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2014-11-28

Daily Report
Report
Daily
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NEWS & ANALYSIS

28 November 2014

2014.11.28
Performance

Index

Last

Country

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

Change %
(Day)

14,926.53
17,827.75
2,072.83
4,787.32
14,922.44
6,723.42
5,330.50
23,958.64
177.61

MN
US
US
US
CN
UK
US
HK
ASIA

YTD change %

-0.07
0.07
0.28
0.61
-0.77
-0.09
-1.30
-0.19
-0.03

-8.44
7.55
12.14
14.62
9.55
-0.38
-0.41
2.80
5.63

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)

139.98
2,253.25
80.09
6,615.00
68.75
1,186.92
16.16

YTD change %

0.00
-0.72

-26.50
9.75
-41.02
-10.31
-30.15
-1.23
-17.01

-0.24
-6.70
-0.48
-0.55

MONGOLIAN ECONOMIC INDICATORS

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

Date

Last

2014.07
2014.07
2014.10
2014.09
July 31 ,2014

9,857
6,635
1,542.7
12.00

Last

Yield

YoY change
%
5.3
14.6
12.1
-42.4

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

98.13
68.88
95.36
89.89
99.88
100.25
98.28
103.46

Maturity date

6.636
27.939
5.571
6.689
8.635
11.917
10.659
1.110

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
6.87

0.94

Nikkei 225
DAX

4.43

0.60

Hang Seng

2.80

-0.19

S&P/ASX 200

S&P/TSX comp

-1.30

-0.38

-0.09

-0.77

9.55

0.61

Nasdaq

MSE - Top20

GLOBAL NEWS
Most Asian Stocks Rise as Japan Climbs After Data; Energy Drops
Most Asian stocks rose as Japanese equities advanced as investors weighed economic data
including inflation. Energy shares led losses after oil prices plunged. Almost two shares rose for each
that fell on the MSCI Asia Pacific Index (MXAP), which rose less than 0.1 percent to 140.84 as of 9:05
a.m. in Tokyo. The measure is heading for a 0.6 percent weekly advance, paring its monthly decline
to 0.7 percent. Japan’s Topix (TPX) index climbed 0.8 percent as the yen fell for the first time in four
days. U.S. markets were closed yesterday for the Thanksgiving holiday. The Asia-Pacific measure
rebounded 5.3 percent from an Oct. 17 low through yesterday as the Bank of Japan expanded bond
purchases, China cut interest rates and speculation grew the European Central Bank will take more
stimulus measures. ECB President Mario Draghi said yesterday the bank is open to buying a wide
variety of assets for further easing. Japan’s consumer price index slowed a third straight month amid
tumbling oil prices, challenging the BOJ’s efforts to stoke inflation.
http://www.bloomberg.com/news/2014-11-28/most-asian-stocks-rise-as-japan-climbs-after-dataenergy-drops.html

7.55

-0.07

-8.44

Change % (Day)

Volume

YTD %

MSE TOP 5 MOST TRADED

Trade value '000

BNG

Mongolia approves Guildford Coal’s capacity expansion projects
The Mineral Resource Authority of Mongolia (MRAM) has approved Guildford Coal’s proposed
capacity expansion at the Baruun Noyon Uulcoal (BNU) mine in Noyon Soum of the Umnu Gobi
province. The approval was given by the MRAM's Mineral Resources Profession Committee. As part
of the expansion, the mining capacity at the BNU will be increased to 1.5 million tons in 2015 and two
million tons in 2016. Guildford Coal managing director Peter Kane said: "MRAM's approval to
increase our mining capacity is a significant development for Guildford. "It allows us to ramp up
production at the BNU Mine beyond the recently announced targeted production figures for 2015, if it
makes economic sense to do so." Meanwhile, the company said that washing and laboratory testing
of the second trial batch of coal from the BNU confirmed that the project's coal can be washed to
produce a low-ash premium quality hard coking coal with low sulphur. The lab tests were carried out
at Alfred H Knight and Bureau Veritas laboratories in Ulaanbaatar. Further test work is being
conducted at the China Coal Research Institute in Beijing.
http://www.energy-business-review.com/news/mongolia-approves-guildford-coals-capacity-expansionprojects-271114-4453413

