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
12/31/2015
12/31/2015
3/31/2016
3/31/2016
5/5/2016
3/31/2016
12/31/2015

Last
6,023
4,300
1.7
1,168.3
10.50
98.70
8.30

%YoY
6.30
2.70
-81.72
-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
2,020.00
310.23
30.81
2,301.34
18.79
1.1391
107.52

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
279
500
1,000
154
500
108
500
600

%DoD

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
104.24
93.97
78.32
87.38
101.61
98.30
93.80
18.68

MN
US
US
US
UK
AUS
CN
RUS
RUS
ASIA

Last
10,600.89
17,740.63
2,057.14
13,701.47
6,125.70
5,292.70
20,109.87
1,901.56
2,913.25
167.85

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
4,825.50
45.54
1,285.80
17.43
USD
59.58
63.00

%MoM

-0.10
0.13
-0.73
0.01
0.29
-0.11
-0.37

Last

World Indices
Index

%WoW

-0.10
0.13
-0.73
0.01
0.29
-0.11
-0.37

-0.02
0.84
-1.60
0.17
-0.37
-0.15
0.39

Yield

Maturity
date

7.569
0.917
7.809
9.535
13.978
10.338
12.084
11.337
331.471

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%
0.02
-17.81
0.45
1.81
0.32
0.65
0.51
5.32
0.14
-1.87
0.01
-0.06
-1.66
-8.23
-0.26
7.96
-2.82
-17.69
0.20
-7.86

Performance
%DoD
YTD%
0.48
2.54
1.97
22.95
-0.25
21.18
-0.25
25.86
%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

5/9/2016

News
Rio Tinto approves development of Oyu Tolgoi underground mine
Rio Tinto approved the Oyu Tolgoi underground mine. The development of the
underground mine will start in mid-2016 following the approval of a $5.3 billion
investment by the partners and the recent granting of all necessary permits. First
production is expected in 2020. When the underground is fully ramped up in
2027, Oyu Tolgoi is expected to produce more than 500,000 tonnes of copper a
year vs current annual production of 175,000-200,000 tonnes.

http://www.riotinto.com/media/media-releases-237_17323.aspx
Turquoise Hill Resources: 2016 feasibility study approved
Turquoise Hill Resources announced that Oyu Tolgoi has received the formal
notice to proceed approval by the boards of Turquoise Hill, Rio Tinto and Oyu
Tolgoi LLC respectively, which was the final requirement for the re-start of
underground development. As part of that process, the 2016 Oyu Tolgoi
Feasibility Study has been completed. Underground construction is expected to
begin in mid-2016. After-tax internal rate of return of 18% assuming long-term
copper and gold prices of $2.86 per pound and $1,201 per ounce respectively.
Turquoise Hill Resources Ltd. News Releases
Mongolia to build first highway
"China Tie-siju Civil Engineering" Group is selected as the company to build
Mongolia's first-ever 32km highway from Ulaanbaatar to International Airport in
Khushigtiin Khundii that is expected to be completed in 2017. The highway will be
completed in 36 months by July, 2018.
BloombergTV Mongolia
"Suu" JSC: Q1'16 revenue reached MNT10.1 billion
"Suu" JSC reported revenue of MNT10.06 billion and net income of MNT118.5
million in Q1'16. Moreover, the company introduced "Finpac" packaging and as a
result, the company's products are retailed MNT100-350 cheaper than peer
companies.
http://www.marketinfo.mn/news/detail/678
World news
China Reserves, Exports Show Signs of Stability as Growth Slows
China reported a modest stabilization in exports this weekend as the value of the
currency decreased, as well as the first back-to-back gain in foreign reserves in
almost two years, suggesting the economy is steadying amid slowing growth. The
worlds largest currency hoard rose $7.089 billion to $3.22 trillion in April, the
Peoples Bank of China said Saturday. Overseas shipments rose 4.1 percent in
yuan terms from a year earlier yet fell 1.8 percent in dollar terms, the customs
administration said Sunday. Imports slumped 10.9 percent in dollars to leave a
trade surplus of $45.6 billion.
http://www.bloomberg.com/news/articles/2016-05-08/china-reserves-exportsshow-signs-of-stability-as-growth-slows

9 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

30.900
12.400
2.890
4.360
0.097
7.500
1.800
0.198
0.532
8.040
168.000
0.336
0.245
0.004
0.598
0.006
0.020
4.125
0.420
0.300
0.625
0.030
0.003
0.007
0.019
0.080
0.015
0.026
0.023

