Visor Capital - The Premier Investment Bank in Kazakhstan
Language  EN / RU

Financial

Date: 02.05.2013
Visor Capital - Fixed Income - ATF changes owner.pdf
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Date: 25.04.2013
Visor Capital - Kazkommertsbank - One-off provisions result in a net loss.pdf
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Date: 28.03.2013
Visor Capital - Sberbank - Another strong year.pdf
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Date: 27.03.2013
Visor Capital - Fixed Income - UniCredit maintains guarantee.pdf
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Date: 20.03.2013
Visor Capital - Halyk Bank - Still in good shape.pdf
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Date: 15.03.2013
Visor Capital - Fixed Income - UniCredit exits ATF.pdf
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Date: 15.03.2013
Visor Capital - Halyk - Exploring an assets swap.pdf
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Date: 19.02.2013
Visor Capital - Halyk Bank - Government may offload BTA to Halyk.pdf
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Date: 28.01.2013
Visor Capital - Halyk Bank - Pricing in loss of pensions business.pdf
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Date: 23.01.2013
Visor Capital - Pension System of Kazakhstan - Consolidation in PF sector.pdf
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Date: 03.01.2013
Visor Capital - Pre-sale report - Chimpharm KZT10bn bond issue.pdf
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Date: 14.12.2012
Visor Capital - Halyk Bank - Share split gets go ahead.pdf
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Date: 14.12.2012
Visor Capital - Sberbank - Money spinner.pdf
Size: 567219 KB
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Date: 27.11.2012
Visor Capital - Kazakh Banks - October - Lending steps up.pdf
Size: 417779 KB
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Date: 22.11.2012
Visor Capital - Bank CenterCredit - Low margins erode profits.pdf
Size: 226886 KB
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Date: 29.10.2012
Visor Capital - VTB - Under pressure.pdf
Size: 480232 KB
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Date: 04.10.2012
Visor Capital - BTA Bank - New new BTA.pdf
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Date: 02.10.2012
Visor Capital - Bank of Georgia - Which Georgian Dream.pdf
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Date: 21.09.2012
Visor Capital - Bank of Georgia -Set fair for future growth.pdf
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Date: 06.08.2012
Visor Capital - Pension System of Kazakhstan - Need for reforms.pdf
Size: 422704 KB
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Date: 31.07.2012
Visor Capital - Bank of Georgia - Strong fundamentals now priced in.pdf
Size: 484111 KB
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Date: 20.07.2012
Visor Capital - Kazakh Banks - Halyk, KKB and BCC in the spotlight.pdf
Size: 859089 KB
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Date: 28.06.2012
Visor Capital - Halyk Bank - Buyback of preference shares.pdf
Size: 243763 KB
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Date: 07.06.2012
Visor Capital - Kazkommertsbank - Earnings up, but remain subdued.pdf
Size: 305813 KB
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Date: 29.05.2012
Visor Capital - Kazakh Banks - April - The lull after....pdf
Size: 325140 KB
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Date: 28.05.2012
Visor Capital - ATF Bank - Pre-sale report - KZT15bn bond issue (english).pdf
Size: 695972 KB
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Date: 28.05.2012
Visor Capital - BTA Bank - Capital shortfall balloons.pdf
Size: 182837 KB
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Date: 21.05.2012
Visor Capital - Halyk Bank - Unexpectedly high earnings.pdf
Size: 420922 KB
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Date: 09.05.2012
Visor Capital - Bank of Georgia -In rude health.pdf
Size: 301698 KB
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Date: 12.04.2012
Visor Capital - Alliance Bank - Everything has its price.pdf
Size: 441775 KB
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Date: 03.04.2012
Visor Capital - Halyk Bank - Hitting the right notes.pdf
Size: 397145 KB
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Date: 02.04.2012
Visor Capital - Halyk Bank - Lending and earnings surge in 4Q.pdf
Size: 294034 KB
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Date: 30.03.2012
