ya

Mongolia Weekly

Selected Worldwide Indices

December 30, 2013-January 5, 2014

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

Index

Politics and Economy

Major Highlight Events of 2013

Mongolian Parliament will Support Export-Oriented
Production

Financial Markets

MSE Top -20 Advanced by 3%

MNT Depreciated by 3%

Commodity Markets

Coal Mongolia-2014 Conference Set for February

Corporate News

Best Natural Rehabilitation Award Goes to Altan

Dornod LLC
Asgat Silver Deposit will be Developed

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

Close
price
16255.7

Performance
w-o-w
YTD
2.92%
-0.3%

407.35

1.32%

0.1%

232.40

-0.22%

-2.0%

11.87

-3.12%

-4.0%

176.89
1,394.9
0
1,627.0
4
1,526.5
3

0.32%

6.0%

2.80%

1.5%

3.31%

1.7%

-0.16%

-2.8%

400.14

1.07%

0.1%

598.44
979.49
16469.9
9
6730.67
16291.3
1
22817.2
8
2290.78
918.01
1442.73

1.62%
-1.81%

0.7%
-2.3%

-0.05%
-0.30%

-0.6%
-0.3%

0.69%

0.0%

-1.83%
-0.55%
0.92%
-0.18%

-2.1%
-1.7%
0.0%
0.0%

Top Movers on MSE

MSE TOP-20 Index (6 months)
17,000

Stock
300,000.00

16,500
250,000.00

16,000
15,500

200,000.00

15,000
14,500
14,000

150,000.00
Total Trading Volume, US $

13,500
13,000

Top-20 Index
100,000.00
50,000.00

12,500
12,000

0.00

Close
price,
MNT

Performance
w-o-w

YTD

Best performers
Solongo Express

3,545

Bukhug

5,025

Darkhan Khuvun

3,965

Mongol Nekhmel

6,200

Shivee Ovoo

7,800

Worst performers
Mongolian Telecom
Darkhan Khuns
Berkh Uul

1,350
5,000
4,299

Bayan Aldar

1,500

Khangal

1,105

22.24
%
14.99
%
14.93
%
14.81
%
11.43
%
-3.64%
-3.85%
-4.47%
11.76
%
15.00
%

7.4%
15.0%
14.9%
0.0%
-23.0%
-9.9%
246.7%
-28.7%
-37.5%
-16.7%

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

Last
price
7330.5
1237.01
115
152
36
94

Performance
w-o-w
YTD
-0.88%
-0.6%
1.95%
2.6%
0.00%
0.0%
0.00%
0.0%
0.00%
0.0%
-6.34%
-4.5%

