Daily Report

Mongolian Economic Indicators

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

Date
3/31/2016
3/31/2016
4/30/2016
3/31/2016
5/5/2016
3/31/2016
12/31/2015

Last
4,706
2,938
2.1
1,168.3
10.50
98.70
8.30

%YoY
2.00
3.10
-77.17
-2.16
-2.50
15.98
7.80

FX Market
Currency
USD/MNT
CNY/MNT
RUB/MNT
EUR/MNT
JPY/MNT
EUR/USD
USD/JPY

Last
2,005.75
307.56
30.91
2,269.55
18.40
1.1315
109.03

Debt Markets
Bonds - Coupon
DBM bond - 5.75
DBM bond - 1.52 samurai
Mongol 2018 - 4.125
Mongol 2022 - 5.125
Mongol 2018 - 7.5 dim sum
Mongol 2021- 10.875
TDBM 2017 - 10 dim sum
TDBM bond - 9.375
MMC bond - 8.875

Amt.
issued mln
USD
580
275
500
1,000
153
500
107
500
600

%DoD
0.39
0.46
0.35
0.44
0.38
-0.05
0.00

MSE - TOP 20
DJIA
S&P 500
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
MICEX/ Moscow Index 50
Shanghai Composite Index
Bloomberg/Asia Pacific. World

Country

98.50
104.35
95.54
80.41
90.05
103.46
98.89
94.38
19.88

MN
US
US
US
UK
AUS
CN
RUS
RUS
ASIA

Last
11,164.44
17,710.71
2,066.66
13,893.49
6,151.40
5,385.70
19,898.97
1,915.33
2,847.33
166.38

Commodity Prices
Commodity
Copper Spot /LME
Oil
Gold Spot /LME
Silver Spot /LME
Iron Ore 58%/Tianjin
Prime Coking Coal/China Import
Prime Coking Coal China Import
from Mongolia price

USD
4,649.50
48.16
1,278.80
17.24
USD
59.58
63.00

%MoM

0.24
0.03
-0.66
0.12
0.55
0.05
-0.37

Last

World Indices
Index

%WoW

-0.61
0.08
-2.52
-0.63
-0.43
0.02
-0.19

Yield

Maturity
date

7.615
0.900
6.807
9.058
12.513
9.849
11.166
11.157
325.736

3/21/2017
12/25/2023
1/5/2018
12/5/2022
6/30/2018
4/6/2021
1/21/2017
5/19/2020
3/29/2017

Performance
%DoD
YTD%
0.23
-13.44
1.00
1.64
0.98
1.11
1.05
6.79
0.21
-1.46
0.50
1.70
0.08
-9.20
0.43
8.74
-0.12
-19.55
0.17
-8.67

Performance
%DoD
YTD%
0.29
-1.20
0.92
30.02
0.36
20.52
0.60
24.52
%MoM
YTD%
7.31
50.45
-5.97
1.61

32.00

0.00
Coal/China
Import

Iron ore
Coal/China Import
from Mongolia

Copper

Gold

Oil

Source: Bloomberg Finance L.P.

-8.57

NEWS & UPDATES

5/17/2016

News
New international airport in Khushigt Valley to have access to railway
Minister of Transportation approved to connect "BogdKhan" railway project to the
new international airport to be built in Khushigt Valley. "BogdKhan" railway
project is financed by Asian Development Bank.

BloombergTV Mongolia
Gold export rose 26% as April, 2016
According to data from National Statistics Office, copper concentrate export rose
34% in size to 557,500 tons but declined 4.5% in amount to US$637.3 million.
Gold export increased by 0.9t to 4.3t and total proceeds increased 26% to
US$167.9 million. Coal export decreased 20% to 5Mt.

http://www.mongolianminingjournal.com/content/63049.shtml
SouthGobi Resources announces Q1'16 financial and operating results
Q1 revenue of Southgobi Resouces Limited (HKEx:1878) rose 8 times to US$12.7
million compared to year earlier. Net loss declined 34% to US$15.4 million vs. net
loss of US$23.3 million in Q1'15. The company sold 0.88Mt coal in Q1'16 vs
0.18Mt in Q1'15. Coal production decreased 40% to 0.37Mt vs. 0.62Mt year
earlier. As of May 16, 2016, the company had cash of US$0.8 million.