Visor Capital - Nomos Bank - Still significant upside potential.pdf
Size: 524222 KB
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Date: 12.03.2012
Visor Capital - Fixed Income - Time to take a closer look.pdf
Size: 995019 KB
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Date: 01.03.2012
Visor Capital - Kazakh Banks - January - the lull before....pdf
Size: 311372 KB
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Date: 24.02.2012
Visor Capital - Bank CenterCredit - Boosting profits a challenge.pdf
Size: 457831 KB
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Date: 03.02.2012
Visor Capital - Bank of Georgia - Primed for premium London listing.pdf
Size: 580082 KB
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Date: 31.01.2012
Visor Capital - Halyk Bank - Poised to pounce.pdf
Size: 834053 KB
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Date: 20.01.2012
Visor Capital - Pension System of Kazakhstan - Reforms eased as funds struggle.pdf
Size: 495389 KB
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Date: 16.01.2012
Visor Capital - Sberbank - Lending accelerates in 4Q.pdf
Size: 268924 KB
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Date: 13.01.2012
Visor Capital - BTA Bank -Going down.pdf
Size: 230876 KB
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Date: 22.12.2011
Visor Capital - BTA Bank - Seeking a second debt restructuring.pdf
Size: 188815 KB
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Date: 12.12.2011
Visor Capital - Alliance Bank - Positive equity now on the cards.pdf
Size: 500774 KB
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Date: 12.12.2011
Visor_Capital_-_Kazakh_Bond_Weekly_111212.pdf
Size: 1197574 KB
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Date: 25.11.2011
Visor Capital - Fixed-income - Kazakh corporate Eurobonds.pdf
Size: 609134 KB
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Date: 23.11.2011
Visor Capital - Halyk Bank - Prodfits down and loan growth lagging in 3Q.pdf
Size: 475545 KB
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Date: 21.11.2011
Visor Capital - Bank CenterCredit - Unprofitable 3Q despite solid loan growth.pdf
Size: 455157 KB
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Date: 17.11.2011
Visor Capital - BTA Bank - The ship is going under.pdf
Size: 299637 KB
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Date: 08.11.2011
Visor Capital - Nomos Bank - Making the right moves.pdf
Size: 663104 KB
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Date: 27.09.2011
Visor Capital - Fixed-income - Relative calm amidst yo-yo markets.pdf
Size: 543117 KB
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Date: 27.09.2011
Visor Capital - Fixed-income - Relative calm amidst yo-yo markets.pdf
Size: 475725 KB
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Date: 01.09.2011
Visor Capital - Kazkommertsbank - Moderate profits, but falling NIM in 2Q.pdf
Size: 387853 KB
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Date: 19.08.2011
Visor Capital - Fixed Income -Bank CenterCredit.pdf
Size: 291899 KB
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Date: 04.08.2011
Visor Capital - Kazakh Banks - A rebound but progress falters.pdf
Size: 457790 KB
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Date: 28.07.2011
Visor Capital - Russian Banks - Sberbank, full steam ahead.pdf; VTB, chin up.pdf
Size: 789726 KB
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Date: 18.07.2011
Visor Capital - VTB - 1Q earnings beat market expectations.pdf
Size: 292368 KB
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Date: 27.06.2011
Visor Capital - Sberbank - Going global.pdf
Size: 397710 KB
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Date: 24.06.2011
Visor Capital - Kazkommertsbank - Fairly priced.pdf
Size: 427364 KB
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Date: 20.06.2011
Visor Capital - Kazkommertsbank - Expanding to Russia.pdf
Size: 302555 KB
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Date: 07.06.2011
Visor Capital - Fixed-income - KZT corporate bonds.pdf
Size: 973783 KB
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Date: 23.05.2011
Visor Capital - Bank of Georgia - Organic growth and 20% ROAE.pdf
Size: 814743 KB
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Date: 12.05.2011
Visor Capital - BTA Bank - A return to negative equity.pdf
Size: 333488 KB
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Date: 01.04.2011
Visor Capital - Kazkommertsbank - Moderate profits, but no loan growth.pdf
Size: 478388 KB
