Kazakhstan election gives Tokayev until 2029 for Saudi-style reform

  • President Tokayev wins unsurprisingly, with 81% of the vote, amid 69% turnout. He is limited to one term of seven years

  • Higher public spend on wages, pensions, healthcare, education likely: affordable given post-Covid fiscal deficit of 1-2%

  • MSCI Kazakhstan valued at 8x PE and 7% dividend yield: the consensus may be too pessimistic on Saudi-style reform

November 21st, 2022
Subscribe to read this report

You can read this report by subscribing to a Starter or Pro plan today.

Already have an account? Log in


This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Research ratings explanation and full Tellimer disclaimers