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00975 MONGOL MINING
RTNominal up6.960 +0.010 (+0.144%)
Others

10/08/2012 11:00

[I-bank focus]CS lowers Mongol Mining (00975) to HK$3

Credit Suisse lowered its target price for Mongolian
Mining Corporation (MMC)(00975) to HK$3 from HK$4.7, and downgraded the stock to
"underperform" from "neutral".
The research house revised down its 2012 and 2013 ASP by 20% and 12%, to reflect the
less-than-expected Mongolian HCC and semi-coking coal prices. It said MMC's HCC production
and earnings will plateau in 2014 when thermal coal seams production starts.
Credit Suisse estimated MMC's premium valuation is likely to moderate post its fast 2013
growth. Hence, the hosue also revised down its 2012 and 2013 earnings by 31% and 27%. (KL)

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