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Date: 17.03.2011
Visor Capital - Temirbank - Reviving after the restructuring.pdf
Size: 494578 KB
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Date: 17.03.2011
Visor Capital - Temirbank - Reviving after the restructuring.pdf
Size: 494578 KB
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Date: 16.03.2011
Visor Capital - Kazakh Banks - Revisiting BCC, Halyk, KKB .pdf
Size: 917939 KB
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Date: 01.02.2011
Visor Capital - Alliance Bank - On the road to recovery.pdf
Size: 415414 KB
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Date: 29.11.2010
Visor Capital - BTA Bank - New BTA, new challenges.pdf
Size: 486425 KB
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Date: 25.11.2010
Visor Capital - Bank of Georgia - On a profitable growth course.pdf
Size: 746478 KB
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Date: 22.11.2010
Halyk Bank - Strong profits in 3G.pdf
Size: 419352 KB
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Date: 01.10.2010
Visor Capital - VTB - Outpacing the sector.pdf
Size: 448025 KB
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Date: 10.08.2010
Visor Capital - Kazakh Banks - BCC loan growth outpacing peers.pdf
Size: 945072 KB
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Date: 21.07.2010
Visor Capital - Initiation - VTB seeking growth.pdf
Size: 775475 KB
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Date: 15.07.2010
Visor Capital - Kazkommertsbank - Fallen Angel.pdf
Size: 406186 KB
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Date: 08.07.2010
Visor Capital - Sberbank - Lending a catalyst, but when.pdf
Size: 442315 KB
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Date: 01.07.2010
Visor Capital - BTA Bank - BTA dillution could be severe.pdf
Size: 315463 KB
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Date: 29.06.2010
Visor_Capital _-_Kazakh_bond_weekly_100629.pdf
Size: 986176 KB
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Date: 02.06.2010
Visor Capital - Sberbank - 1Q2010 results previews.pdf
Size: 332066 KB
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Date: 01.06.2010
Visor Capital - Halyk Bank - Halyk’s 1Q profit surges by 180%.pdf
Size: 424065 KB
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Date: 01.06.2010
Visor Capital - Kazkommertsbank - KKB 1Q profits rise despite surging NPLs.pdf
Size: 420648 KB
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Date: 28.05.2010
Visor Capital - Bank CenterCredit - Lower provisions boost profits.pdf
Size: 410307 KB
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Date: 27.05.2010
Visor Capital - Kazakh Banks - 1Q2010 results previews.pdf
Size: 479558 KB
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Date: 07.05.2010
Visor Capital - Kazakh Banks - Leverage matters.pdf
Size: 414332 KB
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Date: 28.04.2010
Visor Capital - Alliance Bank - Relying on recoveries.pdf
Size: 506775 KB
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Date: 16.04.2010
Visor Capital - Kazakh banks stuff their mattresses.pdf
Size: 2104323 KB
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Date: 06.04.2010
Visor Capital - Will Sberbank really buy BTA.pdf
Size: 642761 KB
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Date: 18.03.2010
Visor Capital - Kazakh Banks - The Almaty shuffle.pdf
Size: 1222230 KB
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Date: 15.03.2010
Visor Capital - Kazakh Banks - FY2009 results previews.pdf
Size: 571050 KB
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Date: 18.02.2010
Visor Capital - Kazkommertsbank - Mind the gap.pdf
Size: 1401115 KB
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Date: 01.02.2010
Visor Capital - Bank of Georgia - Initiation.pdf
Size: 1026227 KB
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Date: 22.01.2010
Visor Capital - Halyk Bank - Excess liquidity compels lending.pdf
Size: 480072 KB
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Date: 14.01.2010
Bank CenterCredit -Full steam ahead.pdf
Size: 396216 KB
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Date: 14.01.2010
Visor Capital - Bank CenterCredit - Full steam ahead.pdf
Size: 396216 KB
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Date: 15.12.2009
Visor Capital - Sberbank Initiation - Interest income machine.pdf
Size: 806046 KB
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Date: 09.12.2009
Visor Capital - BCC raising US$115m, targeting growth.pdf
Size: 469689 KB
