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Politics and Economy
SME Equipment and Facilities Exempt from Customs Tax and VAT
Mongolian Foreign Exchange Reserves Decrease to Worrying
Level
2013 Budget Performance Submitted to Parliament

Financial Markets
Equity Market Gains 2% W-o-w
MNT Remained Flat
Securities Trading on Foreign Financial Market
Market Value of Companies Decreased

Commodity Markets
Mongolia to Export EUR3 mn Textile Products Annually
Agricultural Exchange Traded Commodities Worth MNT31.6 bn

Corporate News
Mongolia Selects GDF Suez-Led Group to Build 450MW Power
Plant
Kincora Copper Announced its Progress at Bronze Fox Project
Bank of China to Credit US$25 mn to Tuushin Hotel of Mongolia


MSE TOP-20 Index (6 months)

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Total Trading Volume, US$ Top-20 Index
Source: MSE
Mongolia Weekly
June 16-22, 2014

Selected Worldwide Indices
Index
Close
price
Performance
w-o-w YTD
MSE TOP 20 15,420.95 1.68% -5.4%
Silk Road Composite
Index
410.47 1.30% -3.4%
Silk Road Central
Asia Index
433.29 0.79% 1.9%
Silk Road Australia 145.29 -2.69% -13.0%
Silk Road Myanmar
Index
1,451.58 -1.43% -6.2%
Silk Road Mongolia 248.77 2.53% 4.9%
Silk Road Hong Kong 8.24 -3.79% -33.3%
Silk Road Iraq 1,226.19 1.32% -10.8%
Silk Road Iraq Oil
Index
1,444.73 2.12% -9.7%
MSCI FM 685.23 -1.95% 15.3%
MSCI EM 1,043.86 -0.50% 4.1%
Dow Jones 16,947.08 1.02% 2.2%
FTSE 100 6,825.20 0.70% 1.1%
Nikkei 15,349.42 1.67% -5.8%
Hang Seng 23,194.06 -0.54% -0.5%
Shanghai 2,136.73 -1.82% -8.3%
KASE 1,116.99 2.02% 21.7%
RTS 1,358.73 -1.18% -5.8%
Top Movers on MSE
Stock
Close
price,
MNT
Performance
w-o-w YTD
Best performers
Buteelch Uils 692 32.25% 245.8%
Talkh Chikher 19,500 18.18% 40.8%
Khukh Gan 110 15.79% -15.4%
Bayangol Hotel 55,000 5.77% 5.8%
UB Hotel 116,000 5.45% 24.7%

Worst performers
Material Impex 14,500 -6.45% 2.8%
Dornod Khudaldaa 9,100 -12.08% -12.1%
Juulchin Gobi 3,600 -13.25% -19.1%
Mongol Nekhmel 5,300 -14.52% -14.5%
Durvun-Uul 1,110 -14.62% -24.7%
Major Commodities
Commodity Last price
Performance
w-o-w YTD
Copper $/t 6,840.50 2.41% -7.3%
Gold $/oz 1,314.85 2.97% 9.1%
Coal
1
$/t 99.46 -0.72% -13.3%
Iron ore
2
, $/t 101.17 -4.54% -33.8%
Uranium $/lp 35.75 0.00% 0.0%
Crude oil $/bbl 107.26 0.33% 9.0%
MNT vs Major Currencies
Name
Rate
3
,
MNT
MNT app(+) or dep(-)
w-o-w YTD
US$ 1,824.10 0.00% -9.0%
Euro 2,482.69 -0.27% -7.8%
Japanese Yen 17.9 0.06% -11.7%
Chinese Yuan 293 0.26% -6.4%
Russian Rouble 53.1 -0.13% -4.7%