MNT vs Major Currencies

www.eurasiac.com

Name

US$

Rate3,
MNT
1,693.9
6

MNT app(+) or
dep(-)
w-o-w
YTD
-3.26%

-2.0%

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

POLITICS AND ECONOMY

Major Highlight Events of 2013
1. Ts.Elbegdorj re-elected
The sixth Presidential election ran on June 26, 2013 with three candidates from the
Democratic Party (DP), the Mongolian People's Party (MPP), and the Mongolian
People's Revolutionary Party (MPRP). As a result, the DP nominee Ts.Elbegdorj won
the election with 50.23% of the total votes. The election was special because a
woman candidate stood for the presidential election for the first time in our history.
2. World democracy discussed in Ulaanbaatar
From April 27 to April 29, 2013, Mongolia successfully organized the seventh
Ministerial Conference of the Community of Democracies (CoD) in Ulaanbaatar,
bringing almost 1,300 delegates from 100 countries.
3. Strategic partnership relations with China and Japan
The Prime Minister of Mongolia N.Altankhuyag paid an official visits to Japan on
September 11-14, 2013 and China on October 22-26. During his visit in Japan, he
signed the Middle-Term Program on Mongolia-Japan strategic relations and the
countries established a memorandum of mutual understanding between
Developmental Bank of Mongolia and the Japan Bank for International Cooperation.
The banks reached an agreement to issue the "Samurai" bonds of JPY3 bn. China
and Mongolia determined directions of the 20-year relations and cooperation and
established important agreements on erecting a factory of gasifying coal, supplying
up to 1bn tons of coal to China for 20 years and on augmenting a supply of "Mongol
93" fuel.
4. Law on investments adopted
On November 1, Parliament of Mongolia adopted the new law on investments in
order to create investors-friendly and sustainable legal environment, attract both
domestic and foreign investments, and activate investment flow.
5. President of Mongolia becomes the first democratic president to visit
North Korea
The President of Mongolia Ts.Elbegdorj visited North Korea on October 28-31,
becoming the first country leader to be received since Kim Jung Un's leadership.
During his four-day visit, Mr Elbegdorj presented his country's history as an example
of how to achieve sovereignty and economic development without relying on the
use of force. The Mongolian leader had busy days meeting with various officials and
zipping around to Kim IL Sung University, a Pyongyang theater, the Munsu water fun
park, the border with South Korea, and Kim family mausoleum, and other places. A
speech given at Kim IL Sung University in Pyongyang by the President raised
eyebrows for its starkly critical portrayal of the follies of tyrannical rule and the
repression of human rights.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

6. Young scientist's innovation is to tackle nation's growing energy

demand
The President Ts.Elbegdorj awarded the young engineer N.Natsagnyam, the highest
State Award for his innovation of "Automatic adjustment for synchronized
generator's reactive potential and its virtual laboratory" or "NaNyam-AX12\u8243".
Several days earlier, the Government had awarded him 2013 Prize of Technological
Progress of Mongolia with a cash of MNT100 mn. His innovation of complete
software and hardware solution saves MNT600 mn (US$350,000) in import and ten
times cheaper than a similar technology used in China.
7. Oyu Tolgoi gets approval for copper exports
Rio Tinto PLC announced that Oyu Tolgoi copper and gold project had secured
Chinese customs approval to receive copper concentrate in China, thus paving the
way for the mine's owners to start earning revenue from the US$6.2 bn project. The
Oyu Tolgoi mine began exporting copper concentrate to China for the first time in
July following hiccups in securing export permits from the Mongolian government.
Oyu Tolgoi produced 160,000 metric tons of copper concentrate and shipped
approximately 38,000 tons of this to the bonded warehouse in China in July and
September.
Source:
Montsame
Mongolian Parliament will Support Export-Oriented Production
During the meeting of 30 Minutes with PM on January 2, the Prime Minister
N.Altankhuyag said, The cabinet for reforms will pay big attention to the national
production of export products that will alternate the import. Our country is exporting
mainly two kinds of products, minerals and cashmere so far, so we will assist in
augmenting these types of export products, issuing almost MNT360 bn from
Chingis bonds revenue. By first 11 months of 2013, a total import of Mongolia
reached US$6 bn, more than half of which are mineral, plastic, leather and chemical
products, machines, mechanisms and electric goods. Premier emphasized that
cabinet will support the national production of these items in the first turn and
mentioned that the cabinet has already received draft projects on the production of
export-oriented products, reported on www.news.mn.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

FINANCIAL MARKETS
MSE Top -20 Advanced by 3%
Last
week,
the MSE Top 20 Index (6 month)
benchmark index, MSE
1,780
Top-20 grew by 3% w1,730
o-w and closed at
1,680
16,255.7 on Friday,
January
3,
2014
1,630
compared to 15,795.18
1,580
a week prior.
66.
Bank of Mongolia Rate
1,530
The major stocks that
grew were Shivee Ovoo
1,480
(SHV)
11.43%
to
1,430
MNT7,800, Gobi (GOV)
1,380
6.81% to MNT5,800,
Mongolian
Development
Resources (MDR) 5.98%
to MNT780, Mogoin Gol
(BDL)
5.64%
MNT16,670, and Baganuur (BAN) 4.52% to MNT4,600. Meanwhile, worst performers
of the week were Mongolian Telecom (MCH) -3.64% to MNT1,350, Bayangol Hotel
(BNG) -1.34% to MNT59,000, UB Hotel (UID) -1.02% to MNT93,040, Hotel Mongolia
(MSH) -0.58% to MNT970.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