Southgobi Resources News Releases

Turquoise Hill signs deferral letter agreement with Southgobi Resources
On May 16, 2016, Turquoise Hill Resources Ltd. signed a deferral letter
agreement with Southgobi Resources, in which Turquoise Hill agreed to a limited
and circumscribed deferral of repayment of all remaining amounts owing under
the Turquoise Hill shareholder loan to December 29, 2017. The Company has
agreed to repay $0.15 million per month starting on May 31, 2016 and ending on
April 28, 2017; $0.2 million per month starting on May 31, 2017 and ending on
December 29, 2017, at which time all remaining obligations will become due.
Southgobi Resources News Releases
World news
Berkshires $1 Billion Apple Bet Suggests Faith in Product Pipeline
Warren Buffetts Berkshire Hathaway Inc. is betting $1.1 billion on the Apple Inc.
Even after Apple warned that the sales decline it experienced in the fiscal second
quarter would continue in the subsequent three months, there are just two
analysts among the 50 monitored by Bloomberg who recommend selling the
stock. While the average 12-month target price has fallen from last Julys peak, it
remains at $124.60, about 33 percent above current levels. The gamble hints at
Berkshires confidence in Apples ability to create new products that reignite
revenue growth.
http://www.bloomberg.com/news/articles/2016-05-16/buffett-s-berkshirediscloses-9-81-million-share-stake-in-apple

17 May 2016

MONGOLIA RELATED COMPANIES

Company Name

Rio Tinto
Banpu
Turquoise Hill Resources
Areva
Mongolian Mining Corporation
Centerra Gold
SouthGobi Resources
Mongolia Energy Corporation
Denison Mines
Genie Energy
Central Asia Metals
Entre Gold
Xanadu Mines
Guildford coal / Terra Energy
Khan Resources
Aspire Mining
Prophecy Coal
Petro Matad Ltd
Mongolia Growth Group Ltd
Erdene Resources Development
General Mining Corp Ltd
Kincora Copper
Haranga Resources
Wolf Petroleum
Viking Mines
Parmelia Resources
Altan Rio Minerals
Eumeralla Resources
Draig Resources

Closing
Price

29.020
12.900
2.810
3.980
0.101
7.720
1.550
0.175
0.502
7.790
161.500
0.345
0.230
0.004
0.659
0.006
0.020
3.375
0.420
0.500
0.580
0.030
0.002
0.007
0.018
0.068
0.020
0.026
0.024

Currency

%DoD

USD
THB
USD
EUR
HKD
CAD
HKD
HKD
USD
USD
GBp
USD
AUD
AUD
USD
AUD
CAD
GBp
CAD
CAD
AUD
CAD
AUD
AUD
AUD
AUD
CAD
AUD
AUD

2.58
-1.53
-0.35
-0.25
-2.88
2.25
-3.16
5.14
0.48
0.39
-2.86
3.08
2.22
0.00
0.00
0.00
0.00
-6.90
3.70
0.00
-5.69
0.00
0.00
0.00
0.00
-1.47
0.00
0.00
0.00

YTD %

-0.34
6.40
10.63
-26.62
-42.29
17.15
-35.42
3.95
0.88
-29.08
5.30
46.22
109.09
-42.86
164.42
-25.00
-42.86
8.00
23.53
212.50
127.45
50.00
-50.00
0.00
12.50
48.89
100.00
16.87
-3.21

Daily Traded
value USD

105,352,100
4,971,536
7,923,702
17,164
35,126
9,081,451
20
4,175
172,747
204,945
22,515
28,793
8,817
8,748
125,602
697
1,211
0
0
145,600
571,082
3,508
147
2,642
2,708
155
2,423
1,761

Traded
Volume Day

3,607,588
13,610,700
2,757,711
3,802
2,636,000
1,172,710
100
177,000
348,599
26,199
9,473
84,120
53,109
2,980,227
189,900
170,000
78,000
1,453,507
12,500
371,350
1,292,872
134,000
100,000
200,000
55,000
10,000
127,000
100,000

Avg. 5 day traded

volume

4,786,431
44,093,440
2,502,411
22,600
12,821,313
1,109,573
14,800
58,660
252,777
43,848
29,693
107,870
131,557
1,708,013
47,400
57,440
318,902
3,754,067
34,963
1,248,991
862,259
25,859
46,121
97,215
2,000
812

Market cap
mln USD

54,126.79
1,412.44
5,654.60
1,725.87
120.52
1,868.31
51.45
42.35
260.46
191.87
261.03
52.60
75.39
7.05
55.44
4.09
5.67
14.04
21.57
44.57
132.67
7.31
0.57
0.00
3.29
5.91
1.38
1.89
1.88

52w high

46.160
21.217
4.740
9.350
0.560
8.670
6.830
0.640
0.922
14.748
195.000
0.509
0.250
0.042
0.663
0.026
0.075
9.875
1.120
0.550
0.735
0.040
0.020
0.024
0.028
0.098
0.030
0.037
0.035

52w low

21.885
10.911
1.550
3.260
0.026
5.510
1.240
0.107
0.350
6.271
121.250
0.170
0.073
0.002
0.237
0.005
0.010
1.875
0.330
0.110
0.038
0.015
0.002
0.004
0.008
0.020
0.010
0.019
0.015

Industry
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Electrical Equipment
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Electric Utilities
Metals & Mining
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Real Estate Management
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining

