ABIndex news

6 March, 2007

“International airport “Manas” shares included to ABIndex

Second company, which shares were included to calculation of united stock ABIndex becomes “Manas” International airport”. This company is interesting to investors not only because of it’s soon privatization, but also because of good profitability, and especially high level of dividend payment.

We’ve got about 12,5 % of shares in free-float, 79,1 % in share holding of the Government of Kyrgyz Republic and 8.5 % were passed in share holding of the Social fund of Kyrgyz Republic.

It is necessary to know that about 40 % of “Manas” IA” profits come from rent of airport territory by American air base named “Ganci”. Just because of this air base “Manas” have got to modernized premises and facilities of airport during the last years, make investments to Osh airport and airport in Issyk-Kul region. “Ganci” air base serviced in “Manas” airport and presented as highly profitable client for airport. There were signed an agreement between Governments of the Kyrgyz Republic and United States of America in July 2006. On 14 of July 2006 the Embassy of United States of America reported that “United States intended to pass more above $ 150 million as a general help and compensations during next year after US Congress approval”. The part of this sum will be paid to “Manas” for “Ganci” air base rent.

 “Manas” joints in 51 % of “Manas Management Company” CJSC, and 100 % of “Aalam Service” LLC. “Aalam Service” delivers air kerosene for airplanes and presented as enough highly remunerative undertaking.

By specialists opinion there is good developing perspective for “Manas” airport hub for airplanes, coming from Europe to Asia and vice versa. These airplanes can make economy about 30 % of own expenses if they will fuel up in “Manas”.

 “Manas” is present as enough profitable company. The growth of its equity basis during 2003-2005 consists about 80 % and reaches 1,17 billion som ($ 30,95 million) to the beginning of the 2006 having total annual income at 1,1 billion som ($ 29.1 million). Net profit during the 2005 consist 412 million som ($ 10.9 million), and about 100 million som ($ 2.64 million) were directed to dividend payment, or 3,7 som ($ 0.097) per one share.

During the 2003-2006 the price per one share swings from 5 to 12 som ($ 0.13-0.31). At present we can see minor activity for “Manas” shares at price about 17-20 som ($ 0.45-0.53) per one share. Company’s capitalization with price about 20 comes to $ 14.7 million that is rather more than company’s annual income. It is necessary to mark that “Manas” direct to dividend payment only 25 % from net profit, the rest of profit is capitalized.

The managing director of BNC Finance – Arslanbek Kenenbaev believes that “Manas” shares have good future that can be darkened only with closing the “Ganci” air base or with vagueness of privatization.

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