MNT Depreciated by 3%
The
US$-MNT rate (6 months)
MNT

17,000

300,000.00

local
currency

16,500
250,000.00

16,000
15,500

200,000.00

15,000
14,500
14,000

150,000.00
Total Trading Volume, US $

Top-20 Index
100,000.00

13,500
13,000

50,000.00

12,500
12,000

0.00

depreciated by 3% compared to the prior week.

The official MNT/US$ currency rate by the Bank of Mongolia closed at MNT1,693.96
on Friday January 3, 2014 than MNT1,638.81 a week earlier.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

COMMODITY MARKETS
Coal Mongolia-2014 Conference Set for February
The annual Coal Mongolia - International Coal Investors Conference and Exhibition
will be held on February 20th and 21 st, 2014. Key topics and discussions of the
Coal Mongolia-2014 will be about attracting foreign investment for coal
exploration, mining and processing projects in Mongolia. The current development
trends in the coal sector, future perspectives, investment, legal environment,
infrastructure and latest technologies will also be on the agenda. The International
Coal Investors Conference and Exhibition is designed to increase the
competitiveness of Mongolian coal in the Asian market. The year of 2013 was
challenging time for the Mongolian coal sector; however, coal-mining companies
made a historical record by mining 28.6 mn
and exporting 16 mn tons of coal in 11
months, which was more than 6 mn tons
compared to 2012.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)

CORPORATE NEWS
Best Natural Rehabilitation Award Goes to Altan Dornod LLC
At the end of the year, the Mining Ministry has announced the 2013s Best Miners of
Mongolia. Winners of the four nominations were:
1. Best investor - Sharyn Gol
2. Best technology introducer - Oyu Tolgoi
3. Best natural rehabilitator - Altan Dornod
4. Best project developer Glogex
Source:
www.news.mn
Asgat Silver Deposit will be Developed
Mongolia 51% and Russia 49% joint venture Mongolrostsvetmet LLC held a board
meeting and discussed possibilities of forming and developing a Asgat silver and
copper deposit, which is located in northwestern part of the country - 1800 km from
the capital Ulaanbaatar. It has total average ore reserve of 23.1 mn tons and
estimated 246 mn oz of silver. Members of the board decided to develop a fully
operational mine soon and to form a joint venture with state owned Erdenes MGL
LLC and Rostec, said on Business Mongolia.

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)
EURASIA CAPITAL RATINGS
MSE TOP-20 Companies (December 30,2013 - January 3, 2014)
Price
Eurasia
Capital
MNT
Rating
UNDER
APU
APU
REVIEW
4,100
UNDER
TTL
Tavan Tolgoi
REVIEW
5,710
UNDER
SHV
Shivee Ovoo
REVIEW
7,800
UNDER
BAN
Baganuur
REVIEW
4,600
UNDER
SHG
Sharyn Gol
REVIEW
7,700
UNDER
GOV
Gobi
REVIEW
5,800
UNDER
MCH
Mongolian Telecom
REVIEW
1,350
UNDER
ULN
UB Hotel
REVIEW
93,040
UNDER
SUU
Suu
REVIEW
89,520
UNDER
BDS
BDSec
REVIEW
2,400
UNDER
BNG
Bayangol Hotel
REVIEW
59,000
State
Department
UNDER
UID
Store
REVIEW
541
UNDER
TCK
Talkh Chikher
REVIEW
14,400
UNDER
BDL
Mogoin Gol
REVIEW
16,670
UNDER
HGN
Khukh Gan
REVIEW
130
UNDER
RMC
Remicon
REVIEW
165
Mongolia Development
UNDER
MDR
780
Resources
REVIEW
UNDER
SIL
Silikat
REVIEW
230
UNDER
JTB
Genco Tour Bureau
REVIEW
89
UNDER
MSH
Hotel Mongolia
REVIEW
970
Source: MSE, Eurasia Capital Estimates
Name

