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2015-01-22

Daily Report
Report
Daily
|
NEWS & ANALYSIS

22 January 2015

2015.01.22
Performance

Last

Country

14,454.53
17,554.28
2,032.12
4,667.42
14,560.42
6,728.04
5,427.70
24,480.02
187.85

MN
US
US
US
CN
UK
US
HK
ASIA

YTD change %

0.19
0.22
0.47
0.27
1.76
1.63
0.64
0.52
0.12

-2.69
-1.51
-1.30
-1.45
-0.49
2.47
0.31
3.71
2.05

COMMODITY PRICES

Performance

Last
USD

Commodity
Prime Coking Coal /Tianjin
Zinc Spot /LME
Iron Ore 58%/Tianjin
Copper Spot /LME
Oil
Gold Spot /LME
Silver Spot /LME

Change %
(Day)

136.85
2,135.00
68.80
5,801.00
47.40
1,291.34
18.12

YTD change %

0.00
1.91

-1.16
-1.48
-49.33
-8.90
-11.02
9.03
15.31

1.38
-0.80
-0.14
-0.06

MONGOLIAN ECONOMIC INDICATORS

Indicator
RGDP /bln. MNT/
NGDP /bln.MNT/
Inflation
Foreign reserve /mln. USD/
Policy rate

Date

Last

2014.09
2014.09
2014.11
2014.11
July 31 ,2014

11,094
16,517
1,352.1
12.00

Last

Yield

YoY change
%
7.0
18.8
11.5
-41.5

DEBT MARKET

Amt.
issued mln
USD
DBM bond - 5.75
580
MMC bond - 8.875
600
Mongol 2018 - 4.125
500
Mongol 2022 - 5.125
1,000
TDBM 2015 - 8.5
300
TDBM 2015 - 12.5
25
TDBM 2017 - 10 dim sum
115
DBM bond - 1.52 sam.
290
Bonds - Coupon

94.00
66.50
86.81
79.09
99.50
98.25
95.51
104.38

Maturity date

8.866
31.191
8.896
8.707
9.277
13.277
12.258
0.980

3/21/2017
3/29/2017
1/5/2018
12/5/2022
9/20/2015
11/17/2015
1/21/2017
12/25/2023

INDICES CHANGE

-1.20

3.71
0.31

-1.51

Volume
-2.69
YTD %

MSE TOP 5 MOST TRADED

Trade value '000

-6.58%
0.00%

400

600

-8%

-6%

-4%

2,000

-2%

0%

January-15

0
December-14

-2.84%
200

4,000

-3.33%

51

6,000

4,000

October-14

MRX

8,000

November-14

512

10,000

6,000

March-14

ADL

12,000

8,000

2,000

-0.08%

196

14,000

10,000

January-13

APU

16,000

12,000

January-14

DLG

18,000

February-14

203

20,000

14,000

December-13

Change % (Day)

MSETOP Index

16,000

October-13

0.19

November-13

MSE - Top20

-1.45

September-13

0.22

July-13

0.27

DJIA

August-13

Nasdaq

2.47

-0.49

September-14

1.76

July-14

S&P/TSX comp

August-14

1.63

May-14

FTSE 100

June-14

0.64

S&P/ASX 200

May-13

0.52

June-13

Hang Seng

GLOBAL NEWS
Asian Stocks Fall Before European Central Bank Stimulus Decision
Asian stocks fell even amid speculation the European Central Bank will boost stimulus through a
sovereign-bond purchase program under the quantitative-easing strategy. The MSCI Asia Pacific
Index (MXAP) lost 0.1 percent to 134.46 as of 9:05 a.m. in Tokyo before markets open in China and
Hong Kong. An ECB Executive Board proposal calls for as much as $1.3 trillion in asset purchases
through the end of 2016, according to two euro-area central-bank officials who have seen the
document. The Standard & Poors 500 Index added 0.5 percent and the Stoxx Europe 600 Index
advanced 0.6 percent to extend a seven-year high yesterday. Japans Topix index slid 0.1 percent.
Australias S&P/ASX 200 Index advanced 0.5 percent and South Koreas Kospi index added 0.4
percent. New Zealands NZX 50 Index added 0.2 percent after yesterday closing at a record high.
http://www.bloomberg.com/news/2015-01-22/asian-stocks-fall-before-european-central-bank-stimulusdecision.html

