ya

Selected Worldwide Indices

Mongolia Weekly

Index

October 7-13, 2013

Politics and Economy

Parliament Receives Budget Proposal for 2014

Mongolia Eases Restrictions on Foreign Investors
Tax Officials are Planning to Submit New Tax Laws

Financial Markets

MSE Top -20 Increased by 0.03%

MNT Depreciation Continues

Commodity Markets

Negotiation Between Rio Tinto and Mongolian

Government Restarts
Prophecy Coal Signs New Off-Take Agreement

Silk Road Iraq

Silk Road Iraq Oil
Index
Silk
Road
Myanmar Index
Silk Road Central
Asia Index
MSCI FM
MSCI EM
Dow Jones

Corporate News

MSE TOP 20
Silk
Road
Composite Index
Silk
Road
Mongolia
Silk Road Hong
Kong
Silk
Road
Australia

TDB Awarded the Best Bank in Emerging Markets

Terra Energy Approved for Road Construction to
China Border
Xanadu Expands High Grade Mineralization at Oyut
Ulaan

FTSE 100
Nikkei
Hang Seng
Shanghai
KASE
RTS

4,500,000.00

14,500
14,000
Total Trading Volume, US $
13,500
13,000

12,000

Stock

405.53

0.11%

-21.2%

278.87

-2.51%

-48.8%

15.06

-1.32%

-53.1%

197.01
1,161.7
2
1,315.3
7
1,597.1
8

-2.87%

-59.3%

-0.25%

7.3%

-0.06%

11.7%

1.56%

-2.2%

421.76

0.57%

-23.3%

564.10
1,023.2
1
15,237.
11
6,487.1
9
14,404.
74
23,218.
32
2,468.5
1
901.47
1,477.0
0

0.31%

15.1%

1.52%

-3.0%

1.09%

16.3%

0.52%

10.0%

2.71%

38.6%

0.34%

2.5%

2.47%
0.68%

-2.2%
-7.0%

2.35%

-3.3%

Close
price,
MNT

3,000,000.00

Mogoin Gol

13,90
0

Mongolian Telecom
Shivee Ovoo
Baganuur

2,500,000.00
Top-20 Index
2,000,000.00
1,500,000.00

500,000.00
0.00

Worst performers
Tavan Tolgoi
Silikat
Remicon
State Department
Store
Sharyn Gol

660

Performance
w-o-w
31.91
%

YTD

-33.9%

1,329
6,200
4,400

23.12
%
10.75
%
6.90%
4.76%

-28.2%
-38.0%
-16.7%

2,995
197
170

-0.17%
-0.51%
-2.86%

-66.0%
-1.0%
-10.1%

420
7,180

-3.45%
-4.46%

10.5%
-18.4%

6.9%

Major Commodities
Commodity
Copper $/t

www.eurasiac.com

-20.9%

3,500,000.00

1,000,000.00
12,500

0.03%

Best performers
Mongolia
Development
Resources

4,000,000.00

15,000

Performance
w-o-w
YTD

Top Movers on MSE

MSE TOP-20 Index (6 months)

15,500

Close
price
13,937.
34

Gold $/oz
Coal1 $/t
Iron ore2, $/t
Uranium $/lp
Crude oil $/bbl

Last
price
7,177.2
5
1,272.1
8
102.59
153.63
35.75
102.02

Performance
w-o-w
YTD
-0.75%

-9.2%

-2.95%
-0.12%
-0.51%
0.00%
-1.75%

-24.1%
-10.7%
-3.9%
-20.6%
11.1%

MNT vs Major Currencies

Name

Rate3,
MNT

MNT app(-) or
dep(+)