Symb
ol

Market Cap
US$
MNTmn
mn

Performance
1W
y-t-d
chg

304,580

179.8

0.00%

300,718

177.5

104,669

61.8

2.88%
11.43
%

96,482

57.0

4.52%

78,782

46.5

45,247

PE

PB

2012

2012

13.0

3.5

32.7

6.8

NA

63.0

51.5

2.4

0.00%

0.8%
31.2%
23.0%
11.9%
12.5%

255.0

5.1

26.7

6.81%

22.9%

8.6

1.2

34,925

20.6

-3.64%

-9.9%

183.8

1.3

31,196

18.4

-1.02%

0.0%

13.6

2.9

30,795

18.2

0.00%

12.2

2.8

26,400

15.6

0.00%

0.0%
33.8%

17.8

2.7

24,961

14.7

-1.34%

13.5%

6.5

1.0

19,923

11.8

1.99%

44.5%

-30.4

-58.1

14,741

8.7

3.97%

4.0%

10.6

0.8

13,830

8.2

5.64%

17.1

0.9

13,171

7.8

1.14%

4.8

1.5

12,983

7.7

0.01%

10,725

6.3

5.98%

21.4%
23.5%
11.1%
25.1%

10,657

6.3

0.00%

15.6%

9,790

5.8

0.00%

-1.1%

9,700

5.7

-0.58%

-5.0%

-97.6

2.9

325.0

5.0

NA

1.2

41.3
527.2

1.2
3.0

Selected 5 Non-MSE TOP-20 Member Largest Companies

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

Price
MNT

Market Cap
MNTm
US$
n
mn

(December 30,2013 - January 3,2014)

Performance
PE
PB
1W
201
y-t-d
2012
chg
2
174.
-4.47%
-28.7%
0
-650.0

4,299
11,93
0

81,948

48.4

13,188

7.8

-0.58%

3.7%

18.7

1.1

2,799

9,739

5.7

0.00%

0.0%

6.1

0.7

2,533

9,627

5.7

5.98%

1.6%

NA

-2.5

2,300

7,248

4.3

4.55%

10.9%

9.9

2.1

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

www.eurasiac.com

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (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 (December 30, 2013-January 5, 2014)

January 6 (Monday)

MSE AND MONGOLIA FOCUSED INTERNATIONAL

MINING COMPANY STOCKS PERFORMANCE
SUMMARY
MSE TOP-20 Performance

(December 30,2013 - January 3, 2014)

