ya

Mongolia Weekly

Selected Worldwide Indices

December 9-15, 2013

Close
price
15389.48

Index
MSE TOP 20
Silk Road Composite
Index
Silk Road Mongolia
Silk Road Hong Kong
Silk Road Australia
Silk Road Iraq
Silk Road Iraq Oil
Index
Silk Road Myanmar
Index
Silk Road Central
Asia Index
MSCI FM
MSCI EM
Dow Jones
FTSE 100
Nikkei
Hang Seng
Shanghai
KASE
RTS

Politics and Economy

Major Statistical Data of November 2013
ADB Supports Urban Development
Foreign Currency Based Payments are No Longer Allowed
Financial Markets
MSE Top -20 Declined by 2.08%
MNT Appreciated by 3%
Commodity Markets
Mining Ministry to Cooperation with Association of Fluorspar
Explorers
Corporate News
TDB of Mongolia Expands its Partnership Network

Performance
w-o-w
YTD
-2.08%
-12.6%

390.82
231.07
12.99
169.32
1323.06

-5.02%
0.31%
-1.14%
-1.18%
1.36%

-18.1%
-57.6%
-59.6%
-65.0%
22.2%

1525.67

1.20%

29.6%

1530.72

1.12%

-5.8%

383.47
584.78
990.48
15755.36
6439.96
15403.11
23245.96
2406.64
906.68
1391.85

-8.29%
0.82%
-1.17%
-1.65%
-1.71%
0.67%
-2.09%
-1.86%
-1.35%
0.09%

-23.5%
19.4%
-6.1%
20.2%
9.2%
48.2%
2.6%
-4.6%
-6.5%
-8.8%

Top Movers on MSE

Close
price,
MNT

Stock
Best performers
Munkh Undes
Khasu Mandal
UB BUK
Gazar Suljmel
Mongolia Development
Resources

MSE TOP-20 Index (6 months)

16,000

0.30

15,500

0.25

15,000

14,000

0.15

13,500

0.10

13,000
0.05

12,500

US$ mn

0.20

14,500

Worst performers
BDSec
Olloo
Shivee Ovoo
Solongo Express
Darkhan Guril Tejeel

Total Trading Volume, US$

Source: MSE

Top-20 Index

10-Dec

28-Nov

16-Nov

4-Nov

23-Oct

11-Oct

29-Sep

17-Sep

5-Sep

24-Aug

12-Aug

31-Jul

7-Jul

19-Jul

25-Jun

13-Jun

0.00

w-o-w

YTD

2,112
2,300
35,000
32,000

14.97%
11.11%
9.38%
6.67%

120.9%
70.4%
194.1%
120.7%

712

6.63%

-28.7%

2,226
120
6,000
2,295
770

-10.96%
-13.94%
-14.29%
-15.00%
-23.00%

-38.6%
-17.2%
-40.0%
-45.4%
-48.7%

Major Commodities
Commodity

12,000

Performance

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

Last price
7276.5
1238.8
109.3
153.3
35.75
96.6

Performance
w-o-w
YTD
2.20%
-8.0%
0.79%
-26.1%
0.00%
-4.9%
0.00%
-4.1%
0.00%
-20.6%
-1.08%
5.2%

MNT vs Major Currencies

Name
US$
Euro
Japanese Yen
Chinese Yuan
Russian Rouble
1

MNT app(-) or dep(+)

w-o-w
YTD
-2.98%
20.1%
-2.23%
25.4%
-4.33%
-0.1%
-2.81%
23.3%
-2.60%
11.5%

Qinhuangdao, Steam Coal

China Import Price Qingdao Port
3
Central Bank Rates
Source: Bloomberg, MSE, Eurasia Capital
2

