2014-11-25

Daily Report
Report
Daily
|
NEWS & ANALYSIS

25 November 2014

2014.11.25
Performance

Index

Country

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

Last

Change %
(Day)

14,849.49
17,817.90
2,069.41
4,754.89
15,015.41
6,729.79
5,321.00
23,893.14
176.73

MN
US
US
US
CN
UK
US
HK
ASIA

YTD change %

0.10
0.04
0.29
0.89
-0.63
-0.31
-0.76
1.95
1.07

-8.91
7.49
11.96
13.85
10.23
-0.29
-0.58
2.52
5.11

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)

139.94
2,285.50
80.09
6,729.50
75.68
1,197.65
16.53

YTD change %

0.00
-0.28

-26.50
11.32
-41.02
-8.76
-23.11
-0.33
-15.12

-0.82
-0.13
0.04
0.25

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

97.75
68.88
95.41
89.80
99.88
100.25
98.04
103.22

Maturity date

6.812
27.897
5.546
6.707
8.634
11.927
10.789
1.138

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

Nikkei 225

6.72

0.16

DAX

2.44

0.54

Hang Seng

2.52

1.95

S&P/ASX -0.76
200

-0.58

FTSE 100-0.31

-0.29

S&P/TSX comp
-0.63

10.23

0.89

Nasdaq

13.85

0.04

DJIA

7.49

MSE - Top20
0.10

-8.91

Change % (Day)

China Investment Corporation Issues the Press Release in Accordance With Canadian
Securities Administrators' National Investment 62-103
China Investment Corporation previously filed early warning reports in respect to a US$500 million
convertible debenture (the "Debenture") LB purchased from SouthGobi Resources Ltd.
("SouthGobi"), in respect to the exercise on March 29, 2010 of SouthGobi's right to call for the
conversion of up to US$250 million of the Debenture and in respect to the receiving of paid in kind
interest on November 21, 2013. China Investment Corporation is a sovereign wealth fund of the
People's Republic of China. Pursuant to the Debenture, since March 29, 2010, LB has acquired
ownership of 13,274,681 common shares of SouthGobi, which includes 6,206,833 common shares
previously issued and reported upon, and 7,067,848 common shares issued on November 21, 2014
in each case, in satisfaction of the paid in kind component of the interest accrued on the Debenture.
After giving effect to the issuances noted in item 2 above, LB owns and controls 37,917,292 common
shares of SouthGobi representing approximately 19.51% of the issued and outstanding common
shares of SouthGobi as of November 21, 2014. LB also continues to own US$250 million of principal
amount under the Debenture which, if converted at the current conversion price of Cdn$8.88 (and the
currency exchange rate of 0.8851) would represent approximately 31.8 million additional common
shares. If the Debenture in the principal amount of US$250 million that remains outstanding after the
issuances noted in item 2 above is fully converted into SouthGobi common shares at the current
conversion price of Cdn$8.88 and the currency exchange rate of 0.8851 then, together with the actual
common shares owned or controlled by LB as of the date hereof, LB would own or control a total of
approximately 69.7 million common shares or approximately 30.82% of the common shares of
SouthGobi.
http://www.digitaljournal.com/pr/2356221
GLOBAL NEWS
Asian Stocks Advance Third Day as Japan Plays Catch-Up
Asian stocks rose, with the regional benchmark gauge heading for a three-day advance, as consumer
and industrial shares climbed as Japanese stocks rallied after a holiday. The MSCI Asia Pacific Index
(MXAP) added 0.1 percent to 140.62 as of 9:03 a.m. in Tokyo. Japans Topix (TPX) index climbed 0.7
percent after the yen dropped 0.4 percent versus the dollar yesterday. South Koreas Kospi index was
little changed. Australias S&P/ASX 200 Index dropped 0.8 percent, while New Zealands NZX 50
Index slid 0.6 percent. Futures on the Standard & Poors 500 Index were little changed. The
underlying equity measure advanced 0.3 percent yesterday, extending a record high after European
Central Bank President Mario Draghi pledged to raise inflation as fast as possible and China
unexpectedly cut interest rates last week. Reports today may show the U.S. economy grew at a
slower rate in the third quarter than first estimated, while consumer confidence probably climbed in
November. The Peoples Bank of China from Nov. 22 lowered the one-year lending rate by 40 basis
points to 5.6 percent and the one-year saving rate 25 basis points to 2.75 percent, and increased the
ceiling for deposit rates. The one-year lending rate will be 5.35 percent in the second quarter of 2015
and the one-year deposit rate will be 2.5 percent, according to the median forecast of economists
Volume
Thousands