Price
Cod
e

Name
Close

52
Wk
high

Performance
52 Wk
low

w-o-w

y-t-d

90

APU

4,100

4,395

3,230

0.00%

458

Tavan Tolgoi

5,710

1,902

460

Shivee Ovoo

7,800

9,275
10,00
0

4,500

2.88%
11.43
%

396

Baganuur

4,600

3,700

4.52%

309
354
209

Sharyn Gol
Gobi
Mongolian Telecom

7,110
3,804
943

0.00%
6.81%
-3.64%

UB Hotel

80,000

-1.02%

135

Suu

7,700
5,800
1,350
93,04
0
89,52
0

5,500
10,25
0
5,800
2,018
109,0
00
90,00
0

0.8%
31.2%
23.0%
11.9%
12.5%
22.9%
-9.9%

67,000

0.00%

522

BDSec

484

Bayangol Hotel
State
Department
Store

4,013
59,80
0

2,150

13

2,400
59,00
0

22

Talkh Chikher

444

Mogoin Gol

541
14,40
0
16,67
0

564
14,95
0
16,67
0

532

Khukh Gan

130

188

530
524
317
521
517

Market Cap
MNTm
n
304,58
0
300,71
8
104,66
9

US$
mn
179.8
177.5
61.8

96,482

57.0

78,782
45,247
34,925

46.5
26.7
20.6

0.0%

31,196

18.4

30,795

18.2

0.00%

0.0%
33.8%

26,400

37,000

-1.34%

13.5%

370

1.99%

2,293

Daily Turnover
(52Wk Avg)
MNT

1Wk
turnover
(MNT)

US$

189,376,
879
4,162,40
0

111,79
5

19,004,949

2,457

2,291,420

605,980
1,115,44
6
2,942,68
6
848,209
397,541
23,418,5
79

358

5,906,200

658

10,514,914

1,737
501
235

2,703,605
1,366,180
219,730

13,825

279,120

440

15.6

744,531
2,128,95
6

1,257

4,384,800

24,961

14.7

650,144

384

534,000

44.5%

19,923

11.8

240

1,240,591

3.97%

4.0%

14,741

8.7

407,306
1,277,70
4

754

3,153,600

11,050

5.64%

13,830

8.2

33,340

1.14%

13,171

7.8

599

888,410

Remicon
165
198
160
Mongolia
Development
780
999
500
Resources
Silikat
230
230
150
Genco Tour Bureau
89
96
80
Hotel Mongolia
970
1,000
790
Source: MSE, Bank of Mongolia, Eurasia Capital

0.01%

12,983

7.7

260,841
1,014,70
2
3,575,68
9

154

110

21.4%
23.5%
11.1%

2,111

2,594,773

5.98%

25.1%

10,725

6.3

3,466,50
3

2,046

396,773

0.00%
0.00%
-0.58%

15.6%
-1.1%
-5.0%

10,657
9,790
9,700

6.3
5.8
5.7

320,034
315,085
18,848

189
186
11

4,600
98,408
106,500

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

(December 30,2013 - Janua

2014)
Price
Cod
e

Name

492

Berkh Uul

71
191

Darkhan Nekhii
Eermel

Close

52
Wk
high

4,299
11,93
0
2,799

6,700
12,00
0
3,000

Performance

Market Cap

52 Wk
low

w-o-w

y-t-d

2,707

-4.47%

28.7%

81,948

48.4

5,450
2,150

-0.58%
0.00%

3.7%
0.0%

13,188
9,739

7.8
5.7

www.eurasiac.com

MNTm
n

US$
mn

Daily Turnover
(52Wk Avg)
MNT
172,349
5,275,43
9
211,705

1Wk
turnover
(MNT)

US$
102

17,578

3,114
125

2,676,940
-

10

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)
208
461

Makh Impex
2,533
2,700
1,600
Aduunchuluun
2,300
3,506
1,405
Source: MSE, Bank of Mongolia, Eurasia Capital

5.98%
4.55%

1.6%
10.9%

www.eurasiac.com

9,627
7,248

5.7
4.3

184,140
828,067

109
489

1,937,685
2,454,100

11

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)
Performance of MSE Stocks Traded (December 30,2013 - January 3, 2014)
Co
de
90
458
460
396
492
309
354
209
3
522
13

Price
Name

Performance
52 Wk
low
3,230
1,902
4,500
3,700
2,707
7,110
3,804
943
80,000
2,150
37,000

