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00975 MONGOL MINING
RTNominal up8.570 +0.170 (+2.024%)
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12/03/2014 11:38

[I-bank focus]JP Morgan lowers Mongol Mining (00975) to HK$1

[ET Net News Agency, 12 March 2014] JP Morgan lowered its target price for Mongolian
Mining Corporation (MMC)(00975) to HK$1 from HK$1.5, and maintained its "neutral" call.
The research house said MMC's FY2013 net loss (-US$58m) was wider than expected, driven
by weak coal prices and high finance costs. While the company has made some headway with
cost reduction and debt restructuring, depressed coking coal markets will likely keep net
gearing elevated.
JPM sees limited downside risk with MMC trading at 0.7x P/B, but a challenging market
outlook warrants a caution. (KL)

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