Freedom Broker improves its recommendation for KazMunayGas’s shares

Senior business correspondent

The target price for the company’s share is $24.24 / Kursiv.Media

Analysts from Freedom Broker have improved their recommendation for KazMunayGas shares from «wait» to «buy,» according to a daily report by Freedom Broker.

The target price for the shares remains at $24.24 per share, although the market value of the stock declined by 0.1% to $22.73 on Monday and by 0.2% to $22.70 today. In general, there were 255 transactions with the company’s 92,300 shares.

In December 2022, KazMunayGas placed 3% of its shares in the amount of $340 million or $18.59 per share. However, the oil company sold just 60% of its offer (18.3 million shares). As of January 1, 2023, the National Welfare Fund Samruk Kazyna controlled 87.42% of the company’s shares, while the National Bank owned a 9.58% stake.

In addition, Freedom Broker has revised its evaluation of Kazakhtelecom’s stock. Now, its recommendation is not «buy» but «wait.» The target price of the telecommunication operator is $68.56. On April 17, Kazakhtelecom shares rose by 0.4% to $65.58 and then declined by 0.7% to $64.14 today.

In April, Kcell, a mobile operator within Kazakhtelecom, reached a deal with Sweden Ericsson on new equipment for 5G networks. This came about thanks to an $88.4 million loan the mobile operator received from its parent company in February.

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