w-o-w

y-t-d

4,100
5,710
7,800
4,600
4,299
7,700
5,800
1,350
93,040
2,400
59,000

52 Wk
high
4,395
9,275
10,000
5,500
6,700
10,250
5,800
2,018
109,000
4,013
59,800

0.00%
2.88%
11.43%
4.52%
-4.47%
0.00%
6.81%
-3.64%
-1.02%
0.00%
-1.34%

0.8%
-31.2%
-23.0%
-11.9%
-28.7%
-12.5%
22.9%
-9.9%
0.0%
-33.8%
13.5%

541
14,010
14,400
16,670
11,930
130
165
165

564
15,000
14,950
16,670
12,000
188
198
190

370
5,050
2,293
11,050
5,450
110
160
100

1.99%
-0.64%
3.97%
5.64%
-0.58%
1.14%
0.01%
0.96%

780

999

500

230
89
970
2,533
2,300
17,000
25,000
1,342
340
6,200
209
5,025
3,000
5,000
5,000
1,600
138
2,645
3,545

230
96
1,000
2,700
3,506
17,000
28,500
1,600
800
7,225
266
5,025
3,790
6,500
5,200
2,200
150
13,020
4,200

150
80
790
1,600
1,405
6,900
23,500
1,000
165
3,502
180
2,875
1,395
4,500
1,500
1,600
100
1,350
1,800

1,500
3,965

2,400
5,000

355
2,800

Close

317
521
517
208
461
234
217
2
525
9
531
69
264
459
380
97
527
378
37

APU
Tavan Tolgoi
Shivee Ovoo
Baganuur
Berkh Uul
Sharyn Gol
Gobi
Mongolian Telecom
UB Hotel
BDSec
Bayangol Hotel
State
Department
Store
Material Impex
Talkh Chikher
Mogoin Gol
Darkhan Nekhii
Khukh Gan
Remicon
Hermes
Mongolia Development
Resources
Silikat
Genco Tour Bureau
Hotel Mongolia
Makh Impex
Aduunchuluun
Gan Khiits
Teever Darkhan
Mongol Savkhi
HBOil
Mongol Nekhmel
Naco Tulsh
Bukhug
Bishrelt Industrial
Ikh Barilga
Darkhan Khuns
Sor
Olloo
Khasu Mandal
Solongo Express

438
254

Bayan Aldar
Darkhan Khuvun

372
289

Khangal
1,105
1,560
1,105
Noeot Khairkhan
1,700
3,330
1,500
Source: MSE, Bank of Mongolia, Eurasia Capital

484
379
22
444
71
532
530
528
524

Daily Turnover
(52Wk Avg)

Market Cap

304,580
300,718
104,669
96,482
81,948
78,782
45,247
34,925
31,196
26,400
24,961

US$m
n
179.8
177.5
61.8
57.0
48.4
46.5
26.7
20.6
18.4
15.6
14.7

189,376,879
4,162,400
605,980
1,115,446
172,349
2,942,686
848,209
397,541
23,418,579
2,128,956
650,144

111,795
2,457
358
658
102
1,737
501
235
13,825
1,257
384

44.5%
179.2%
4.0%
21.4%
3.7%
-23.5%
-11.1%
61.4%

19,923
19,169
14,741
13,830
13,188
13,171
12,983
12,925

11.8
11.3
8.7
8.2
7.8
7.8
7.7
7.6

407,306
507,671
1,277,704
260,841
5,275,439
1,014,702
3,575,689
1,406,658

240
300
754
154
3,114
599
2,111
830

5.98%

-25.1%

10,725

6.3

3,466,503

2,046

0.00%
0.00%
-0.58%
5.98%
4.55%
6.25%
6.38%
4.03%
0.00%
14.81%
0.24%
14.99%
0.00%
0.00%
-3.85%
0.00%
-1.40%
0.04%
22.24%
11.76%
14.93%
15.00%
6.25%

15.6%
-1.1%
-5.0%
1.6%
10.9%
0.0%
6.4%
0.0%
100.0%
0.0%
13.0%
15.0%
0.0%
10.6%
246.7%
0.0%
-4.8%
95.9%
7.4%

10,657
9,790
9,700
9,627
7,248
4,122
4,084
3,322
3,140
2,940
2,637
2,298
2,102
1,985
1,889
1,426
1,339
825
555

