES: • KAZ Minerals: strong results, boosting our price target (stays BUY) • KAZ Minerals: 2H19 financial results - strong beat on EBITDA, guidance in line with expectations • TBC Bank: 4Q19 highlights - robust bottom line, but driven mainly by unusually low level of COR POSITIVE • Tekfen Holding: 4Q19 - big miss due to weak contracting margins • Turkcell: 4Q19 results and FY20E guidance - in line POSITIVE • MOL: 4Q19 results - EBITDA beat, reported net income weak • MedLife: 4Q19 earnings miss on opex, FX revaluation losses and taxes NEGATIVE • NLB Group: 4Q19 bottom line slightly ...

Research Team

WOOD Daily: MTELEKOM HB; TL Macro; ROSN LI; FROTO TI; RU Telecoms; PGE PW; LWB PW; PETG SV; KAZ LN; NLBR SV; MOEX RX

HEADLINES: • Magyar Telekom: 4Q19 - EBITDA up 14% yoy, HUF 25/share investor remuneration vs. HUF 27 guidance NEGATIVE • Turkey macro: house prices recovery continuing • Rosneft: US sanctions company's trading subsidiary - marginally negative NEGATIVE • Ford Otosan: TRY 1.1bn of gross dividends NEUTRAL • Russian telecoms: Russia may cancel 5G frequency auctions planned for 3Q20E NEUTRAL • PGE: media speculation on new CEO, government on nuclear plant • Bogdanka: cuts production by 25% until end-February • Petrol Group: confirms small M&A NEUTRAL • KAZ Minerals: 2H19E financial results - cl...

Research Team

Focus: keeping our BUY on KAZ Minerals, with lower GBp 509 PT; ANY PLC’s 2Q19 beats our expectations, but still in line with our full-year target; Gazprom may buy out drilling contractor; Purcari Wineries – 2Q19 results call takeaways

HEADLINES: • KAZ Minerals: stretching the balance sheet (stays BUY) • ANY PLC: 2Q19 beats our expectations, but still in line with our full-year target • Gazprom: may buy out drilling contractor • Purcari Wineries: 2Q19 results call takeaways • 11 bit studios: 2Q19E preview (due on 27 August) • CD Projekt: 2Q19E preview (due on 29 August) • Short News (IDA)

Research Team

WOOD Morning (16 August)

HEADLINES: • X5: strong 2Q19 numbers POSITIVE • Purcari Wineries: 2Q19 results in line NEUTRAL • KAZ Minerals: 1H19 financial results - results in line, but USD 180m capex acceleration • Kazatomprom: US blacklists China General Nuclear Power Group NEGATIVE • Benefit Systems: 2Q19E preview (due on 22 August)

An increasingly favourable environment allows KAZ MINERALS PLC. to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of KAZ MINERALS PLC. (GB), a company active in the General Mining industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date May 19, 2020, the closing price was GBp 450.60 and its expected value was estimated at GBp 398.51.

Philip Morrish

Value Indicator - UK Basic Resources 30122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis fof the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Basic Resources 23122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

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