We maintain our recommendation to BUY Samruk-Energy’s USD denominated bonds. Although the yield of these bonds at current levels is quite low, they are still an attractive alternative to foreign currency deposits providing a similarly low risk with a higher income. Despite the deterioration in financial performance as a result of the general negative trend of macroeconomic factors, we believe that the Company will be able to refinance its debt, redeemable at the end of this year. The main factor that guarantees the return of investors' funds remains state support in the face of the sole shareholder (Samruk-Kazyna).

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