Market ResearchOur in-house economic and market research covers the economy of Kazakhstan, and countries of the region. Economic forecasts and credit rating reports issued by Kazkommerts Securities help the clients account properly for country and company-specific risks.The main goal of our research is to provide advice and recommendations to the shareholders, stakeholders, management and clients of Kazkommerts group on the key issues that influence the development of the economy of Kazakhstan in the near- and medium-term. Beyond Kazakhstan, the team covers selected CIS countries and emerging economies that present attractive investment opportunities. The company research also includes risk assessment and valuation done for individual countries or companies in form of rating reports. Kazkommerts Securities was the first company to launch credit rating advisory for the large Kazakh corporates, and to publish their ratings on a regular basis. The research is disseminated in the form of free research papers and paid-in subscription services that are available to the large corporate clients. Macroeconomic ResearchMacro research includes various policy notes, briefings and quarterly reports available to our investor base on a subscription basis. This allows both investors and interested parties to stay abreast of the latest developments and trends in the economy of Kazakhstan. Kazkommerts Securities is the only private domestic company in Kazakhstan that has the analytical capacity to provide alternate economic forecasts.The research is disseminated via Kazakhstan Economic Review magazine. Please follow the link below to download the first three issues.
Kazakhstan Economic Review, October–November 2002
Industry ResearchOur industry research is geared at providing sectoral and company-specific analysis and recommendations. Our analysts cover the most important sectors of the Kazakh economy and inform our clients on recent trends and developments. Usually these reports are available on a subscription basis only. At the request of our clients we may also undertake an individual study of a company or a sector.Below are our selected industry research papers.
Oil and Gas Sector Review for 2002
Credit RatingsIt is a joint project of Kazkommerts Securities and Interfax Kazakhstan aimed at analysis and appraisal of the creditworthiness of the Kazakhstan companies, namely, their ability to service their debt obligations in a timely and regular manner. Kazkommerts Securities does the analytical and appraisal part, while Interfax Kazakhstan uses its informational resources to disseminate and publicize the ratings. It is planned to assign ratings to all Kazakhstan companies who raise funds at domestic capital marketsUnlike the ratings from the leading international ratings agencies (Standard&Poor’s, Moody’s Investor Services, Fitch Ratings) where the rating is assigned at the borrower’s request, ratings by Kazkommerts Securities are assigned to the companies issuing domestic bonds, and are not constrained by the country sovereign ceiling. It is, in fact, a borrower’s domestic credit rating.
The credit ratings project is an integral part of the internal ratings system that allows our investors and bondholders to access more accurately credit and investment risks of the domestic issuers. The ratings also increase overall transparency and accountability of market participants and provide an additional impetus to the domestic capital markets development.
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