www.eurasiac.com

Rate3,
MNT
1,671.93
2,301.24
16.14
275.34
50.92

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

POLITICS AND ECONOMY

Major Statistical Data of November 2013
Unemployment Rate. The number of unemployed reached 42.9 thousand at the end of November 2013,
reflecting an increase of 2.6 thousand or 6.3% compared to same period of the previous year. National
Labor Force Survey of 3Q indicated that 1176 thousand people (52.6% male and 47.4% female) are
economically active with age of over 15. The Labor Force Participation rate was 62.1% in national level,
54.8% in urban and 74.9% in rural areas.
Consumer Price Index. The national CPI increased by 1.3% in November against the previous month. It
was mainly due to enhanced of 1.4% in food and non-alcoholic beverages, 2.3% in clothing, footwear
and cloth, and 0.7% in housing, water, electricity and fuels.
External Trade Balance. In the first eleven months of 2013, Mongolia traded with 132 countries, where
trade turnover reached US$9,716.4 mn - exports and imports made up US$3,861.2 mn and US$5,855.3
mn respectively. Total external trade turnover decreased US$582.5 mn or 5.7% compared to same
period of 2012 - import and exports down by US$413.8 mn (6.6%) and US$168.7 mn (4.2%)
correspondingly. Main export goods were mineral products, textile articles, natural or cultured stones,
precious metals, jewelries, coins, raw and processed hides, skins, fur and articles, animal origin products,
all of which amounted for 96.8% of the total export.
Money Supply. The Bank of Mongolia reported that
- money supply (broad money or M2) at the end of November 2013 reached MNT9,108.7 bn,
growing MNT392.8 bn or 4.5% against the previous month.The money supply went up by
MNT2,075.5 bn (29.5%) compared against the same period of 2012.
- loans outstanding amounted to MNT10,822.4 bn, going up by MNT333.6 bn (3.2%)
compared against the previous month, and rising MNT3,954.6 bn or 57.6% against the same
period of 2012.
- in securities trading of the first eleven months, the 64.5 mn shares valued at MNT95.3 bn
were traded. The securities trading decreased MNT48.6 bn (33.8%) and shares went down
by 67.8 mn or 51.3% compared to the same period of 2012.
Industrial Output. The total industrial output increased by MNT254.6 bn (12.4%) to MNT2307.2 bn (at
2005 constant prices) against the previous year. Main causes were:
1.9-53.2% increases in mining and quarrying products such as coal, copper concentrate with
35%, gold.
- 0.1%-8.5 times augment in industrial main products of manufacturing sector such as cakes,
wines, soft drinks, kinds of sausage, bakery products, metal foundries, combed down,
sheepskin coat, vacuum windows and doors, printing plastic cards.
Source: National Statistical Committee

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

ADB Supports Urban Development

The Asian Development Bank (ADB) will grant Mongolia a financing for implementing a program on
redeveloping the Ger areas of Ulaanbaatar. On December 9, financial framework document for the
Ulaanbaatar Urban Services and Ger Areas Development Investment Program was signed by Mr
N.Batbayar, the Minister of Economic Development, and by Mr Robert Schoellhammer, the ADB
Country-Director for Mongolia. The nine-year program is to improve quality and coverage of urban
infrastructure and basic services such as roads improvement, water supply and sewerage system, to
expand the heating service, and to run a sustainable and inclusive process of urban development for
middle Ger areas. According to news released by the Press and Public Division of Parliament, the
program will be financed by the ADB through its multi-tranche financing facility (MFF) in three tranches.
The MFF is estimated to be US$320 mn USD, of which US$224 mn will be financed by ADB and the rest
by the Mongolian government.
Foreign Currency Based Payments are No Longer Allowed
National and foreign entities holding mining and exploration licenses in Mongolia have begun to pay an
annual rent to the Mineral Resource Authority of Mongolia. The Ministry of Finance has prompted
these entities and companies to comply with Mongolian currency law, which states that all businesses
and agencies must do business in Mongolian tugriks. Transactions must not be carried out in foreign
denominated or foreign currency based rates. The Mongolian currency law passed in 2009 by
Parliament; therefore, the Ministry of Finance has announced that the US$ or any other foreign currency
based rates for special license payments will not allowed as of January 1st, 2014, reported on
www.news.mn.

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

FINANCIAL MARKETS
MSE Top 20 Index (6 month)
16,000

0.30

15,500

0.25

15,000
0.20

14,500

66.

14,000

0.15

US$ mn

MSE Top -20 Declined by 2.08%

Last week, the benchmark
index, MSE Top-20 declined by
2.08% w-o-w and closed at
15,389.48 on Friday, December
13, 2013 compared to 15,715.73
a week prior.