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

POLITICS AND ECONOMY

Parliament Receives Budget Proposal for 2014
Finance Minister Chultem Ulaan submitted a 2014 budget proposal to the Parliament
speakers for the Social Insurance and Human Development Fund, reported on
Montsame. The proposed budget includes an expenditure plan, revenue sources,
allocations to local budgets and development funds, usage by general managers,
and deficit recovery sources. Major objectives of the budget are to form a/an
- security for people who are vulnerable to poverty
- lower unemployment and poverty rates
- pensions and allowances
- improved social welfare
- income equality through the taxes,
- the abolishment of redundant allowances
- reduced wasteful spending
The proposed budget for the Human Development Fund would provide cash
allowances to young people under the age of 18. The proposed budget for the Social
Insurance Fund would create a financial source for the cabinet to implement its
initiatives and allocate funds to the fund.
Mongolia Eases Restrictions on Foreign Investors
Mongolia has passed a new investment law, which aimed at stimulating foreign
investment by easing restrictions on foreign investors in key sectors. The new
regulations will take effect on November 1, 2013. According to the Reuters,
Investors and analysts said the new law was a step in the right direction following
more than a year of uncertainty over investment rules, which many blamed for a
slump of 43% in overseas investment in the first half of 2013, on an annual basis.
Under the new law, private companies will no longer need government approval to
invest in the strategic areas of mining, media and telecommunications, and banking
and finance. The law also gives investors 5 to 22 years of stability on value added
tax, corporate income tax, mining royalties, and customs duties. Additionally, it
protects the investors from expropriation, allows profits to be taken out of the
country, and reaffirms the right to arbitration.
Tax Officials are Planning to Submit New Tax Laws
The General Department of Taxation of Mongolia is preparing to submit a new set of
tax laws (2 laws and 15 amendments) to the parliament in the fall session. The tax
department says it is intending to make the tax code clearer, create compliance
easier, and introduce of new taxes. The proposed city tax will put tariff between
0.1% to 0.3% on anyone and any company based in Ulaanbaatar and exempt
businesses with a net income of less than MNT1.5 bn. The Ministry of Finance also
plans to reform income taxes with a more progressive system; as a result higher
earning individuals will pay more than lower income, reported on www.news.mn.

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

FINANCIAL MARKETS
MSE Top -20
Increased by 0.03%
Last
week,
the
benchmark index, MSE
Top-2
increased
by
0.03%
w-o-w
and
closed at 13,937.34 on
Friday,
October
11,
compared to 13,933.38
a week prior.

MSE Top 20 Index (6 month)

1,780
1,730
1,680
1,630
1,580
1,530

Bank of Mongolia Rate

66.

The major stocks that

1,480
grew were Mongolian
1,430
Development
1,380
Resources
(MDR)
31.91% to MNT660,
Mogoin
Gol
(BDL)
23.12% to MNT13,900,
Mongolian
Telecom
10.75% to MNT1,329,
Shivee Ovoo (SHV) 6.90% to MNT6,200, and Baganuur (BAN) 4.76% to MNT4,400.
Meanwhile, worst five performers of this week were Sharyn Gol (SHG) -4.46% to
MNT7,180, State Department Store (UID) -3.45% to MNT420, Remicon (RMC)
-2.86% to MNT170, Silikat (SIL) -0.51% to MNT197, and Tavan Tolgoi (TTL) -0.17% to
MNT2,995.

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

MNT Depreciation Continues

The local currency US$-MNT rate (6 months)
MNT
further
15,500
depreciated
by
1.58% compared
15,000
to the prior week.
14,500

The
official
MNT/US$ currency
rate by the Bank
of Mongolia closed
at
MNT1,685.30
on Friday October
11,
2013
than
MNT1,659.12
a
week earlier

October 14 (Monday)

4,500,000.00
4,000,000.00
3,500,000.00
3,000,000.00

14,000
Total Trading Volume, US $
13,500

2,500,000.00
Top-20 Index
2,000,000.00
1,500,000.00

13,000

1,000,000.00
12,500

500,000.00

12,000

0.00

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

COMMODITY MARKETS
Negotiation Between Rio Tinto and Mongolian Government Restarts
The Mongolian government has solved half of the issues about the development of
Oyu Tolgois copper and gold mine during the meeting in London. Both parties
agreed that all Oyu Tolgoi licenses owned by third parties should be transferred to
Oyu Tolgoi, giving the Mongolian government a 34% stake in the licensed deposit
area. This means that two licenses are part-owned by Canada-listed mining
company Entree Gold, will be transferred to Oyu Tolgoi. As part of the transfer, the
Mongolian government will receive an additional US$1.4 bn over the duration of the
project, the Australian Times said. The Mongolian government and Rio Tinto have
had the contradictions over the investment terms of an agreement signed by both
parties in 2009. The government has been pressing Rio to improve the terms of the
deal amid escalating costs. For its part, Rio wants to ensure that the government
keeps to the original investment agreement. The board will meet again on October
14, 2013 to address three key outstanding issues,
1. How to monitor and reconcile project cost overruns
2. Submit an authorized registration of the expansion project plan
3. Review additional project financing