YTD %

MSE TOP 5 MOST TRADED

Trade value '000

APU

MONGOLIAN RELATED NEWS

World Bank ready to implement four projects in Mongolia
Member of Parliament and Chairman of the Parliamentary Standing Committee on State Structure,
A.Bakei had a meeting with the World Bank Country Representative for Mongolia, James Anderson,
on November 19, to discuss the banks readiness to implement four projects in Mongolia. Beginning
the meeting, A.Bakei congratulated James Anderson on his reappointment and expressed his
confidence in Andersons success as an experienced individual with considerable experience working
in Mongolia during its economic transition. James Anderson thanked the MP for the reception and
introduced the four World Bank projects for Mongolia, namely the Education Quality Reform Project,
the Third Sustainable Livelihoods Project, the E-Health Project, and the SMART Government Project.
Anderson asked A.Bakei to have the projects ratified by the relevant Standing Committees in the near
future. The MP agreed to Andersons call for his support. The Third Sustainable Livelihoods Project is
the third phase of a project to benefit rural citizens throughout Mongolia with improved local
governance through the implementation of local development funds and to support the further
development of the Governments Soum Program for local economic development. The E-Health
Project will take advantage of Mongolias vast broadband infrastructure to ensure faster access to
more integrated health information systems across the country to benefit healthcare providers,
patients, and hospitals. The Education Quality Reform Project is focused on improving the quality of
education for primary school children in Mongolia, and the SMART Government Project will use
information and communication technology to improve the accessibility, transparency and efficiency
of public services and governance in Mongolia.
http://ubpost.mongolnews.mn/?p=12605

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

1,022

HRM

6,000

4,000

-2.23%

56

4,000

2,000

-2%

-1%

0%

June-14

May-14

April-14

March-14

January-14

October-13

August-13

July-13

June-13

February-14

-3%

December-13

1,500

November-13

1,000

May-13

-0.80%
500

September-13

April-13

54

0
March-13

JTB

2,000

0
January-13

0.00%

851

February-13

EER

25 November 2014

MONGOLIAN RELATED COMPANIES

Name

Sym

Currency

Last

30 day graphic

Chg day %

YTD %

Trade value 000 Market cap mln

52w high
USD
USD/

52w low

Currency
cross

Turquoise Hill

TRQ US Equity

USD

3.480

-3.06

5.45

13,198.8

7,002.80

4.36

2.93

1.00

Centerra Gold

CG CN Equity

CAD

5.750

-1.71

33.10

2,986.4

1,204.31

6.90

2.98

1.13

MMC

975 HK Equity

HKD

0.660

0.00

-35.92

269.4

315.27

1.39

0.48

7.76

Denison Mines Corp

DML CN Equity

CAD

1.260

-5.26

-2.33

2,178.2

564.57

1.95

1.02

1.13

Winsway Coking Coal Holdings Ltd

1733 HK Equity

HKD

0.335

0.00

-31.63

265.1

162.97

0.58

0.31

7.76

276 HK Equity

HKD

0.173

0.00

#N/A N/A

302.3

#VALUE!