10-Dec

28-Nov

16-Nov

4-Nov

23-Oct

11-Oct

29-Sep

5-Sep

17-Sep

24-Aug

31-Jul

www.eurasiac.com

12-Aug

19-Jul

7-Jul

25-Jun

13-Jun

The major stocks that grew

13,500
0.10
were only Tavan Tolgoi (TTL)
13,000
0.05
0.45% to MNT5,535 and
12,500
Mongolian
Development
12,000
0.00
Resources (MDR) 6.63% to
MNT712. Meanwhile, 10 stocks
Total Trading Volume, US$
Top-20 Index
had weakened and rest of the 8
Source: MSE
stocks remained stable. Worst
five performers of the week
were Shivee Ovoo (SHV)
14.29% to MNT6,000, BdSec (BDS) -10.96% to MNT2,226, Talkh Chikher (TCK) -9.63% to MNT13,510,
State Department Store -6.20% to MNT481, and Sharyn Gol (SHG) -6.20% to MNT7,110.

Mongolia Weekly (December 9-15, 2013)

MNT Appreciated by 3%
The local currency MNT
appreciated by 3% compared
to the prior week.

December 16(Monday)

US$-MNT rate (6 months)

1,780
1,730
1,680
1,630
1,580
1,530
1,480
1,430
1,380
17-May
25-May
2-Jun
10-Jun
18-Jun
26-Jun
4-Jul
12-Jul
20-Jul
28-Jul
5-Aug
13-Aug
21-Aug
29-Aug
6-Sep
14-Sep
22-Sep
30-Sep
8-Oct
16-Oct
24-Oct
1-Nov
9-Nov
17-Nov

The
official
MNT/US$
currency rate by the Bank of
Mongolia
closed
at
MNT1,671.93
on
Friday
December 13, 2013 than
MNT1,723.22 a week earlier.

Bank of Mongolia Rate

Source: The Bank of Mongolia

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

COMMODITY MARKETS
Mining Ministry to Cooperation with Association of Flourspar Explorers
On December 11, the Ministry of Mining established a memorandum of mutual understanding with the
Association of Fluorspar Explorers (AFE). The two sides intend to cooperate in
-

augmenting the countrys export of fluorspar and its revenue

developing transparent and responsible mining

improving a qualities and standards of fluorspar metallurgy and flotation concentrate

- increasing the production output of the minerals ore enrichment

It is considered that this document will also help work out a national program on fluorspar, exploit the
countrys mineral resources and raw materials, increase a volume of productions by
intensifying research works and their competitiveness at international market. This is also important for
introducing latest hi-tech in the country and for running joint trainings with foreign NGOs, said on
Montsame News.

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

CORPORATE NEWS
TDB of Mongolia Expands its Partnership Network
Trade and Development Bank of Mongolia (TDB) and International Investment Bank (IIB) signed an
agreement on strategic cooperation on November 27, 2013, according to the TDBs website. The
Agreement was signed by the Chairman of the Board of IIB, Nikolay Kosov, Chief Executive Officer of
TDB, Balbar Medree and Ambassador of Mongolia to the Russian Federation Mr. Shukher Altangerel.
The agreement provides for a large variety of spheres of cooperation including organization of
syndicated financing of investment projects, extending credit lines for SMEs support, insuring warranties
and other spheres of interbank cooperation. The cooperation between two banks has started in 2005
and IIB played big role in extending syndicated credit to TDB for financing credit activities by signing
Syndicated loan agreement on September of 2013. As Chairman of the Board of IIB Nikolay Kosov
noted, cooperation with TDB is one of the important components of building strong partnership
network of financial institutions for the achieving of IIBs strategic objectives of the support of SMEs in
Member States.

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

EURASIA CAPITAL RATINGS

MSE TOP-20 Companies (December 9-13, 2013)
Name

Symbol

Price
MNT
3,926
5,535
4,396
6,000
7,110
5,175
1,274
89,520
90,000
2,226
50,000
481
13,510
169
130
15,780
95

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

APU
APU
Tavan Tolgoi
TTL
Baganuur
BAN
Shivee Ovoo
SHV
Sharyn Gol
SHG
Gobi
GOV
Mongolian Telecom
MCH
Suu
SUU
UB Hotel
ULN
BDSec
BDS
Bayangol Hotel
BNG
State Department Store
UID
Talkh Chikher
TCK
Remicon
RMC
Khukh Gan
HGN
Mogoin Gol
BDL
Genco Tour Bureau
JTB
Mongolia
Development
MDR
UNDER REVIEW
Resources
Hotel Mongolia
MSH
UNDER REVIEW
Silikat
SIL
UNDER REVIEW
Source: MSE, Eurasia Capital Estimates