Prophecy Coal Signs New Off-Take Agreement

Canadian coal producer Prophecy Coal Corporation said it had signed an additional
off-take agreement with an undisclosed buyer for Ulaan Ovoo mine sites thermal
coal. Under the contract, Prophecy will supply 30,000 metric tons of coal per month
to the buyer, which it said was a "new customer with substantial presence in the
region." In August, Prophecy Coal also announced their sales contracts with a
number of buyers for Ulaan Ovoo coal, totaling 30,000 metric tons a month. In
September, the company loaded coal from its existing stocks at the mine site and
railed it to customers, stated in their own website. At the time, Prophecy publicized,
Existing stocks were sufficient to meet contractual supply obligations and that the
management was using the downtime to work with Mongolian officials to seek road
and bridge improvements and to open the Zelta border to facilitate Russia export
sales.

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

CORPORATE NEWS
TDB Awarded the Best Bank in Emerging Markets
Finance Asia selected Trade and Development Bank of Mongolia (TDB) for the Best
Bank in Frontier Markets award, said on TDBs own website. Other nominees from
frontier markets included banks from Albania, Bangladesh, Sri Lanka, Philippines,
Indonesia and Vietnam. This award gives more attention to the banks potential
than its asset size. Besides receiving the award, TDB also has obtained other four
prestigious international awards in 2013.
Terra Energy Approved for Road Construction to China Border
According to Guildford Coal Ltd, Terra Energy LLC has received government approval
to construct the 98-kilometer haul road, connecting its Baruun Noyon Uul mine with
the China border. The beginning of road construction project will take about 12
weeks and the cost of the road construction is US$17 mn. Coal sales to its
customers are expecting originate in January. Recent visits of prospective
customers, Managing Director Peter Westerhuis and General Manager Allan Dawson
from Noble Group; China confirmed a strong interest to commence use of Terra coal
in their coking plants. The initial box cut excavation is continuing to take shape and
coal uncover is ahead of schedule. Coal mining and crushing will be scheduled to
coincide with the completion of the haul road construction.
Xanadu Expands High Grade Mineralization at Oyut Ulaan
Xanadu Mines Ltd announced that the results of further drilling at the Oyut Ulaan
copper-gold project on October 11, 2013. Seven diamond drill holes (around 1,500
meters) targeting zones of sub-cropping stock work copper-gold mineralization were
completed at the Diorite Hill prospect. The results confirm Diorite Hill as a broad
zone of strong quartz stock work veining and associated high-grade copper-gold
mineralization that is 600 meters long, 40 to 80 meters wide, and at least 200
meters deep and remains open. The bornite mineralization is typical of other goldrich porphyry deposits including Ridgeway and North Parkes in New South Wales,
Australia. The latest drilling results open up Diorite Hills potential and we see
indications of similar gold-rich porphyry mineralization at several other prospects,
said Xanadus managing director, George Lloyd. Mapping and trenching data
collected during the drilling program to test for surface expressions of underlying
mineralization and the interpretation of these results will be included in the next
general Oyut Ulaan update.

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

EURASIA CAPITAL RATINGS

MSE TOP-20 Companies (October 7-11, 2013)
Name
APU
Tavan Tolgoi
Baganuur
Shivee Ovoo
Sharyn Gol
Gobi

Symb
ol
APU
TTL
BAN
SHV
SHG
GOV

Eurasia
Capital
Rating
UNDER
REVIEW
UNDER
REVIEW
BUY
UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW
BUY
UNDER
REVIEW