5.03

April-13

0.41

Thousands

DAX

April-14

Nikkei 225 -0.22

ETR

Mongolian business environment survey carried out


The American Chamber of Commerce in Mongolia (AmCham Mongolia) has presented the results of
a survey on the business environment in Mongolia. The survey was conducted by the Sant Maral
Foundation with the support of USAID. The survey was conducted nationwide among 1,500 adult
citizens from the capital and rural areas outside of Ulaanbaatar. Although the survey was led by a
foreign organization, no foreigners took part in the survey. Sources have stated that the survey was
very fair and there were no conflicts of interest from the Mongolian side, producing accurate and up to
date results. According to the survey, the private sector is considered the most reliable sector in the
Mongolian economy. Of those involved in the survey. 66.9 percent believe that todays business
environment is not favorable, and 22.8 percent evaluated it as favorable. Participants in the survey
felt that there have been no positive changes to the business environment and economy during the
last six months, and 1 of 5 believed that there will be positive changes in the next six months.
Mongolians today are more worried about economic difficulties rather than their living environment,
pollution, and health. Fifty percent of all participants thought that the instability of the macro economy,
fiscal deficiencies, and foreign debt will unpleasantly influence the development of businesses. The
following organizations were said to be barriers to business owners in Mongolia: taxation
organizations (19.6 percent), local administrative organizations (17.4 percent), and the State
Specialized Inspection Agency (11.2 percent).Aside from these challenges, the most important
dilemmas facing the population were unemployment (39.2 percent), poverty (21.9 percent), and
inflation (19.1 percent).
http://english.news.mn/content/201927.shtml

March-13

MSE - Top20
DJIA
S&P 500
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
Bloomberg/asia.pac

Change %
(Day)

February-13

Index

MONGOLIAN RELATED NEWS


Mongolia raises debt ceiling as foreign investment dips
Mongolia's parliament has voted to raise the country's debt ceiling to 58.3 percent of its gross
domestic product, amid declining foreign investment and a number of sovereign bond sales to
international investors. Landlocked Mongolia's debts have spiraled as it struggles to meet its social
commitments and pay for the infrastructure required to develop its mining industry, with its coffers
drained by a 71 percent collapse in foreign direct investment from January to November last year,
according to the most recent central bank data. An amendment to the country's Fiscal Stability Law,
agreed on Tuesday, raises the maximum allowable debt-to-GDP ratio to 58.3 percent from 40
percent. State-backed bonds totaling more than $2 billion from 2012 and 2013 have already pushed
the country's debt level to nearly 60 percent, said Batdelger Tuvshintugs at Mongolia's Economic
Research Institute. "The Chinggis bond is the majority of the borrowing, $1.5 billion," he said. The
bonds, named after the 13th-century Mongolian warrior known to most as Genghis Khan, will mature
in 2018 and 2022. The original 40-percent debt limit was based on recommendations by the
International Monetary Fund and World Bank, Tuvshintugs said. The debt ceiling will be reduced
gradually until it reaches 40 percent again in 2018, parliament agreed. The local currency, the tugrik,
has fallen by more than a third against the dollar in the last two years, making both private and
government debt more expensive to repay. Tuvshintugs said the country might have to refinance.
Apart from the Chinggis bonds, the Development Bank of Mongolia also borrowed $580 million
through a bond offering guaranteed by the Mongolian government that needs to be repaid in 2017.
Mongolia sits on some of the world's most promising deposits of high-quality minerals such as copper
and coal, but it has struggled to finance their development, with foreign investors wary about falling
overseas demand, particularly in Mongolia's top customer China, as well as domestic political risks.
The decision to change the debt ceiling once again puts the integrity of the Mongolian government
into question, said Tuvshintugs, with no one likely to pay any penalty for breaching the original 40percent ceiling.
http://af.reuters.com/article/energyOilNews/idAFL4N0V03JG20150121

