Ansher Capital

research@ansherholding.com toshtemir.haydarov@ansherholding.com CONTENTS ECONOMIC OUTLOOK Robust #% GDP growth is expected in ####-#### # NAVOI FREE ECONOMIC INDUSTRIAL ZONE (FEIZ) Free Industrial Economic Zone eyes foreign investments # Privileges in FEIZ aim full benefits

Market Cap.($, mln): #.## Shares Outstanding: #,###,### P/E: ##.## P/B: #.## EPS(US$): #.## Uzbekistan Equity Research Ansher Capital LLC March ##, #### STOCK RATING Please see the last page for disclosures

Market Cap.($, mln): ###.# Shares Outstanding: ##,###,### EPS(US$): #.## Number of branches ## O’zsanoatqurilishbank is one of the leading banks in Uzbekistan. The bank has received high rating of credit solvency “uzA+” on a

Market Cap.($, mln): ##.# Shares Outstanding: ###,###,### EPS(US$): #.## Number of branches ## Hamkorbank is one of the largest privately ow- ned banks in Uzbekistan and focuses on micro and small business lending. The bank

Market Cap.($, mln): ##.# Shares Outstanding (mln): ##,###,### Branches ### UzSE Ticker DBHUZ P/E: #.## P/B: #.## EPS(US$): #.## BANKING SECTOR UPDATE: OCTOBER #### During ####, Pakhta Bank’s electronic pay

Market Cap.($, mln): ##.## Shares Outstanding: ##,###,### EPS(US$): #.## Number of branches ## Ipoteka Bank offers a full spectrum of bank services to corporate and private clients. The bank is considered as the most reliable

EXECUTIVE SUMMARY With real GDP growth averaging ##% annually, the Kazakhstan economy benefited an extended period of very rapid growth during the years ####- ####. This growth mainly came thro ugh the strengthening of commodity prices for oil, gas, and

OIL & GAS SERVICES • Expected increase in oil production - According to Uzbekneftgaz, national oil and gas holding company of Uzbekistan, the oil and gas extraction is expected to further accelerate for the period up to ####, in line with a gov

#.## #.## #.## #.## #.## #.## #.## #.## #.# #.# #.# #.# #.# #.# #.# #### #### #### #### #### #### #H #### Q# ####

Company Report FOOD PROCESSING INDUSTRY INITIATION OF COVERAGE ## SEPTEMBER #### Within a program on modernization, technical and technological re-equipment of the enter- prises of food processing industry, OJSC Ok- hangaron Don’s long term strategy has been to

CONSTRUCTION MATERIALS INDUSTRY JSC QUVASOYCEMENT With total share of ##% in cement production, company poised to benefi t from increasing production capacity COVERAGE UPDATE ## NOVEMBER #### Growing demand for cement in Central Asia region as an essential construction material

Company Report CONSTRUCTION MATERIALS INDUSTRY OJSC QIZILQUMCEMENT With total share of ##% in cement production, company poised to benefi t from increasing production capacity COVERAGE UPDATE ## NOVEMBER #### Growing demand for cement in Central Asia region as an essential

Company Report Market Cap.($, mln): #.## Shares Outstanding (mln): #,###,### P/E: (by the end of ####) ##.## EPS(US$): #.## CHEMICAL INDUSTRY UPDATE ## SEPTEMBER #### JSC Qarshi QishloqHujal ikKimyo, one of the major

Market Cap.($, mln): #.## Shares Outstanding (mln): ###,### P/E: (by the end of ####) #.## EPS(US$): #.## CHEMICAL INDUSTRY UPDATE ## SEPTEMBER #### JSC JIZZAKH QISHLOQHUJALIKKIMYO, one of the major fertilizer producers in chemical

INSURANCE SECTOR Company Report State Joint-Stock Insurance Company “UZAGROSUGURTA” Continue giving insurance protection for agricultural business activities UPDATE ## NOVEMBER #### UZAGROSUGURTA is one of the leading insurance companies of Uzbekistan. It is the #nd largest company according to