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Date: 04.12.2009
Visor Capital - Temirbank takes firm stance on restructuring.pdf
Size: 350108 KB
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Date: 03.12.2009
VTB-Strong earnings and contracted cash gap.pdf
Size: 473393 KB
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Date: 26.11.2009
Visor Capital – Kazakh banks – Interim results previews.pdf
Size: 494899 KB
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Date: 24.11.2009
Visor Capital - Kazakh regulator may ease rules for banks.pdf
Size: 414485 KB
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Date: 17.11.2009
Visor Capital - Temirbank coupon payments loom ominously.pdf
Size: 516339 KB
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Date: 10.11.2009
Temirbank coupon payments loom ominously.pdf
Size: 516339 KB
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Date: 28.10.2009
Visor Capital – Kazakh Banks’ Eurobonds – Initiation Report.pdf
Size: 3130923 KB
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Date: 22.10.2009
Visor Capital – Kazakh banks – Still not over the hump.pdf
Size: 1812461 KB
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Date: 09.10.2009
Visor Capital – Pre-sale report – ATF Bank KZT15bn bond issue.pdf
Size: 699713 KB
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Date: 18.08.2009
Visor Capital - Kazakh banks - Rising prices neglect risks.pdf
Size: 1145618 KB
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Date: 30.07.2009
Visor_Capital_-Halyk_Bank_-_Rapid recovery, with risks.pdf
Size: 1055497 KB
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Date: 22.06.2009
Kazakh banks - 1Q2009 Interim Results Previews.pdf
Size: 705909 KB
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Date: 27.05.2009
Visor Capital - Kazakh Banks - Not so fast.pdf
Size: 512713 KB
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Date: 15.04.2009
Visor Capital - Kazakh banks pushing up provisions.pdf
Size: 2859342 KB
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Date: 03.04.2009
Visor Capital - Kazakh banks - After Devaluation.pdf
Size: 501575 KB
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Date: 24.03.2009
Alliance bank-Still a Sell.pdf
Size: 315577 KB
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Date: 12.03.2009
Kazakh banks - YE2008 Interim Results Previews.pdf
Size: 681467 KB
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Date: 24.02.2009
Visor Capital - Kazakh Banks reeling from BTA debacle.pdf
Size: 2413467 KB
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Date: 22.12.2008
Visor Capital-Kazakh Banks-Wait for the State_.pdf
Size: 342443 KB
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Date: 09.12.2008
Visor Capital - Kazakh Banks - What is the real Book.pdf
Size: 2531319 KB
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Date: 28.11.2008
Visor Capital-Kazakh Banks - Interm Results Previews.pdf
Size: 682786 KB
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Date: 17.11.2008
Visor Capital - Kazakh Banks - Strong State Support.pdf
Size: 2390131 KB
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Date: 21.10.2008
Visor Capital - BCC initiates premium rights issue.pdf
Size: 253429 KB
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Date: 29.09.2008
Visor Capital - Kazakh Banks - Seeking Bottom.pdf
Size: 388984 KB
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Date: 08.09.2008
Visor Capital - Kazakh banks - Commodity Correlation.pdf
Size: 1301755 KB
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Date: 02.09.2008
Visor Capital - Kazakh banks - Interim Results Previews.pdf
Size: 507086 KB
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Date: 27.08.2008
Visor Capital - Kookmin takes initial 23% in BCC.pdf
Size: 298380 KB
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Date: 21.08.2008
Kazakh Banks - Still Steep.pdf
Size: 395218 KB
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Date: 23.07.2008
Visor Capital - Kazakh Banks - No Free Refills.pdf
Size: 899760 KB
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Date: 04.07.2008
BTA Bank surges on block trade.pdf
Size: 249622 KB
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Date: 23.05.2008
Kazakh banks - Dash for Cash.pdf
Size: 1918714 KB
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Date: 29.04.2008
ATF stub payment may disappoint - Asset quality issues may foretell problems at other banks (2).pdf
Size: 289259 KB
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Date: 22.04.2008