Source: Bloomberg

MONGOLIAN STOCK MARKET - MSE TOP 20 INDEX

Company name

MSE TOP 20 Index

APU JSC
Arig Gal JSC
Baganuur JSC
Bayangol Hotel JSC
BDSec JSC
Hermes Center JSC
Gobi JSC
Darkhan Nekhii JSC
Jenco Tour Bureau
Makh Impex
Merex JSC
Tavan Tolgoi JSC
Talkh Chikher JSC
UB-BUK JSC
State Department Store JSC
HB Oil JSC
Khukh Gan JSC
Sharyn Gol JSC
Shivee Ovoo JSC
E- Trans Logistics JSC

Closing
Price
MNT

11,139
3,853
2,194
2,935
37,500
1,550
115
7,500
15,100
72
2,350
70
1,390
17,000
29,980
500
336
56
3,500
3,180
90

%DoD

-0.17
-2.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.20
0.00
0.00
5.71
6.00
0.00

16/05/2016

%YTD

Last Traded
date

Daily Traded
value USD

-13.44
-0.03
-6.64
18.83
-21.88
-20.06
-6.50
-11.56
-17.26
-4.00
-17.25
-5.41
-52.88
-2.19
-24.29
-5.66
-7.14
-25.33
-9.14
-14.85
-25.00

5/16/2016
5/16/2016
5/11/2016
5/13/2016
5/5/2016
5/12/2016
5/16/2016
5/16/2016
5/13/2016
5/13/2016
5/12/2016
5/16/2016
5/16/2016
5/16/2016
5/12/2016
5/16/2016
4/15/2016
5/12/2016
5/16/2016
5/16/2016
4/15/2016

7,666
5,552
29
875
0
177
602
399
9
24
-

Traded
volume Day

5,581
2,890
500
234
10
256
71
1,600
5
15
-

Avg. 5 day value

USD

11,738
2,181
395
71
10
2
112
86
30
12
17
54
-

Market Cap
USD

352,438,365
144,260,547
3,805,872
30,691,635
10,082,267
5,090,659
29,170,354
10,196,366
3,589,680
6,063,720
36,497,384
8,676,530
19,675,558
9,175,583
2,828,759
17,853,602
20,070,948
-

52w
high MNT

52w low
MNT

15,862
4,040
2,700
3,310
52,000
2,000
149
12,000
24,040
100
3,650
93
4,350
21,000
40,200
885
500
145
8,600
5,870
130

10,485
3,252
1,900
1,350
37,500
1,300
105
7,500
15,100
65
2,350
68
100
15,000
25,000
453
330
55
2,000
2,190
86

Industry
MSE Top 20 Index
Beverages-Wine/Spirits
Wool
Coal
Hotels&Motels
Finance-Invest Bnkr/Brkr
Retail-Misc/Diversified
Apparel Manufacturers
Apparel Manufacturers
Travel Services
Food-Meat Products
Bldg Prod-Cement/Aggreg
Coal
Food-Baking
Bldg Prod-Cement/Aggreg
Retail-Misc/Diversified
Oil Refining&Marketing
Metal-Diversified
Coal
Coal
Transport-Services

Source: Bloomberg
Gainers:
Shivee Ovoo JSC
Sharyn Gol JSC
Losers:
Petro Matad Ltd
General Mining Corp Ltd

%
6.00
5.71

-6.90
-5.69

Latest News:
Q1'16 revenue rose 17.4% vs Q1'15
2015 coal production: 758,500t

Shell to exit Block IV and Block V production

Requests for trading halt due to announcement regarding Mt. Cattlin

17 May 2016

Golomt Securities LLC

Golomt Securities LLC provides timely and efficient execution of domestic and global securities transactions while concurrent ly providing
insightful advisory service based upon our unique proprietary research and analysis.
We have a physical seat on the Mongolian Stock Exchange (MSE) as well as trade access to all major international stock exchan ges and
over-the-counter markets through our longstanding correspondent relationships with many of the world's leading banking instituti ons.
Our services offer the most comprehensive financial solutions to investors and companies seeking financing by taking a holist ic approach
that combines the strength of Golomt Bank's investment banking services and market research expertise as well as Golomt Secur ities LLC's
state of the art trade execution capabilities and superior service standards.
Contact
606B Central Tower
Great Chinggis Khaan's Square,
Ulaanbaatar 14200
Mongolia
Phone: +976-70121530
Fax:
+976-70121529
E-mail: info@golomtsecurities.com
Website: www.golomtsecurities.com
Find us on Bloomberg: GLM <GO>
Disclaimer
This document has been prepared by the Golomt Securities LLC for information purpose only. The views expressed are the 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 material, including information sourced from or
attributed to Golomt Securities LLC, 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 determine, with your own advisors, the appropriateness for you of the securities/transactions before investing or transacting.