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
Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bulls Lose The Upper Hand, Consolidation Likely Steep uptrends have been violated this week on several of the broad global indexes (notably the MSCI ACWI, ACWI ex-US, and EM indexes). As a result we are making a tactical shift to a neutral outlook as we believe consolidation is likely near-term as the market goes through a corrective phase -- potentially something similar to what the market experienced between June and early-July. · Index Overviews. As noted above, short-term uptrends have been violated for the MSCI ACWI, ACWI ex-US, and EM indexes, prompting our shift from bullish ...

For KAZ MINERALS, the environment deterioration entails a downgrade to Neutral

KAZ MINERALS (GB), a company active in the General Mining industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date September 1, 2020, the closing price was GBp 585.00 and its expected value was estimated at GBp 549.46.

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Research Team

WOOD Daily: TCS LI; ALR PW; BIMAS TI; GTC PW; ASELS TI; TBCG LN; LVC PW; KAZ LN; OPL PW; KRKG SV; WINE RO; GR6 BU

HEADLINES: • TCS Group Holding: time to take a hard look (downgraded to HOLD) • Alior Bank: 2Q20 - huge net loss, to affect results for entire 2020E NEGATIVE • BIM: 2Q20 - major beat on lfl and margins, guidance upgrade POSITIVE • GTC: 2Q20 - write-offs in the spotlight, but FFO remains strong and retail turnovers encouraging POSITIVE • Aselsan: 2Q20 results - an 8% EBITDA beat, no guidance change POSITIVE • TBC Bank: 2Q20 highlights - net income beat overshadowed by NIM pressure • LiveChat Software: AGM approves PLN 2.48 DPS from FY18/19 net profit NEUTRAL • KAZ Minerals: ...

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 ...

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 ten...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bulls Lose The Upper Hand, Consolidation Likely Steep uptrends have been violated this week on several of the broad global indexes (notably the MSCI ACWI, ACWI ex-US, and EM indexes). As a result we are making a tactical shift to a neutral outlook as we believe consolidation is likely near-term as the market goes through a corrective phase -- potentially something similar to what the market experienced between June and early-July. · Index Overviews. As noted above, short-term uptrends have been violated for the MSCI ACWI, ACWI ex-US, and EM indexes, prompting our shift from bullish ...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

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 ...

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, ...

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, al...

Research Team

WOOD Daily: TCS LI; ALR PW; BIMAS TI; GTC PW; ASELS TI; TBCG LN; LVC PW; KAZ LN; OPL PW; KRKG SV; WINE RO; GR6 BU

HEADLINES: • TCS Group Holding: time to take a hard look (downgraded to HOLD) • Alior Bank: 2Q20 - huge net loss, to affect results for entire 2020E NEGATIVE • BIM: 2Q20 - major beat on lfl and margins, guidance upgrade POSITIVE • GTC: 2Q20 - write-offs in the spotlight, but FFO remains strong and retail turnovers encouraging POSITIVE • Aselsan: 2Q20 results - an 8% EBITDA beat, no guidance change POSITIVE • TBC Bank: 2Q20 highlights - net income beat overshadowed by NIM pressure • LiveChat Software: AGM approves PLN 2.48 DPS from FY18/19 net profit NEUTRAL • KAZ Minerals: ...

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...

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 botto...

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 fina...

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)

For KAZ MINERALS, the environment deterioration entails a downgrade to Neutral

KAZ MINERALS (GB), a company active in the General Mining industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date September 1, 2020, the closing price was GBp 585.00 and its expected value was estimated at GBp 549.46.

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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