Time to buy: Kazakhstani broker expects KMG share price to rise

BCC Invest, a Kazakhstani brokerage company, has raised its valuation of KazMunayGas (KMG) shares following the company’s Q1 2025 financial results. Analysts set a new target price at approximately $35 per share.

BCC Invest’s projection increased by more than 9%, compared to its previous forecast from April 2025. As a result, the broker has issued a buy recommendation.

Currently, KMG’s common shares are trading at around $31. Thus, BCC Invest anticipates a potential upside of 14.5% or roughly $4. During the Kazakhstan Stock Exchange (KASE) trading session on June 13, the share price reported a 3.32% increase.

The KMG stock price is surging against the backdrop of a more than 9% increase in global oil prices following Israel’s air strike on Iran early Friday. Nevertheless, this upward trend has also been evident over the past four trading sessions. Since June 9, KMG’s shares have gained 7.6% in value.

BCC Invest noted that it raised its target price despite a 35.9% decline in the company’s net profit in Q1 2025 due to foreign exchange losses and a reduction in financial income. More generally, the broker emphasized KMG’s stable oil and gas output, processing and production volumes.

According to KASE, KMG’s shareholders include Samruk-Kazyna (67.42%), the Ministry of Finance (20%) and the National Bank of Kazakhstan (9.58%), with the remaining shares freely traded on the market.