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00975 MONGOL MINING
RTNominal up8.280 +0.040 (+0.485%)
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25/03/2013 14:33

[I-bank focus]CS cuts MMC (975) to "underperform" & HK$2.3

[ET Net News Agency, 25 March 2013] Credit Suisse lowered its target price for
Mongolian Mining Corporation (MMC)(00975) to HK$2.3 from HK$3.3, and downgraded the stock
to "underperform" from "neutral".
It noted that MMC's FY2012 net loss was US$3mn, a steep drop from US$119mn NP in FY2011,
mostly due to lower coal prices in 2012.
The research house revised down earnings by 65% and 52% in 2013 and 2014, to reflect
disappointments in MMC's ASP recovery, lower yield ratio followed by higher unit costs,
and the delay of BN mine under current coal prices. (KL)

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