Price

Market Cap
US$
MNTmn
mn

Performance
1W
y-t-d
chg

3,880

288,236

171.0

2.11%

2,995

157,732

93.6

-0.17%

4,400

92,287

54.8

4.76%

6,200

83,198

49.4

6.90%

7,180

73,461

43.6

-4.46%

4,790

37,367

22.2

1,329

34,382

20.4

4.18%
10.75
%

3,000

33,000

19.6

80,000

27,520

80,000
48,000

MNT

1.8%
66.0%
16.7%
38.0%
18.4%

PE

PB

2012

2012

12.3

3.4

17.2

3.6

49.3

2.3

NA

50.1

237.7

4.8

7.1

1.0

181.0

1.2

1.69%

6.5%
28.2%
17.2%

22.3

3.4

16.3

0.00%

0.0%

10.9

2.5

26,824
20,307

15.9
12.0

0.00%
0.00%

-2.4%
28.0%

11.7
5.3

2.5
0.8

420

15,459

9.2

-3.45%

13,376
13,308

7.9
7.9

-2.86%
3.17%

-23.6
100.6
9.6

-45.1

170
13,000
129

13,070

7.8

4.8

1.4

13,900
UNDER
JTB
Genco Tour Bureau
REVIEW
85
UNDER
SIL
Silikat
REVIEW
197
Mongolia Development
UNDER
MDR
660
Resources
REVIEW
UNDER
MSH
Hotel Mongolia
REVIEW
850
Source: MSE, Eurasia Capital Estimates

11,532

6.8

0.78%
23.12
%

10.5%
10.1%
5.7%
24.1%
6.9%

14.2

0.7

9,350

5.5

0.00%

-5.6%

39.5

1.1

9,128

5.4

9,075

5.4

-0.51%
31.91
%

8,500

5.0

-1.0%
33.9%
15.0%

Mongolian Telecom
BDSec
Suu
UB Hotel
Bayangol Hotel
State
Department
Store
Remicon
Talkh Chikher
Khukh Gan
Mogoin Gol

MCH
BDS
SUU
ULN
BNG
UID
RMC
TCK
HGN
MSH

BUY
BUY
UNDER
REVIEW
BUY

0.00%

3.0
0.8

NA

1.0

275.0

4.3

462.0

2.6

Selected 5 Non-MSE TOP-20 Member Largest Companies

Name
Berkh Uul
Darkhan Nekhii

Symb
ol
BEU
NEH

Eurasia
Capital
Rating
UNDER
REVIEW
UNDER
REVIEW

Price
MNT
6,000
11,00
0

Market Cap
MNTm
US$
n
mn
114,37
2
67.9
12,160

www.eurasiac.com

7.2

(October 7-11, 2013)

Performance
PE
PB
1W
201
y-t-d
2012
chg
2
242.
0.00%
-4.8%
8
-907.1

-2.65%

101.8%

17.2

1.0

Mongolia Weekly (October 7-13, 2013)

Eermel
Makh Impex

EER
MMX

ADL
Aduunchuluun
Source: MSE, Eurasia Capital Estimates

UNDER
REVIEW
UNDER
REVIEW
UNDER
REVIEW

October 14 (Monday)

2,899

10,087

6.0

0.00%

3.5%

6.3

0.7

1,801

6,845

4.1

9.2%

NA

-1.8

1,904

6,000

3.6

-9.95%
10.83
%

5.6%

8.2

1.7

*Note: These PE and PB ratios are not meaningful, in our view.

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

ECONOMIC PERFORMANCE
Indicator

2004

Population and income

Population, mn
2.53
GDP per capita, US$
720
National accounts
Nominal GDP, MNTbn
Nominal GDP, US$bn
Real GDP growth, yo-y, %

2005

Balance of payments
Exports, US$mn
Imports, US$mn
Exports, y-o-y, %
Imports, y-o-y, %
Trade balance,
US$mn
Net FDI, US$mn

2007

2008

2009

2010

2011

2012

2013
F

2.56
905

2.59
1,327

2.63
1,620

2.68
2,108

2.74
1,688

2.76
2,267

2.81
3,045

2.87
3,575

2.93
4,300

2,152

2,780

3,715

6,555

6,591

8,415

1.8
10.6

2.3
7.2

3.2
8.6

4,599.
5
3.9
10.2

5.1
8.9

4.6
-1.3

6.6
6.4

10,83
0
8.6
17.3

13,94
4
10.3
12.3

17,65
0
13.6
18.5

34.8
4.8
1,165

56.3
14.1
1,170

-5.5
22.1
1,267

26.9
4.2
1,443

62.5
13.0
1,257

37.0
10.2
1,396

18.8
14.0
1,392

25.0
15.0
1,300

718

1,001

657

822

2,000

2,500

4,091

4,500

Monetary indicators and inflation

M2 growth, y-o-y, %
20.4
34.6
CPI, y-o-y, %
11.0
9.2
Exchange rate,
1,209
1,221
MNT/US$, end-year
International
208
333
reserves, US$mn
Government finance
Revenue, % of GDP
Expenditure, % of
GDP
Budget balance, % of
GDP