Temirbank preference shares-Not for ordinary investors.pdf
Size: 344894 KB
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Date: 17.04.2008
Visor Capital - Pay the piper some more.pdf
Size: 397977 KB
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Date: 09.04.2008
BCC 2007 IFRS results in line with estimates (BUY TP_KZT2318).pdf
Size: 302394 KB
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Date: 09.04.2008
BCC 2007 IFRS results in line with estimates (BUY, TP KZT2318).pdf
Size: 302394 KB
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Date: 18.03.2008
BCC gets competitive boost from Koreas largest bank (BUY_TP_KZT2138).pdf
Size: 282555 KB
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Date: 06.03.2008
Kazakh banks on their own in 2008.pdf
Size: 278136 KB
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Date: 03.03.2008
Visor Capital - Nurbank Company Visit 080303.pdf
Size: 211392 KB
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Date: 19.02.2008
Visor Capital - KKB Company Visit 080219.pdf
Size: 245592 KB
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Date: 19.02.2008
Visor Capital - KKB Company Visit 080219.pdf
Size: 245592 KB
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Date: 15.02.2008
Visor Capital - BTA Bank Company Visit 080215.pdf
Size: 269590 KB
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Date: 11.02.2008
Visor Capital - Temirbank Company Visit 080211.pdf
Size: 212755 KB
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Date: 30.01.2008
Visor Capital - Alliance Bank Company Visit 080130.pdf
Size: 268972 KB
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Date: 28.01.2008
Visor Capital - Halyk Bank Company Visit 080128.pdf
Size: 262744 KB
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Date: 28.01.2008
Visor Capital - Halyk Bank Company Visit 080128.pdf
Size: 262744 KB
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Date: 14.12.2007
ATFBank tender offer expiring today - sell common shares.pdf
Size: 260489 KB
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Date: 14.12.2007
ATFBank tender offer expiring today -sell common shares.pdf
Size: 260489 KB
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Date: 20.11.2007
Loan losses loom for Kazakh banks - BUY Halyk on continued deposit growth.pdf
Size: 285422 KB
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Date: 28.10.2007
Kazakh Banks - Still Cautious - Buy Halyk, depositors' safe harbour.pdf
Size: 306186 KB
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Date: 19.07.2007
Regulator Hitting the Brakes - New Rules to Slow Bank Sector Growth 070719.pdf
Size: 512752 KB
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Date: 20.06.2007
Banking Sector Update Bigger is Better.pdf
Size: 454398 KB
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Date: 20.06.2007
Alliance Bank IPO - Subscribe only at US$14 per GDR.pdf
Size: 157876 KB
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Date: 18.06.2007
Preference Shares Report Real Equity.pdf
Size: 444722 KB
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Date: 14.05.2007
TemirBank-Upgrading Forecasts and TP Post 1Q.pdf
Size: 311487 KB
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Date: 08.05.2007
ATF Bank Update.pdf
Size: 280208 KB
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Date: 10.04.2007
Bank Caspian Release Note.pdf
Size: 177872 KB
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Date: 06.04.2007
Bank TuranAlem Release Note.pdf
Size: 191092 KB
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Date: 06.04.2007
Bank TuranAlem update.pdf
Size: 80452 KB
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Date: 14.03.2007
Temirbank 070314 Update.pdf
Size: 191092 KB
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Date: 27.02.2007
Banking on Growth.pdf
Size: 2907369 KB
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For more information, contact us at:
Tel.: +7 727 356 0777
Fax: +7 727 356 0778

Jean-Christophe Lermusiaux
Managing Director
Head of Research
jcl@visocap.com

Dominic Lewenz
Director
Oil and Gas Research
dol@visocap.com

Leila Kulbayeva
Director
Mining and Industrials Research
lek@visocap.com

Stanislav Chuyev
Senior analyst
Mining and Industrials Research
sch@visocap.com

Dmitriy Sheikin
Senior Economist
dms@visocap.com

Zhanar Nazhkhanova
Associate
Oil and Gas Research
zna@visocap.com

Anel Yermekova
Associate
Mining and Industrials Research
yan@visocap.com

Nurlan Ashinov
Analyst
Financial Sector Research
asn@visocap.com

Dinara Yemilbayeva
Analyst
Fixed Income Research
diy@visocap.com