2016 6- 16-

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,
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, 14200
-8, -2
606
: +976-70121530
: +976-70121529
-: info@golomtsecurities.com
: www.golomtsecurities.com


,
1,600 8 .
. .
.

No. Ticker

1
2
3
4
5
6
7
8

RIO
TRQ
CG
CAML
ABX
GG
K
THO

LSE
NYSE
TSE
LSE
NYSE
NYSE
TSE
TSE

US$ 2016/06/15

Rio Tinto plc

Turquoise Hill Resources Ltd
Centerra Gold Inc.
Central Asia Metals Ltd
Barrick Gold Corp.
Goldcorp
Kinross Gold Corp.
Tahoe Resources Inc

51,828 GBp1,979.61
6,629
US$3.25
1,289
C$6.87
232
GBp147
23,879
US$20.5
15,169 US$18.23
6,504
C$6.76
4,055
C$17.51

12

2,313.5
3.92
7.77
209.40
17.11
19.39
6.37
19.44

P/B

P/S

1.35
0.76
0.89
2.05
3.32
1.17
1.55
1.82

1.46
4.01
2.60
3.61
2.74
3.51
1.97
5.20

P/E

14.92
36.64
10.11

24.95

(%)
7.71
2.47
6.00
0.39
1.98
1.48

EPS
T12M

(0.49)
0.17
0.08
0.20
(2.56)
(4.80)
(0.86)
(0.36)

3
/

(11.11)
1,076.35
1.83
32.69
(14.35)
(0.01)
(10.83)
-

51.8%

5.3%

13.3%

14.2%

62.8%

39.9%

47.9%

15.7% ;

, 2017
.
.

: Bloomberg Terminal

Bloomberg-

2016 I
21%,
16%- 1,289
.
(ETF ..)-
122%-
Brexit
6- 23-
Guardian- 53%

.
- 5-
38,000

4

2016 21%
Ambrosino Brothers- Todd Colvin
1,400 .

- ,

-


() -
6.5%, 2017 6.3%
3,4-

.
4,900 . .
- -
Bloomberg-

2015A

2016E

2017E

6.9

6.5

6.5

6.9

6.5

6.5

: Bloomberg Terminal; bloomberg.com

COMEX ( ) 5- 0.156
6- 7- 0.187 .
, .
37,120 .

: Bloomberg Terminal

RIO TINTO PLC (LON:RIO)

%: 3.90%
% : 3.52%
% : -29.82%

GBp1,969.5

US$51.8

5.14

7.71%

51.8%

P/S

1.46

:
- 40 , , ,
- Turquoise Hill Resources (TRQ)- 51%- - 33%-
- The Sunday Times: TRQ- Goldman Sachs-
- 5.3 .
- 2027 500,000
- 3 . .
- 4- 1.5 . .
- Jean-Sebastien Jacques
-
- :

- Bloomberg- (12 ): GBp2,313.5
- Bloomberg : 15 ; 8 ; 6

: Bloomberg Terminal; riotinto.com; turquoisehill.com

TURQUOISE HILL RESOURCES (NYSE:TRQ)

%: 0.62%
% : 30.52%
% : -21.69%

US$3.25

US$6.6

2.843

5.3%

P/S

4.01

P/E

14.92

:
- - 66%-
- The Sunday Times: Rio TRQ- Goldman Sachs-
- 4 . .
- 0.4 .
- Deutsche- Paul Young
- 2027 500,000
- Jacobs Engineering Group- , , ,
(EPCM)
- I 24% US$118.9
- I 0.8% US$422.7
- I 71% 57,600
- I 67% 144,000
- 2016 : 255,000-285,000oz
-
- -
- :
- TD Securities- (12 ): US$4
- Bloomberg : 2 ; 3 ; 0

: Bloomberg Terminal; riotinto.com; turquoisehill.com


Centerra Gold (TSE:CG)
%: 1.63%
% : 2.23%
% : -1.29%

:
-

C$6.87

US$1.3

1.4

2.47%

13.3%

P/S

2.6

(2015): 112,505

4

I 65.5% US$73.2

I 55.6% US$18.1

I 49% 86,444

2016 :
480,000-530,000

,
Bloomberg- (12 ): C$7.77
Bloomberg : 1 ; 6
; 2

Central Asia Metals (LON:CAML)

%: -1.67%
% : -0.68%
% : -20.33%

:
-

GBp147

US$232.3

48.8

6.00%

14.2%

P/S

3.61

(616.9kt
)
(41,150
)

85%-
Gavin Ferrar-
2015 12% US$67.3
2015 62.5% US$22.4
2015 8% 12,071

2015 7.9% 12,040

2016 :
13,000-14,000
Bloomberg- (12 ):
GBp209.4
Bloomberg : 5 ; 0
; 1

: Bloomberg Terminal; centerragold.com; centralasiametals.com

,
Barrick Gold (NYSE:ABX)
%: 3.59%
% : 164.52%
% : 78.73%

:
- , , , , -

-

US$20.5

US$23.9

18.7

0.39%

62.8%

P/S

2.74

(2015): 91.9
140 .

2016
2

.
I 14% US$1.9

I 8% 1.3

2016 : 55.5

,
Goldman Sachs- 12 :
C$23
Bloomberg : 10 ; 15
; 2

Goldcorp Inc (NYSE:GG)

:
%: 2.71%
% : 53.54%
% : 8.98%

, , -
(2015): 40.73

(2015): 8,552 lbs

(Ag)- (2015): 704.59
I US$80 ;
87 .
I 7.2% US$944
I 8.1%
783,700
2016 :
2.8-3.1M oz

US$18.21

US$15.2

9.3

1.98%

39.9%

P/S

3.51

,
Bloomberg- 12 :
US$18.46
Bloomberg : 10 ; 10
; 3
: Bloomberg Terminal; barrick.com; goldcorp.com

 ,
Kinross Gold (TSE:K)
%: 3.21%
% : 159%
% : 132.3%

:
-

C$6.76

US$6.5

14.2

47.9%

P/S

1.98

EPS

-0.86

, , , ,

: 33.2 (P&P)
95.91 275.5
.
I 2.1 14
.
I 0.15% 782.6
.
I 9.2%
687,500
2016 :
2.7-2.9


RBC- 12 : C$8
Bloomberg : 6 ; 10
; 4

Tahoe Resources (TSE:THO)

:
%: 6.57%
% : 41.9%
% : -5.30%

C$17.51

US$4.1

1.98

1.48%

15.7%

P/S

5.20

I 55% 132.1
.
I 19% 37.8 .

2016 :
255,000-285,000oz


CIBC- 12 : C$21
Bloomberg : 14 ; 2
; 0

: Bloomberg Terminal; kinross.com; tahoeresources.com



606 , ,
-2,
-8,
14200,

:
:
-:
:

+976-70121530
+976-70121529
amar@golomtsecurities.com
www.golomtsecurities.com