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00975 MONGOL MINING
RTNominal up6.960 +0.010 (+0.144%)
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26/07/2013 10:19

[I-bank focus]Daiwa starts MMC (00975) at "sell" & HK$1.1

[ET Net News Agency, 26 July 2013] Daiwa Research initiated coverage of Mongolian
Mining Corp (MMC)(00975) with a "sell" rating, and target price of HK$1.1
The research house does not expect much improvement in MMC's net-profit margin given
the current worse overcapacity coking-coal issue in its only market (China). Hence, it
sees further share-price downside.
Daiwa thinks MMC will have little choice but to cut its ASP further in 2H 2013 to meet
its export volume guidance of 6m tonnes of washed hard coking-coal products. The house
forecast its hard coking-coal ASP to fall to US$95/tonne for 2013-15 from US$108/tonne in
2012. (KL)

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