Market Cap
MNTmn
US$mn
291,654
174.4
291,502
174.4
92,203
55.1
80,515
48.2
72,745
43.5
40,371
24.1
32,959
19.7
30,795
18.4
30,177
18.0
24,486
14.6
21,153
12.7
17,711
10.6
13,830
8.3
13,297
8.0
13,170
7.9
13,091
7.8
10,450
6.3

Performance
1W chg
y-t-d
-1.85%
3.0%
0.45%
-37.1%
-0.25%
-16.7%
-14.29%
-40.0%
-6.20%
-19.2%
-0.48%
15.0%
-2.00%
-31.1%
0.00%
11.9%
0.00%
9.8%
-10.96%
-38.6%
0.00%
33.3%
-6.20%
26.6%
-9.63%
9.8%
-0.58%
-10.6%
0.00%
-23.5%
0.00%
21.4%
0.00%
5.6%

PE
2012
12.4
31.7
49.3
NA
235.4
7.7
16.6
173.5
12.2
13.2
5.5
-27.0
-100.0
4.8
10.0
16.2
44.1

PB
2012
3.4
6.6
2.3
48.5
4.7
1.1
2.5
1.2
2.8
2.8
0.8
-51.7
3.0
1.5
0.8
0.8
1.2

712

9,789

5.9

6.63%

-28.7%

NA

1.0

977
200

9,770
9,267

5.8
5.5

0.00%
0.00%

-2.3%
0.5%

-531.0
296.6

3.0
4.6

Selected 5 Non-MSE TOP-20 Member Largest Companies (December 9-13, 2013)

Price
MNT
4,900
11,500
2,669
2,200
1,814

Eurasia Capital
Rating
Berkh Uul
BEU
UNDER REVIEW
Darkhan Nekhii
NEH
UNDER REVIEW
Eermel
EER
UNDER REVIEW
Makh Impex
MMX
UNDER REVIEW
Aduunchuluun
ADL
UNDER REVIEW
Source: MSE, Eurasia Capital Estimates
Name

Symbol

Market Cap
MNTmn
US$mn
93,404
55.9
12,713
7.6
9,286
5.6
8,362
5.0
5,716
3.4

Performance
1W chg
y-t-d
-2.00%
-22.2%
-3.36%
111.0%
0.00%
-4.7%
0.92%
33.3%
0.78%
0.6%

PE
2012
198.3
18.0
5.8
NA
7.8

PB
2012
-740.8
1.1
0.7
-2.2
1.7

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

www.eurasiac.com

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

ECONOMIC PERFORMANCE
Indicator
Population and income
Population, mn
GDP per capita, US$
National accounts
Nominal GDP, MNTbn
Nominal GDP, US$bn
Real GDP growth, y-o-y, %

2004

2006

2007

2008

2009

2010

2011

2012

2013F

2.53
720

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
1.8
10.6

2,780
2.3
7.2

3,715
3.2
8.6

4,599.5
3.9
10.2

6,555
5.1
8.9

6,591
4.6
-1.3

8,415
6.6
6.4

10,830
8.6
17.3

13,944
10.3
12.3

17,650
13.6
18.5

34.6
9.2
1,221

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

333

718

1,001

657

822

2,000

2,500

4,091

4,500

30.1
27.5
3.2

36.6
28.5
3.9

40.9
38.0
2.9

33.1
37.6
-4.5

30.3
35.5
-5.2

37.1
36.6
0.5

40.6
44.3
-3.7

35.6
43.3
-7.7

40.2
42.2
-2.0

Monetary indicators and inflation

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

2005

33.1
35.0
-2.1

Balance of payments
Exports, US$mn
869
1,064
1,542
1,948
2,535
1,885
2,909
4,780
4,385
6,578
Imports, US$mn
1,019
1,177
1,435
2,062
3,245
2,138
3,200
6,527
6,739
8,086
Exports, y-o-y, %
41.3
22.4
44.9
26.3
30.1
-25.6
54.3
64.3
-9.0
50.0
Imports, y-o-y, %
28.8
15.5
21.9
43.7
57.4
-34.1
49.7
104.0
2.1
20.0
Trade balance, US$mn
-150
-113
107
-114
-710
-253
-291
-1,747
-2,354
-1,508
Net FDI, US$mn
92.9
185.3
191.1
360.0
838.5
569.8 1,629.7 4,620.1 3,750.0 3,250.0
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

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Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