22 January 2015

MONGOLIAN RELATED COMPANIES


Chg day %

YTD %

Trade value
000 USD

Market cap
mln USD/

52w high

52w low

Currency
cross

2.880

-2.04

-7.10

4,074.6

5,795.42

4.36

2.65

1.00

6.660

0.60

10.26

14,978.8

1,275.47

7.07

3.16

1.23

HKD

0.300

0.00

-11.76

353.7

358.46

0.84

0.29

7.75

DML CN Equity

CAD

1.100

1.85

-2.65

731.5

450.79

1.95

1.02

1.23

Winsway Coking Coal Holdings Ltd

1733 HK Equity

HKD

0.237

0.00

-7.06

0.0

115.36

0.55

0.24

7.75

MoEnCo

276 HK Equity

HKD

0.410

0.00

2.50

55.9

89.34

1.06

0.38

7.75

SouthGobi Resources

1878 HK Equity

HKD

4.010

0.00

3.89

45.4

113.16

6.20

3.49

7.75

Central Asia Metals PLC

CAML LN Equity

GBp

150.000

0.50

-18.03

5,983.4

253.62

190.00

138.75

0.66

Mongolia Investment Group Ltd

402 HK Equity

HKD

0.280

0.00

-16.42

298.3

242.76

0.38

0.16

7.75

Mongolia Growth Group

YAK CN Equity

CAD

0.700

0.00

-5.41

35.6

19.76

3.07

0.66

1.23

North Asia Resources Holdings Ltd

61 HK Equity

HKD

0.135

0.00

-8.78

16.6

105.92

0.21

0.10

7.75

Guildford Coal Ltd

GUF AU Equity

AUD

0.036

-4.00

0.00

8.2

26.76

0.11

0.03

1.23

Origo Partners PLC

OPP LN Equity

GBp

6.125

0.00

0.00

278.5

33.11

8.25

6.13

0.66

Entree Gold Inc

ETG CN Equity

CAD

0.235

1.08

14.63

11.9

27.98

0.52

0.18

1.23

Aspire Mining Ltd

AKM AU Equity

AUD

0.035

0.00

6.06

14.3

19.94

0.07

0.03

1.23

Prophecy Coal Corp

PCY CN Equity

CAD

0.065

8.33

30.00

1.9

13.26

0.11

0.04

1.23

FeOre Ltd

FEO AU Equity

AUD

0.029

0.00

11.54

1.5

12.43

0.08

0.02

1.23

Petro Matad Ltd

MATD LN Equity

GBp

4.125

13.79

94.12

13,156.8

17.47

8.63

2.00

0.66

Xanadu Mines Ltd

XAM AU Equity

AUD

0.090

-5.26

-10.00

7.3

26.49

0.18

0.03

1.23

Haranga Resources Ltd

HAR AU Equity

AUD

0.014

7.69

0.00

1.6

3.88

0.09

0.01

1.23

Wolf Petroleum Ltd

WOF AU Equity

AUD

0.035

0.00

-22.22

1.0

8.48

0.08

0.03

1.23

Manas Petroleum Corp

MNAP US Equity

USD

0.100

10.78

10.85

7.1

16.65

0.17

0.04

1.00

Khan Resources Inc.