14.62

0.07

DJIA

Mongolia Energy losses widen amid write-down in iron ore project
Half-yearly losses in coal mine developer Mongolia Energy widened to HK$457.8 million for the six
months ending in September, up from HK$331.9 million the same period a year earlier, according to
a statement with the Hong Kong stock exchange on Thursday. The company, which had defaulted on
the redemption of certain convertible bonds in November last year, said the losses were partly due to
a HK$285.7 million impairment of its mining and exploration rights, while the group generated no
revenue for the entire period. Given the crash in iron ore prices, management believes it would be
difficult to identify a potential buyer to acquire the iron ore concession in Western Mongolia by
October 2015, it said. In addition, the company said it has four mining concessions. The cash level in
the Hong Kong-listed company dropped to HK$44.3 million in September from HK$48.6 million six
months ago, while holding HK$4.5 billion in net debts in September, it said. Market value of the
company’s shares dropped more than 80 per cent this year.
http://www.scmp.com/business/companies/article/1649779/mongolia-energy-losses-widen-amid-writedown-iron-ore-project

Thousands

FTSE 100

-0.41

MONGOLIAN RELATED NEWS
Mongolia ties cooperation in education with KOSEN
The Ministry of Education and Science of Mongolia and Institute of National Colleges of Technology
in Japan (KOSEN) signed a memorandum of understanding on cooperation aiming to develop
KOSEN trainings in Mongolia to provide the country with skilled engineers and technicians. The MoU
was signed by Minister of Education and Science of Mongolia L.Gantumur and President of KOSEN
Hidefumi Kobatake in Ulaanbaatar. Signing the agreement strengthens bilateral cooperation between
Mongolia and Japan in the field of education and science, develops opportunities to establish direct
collaboration between KOSEN education in Mongolia and Japan, reciprocally approves certificates of
both countries in KOSEN education, and will enable the exchange of information between students
and teachers. The MoU will be effective for five years from its signing.
http://english.news.mn/content/196805.shtml