MSE AND MONGOLIA FOCUSED INTERNATIONAL MINING COMPANY

STOCKS PERFORMANCE SUMMARY
MSE TOP-20 Performance (December 9-13, 2013)
Price
Code

Name
Close

90
458
396
460
309
354
209
135
3
522
13
484
22
530
532
444
521
524
517
317

52 Wk
high
4,395
9,275
5,500
10,230
10,250
5,735
2,018
90,000
109,000
4,013
52,000
513
14,950
198
188
16,500
96

APU
3,926
Tavan Tolgoi
5,535
Baganuur
4,396
Shivee Ovoo
6,000
Sharyn Gol
7,110
Gobi
5,175
Mongolian Telecom
1,274
Suu
89,520
UB Hotel
90,000
BDSec
2,226
Bayangol Hotel
50,000
State Department Store
481
Talkh Chikher
13,510
Remicon
169
Khukh Gan
130
Mogoin Gol
15,780
Genco Tour Bureau
95
Mongolia Development
712
999
Resources
Hotel Mongolia
977
1,000
Silikat
200
227
Source: MSE, Bank of Mongolia, Eurasia Capital

Performance

Daily Turnover
(52Wk Avg)

Market Cap

52 Wk
low
3,230
1,902
3,700
4,500
7,110
3,200
943
67,000
75,000
2,226
37,000
365
2,293
160
110
11,050
80

w-o-w

y-t-d

-1.85%
0.45%
-0.25%
-14.29%
-6.20%
-0.48%
-2.00%
0.00%
0.00%
-10.96%
0.00%
-6.20%
-9.63%
-0.58%
0.00%
0.00%
0.00%

3.0%
-37.1%
-16.7%
-40.0%
-19.2%
15.0%
-31.1%
11.9%
9.8%
-38.6%
33.3%
26.6%
9.8%
-10.6%
-23.5%
21.4%
5.6%

291,654
291,502
92,203
80,515
72,745
40,371
32,959
30,795
30,177
24,486
21,153
17,711
13,830
13,297
13,170
13,091
10,450

500

6.63%

-28.7%

790
150

0.00%
0.00%

-2.3%
0.5%

MNTmn

US$mn

1Wk turnover
(MNT)

MNT

US$

174.4
174.4
55.1
48.2
43.5
24.1
19.7
18.4
18.0
14.6
12.7
10.6
8.3
8.0
7.9
7.8
6.3

189,533,440
3,950,118
1,119,393
503,004
3,749,974
832,805
392,203
799,916
23,412,832
2,453,143
866,278
415,223
1,315,660
3,643,529
996,106
176,973
370,354

113,362
2,363
670
301
2,243
498
235
478
14,003
1,467
518
248
787
2,179
596
106
222

30,865,396
75,898,115
2,185,332
2,695,000
468,120
2,542,940
983,704
2,520,000
3,990,825
700,000
1,493,277
3,101,440
35,449,570
1,544,201
1,539,817

9,789

5.9

3,546,684

2,121

308,814

9,770
9,267

5.8
5.5

18,427
326,017

11
195

Selected Non-MSE TOP-20 Member Leading Market Cap Companies (December 9-13, 2013)
Price
Code
492
71
191
208
461

Name

52 Wk
Close
high
Berkh Uul
4,900
6,700
Darkhan Nekhii
11,500
12,000
Eermel
2,669
3,000
Makh Impex
2,200
2,200
Aduunchuluun
1,814
3,506
Source: MSE, Bank of Mongolia, Eurasia Capital

Performance
52 Wk
low
2,707
5,360
2,150
1,600
1,405

w-o-w
-2.00%
-3.36%
0.00%
0.92%
0.78%

y-t-d
-22.2%
111.0%
-4.7%
33.3%
0.6%

www.eurasiac.com

Daily Turnover
(52Wk Avg)

Market Cap
MNTmn
93,404
12,713
9,286
8,362
5,716

US$mn
55.9
7.6
5.6
5.0
3.4

MNT
174,678
5,318,515
187,285
167,693
755,297

US$

1Wk turnover
(MNT)

104
3,181
112
100
452

4,900
3,436,000
1,728,580
9,027,798

10

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

Performance of MSE Stocks Traded (December 9-13, 2013)

Price
Code

Name
Close

458
530
90
461
525
522
379
71
22
460
354
3
396
25
208
448
532
521
484
537
209
13
176
309
195
524
252
2
527
37
376
34
492
378

