Visor Capital - The Premier Investment Bank in Kazakhstan
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Date: 24.04.2013
Visor Capital - Steppe Cement - To a solid '13 from strong '12.pdf
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Date: 19.04.2013
Visor Capital - Kcell - Strong 1Q2013 results.pdf
Size: 191244 KB
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Date: 18.04.2013
Visor Capital - Kcell - 1Q2013 results preview.pdf
Size: 331075 KB
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Date: 03.04.2013
Visor Capital - KCell - Dividend leader.pdf
Size: 678998 KB
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Date: 31.01.2013
Visor Capital - KCell - Steady progress.pdf
Size: 194984 KB
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Date: 28.01.2013
Visor Capital - Kcell - Initiation of coverage.pdf
Size: 1131696 KB
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Date: 03.12.2012
Visor Capital - Kazakhstan Kagazy - Dropping coverage.pdf
Size: 185975 KB
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Date: 08.11.2012
Visor Capital - Steppe Cement - Raising US$16m equity.pdf
Size: 192546 KB
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Date: 29.10.2012
Visor Capital - Steppe Cement - Securing a dry future.pdf
Size: 501626 KB
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Date: 12.10.2012
Visor Capital - Steppe Cement - A strong showing indeed.pdf
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Date: 17.09.2012
Visor Capital - Chagala Group - Sluggish conditions.pdf
Size: 197173 KB
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Date: 16.07.2012
Visor Capital - Steppe Cement - Seeking higher prices.pdf
Size: 194951 KB
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Date: 13.07.2012
Visor Capital - Kazakhstan Kagazy - Share buyback finalised.pdf
Size: 209677 KB
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Date: 13.07.2012
Visor Capital - Kazakhtelecom - Slower growth in 2Q2012.pdf
Size: 205429 KB
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Date: 11.07.2012
Visor Capital - Sunkar Resources - DAR sales progress, but....pdf
Size: 229082 KB
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Date: 22.06.2012
Visor Capital - Kazakhtelecom - Post-dividend pricing.pdf
Size: 516479 KB
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Date: 16.05.2012
Visor Capital - Kazakhtelecom - Post record date.pdf
Size: 195753 KB
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Date: 09.04.2012
Visor Capital - Steppe Cement - Making slower steps.pdf
Size: 609929 KB
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Date: 19.03.2012
Visor Capital - Kazakhtelecom - Life without mobile.pdf
Size: 696494 KB
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Date: 02.02.2012
Visor Capital - Sunkar Resources - Are 2012 plans realistic.pdf
Size: 470153 KB
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Date: 28.09.2011
Visor Capital - Steppe Cement - Recovery in Steppe.pdf
Size: 413058 KB
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Date: 21.09.2011
Visor Capital - Chagala Group - Liquidity discount.pdf
Size: 234465 KB
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Date: 21.09.2011
Visor Capital - Kazakhtelecom - Sale of GSM Kazakhstan.pdf
Size: 225333 KB
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Date: 13.09.2011
Visor Capital - Chagala Group - Occupancy issues remain.pdf
Size: 386292 KB
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Date: 26.08.2011
Visor Capital - Kazakhstan Kagazy - Strong operations.pdf
Size: 838090 KB
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Date: 18.08.2011
Visor Capital - Sunkar Resources - short-term funding issues.pdf
Size: 859774 KB
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Date: 10.08.2011
Visor Capital - Sunkar Resources - Suspended.pdf
Size: 377785 KB
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Date: 02.08.2011
Visor_Capital_-_Commodities_Weekly_110802.pdf
Size: 1777040 KB
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Date: 01.08.2011
Visor_Capital_-_Kazakh_Bond_Weekly_110801.pdf
Size: 1071825 KB
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Date: 25.07.2011
Visor_Capital_-_Kazakh_Bond_Weekly_110725.pdf
Size: 1837626 KB
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Date: 11.07.2011
Visor Capital - Steppe Cement - Stepping into recovery.pdf
Size: 691901 KB
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Date: 24.06.2011
Visor Capital - Steppe Cement - Cost inflation.pdf
Size: 840092 KB
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Date: 08.06.2011
Kazakhstan Kagazy - Efficiency in troubled times.pdf
Size: 510865 KB
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Date: 08.06.2011
Visor Capital - Kazakhstan Kagazy - Efficient but uncertain.pdf
Size: 510865 KB
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Date: 04.04.2011
Visor Capital - Caspian Services - Holed below the waterline.pdf
Size: 622093 KB
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Date: 01.04.2011
Visor Capital - Kazakhstan Kagazy - Light at the end of a tunnel.pdf
Size: 543195 KB
