Visor Capital - The Premier Investment Bank in Kazakhstan
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Financial

Date: 10.08.2010
Visor Capital - Kazakh Banks - BCC loan growth outpacing peers.pdf
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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
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: 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: 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: 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(at)visocap(dot)com

Dominic Lewenz
Director
Oil and Gas Research
dol(at)visocap(dot)com

Leila Kulbayeva
Vice-President
Mining Sector Research
lek(at)visocap(dot)com

Yuriy Khramtsov
Economist
yuk(at)visocap(dot)com

Stanislav Chuyev
Associate
Mining Sector Research
sch(at)visocap(dot)com

Renat Syzdykov
Analyst
Financial Sector Research
res(at)visocap(dot)com

Zhanar Nazhkhanova
Junior Analyst
Oil and Gas Research
zna(at)visocap(dot)com

Anel Yermekova
Junior Analyst
Industrials and Small-cap Research
van(at)visocap(dot)com