6.3
5.8
5.7
5.7
4.3
2.4
2.4
2.0
1.9
1.7
1.6
1.4
1.2
1.2
1.1
0.8
0.8
0.5
0.3

320,034
315,085
18,848
184,140
828,067
23,306
233,259
78,994
2,294,862
1,047,062
597,707
17,379
1,061,961
65,201
60,859
49,751
477,721
23,578
30,988

189
186
11
109
489
14
138
47
1,355
618
353
10
627
38
36
29
282
14
18

-37.5%
14.9%

304
219

0.2
0.1

232,845
159,297

137
94

-16.7%
6.3%

214
103

0.1
0.1

38,085
16,456

22
10

www.eurasiac.com

MNTmn

MNT

US$

12

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (Monday)
Silk Road Mongolia Index* Companies Performance (December 30,2013 - January 3, 2014)

Name

Symbol

Curren
cy

Close
Price

MktCap

HKD

0.235

204.75

52 wk
high
0.53

HKD

0.176

65.75

0.375

HKD
HKD
HKD
HKD

0.39
6.6
0.26
1.01

15.84
159.42
193.87
482.56

HKD
MNT
MNT
MNT
MNT
MNT
MNT
MNT

0.46
4100
5710
4600
7800
1350
7700
4299

USD
AUD
GBp
CAD
CAD
CAD
CAD
GBp
GBp
AUD
AUD

Performance

-1.67%

y-t-d
%
-3.29

0.132

0.57%

-3.30

0.024

0.71
22.3
0.48
4.69

0.33
6.5
0.17
0.98

5.41%
-9.59%
-11.86%
0.00%

5.41
-4.07
-10.34
-1.94

1.036
1.022
0.428
0.213

223.82
181.43
179.13
57.47
62.35
20.80
46.93
48.81

1.49
4490
10000
5500
8790
2090
10250
6700

0.4
3230
1861
3700
4500
920
6500
2700

-2.13%
2.50%
7.94%
-4.17%
11.43%
-3.64%
2.67%
-4.47%

-6.12
0.76
-5.70
-1.08
1.30
-9.94
0.00
-4.25

0.327
0.015
0.021
4.038
0.005
0.019
0.391
0.011

3.06
0.058
3.5
4.79
0.04
0.33
0.08
7.375
152
0.062
0.07

6,157.08
34.29
16.06
1,067.20
4.16
45.64
18.73
43.21
211.85
13.46
12.53

7.4456
0.18
6.5
10.43
0.36
0.62
0.185
14.25
165
0.2
0.105

2.9527
0.033
2.625
2.82
0.03
0.245
0.06
6.125
104
0.05
0.032

-5.85%
-7.94%
16.67%
14.59%
14.29%
-1.49%
-11.11%
0.00%
4.83%
0.00%
0.00%

-7.27
3.57
-6.67
10.88
0.00
6.45
0.00
0.00
7.80
0.00
40.00

1.936
0.006
1.713
0.970
0.329
1.468
2.341
0.003
0.179
0.205
0.772

CAD
AUD
CAD

0.14
0.004
0.025

9.05
5.49
4.88

0.27
0.034
0.11

0.065
0.004
0.01

7.69%
-20.00%
25.00%

0.00
0.00
0.00

0.244
1.633
0.323

CAD
AUD
AUD
AUD

2.27
0.004
0.098
0.041

73.22
3.29
57.65
19.48

4.5
0.017
0.585
0.07

1.71
0.004
0.071
0.025

-2.58%
-20.00%
19.51%
0.00%

0.00
0.00
18.07
0.00

0.328
0.276
0.026
0.009

US$mn
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

Price

Daily
Turnove
r
Multipl
e

www.eurasiac.com

52 wk
low
0.21

w-o-w

13

D/3M
0.241

Mongolia Weekly (December 30, 2013-January 5, 2014)

January 6 (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
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
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14