52 Wk
high
9,275
198
4,395
3,506
800
4,013
15,000
12,000
14,950
10,230
5,735
109,000
5,500
330
2,200
4,000
188
96
513
143
2,018
52,000
2,535
10,250
40,000

Tavan Tolgoi
5,535
Remicon
169
APU
3,926
Aduunchuluun
1,814
HBOil
330
BDSec
2,226
Material Impex
14,000
Darkhan Nekhii
11,500
Talkh Chikher
13,510
Shivee Ovoo
6,000
Gobi
5,175
UB Hotel
90,000
Baganuur
4,396
Moninjbar
190
Makh Impex
2,200
Chatsargana
2,050
Khukh Gan
130
Genco Tour Bureau
95
State Department Store
481
E-Trans-Logistics
113
Mongolian Telecom
1,274
Bayangol Hotel
50,000
Munkh Undes
2,112
Sharyn Gol
7,110
UB BUK
35,000
Mongolia
Development
712
999
Resources
Darkhan Guril Tejeel
770
1,610
Mongol Savkhi
1,100
1,600
Olloo
120
150
Solongo Express
2,295
4,250
Khishig Uul
1,000
1,380
Gazar Suljmel
32,000
34,500
Berkh Uul
4,900
6,700
Khasu Mandal
2,300
13,020
Source: MSE, Bank of Mongolia, Eurasia Capital

Performance
52 Wk low

Daily Turnover
(52Wk Avg)

Market Cap

w-o-w

y-t-d

1,902
160
3,230
1,405
151
2,226
5,050
5,360
2,293
4,500
3,200
75,000
3,700
190
1,600
1,838
110
80
365
100
943
37,000
956
7,110
10,350

0.45%
-0.58%
-1.85%
0.78%
-5.71%
-10.96%
0.00%
-3.36%
-9.63%
-14.29%
-0.48%
0.00%
-0.25%
0.23%
0.92%
0.00%
0.00%
0.00%
-6.20%
2.73%
-2.00%
0.00%
14.97%
-6.20%
9.38%

-37.1%
-10.6%
3.0%
0.6%
94.1%
-38.6%
177.2%
111.0%
9.8%
-40.0%
15.0%
9.8%
-16.7%
-36.7%
33.3%
-48.8%
-23.5%
5.6%
26.6%
-16.3%
-31.1%
33.3%
120.9%
-19.2%
194.1%

291,502
13,297
291,654
5,716
3,047
24,486
19,155
12,713
13,830
80,515
40,371
30,177
92,203
3,022
8,362
1,463
13,170
10,450
17,711
5,221
32,959
21,153
185
72,745
39,490

174.4
8.0
174.4
3.4
1.8
14.6
11.5
7.6
8.3
48.2
24.1
18.0
55.1
1.8
5.0
0.9
7.9
6.3
10.6
3.1
19.7
12.7
0.1
43.5
23.6

3,950,118
3,643,529
189,533,440
755,297
2,245,921
2,453,143
379,482
5,318,515
1,315,660
503,004
832,805
23,412,832
1,119,393
7,409,338
167,693
74,243
996,106
370,354
415,223
368,631
392,203
866,278
124,869
3,749,974
236,959

2,363
2,179
113,362
452
1,343
1,467
227
3,181
787
301
498
14,003
670
4,432
100
44
596
222
248
220
235
518
75
2,243
142

500

6.63%

-28.7%

9,789

5.9

3,546,684

2,121

770
1,000
100
1,800
595
14,500
2,707
1,350

-23.00%
-8.33%
-13.94%
-15.00%
0.00%
6.67%
-2.00%
11.11%

-48.7%
-12.0%
-17.2%
-45.4%
17.6%
120.7%
-22.2%
70.4%

473
2,723
1,164
359
868
5,798
93,404
717

0.3
1.6
0.7
0.2
0.5
3.5
55.9
0.4

49,309
95,114
483,194
28,015
43,003
318,808
174,678
20,703

29
57
289
17
26
191
104
12

www.eurasiac.com

MNTmn

US$mn

MNT

US$

11

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

Silk Road Mongolia Index* Companies Performance (December 9-13, 2013)