2006

33.1
35.0

30.1
27.5

36.6
28.5

40.9
38.0

33.1
37.6

30.3
35.5

37.1
36.6

40.6
44.3

35.6
43.3

40.2
42.2

-2.1

3.2

3.9

2.9

-4.5

-5.2

0.5

-3.7

-7.7

-2.0

869
1,019
41.3
28.8
-150

1,064
1,177
22.4
15.5
-113

1,542
1,435
44.9
21.9
107

1,948
2,062
26.3
43.7
-114

2,535
3,245
30.1
57.4
-710

1,885
2,138
-25.6
-34.1
-253

2,909
3,200
54.3
49.7
-291

4,780
4,385
6,578
6,527
6,739
8,086
64.3
-9.0
50.0
104.0
2.1
20.0
1,747
2,354
1,508
92.9
185.3
191.1
360.0
838.5
569.8
1,629
4,620
3,750
3,250
.7
.1
.0
.0
Source: National Statistics Office of Mongolia, the Bank of Mongolia, the IMF, the World Bank, Eurasia Capital.
*According to November 2010 Population and Housing Census

www.eurasiac.com

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

MSE AND MONGOLIA FOCUSED INTERNATIONAL

MINING COMPANY STOCKS PERFORMANCE
SUMMARY
MSE TOP-20 Performance (October 7-11, 2013)
Price
Cod
e

Name
Close

52
Wk
high

Performance
52 Wk
low

w-o-w

y-t-d

90

APU

3,880

4,199

3,100

2.11%

458

Tavan Tolgoi

2,995

9,275

1,902

-0.17%

396

Baganuur

4,400

3,700

4.76%

460

Shivee Ovoo

6,200

4,500

6.90%

309
354

Sharyn Gol
Gobi

7,180
4,790

6,045
10,23
0
10,25
0
5,200

6,600
2,700

209

Mongolian Telecom

1,329

2,018

943

-4.46%
4.18%
10.75
%

522

BDSec

1.69%

Suu

67,000

0.00%

UB Hotel

72,500

13
484

Bayangol Hotel
State
Department
Store

4,013
84,88
0
109,0
00
50,50
0

2,950

135

3,000
80,00
0
80,00
0
48,00
0

1.8%
66.0%
16.7%
38.0%
18.4%
6.5%
28.2%
17.2%

420

530

Remicon

22

Talkh Chikher

532

Khukh Gan

444
521
317

Mogoin Gol
Genco Tour Bureau
Silikat
Mongolia
Development
Resources

524
517

Market Cap
MNTm
n
288,23
6
157,73
2

US$
mn
171.0
93.6

92,287

54.8

83,198

49.4

73,461
37,367

43.6
22.2

34,382

20.4

33,000

19.6

0.0%

27,520

16.3

0.00%

-2.4%

26,824

35,000

0.00%

28.0%

443

365

-3.45%

170
13,00
0

198
13,00
0

160

-2.86%

2,293

3.17%

129
13,90
0
85
197

188
17,00
0
95
227

110
11,000
80
150

0.78%
23.12
%
0.00%
-0.51%

660

999

500

Hotel Mongolia
850
1,000
790
Source: MSE, Bank of Mongolia, Eurasia Capital

Daily Turnover
(52Wk Avg)
MNT
6,255,28
2
3,401,71
2
1,011,33
7
566,869
3,488,88
4
940,808
276,747
2,571,64
0

1Wk
turnover
(MNT)

US$
3,712

90

2,018

458

600

396

336

460

2,070
558

309
354

164

209

1,526

522

264

135

15.9

444,746
23,406,4
63

13,889

20,307

12.0

853,200

506

13

10.5%
10.1%

15,459

9.2

247

484

13,376

7.9

2,190

530

5.7%
24.1%

13,308

7.9

415,436
3,691,36
2
1,283,66
3

762

22

13,070

7.8

994,085

590

532

6.9%
-5.6%
-1.0%

11,532
9,350
9,128

6.8
5.5
5.4

88,817
470,626
445,147

53
279
264

444
521
317

31.91
%

33.9%

9,075

5.4

3,561,84
6

2,113

524

0.00%

15.0%

8,500

5.0

18,296

11

517

Selected Non-MSE TOP-20 Member Leading Market Cap Companies (October

7-11, 2013)
Price
Cod
e

Name
Close

52
Wk
high

Performance
52 Wk
low

w-o-w

y-t-d

www.eurasiac.com

Market Cap
MNTm
n

US$
mn

Daily Turnover
(52Wk Avg)
MNT

1Wk
turnover
(MNT)