MSETOP Index

16,000

20,000

14,000

18,000
16,000

12,000

14,000

10,000

12,000

8,000

10,000

6,000

8,000

580

UID

6,000

4,000

-0.02%

587

4,000

2,000
0.00%

0%

0%

0%

1%

June-14

May-14

April-14

March-14

January-14

October-13

August-13

July-13

June-13

February-14

0%

May-13

0.43%

December-13

2,000

November-13

1,000

September-13

0

April-13

1,575

0
March-13

BAN

2,000

0
January-13

873

February-13

GOV

28 November 2014

2

MONGOLIAN RELATED COMPANIES
Name

Sym

Currency

Last

30 day graphic

Chg day %

YTD %

Trade value 000
USD

Market cap mln
USD/

52w high

52w low

Currency
cross

Turquoise Hill

TRQ US Equity

USD

3.460

-3.08

4.85

12,506.7

6,962.55

4.36

2.93

1.00

Centerra Gold

CG CN Equity

CAD

5.750

-2.54

33.10

550.7

1,198.26

6.90

2.99

1.13

MMC

975 HK Equity

HKD

0.420

1.20

-40.03

21.1

501.79

0.86

0.33

7.75

Denison Mines Corp

DML CN Equity

CAD

1.180

-3.28

-8.53

1,098.6

526.06

1.95

1.02

1.13

Winsway Coking Coal Holdings Ltd

1733 HK Equity

HKD

0.340

0.00

-30.61

11.4

165.47

0.58

0.31

7.75

276 HK Equity

HKD

0.600

0.00

-38.27

115.2

130.72

1.10

0.58

7.75

1878 HK Equity

HKD

3.750

-2.34

-45.49

4.8

94.03

8.55

3.74

7.75

CAML LN Equity

GBp

160.000

0.63

13.48

866.8

280.04

190.00

141.00

0.64

402 HK Equity

HKD

0.290

0.00

0.00

637.8

250.68

0.38

0.16

7.75

YAK CN Equity

CAD

1.120

-2.61

-50.66

5.4

34.41

3.07

1.12

1.13

61 HK Equity

HKD

0.154

0.00

-15.38

1.2

119.88

0.21

0.10

7.75

Guildford Coal Ltd

GUF AU Equity

AUD

0.041

-8.89

-50.52

19.9

32.02

0.11

0.04

1.17

Origo Partners PLC

OPP LN Equity

GBp

7.188

0.00

-2.54

135.6

40.31

8.25

6.88

0.64

Entree Gold Inc

ETG CN Equity

CAD

0.250

4.17

-19.35

16.2

32.39

0.52

0.21

1.13

Aspire Mining Ltd

AKM AU Equity

AUD

0.030

-6.25

-46.43

33.5

17.96

0.07

0.03

1.17

Prophecy Coal Corp

PCY CN Equity

CAD

0.060

9.09

-25.00

8.0

13.32

0.11

0.04

1.13

FeOre Ltd

FEO AU Equity

AUD

0.020

0.00

-51.22

2.1

9.01

0.08

0.02

1.17

MATD LN Equity

GBp

2.875

0.00

-23.33

639.9

12.63

11.50

2.00

0.64

Xanadu Mines Ltd

XAM AU Equity

AUD

0.115

0.00

130.00

3.4

23.84

0.18

0.03

1.17

Haranga Resources Ltd

HAR AU Equity

AUD

0.017

0.00

-72.58

0.8

3.50

0.09

0.01

1.17

Wolf Petroleum Ltd

WOF AU Equity

AUD

0.046

2.22

-34.29

4.0

10.56

0.08

0.03

1.17

MNAP US Equity

USD

0.095

-5.00

38.69

5.9

15.86

0.17

0.04

1.00

KRI CN Equity

CAD

0.410

-2.38

43.86

10.1

24.62

0.45

0.18

1.13

Voyager Resources Ltd

VOR AU Equity

AUD

0.001

0.00

-75.00

0.2

1.49

0.01

0.00

1.17

East Asia Minerals Corp

EAS CN Equity

CAD

0.020

33.33

-50.00

0.6

1.88

0.11

0.01

1.17

Erdene Resource Development Corp

ERD CN Equity

CAD

0.095

-9.52

-32.14

0.1

6.41

0.26

0.08

1.13

Modun Resources Ltd

MOU AU Equity

AUD

0.003

0.00

-25.00

1.5

4.53

0.01

0.00

1.17

Kincora Copper Ltd

KCC CN Equity

CAD

0.020

-20.00

-20.00

0.1

5.46

0.09

0.02

1.13

General Mining Corp Ltd

GMM AU Equity

AUD

0.007

0.00

-58.82

0.1

0.80

0.02

0.01

1.17

Draig Resources Ltd

DRG AU Equity

AUD

0.018

0.00

-48.57

2.8

1.02

0.04

0.01

1.17

Newera Resouces Ltd

NRU AU Equity

AUD

0.001

0.00

-83.33

1.3

1.00

0.01

0.00

1.17

BDI AU Equity

AUD

0.001

0.00

0.00

0.3

1.26

0.00

0.00

1.17

MoEnCo
SouthGobi Resources
Central Asia Metals PLC
Mongolia Investment Group Ltd
Mongolia Growth Group
North Asia Resources Holdings Ltd

Petro Matad Ltd

Manas Petroleum Corp
Khan Resources Inc.

Blina Minerals NL

Source: Bloomberg
MONGOLIAN STOCK MARKET
27 November 2014

16

JSC's

TOP20 index

was

14,926.53

Company name

Trade volume

Trade value
'000

110,847

shares

worth

Change day

Last

Chg day

682.02

mln

MNT

-0.07%

YTD

-8.44%

Chg day %

Buy
volume

Buy price Sell price

have

Sell volume

MBG

90,000

675,000

HGN

17,590

1,935

7500
110

-2

-1.79%

285

105

116

2300

BAN

450

1,575

3500

15

0.43%

100

3300

3500

113

GOV

118

873

7400

0

0.00%

10

6900

7400

72

UID

1,046

587

560.86

-0

-0.02%

52

561

599

50

BNG

10

580

58000

0

0.00%

1

55000

58000

20

BUK

6

257

42840

0

0.00%

14

42840

44000

83

APU

66

241

3650

0

0.00%

10

3611

3650

2323

EER

100

235

2350

0

0.00%

7

2350

2389

10

SUL

4

198

49400

-5800

-10.51%

2

47000

49400

29

MDR

340

170

500.15

-20

-3.82%

1000

475

500

1660

MMX

32

120

3750

0

0.00%

168

3750

3800

104

MCH

70

87

1240

0

0.00%

100

1054

1380

10

JTB

1,000

85

85

-1

-1.16%

4333

84

86

1017

TCK

3

56

18500

0

0.00%

10

16000

19000

1

ADL

12

20

1708

-90

-5.01%

20

1602

1700

275

been

traded.

28 November 2014

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.
0
Our vision is to fuel the profitable
growth of our valued clients by providing the highest-quality investment banking services, and in so
doing 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 Bank’s 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
2013.06
2702.1
This
document has
been prepared by the investment banking division of Golomt Bank for information purpose only. The views
2013.06are the7591
expressed
views of the analyst and are subject to change based on market and other conditions and factors. The
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
1799 for you of the securities/transactions before investing
independently determine, with your own advisors, the appropriateness
or transacting.

3