KRI CN Equity

CAD

0.430

2.38

-11.34

2.1

23.73

0.49

0.21

1.23

East Asia Minerals Corp

EAS CN Equity

CAD

0.005

-50.00

-50.00

2.7

0.49

0.11

0.01

1.23

Erdene Resource Development Corp

ERD CN Equity

CAD

0.110

-4.35

4.76

1.4

7.36

0.26

0.09

1.23

Modun Resources Ltd

MOU AU Equity

AUD

0.003

0.00

0.00

7.3

4.31

0.01

0.00

1.23

Kincora Copper Ltd

KCC CN Equity

CAD

0.025

0.00

0.00

2.8

6.27

0.09

0.02

1.23

General Mining Corp Ltd

GMM AU Equity

AUD

0.004

0.00

-20.00

0.1

0.44

0.02

0.00

1.23

Draig Resources Ltd

DRG AU Equity

AUD

0.015

0.00

15.38

10.6

0.81

0.04

0.01

1.23

Newera Resouces Ltd

NRU AU Equity

AUD

0.002

0.00

0.00

0.2

1.97

0.01

0.00

1.23

Blina Minerals NL

BDI AU Equity

AUD

0.002

100.00

100.00

9.5

2.61

0.00

0.00

1.23

Name

Sym

Currency

Last

Turquoise Hill

TRQ US Equity

USD

Centerra Gold

CG CN Equity

CAD

MMC

975 HK Equity

Denison Mines Corp

30 day graphic

Source: Bloomberg

MONGOLIAN STOCK MARKET


21 January 2015

16

JSC's

TOP20 index

was

14,454.53

Company name

8,872

worth

Change day

Trade value
'000

Trade volume

shares

Last

Chg day

Chg day %

3.98

mln

MNT

0.19%

YTD

-2.69%

Buy volume

Buy price

have

Sell price

been

Sell volume

600

51

85.5

-3

-2.84%

1700

85

90

8140

ADL

353

512

1450

-50

-3.33%

500

1350

1550

334

APU

53

196

3700

-3

-0.08%

100

3500

3700

149

DLG

2850

0.00%

75

2470

3270

ETR

2,288

203

88.75

-6

-6.58%

950

85

95

296

GOV

78

558

7160

-85

-1.17%

10

7150

7160

58

HGN

395

39

99

0.00%

200

98

99

4743

HRM

2,283

344

150.48

-5

-2.92%

150

2935

JTB

398

35

87.43

-1

-0.65%

395

85

88

1353

MIE

10

145

14500

500

3.57%

13600

14500

179

MNH

79

316

4000

0.00%

3500

4100

NEH

35

613

17510

0.00%

245

17510

20100

RMC

2,184

197

90

-3

-3.23%

10

80

90

2866

TCK

32

592

18500

0.00%

18500

246

TTL

32

134

4200

100

2.44%

139

4100

4300

922

BHR

50

40

790

0.00%

210

700

790

1515

MRX

traded.

22 January 2015

Investment Banking Division of Golomt Bank


The principal activities of Investment Banking Division constitute structuring, sourcing, negotiating and closing debt and equity financings as
well as the provision of incisive advisory services for private and public companies as well as institutions, public sector agencies and
authorities.
Our vision is to fuel the profitable
growth of our valued clients by providing the highest-quality investment banking services, and in so doing
0
create an environment which will lead to long term, mutually beneficial relationships. We strive to achieve these lasting relationships by
matching each client assignment with the collaborative expertise of the Banks team of seasoned banking and investment professionals.
Contact
Sukhbaatar Square, Ulaanbaatar 210620A, Mongolia
Fax: +976-70117676 /1402/
E-mail: ibd@golomtbank.com
Website: www.golomtbank.com

Disclaimer
2014.09
2702.1
This
document has
been prepared by the investment banking division of Golomt Bank for information purpose only. The views
expressed
views of the analyst and are subject to change based on market and other conditions and factors. The
2013.06are the7591
information provided does not constitute investment advice or other recommendations and should not be relied on as such. It
should not be considered a solicitation to buy or an offer to sell a security or to pursue any trading or investment strategy. All
13606.65
material, including information sourced from or attributed to Golomt Bank, has been obtained from sources believed to be reliable,
but its accuracy is not guaranteed. Past performance is no guarantee for future results. Accordingly you must independently
3250
determine, with your own advisors, the appropriateness for you of the
securities/transactions before investing or transacting.

86.811

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