Currency

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

%DoD

1.31
-0.80
8.24
-0.89
0.00
4.46
-3.16
0.00
2.37
6.77
-1.75
-1.15
2.08
25.00
-1.87
0.00
0.00
-10.81
-4.55
0.00
8.70
0.00
0.00
0.00
0.00
-1.25
0.00
0.00
0.00

YTD %

6.11
2.28
13.78
-19.62
-44.57
13.81
-25.00
11.86
6.89
-27.37
9.54
42.49
122.73
-28.57
139.90
-25.00
-42.86
32.00
23.53
106.25
145.10
50.00
-50.00
0.00
18.75
75.56
50.00
16.87
-7.24

Daily Traded
value USD

130,759,800
8,827,480
20,183,480
47,673
8,407,106
7,578,418
133,636
189,018
145,283
491,519
112,576
53,508
38,368
738
26,674
664
3,093
0
0
59,111
723,554
2,201
180
6,082
8,816
999
2,436
764

Traded
Volume Day

4,238,093
24,893,700
7,013,109
9,566
528,079,735
1,006,600
553,950
7,366,500
269,843
62,527
46,122
155,672
209,928
200,000
44,000
150,000
200,000
2,867,456
15,100
241,702
1,632,564
107,439
122,312
416,667
150,000
86,100
127,000
45,000

Avg. 5 day traded

volume

4,781,382
50,285,000
2,539,765
60,599
325,189,536
1,669,399
712,060
5,794,400
588,545
110,747
18,933
226,483
143,290
276,340
28,900
456,800
567,640
7,644,720
5,660
278,241
506,195
17,733
391,667
85,000
5,000
25,400
-

Market cap
mln USD

57,300.52
1,367.94
5,815.59
1,903.15
115.78
1,815.07
59.77
45.59
275.96
198.05
270.60
51.26
80.73
8.86
50.30
4.11
5.65
17.10
21.50
29.31
143.72
7.29
0.58
0.00
3.52
7.00
1.03
1.90
1.81

52w high

47.370
22.164
4.740
9.350
0.560
8.670
6.830
0.640
0.952
14.863
195.000
0.509
0.250
0.042
0.627
0.026
0.075
9.875
1.120
0.330
0.735
0.035
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
6.320
121.250
0.170
0.073
0.004
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

10,599
3,746
2,000
2,232
37,500
1,600
110
7,905
15,120
65
2,378
70
1,540
16,500
25,660
504
336
60
2,301
2,500
90

%DoD

1.10
1.85
0.00
14.87
0.00
0.00
0.00
-0.44
0.13
-7.14
0.00
0.00
-0.65
3.06
0.00
0.80
0.00
0.00
4.55
0.43
0.00

06/05/2016

%YTD

Last Traded
date

Daily Traded
value USD

-17.81
-3.77
-14.89
-9.64
-21.88
-13.15
-10.57
-6.78
-17.15
-13.33
-16.27
-5.41
-47.80
-5.06
-35.20
-4.91
-7.14
-20.00
-40.26
-29.04
-25.00

5/6/2016
5/6/2016
5/2/2016
5/6/2016
5/5/2016
4/19/2016
5/6/2016
5/6/2016
5/6/2016
5/6/2016
5/6/2016
4/25/2016
5/6/2016
5/6/2016
5/6/2016
5/6/2016
4/15/2016
5/6/2016
5/6/2016
5/6/2016
4/15/2016

5,815
968
18
510
384
1,063
11
184
423
1,732
152
63
238
11
59
-

Traded
volume Day

19,738
522
16
9,366
98
142
350
156
555
212
12
251
8,000
10
48
-

Avg. 5 day value

USD

6,882
1,017
3
29
2
52
141
37
40
82
12
9
-

Market Cap
USD

330,343,533
137,873,558
3,444,871
23,175,629
10,011,142
5,054,748
30,528,660
10,124,436
3,217,822
6,020,944
40,150,697
8,361,930
19,536,757
9,183,741
3,009,432
11,654,666
16,607,798
-

52w
high MNT

52w low
MNT

15,862
4,040
2,700
3,310
52,900
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
7,550
15,100
65
2,378
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:
Guildford coal / Terra Energy
Baganuur JSC
Losers:
Petro Matad Ltd
Jenco Tour Bureau

%
25.00
14.87

-10.81
-7.14

Latest News:
Releases Quarterly activities and cash flow report; Q1'16 cash: A$1.5 million
No news

Shell issued an Exit Notice to withdraw from Block IV and V production

No news

9 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.