US$

10

Mongolia Weekly (October 7-13, 2013)

492

Berkh Uul

6,000
11,00
0
2,899
1,801

6,700
11,30
0
3,000
2,000

2,707

0.00%

71
191
208

Darkhan Nekhii
Eermel
Makh Impex

5,000
2,150
1,600

-2.65%
0.00%
-9.95%
10.83
%

461

Aduunchuluun
1,904
3,506
1,405
Source: MSE, Bank of Mongolia, Eurasia Capital

October 14 (Monday)
-4.8%
101.8
%
3.5%
9.2%
5.6%

www.eurasiac.com

114,37
2

67.9

12,160
10,087
6,845
6,000

132

492

7.2
6.0
4.1

222,789
5,276,22
5
199,417
141,105

3,131
118
84

71
191
208

3.6

727,375

432

461

11

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

Performance of MSE Stocks Traded (October 7-11, 2013)

Co
de

Price
Name

Performance

APU
Tavan Tolgoi
Baganuur
Shivee Ovoo
Sharyn Gol
Gobi
Mongolian Telecom
UB BUK
BDSec
Bayangol Hotel
Material Impex
State
Department
Store
Remicon
Talkh Chikher
Khukh Gan

3,880
2,995
4,400
6,200
7,180
4,790
1,329
30,000
3,000
48,000
14,490

52 Wk
high
4,199
9,275
6,045
10,230
10,250
5,200
2,018
30,000
4,013
50,500
14,500

420
170
13,000
129

443
198
13,000
188

365
160
2,293
110

159
11,000
13,900
85
197

190
11,300
17,000
95
227

92
5,000
11,000
80
150

660

999

500

31.91%

-33.9%

9,075

5.4

3,561,846

2,113

208
461
34
55
25
217
40
2
531
38
366
459

Hermes
Darkhan Nekhii
Mogoin Gol
Genco Tour Bureau
Silikat
Mongolia Development
Resources
Makh Impex
Aduunchuluun
Gazar Suljmel
Niislel Urguu
Moninjbar
Teever Darkhan
Mongol Ceramic
Mongol Savkhi
Naco Tulsh
Mon-It Buligaar
Darkhan Hotel
Ikh Barilga

-3.45%
-2.86%
3.17%
0.78%
16.24%
-2.65%
23.12%
0.00%
-0.51%

1,801
1,904
30,000
9,870
250
23,500
9,240
1,073
209
6,000
24,960
5,000

2,000
3,506
33,000
9,870
330
28,500
9,240
1,600
266
6,200
28,999
6,500

1,600
1,405
13,500
5,247
243
23,500
2,715
1,000
149
5,700
24,960
4,800

9.2%
5.6%
106.9%
63.7%
-16.9%
-17.5%
146.3%
-14.2%
13.0%
-3.2%
-13.6%
-3.8%

6,845
6,000
5,436
4,302
3,967
3,839
2,946
2,656
2,637
2,401
2,233
1,985

4.1
3.6
3.2
2.6
2.4
2.3
1.7
1.6
1.6
1.4
1.3
1.2

141,105
727,375
316,525
34,962
7,587,858
21,759
143,212
108,027
604,016
8,442
8,049
33,554

84
432
188
21
4,502
13
85
64
358
5
5
20

448
226
380
236
435
311
407
51
314
21
425
120

Chatsargana
Mongol Makh Expo
Darkhan Khuns
Mongol Shevro
Buunii Khudaldaa
Dornod Khudaldaa
Tsagaan Tolgoi
USIB
Undraga Umnugobi
Durvun-Uul
Ereentsav
Tsagduultai

2,352
4,781
3,950
1,391
849
10,000
6,530
8,000
4,158
1,260
3,600
6,990

4,000
4,781
5,750
1,470
860
10,490
9,500
8,626
4,158
1,360
4,000
7,900

1,400
1,800
1,275
1,000
370
7,000
6,520
8,000
2,805
850
1,500
889

-41.2%
165.6%
163.3%
39.1%
111.7%
25.0%
-16.3%
0.0%
48.2%
5.0%
135.3%
494.9%

1,678
1,571
1,492
1,280
1,080
740
724
659
394
383
359
350

1.0
0.9
0.9
0.8
0.6
0.4
0.4
0.4
0.2
0.2
0.2
0.2

68,522
437,018
58,567
24,593
26,407
383,512
13,084
11,523
15,376
2,299
37,716
97,255