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Date: 25.02.2011
Visor Capital - Kazakhtelecom - Safe and sound.pdf
Size: 697429 KB
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Date: 03.12.2010
Visor Capital - Central Asian Small and Mid Caps - Small is beautiful.pdf
Size: 3384981 KB
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Date: 21.09.2010
Visor Capital - Steppe Cement - Building for the future (BUY, TP GBp52).pdf
Size: 427266 KB
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Date: 29.07.2010
Visor Capital - Pension System of Kazakhstan in 1H2010 - Contributors’ power.pdf
Size: 904288 KB
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Date: 27.07.2010
Visor Capital - Steppe Cement - Steppe up in cement prices.pdf
Size: 219618 KB
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Date: 23.07.2010
Visor Capital - Steppe Cement - Cementing market share.pdf
Size: 1315595 KB
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Date: 13.07.2010
Visor Capital - Chagala Group - Impact from delay proves minimal.pdf
Size: 961467 KB
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Date: 16.06.2010
Visor Capital - Kazakhstan Kagazy - Doubts over debt restructuring.pdf
Size: 1174035 KB
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Date: 25.05.2010
Visor Capital - Kazakhtelecom - Semaphoring stable profits.pdf
Size: 1155468 KB
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Date: 05.05.2010
Visor Capital - Kazakhstan Kagazy - Trying on the hair-shirt sackcloth.pdf
Size: 477579 KB
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Date: 22.04.2010
Visor Capital - Chagala Group - Cost cuts outweigh one-off write-off.pdf
Size: 688173 KB
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Date: 12.04.2010
Visor Capital - Steppe Cement - Steppe-up in costs.pdf
Size: 545413 KB
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Date: 19.02.2010
Visor Capital - Kazakhstan Kagazy - A Cloudy future.pdf
Size: 348206 KB
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Date: 18.02.2010
Visor Capital - Caspian Services - A chill winter wind.pdf
Size: 596977 KB
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Date: 16.02.2010
Visor Capital - Kazakhstan Kagazy - Paper picks up property.pdf
Size: 373585 KB
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Date: 08.02.2010
Visor Capital - Pension System of Kazakhstan in Sep - Dec 2009 - Remaining resilient.pdf
Size: 587145 KB
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Date: 13.01.2010
Visor Capital - Kazakhstan Kagazy - Debt restructuring on its way.pdf
Size: 393934 KB
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Date: 13.01.2010
Visor Capital - Steppe Cement - Time to BUY.pdf
Size: 559872 KB
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Date: 06.01.2010
Visor Capital - Chagala Group Initiation - Riding the Caspian wave.pdf
Size: 1127336 KB
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Date: 31.12.2009
Visor Capital - Caspian Services posts positive FY2009 results.pdf
Size: 430159 KB
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Date: 06.11.2009
Visor Capital - Kazakhstan Kagazy - Debt refinancing still a doubt .pdf
Size: 483892 KB
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Date: 28.10.2009
Visor Capital - Kazakhtelecom - No signal for Neo.pdf
Size: 465605 KB
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Date: 21.10.2009
Visor Capital - Steppe Cement - Lower 2010F production forecast.pdf
Size: 1131382 KB
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Date: 24.09.2009
Kazakhstan Pension System April - August 2009.pdf
Size: 865990 KB
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Date: 11.08.2009
Visor Capital - Caspian Services Initiation (BUY TP US$0.40).pdf
Size: 1142398 KB
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Date: 08.07.2009
Visor Capital - Kazakhstan Kagazy - Paper profits, but falling debt.pdf
Size: 534925 KB
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Date: 03.07.2009
Steppe Cement - Road Runner.pdf
Size: 665404 KB
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Date: 01.07.2009
BMB Munai Initiation - HOLD on... cash needed first.pdf
Size: 909056 KB
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Date: 28.05.2009
Kazakhtelecom - Selling Neo.pdf
Size: 803910 KB
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Date: 17.04.2009
Steppe Cement - Running on fumes.pdf
Size: 683709 KB
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Date: 09.04.2009
Kazakhstan Kagazy - Difficult choices ahead (Initiation).pdf
Size: 1292353 KB
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Date: 08.01.2009
Steppe Cement - The runner on a dry road.pdf
Size: 783273 KB
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Date: 23.12.2008
Kazakhtelecom-Seeking Catalysts 081223.pdf
Size: 1705443 KB
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Date: 20.10.2008
Steppe Cement - STILL ready to run.pdf
Size: 702144 KB
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Date: 26.05.2008
Steppe Cement - Initiating with BUY - Ready to run.pdf
Size: 986447 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