KEGOC is the system operator of the unified power system of the Republic of Kazakhstan that owns high voltage transmission lines and provides dispatch services to coordinate production and consumption of electrical energy. In December 2014, 10% stake in KEGOC was offered to retail investors under the government run People's IPO program. We recommend to Buy the stock due to improvements in the accounting of the regulated asset base and a bump in the regulated rate of return on RAB over the medium term. We expect the dividend yield over the first two years to lag behind some KASE stocks, but to catch up later and also to account for the large share of the total return.
|Price close||12M target price||Recommendation|
- June 19, 2017KEGOC: 2016 and 1Q201 results review
Increase of 12M target price to T1 257, the "Hold" recommendation
- September 01, 2016KEGOC: Review of 1H2016 financial results
Increase of 12M TP to KZT 883/share, "HOLD" recommendation is maintained.
- November 11, 2014KEGOC goes public: betting on the tariff reform
Initiation of coverage
News at an angle
- August 14, 2017
- April 24, 2017
- January 11, 2017
- November 17, 2016
- October 19, 2016
- April 21, 2016
- February 01, 2016