41
259
35
15
16
228
8
7
9
1
22
58

61
438
397
315

Juulchin Gobi
4,250
7,000
4,250
Bayan Aldar
1,400
2,500
355
Bayalag Nalaikh
704
900
530
Bayankhairkhan
700
700
100
Source: MSE, Bank of Mongolia, Eurasia Capital

-9.95%
10.83%
-0.07%
14.90%
0.00%
-1.18%
15.00%
3.77%
0.00%
0.00%
-5.81%
0.00%
18.62%
14.98%
31.67%
15.92%
0.00%
11.11%
0.00%
0.00%
0.00%
14.55%
0.00%
0.00%
15.00%
10.94%
-0.36%
2.94%

-18.3%
-41.7%
-9.7%
600.0%

315
284
220
151

0.2
0.2
0.1
0.1

10,561
231,889
10,934
40,992

6
138
6
24

90
458
396
460
309
354
209
195
522
13
379
484
530
22
532
528
71
444
521
317
524

Close

52 Wk
low
3,100
1,902
3,700
4,500
6,600
2,700
943
9,000
2,950
35,000
5,000

Daily Turnover
(52Wk Avg)

Market Cap

288,236
157,732
92,287
83,198
73,461
37,367
34,382
33,848
33,000
20,307
19,825

US$m
n
171.0
93.6
54.8
49.4
43.6
22.2
20.4
20.1
19.6
12.0
11.8

6,255,282
3,401,712
1,011,337
566,869
3,488,884
940,808
276,747
101,322
2,571,640
853,200
244,247

3,712
2,018
600
336
2,070
558
164
60
1,526
506
145

10.5%
-10.1%
5.7%
-24.1%

15,459
13,376
13,308
13,070

9.2
7.9
7.9
7.8

415,436
3,691,362
1,283,663
994,085

247
2,190
762
590

57.6%
101.8%
6.9%
-5.6%
-1.0%

12,499
12,160
11,532
9,350
9,128

7.4
7.2
6.8
5.5
5.4

1,163,182
5,276,225
88,817
470,626
445,147

690
3,131
53
279
264

w-o-w

y-t-d

2.11%
-0.17%
4.76%
6.90%
-4.46%
4.18%
10.75%
18.48%
1.69%
0.00%
-0.07%

1.8%
-66.0%
-16.7%
-38.0%
-18.4%
6.5%
-28.2%
152.1%
-17.2%
28.0%
186.9%

www.eurasiac.com

MNTmn

MNT

US$

12

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

Silk Road Mongolia Index* Companies Performance (October 7-11, 2013)

Name

Symbol

Curren
cy

Close
Price

MktCap

276:HK

HKD

0.242

210.87

52 wk
high
0.53

61:HK

HKD

0.138

51.56

0.375

1166:HK
1878:HK
2953:HK
975:HK

HKD
HKD
HKD
HKD

0.4
9.06
0.385
1.26

13.54
212.63
282.61
602.05

1733:HK
APU:MO
TTL:MO
BAN:MO
SHV:MO
MCH:MO
SHG:MO
BEU:MO

HKD
MNT
MNT
MNT
MNT
MNT
MNT
MNT

0.63
3880
2995
4400
6200
1329
7180
5510

IVN:US
AKM:AU
MATD:LN

USD
AUD
GBp

CENTERRA GOLD INC

CG:CN
EAST ASIA MINERALS CORP
EAS:CN
ENTREE GOLD INC
ETG:CN
PROPHECY COAL CORP
PCY:CN
ORIGO PARTNERS PLC
OPP:LN
CENTRAL ASIA METALS PLC
CAML:LN
HARANGA RESOURCES LTD
HAR:AU
XANADU MINES LTD
XAM:AU
ERDENE
RESOURCE
DEVELOPMENT
ERD:CN
VOYAGER RESOURCES LTD
VOR:AU
KINCORA COPPER LTD
KCC:CN
MONGOLIA GROWTH GROUP
LTD
YAK:CN
MODUN RESOURCES LTD
MOU:AU
GUILDFORD COAL LTD
GUF:AU
FEORE LTD
FEO:AU
Source: Bloomberg, Eurasia Capital