#N/A N/A

#N/A N/A

7.76

1878 HK Equity

HKD

3.820

0.00

-44.48

61.7

95.74

9.46

3.78

7.76

CAML LN Equity

GBp

160.500

3.55

13.83

2,186.5

280.39

190.00

141.00

0.64

402 HK Equity

HKD

0.285

0.00

-1.72

680.5

246.25

0.38

0.16

7.76

YAK CN Equity

CAD

1.140

-6.56

-49.78

76.7

35.20

3.07

1.12

1.13

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

61 HK Equity

HKD

0.147

0.00

-19.23

43.6

114.38

0.21

0.10

7.76

Guildford Coal Ltd

GUF AU Equity

AUD

0.041

-8.89

-50.52

3.4

32.34

0.11

0.04

1.16

Origo Partners PLC

OPP LN Equity

GBp

7.188

0.00

-2.54

55.8

40.23

8.25

6.63

0.64

Entree Gold Inc

ETG CN Equity

CAD

0.240

-7.69

-22.58

1.8

31.25

0.52

0.21

1.13

Aspire Mining Ltd

AKM AU Equity

AUD

0.038

-2.56

-32.14

1.1

22.98

0.07

0.03

1.16

Prophecy Coal Corp

PCY CN Equity

CAD

0.060

0.00

-25.00

16.9

13.39

0.11

0.04

1.13

FeOre Ltd

FEO AU Equity

AUD

0.025

0.00

-39.02

0.6

11.37

0.08

0.03

1.16

MATD LN Equity

GBp

2.750

-12.00

-26.67

325.1

12.06

11.50

2.00

0.64

Xanadu Mines Ltd

XAM AU Equity

AUD

0.120

4.35

140.00

0.3

25.12

0.18

0.03

1.16

Haranga Resources Ltd

HAR AU Equity

AUD

0.017

0.00

-72.58

0.8

3.53

0.09

0.01

1.16

WOF AU Equity

AUD

0.045

0.00

-35.71

9.0

11.38

0.09

0.03

1.16

MNAP US Equity

USD

0.075

-6.13

9.64

5.3

12.54

0.17

0.04

1.00

KRI CN Equity

CAD

0.400

2.56

40.35

0.7

24.14

0.45

0.18

1.13

Voyager Resources Ltd

VOR AU Equity

AUD

0.002

0.00

-50.00

0.5

3.01

0.01

0.00

1.16

East Asia Minerals Corp

EAS CN Equity

CAD

0.015

0.00

-62.50

0.3

1.42

0.11

0.02

1.16

Erdene Resource Development Corp

ERD CN Equity

CAD

0.110

15.79

-21.43

1.5

7.46

0.26

0.08

1.13

Modun Resources Ltd

MOU AU Equity

AUD

0.003

0.00

-25.00

18.2

4.58

0.01

0.00

1.16

Kincora Copper Ltd

KCC CN Equity

CAD

0.025

0.00

0.00

0.4

6.86

0.09

0.02

1.13

General Mining Corp Ltd

GMM AU Equity

AUD

0.007

0.00

-58.82

1.3

0.81

0.02

0.01

1.16

Draig Resources Ltd

DRG AU Equity

AUD

0.018

0.00

-48.57

0.2

1.03

0.04

0.01

1.16

Newera Resouces Ltd

NRU AU Equity

AUD

0.001

0.00

-83.33

1.3

1.01

0.01

0.00

1.16

BDI AU Equity

AUD

0.002

0.00

50.00

1.3

1.92

0.00

0.00

1.16

Petro Matad Ltd

Wolf Petroleum Ltd

Manas Petroleum Corp
Khan Resources Inc.

Blina Minerals NL

Source: Bloomberg
MONGOLIAN STOCK MARKET
22 November 2014

18

JSC's

TOP20 index

was

14,849.49

Company name

Trade volume

Trade value
'000

13,178

shares

worth

Change day

Last

Chg day

Chg day %

946.72

mln

MNT

0.10%

YTD

-8.91%

Buy
volume

Buy price

Sell price

have

Sell volume

HBO

10,000

5,100

510

-85

-14.26%

250

370

599

RMC

1,000

100

100

2.33%

2312

95

100

20040

JTB

645

54

84.35

-1

-0.80%

4333

84

86

1780

EER

362

851

2350

0.00%

2389

10

HRM

322

56

175

-4

-2.23%

56

170

184

150

APU

280

1,022

3650

0.00%

3610

3650

452

BAN

172

619

3600

0.00%

50

3250

3600

165

ETR

100

10

100

10

11.11%

500

89

100

6161

TCK

92

1,702

18500

0.00%

18500

19000

MRX

51

99

0.00%

99

4740

MIE

50

850

17000

0.00%

24

17000

17500

41

NXE

30

48

1590

-10

-0.63%

1590

SHV

20

114

5700

300

5.56%

46

5400

5700

10

ECV

20

80

4000

0.00%

14

4000

ATR

15

1,020

68000

0.00%

68000

12

NEH

12

203

16900

200

1.20%

50

16500

16900

30

TAV

150

30000

-500

-1.64%

21000

30500

12

TSA

16

7800

-200

-2.50%

7800

18

been

traded.

25 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 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
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
3650 for you of the securities/transactions before investing
independently determine, with your own advisors, the appropriateness
or transacting.