Name

Symbol

MONGOLIA ENERGY CORP LTD

276:HK
NORTH ASIA RESOURCES HOLDING
61:HK
SOLARTECH INTERNATIONAL HOLD
1166:HK
SOUTHGOBI RESOURCES LTD
1878:HK
PEACE MAP HOLDING LTD
2953:HK
MONGOLIAN MINING CORP
975:HK
WINSWAY COKING COAL HOLDINGS
1733:HK
APU JSC
APU:MO
TAVANTOLGOI JSC
TTL:MO
BAGANUUR JSC
BAN:MO
SHIVEE OVOO JSC
SHV:MO
Mongolian Telecom
MCH:MO
SHARYN GOL JSC
SHG:MO
BERKH UUL JSC
BEU:MO
TURQUOISE HILL RESOURCES LTD
IVN:US
ASPIRE MINING LTD
AKM:AU
PETRO MATAD LTD
MATD:LN
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

Currency
HKD
HKD
HKD
HKD
HKD
HKD
HKD
MNT
MNT
MNT
MNT
MNT
MNT
MNT
USD
AUD
GBp
CAD
CAD
CAD
CAD
GBp
GBp
AUD
AUD
CAD
AUD
CAD
CAD
AUD
AUD
AUD

Close
Price
0.248
0.166
0.395
8.06
0.295
1.08
0.5
3926
5535
4396
6000
1274
7110
4900
3.21
0.06
2.875
3.95
0.035
0.32
0.075
7.5
148
0.07
0.055
0.1
0.004
0.025
2.13
0.005
0.075
0.04

MktCap
US$mn
216.11
62.02
13.37
189.19
220.00
516.07
243.32
174.33
174.24
55.11
48.13
19.70
43.48
55.83
6,458.89
35.38
13.08
880.38
3.64
44.27
17.20
43.59
204.58
15.16
9.82
6.47
5.48
4.89
69.03
4.09
42.66
18.96

www.eurasiac.com

Price
52 wk high
0.53
0.375
0.71
22.3
0.48
4.69
1.49
4490
10000
5500
10230
2090
10250
6700
7.4456
0.18
7.5
10.43
0.36
0.62
0.185
14.25
165
0.2
0.105
0.27
0.034
0.11
4.5
0.017
0.6
0.08

Performance
52 wk low
0.21
0.132
0.33
7.61
0.17
1.02
0.4
3230
1861
3700
4500
920
6500
2700
2.9527
0.033
2.625
2.82
0.03
0.245
0.06
6.125
97.293
0.05
0.032
0.065
0.004
0.01
2.05
0.004
0.071
0.025

w-o-w
-0.80%
-5.14%
1.28%
0.12%
-3.28%
0.93%
-5.66%
-1.85%
0.45%
-0.25%
-14.29%
-2.00%
-6.20%
-2.00%
-4.18%
0.00%
-8.00%
15.50%
0.00%
-4.48%
15.38%
-1.64%
-3.90%
6.06%
10.00%
-9.09%
0.00%
25.00%
-3.18%
0.00%
-6.25%
0.00%

y-t-d %
-33.87
-42.76
-18.56
-48.92
55.26
-71.58
-61.54
2.96
-37.10
-16.74
-40.00
-31.14
-19.16
-22.22
-45.50
-11.76
-54.90
-57.57
-81.58
-28.89
-34.78
-43.93
20.61
-57.58
-31.25
-42.86
-75.00
-77.27
N/A
-54.55
-86.73
-50.00

12

Daily
Turnover
Multiple
D/3M
0.319
0.444
0.324
4.116
0.077
1.011
0.648
0.002
0.335
0.715
0.171
0.206
0.057
0.002
0.741
0.241
0.453
0.630
0.151
0.153
0.528
0.020
0.038
1.072
1.207
0.917
0.504
0.000
0.967
0.383
0.130
17.306

Mongolia Weekly (December 9-15, 2013)

December 16(Monday)

CONTACTS
Research:
Ulziibayar Batbuyan
Amgalanbileg Khash-Erdene
Munkh-Erdene Davaasuren

IB, Associate
Analyst
Analyst

ulziibayar.batbuyan@eurasiac.com
amgalanbileg.khasherdene@eurasiac.com
munkherdene.davaasuren@eurasiac.com

Broker
Broker

narantsatsral.batgerel@eurasiac.com
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
This Mongolia Weekly is made for information purposes only, and does not constitute an offer, solicitation of an offer to purchase, hold, sell, invest or make any
other financial decision. In making decisions, investors may rely on their own examinations of the parties and risks involved. Information contained in this research
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13