Daily
Volume
(3M)

Performance

0.00%

y-t-d
%
-35.47

0.132

-25.41%

-52.41

170,082

0.78
22.3
0.48
4.69

0.33
7.61
0.165
1.23

8.11%
0.33%
1.32%
-5.26%

-17.53
-42.59
102.63
-66.84

30,452
90,706
221,864
363,328

306.56
172.03
94.14
55.08
49.66
20.52
43.84
62.69

1.49
4199
10000
6000
10230
2090
10250
6700

0.4
3100
1861
3700
4500
920
6500
2700

3.28%
-0.05%
-0.17%
4.76%
6.90%
-3.35%
-4.46%
0.00%

-51.54
1.76
-65.97
-16.67
-38.00
-28.16
-18.36
-12.54

4.12
0.06
3.25

4,144.72
37.39
14.40

9.62
0.18
9

3.815
0.033
3.125

-1.44%
0.00%
4.00%

-45.86
-11.76
-49.02

CAD
CAD
CAD
CAD
GBp
GBp
AUD
AUD

4.37
0.055
0.32
0.1
7.875
148
0.081
0.09

995.37
5.84
45.24
23.41
44.77
200.13
18.54
16.98

12.3
0.36
0.7
0.185
14.25
158
0.225
0.18

2.98
0.04
0.245
0.075
6.125
86.591
0.05
0.032

-5.62%
-42.11%
-20.00%
0.00%
-1.56%
-1.33%
0.00%
0.00%

-53.06
-71.05
-28.89
-13.04
-41.12
20.61
-50.91
12.50

480,085
2,325
199
75
740
101
479
5,456
10,931,1
70
32,808
4,901
1,992,33
8
32,761
21,982
33,097
2,502
7,794
3,820
17,539

CAD
AUD
CAD

0.07
0.005
0.025

3.97
7.10
4.99

0.285
0.034
0.14

0.07
0.005
0.01

-12.50%
-16.67%
0.00%

-60.00
-68.75
-77.27

2,700
7,148
1,204

CAD
AUD
AUD
AUD

2.33
0.006
0.13
0.035

77.19
5.19
78.16
17.53

4.5
0.021
0.625
0.13

2.05
0.006
0.088
0.025

-12.41%
-14.29%
4.00%
-22.22%

N/A
-45.45
-76.99
-56.25

45,365
2,386
26,020
528

US$mn
MONGOLIA ENERGY CORP LTD
NORTH
ASIA
RESOURCES
HOLDING
SOLARTECH
INTERNATIONAL
HOLD
SOUTHGOBI RESOURCES LTD
PEACE MAP HOLDING LTD
MONGOLIAN MINING CORP
WINSWAY
COKING
COAL
HOLDINGS
APU JSC
TAVANTOLGOI JSC
BAGANUUR JSC
SHIVEE OVOO JSC
Mongolian Telecom
SHARYN GOL JSC
BERKH UUL JSC
TURQUOISE HILL RESOURCES
LTD
ASPIRE MINING LTD
PETRO MATAD LTD

Price

www.eurasiac.com

52 wk
low
0.21

w-o-w

13

US$mn
72,527

Mongolia Weekly (October 7-13, 2013)

October 14 (Monday)

CONTACTS
Research:
Ulziibayar Batbuyan
Amgalanbileg
KhashErdene
Munkh-Erdene
Davaasuren

IB, Associate

ulziibayar.batbuyan@eurasiac.com

Analyst

amgalanbileg.khasherdene@eurasiac.com

Analyst

munkherdene.davaasuren@eurasiac.com

Broker

narantsatsral.batgerel@eurasiac.com

Broker

buyantogtokh.myagmartseren@eurasiac.com

Sales and Trading:

Narantsatsral Batgerel
Buyantogtokh
Myagmartseren

Address:
MONGOLIA
Suite 314, Regency
Olympic street-16
Ulaanbaatar, Mongolia
Tel./Fax: +(976) 7711 9799

Eurasia Capital is an investment bank with a focus on Mongolia and other resource-rich Asian
countries. Headquartered in Ulaanbaatar, the Firm offers cross border M&A and advisory, capital
raising, sales & trading and research services to its international and regional clients including
government agencies, major energy and resource companies, sovereign wealth funds, private equity
groups and global portfolio investors. For more info, please visit our website: www.eurasiac.com

DISCLAIMER
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14