1
Qinhuangdao, Steam Coal
2
China Import Price Qingdao Port
3
Central Bank Rates
Source: Bloomberg, MSE, Eurasia Capital
Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 2
POLITICS AND ECONOMY
SME Equipment and Facilities Exempt from Customs Tax and VAT
According to the UB Post Newspaper, the government has approved the latest list of equipment,
facilities and parts for Small and Medium Enterprises (SME) manufacturing to be exempt from customs
taxes and VAT. Earlier, the government exempted a total of 1,065 types of SME manufacturing
equipments in accordance with resolutions approved in 2009, 2011 and 2012. However, the resolution
eliminated non-manufacturing related products such as televisions, computer monitors, printer ink,
touch screen tablets, and some IT parts brought from overseas, assembled, and sold in Mongolia.
Mongolian Foreign Exchange Reserves Decrease to Worrying Level
Morgan Stanley analysts Desmond Lee and Gaurav Singhal reported that Mongolian foreign exchange
(FX) reserves might have reduced to an anticipated US$1.7 bn by the end of April. Mongolias FX
reserves were at approximately US$2.2 bn at the end of February as reported on the statement of
Central Bank of Mongolia. The analysts highlighted, If the FX reserves stay in decline for a few more
months, Mongolia will come closer to the two-month import cover which is the same point where
Mongolia received International Monetary Fund assistance in 2009. The analysts also pointed out,
When the OyuTolgoi project dispute is not fully resolved and the FX reserves are very low, the
Government of Mongolia will have a hard time getting credit again, said on Bloomberg.

2013 Budget Performance Submitted to Parliament
On June 18, 2014, the Minister of Finance Ch.Ulaan submitted a 2013 budget performance of Mongolia
to the parliament, stated on Montsame News.
- The balanced revenue and aid results of Mongolias master budget reached MNT5,940.1 bn,
showing an increase of MNT1,076.9 bn or 22.1% against the year of 2012.
- The previous year, MNT46.9 bn were placed in the fund for stabilization in accordance with the
law on budgetary stability. The tax-revenue performance reached MNT5,072.8 bn, showing a
performance of 89.3%.
- The performance of non-tax revenue reached MNT863.9 bn, over fulfilled by 120.4% or
MNT146.5 bn. It was mainly due to increases in revenues from interests and fines (MNT70.6 bn),
from oil (MNT25.9 bn), and from own revenues of budgetary organizations.




Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 3
FINANCIAL MARKETS
Equity Market Gains 2% W-o-w
On Friday, the benchmark index
MSE Top-20 added by 2% w-o-w
and ended the week at
15,420.95 with combined
volume of MNT39.6 mn. The
total market volume of the
week for 43 stocks was counted
as MNT85.3 mn, 46% of which
was on the Top-20.
16 companies including 10
members of the Top-20 closed
the week advancing and their
volume was MNT34.6 mn. Talkh
Chikher (TCK) advanced most
adding 18.18% and closed at
MNT19,500. Other major
gainers included Khukh Gan 15.79% to MNT110, Bayangol Hotel (BNG) 5.77% to MNT55,000, UB Hotel
(ULN) 5.45% to MNT116,000, and SUU (SUU) 5.10% to MNT103,000.
The losing group comprised of 14 stocks including 7 of the Top-20 members. Combined volume for them
was MNT37.8 mn. Remicon (RMC) fell 5.63% to MNT151, Baganuur (BAN) declined 4.23% to MNT3,304,
Hotel Mongolia (MSH) tumbled -3.66% to MNT896, BdSec (BDS) plummeted 0.70% to MNT2,680, and
Mongolia Development Resources (MDR) dropped 0.14% to MNT699.
13 stocks remained flat including Shivee Ovoo (SHV), State Department Store (UID), Mogoin Gol (BDL),
Darkhan Nekhii (NEH), and Merex (MRX).
The most actively traded stocks were Berkh Uul with MNT31.1 mn, Apu with NBT14.9 mn, UB Hotel with
MNT7.7 mn, UB BUK with MNT5.8 mn, and Gobi with MNT5.3 mn.
The benchmark index Top-20 has declined by 5% since the beginning of 2014.








MSE Top 20 Index (6 month)

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Total Trading Volume, US$ Top-20 Index
Source: MSE
Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 4
MNT Remained Flat
During the week, the MNT
softly fluctuated gaining and
weakening ever day, for w-o-
w MNT remained stable
against the US$. The official
MNT/US$ currency rate by the
Bank of Mongolia closed at
1,824.10 on Friday, June 20,
2012.
The Bank of Mongolia
informed that on Thursday
currency auction, the BOM
has received bid offer of US$
and CNY from local
commercial banks. The BOM
has sold US$7.5 mn as closing
rate of MNT 1824.00 and CNY43.0 mn as closing rate of MNT 293.00.

On June 19th, 2014, The BOM has received MNT Swap agreement bid offer in equivalent to US$40.0 mn
and US$ Swap agreement ask offer of US$25.0 mn from local commercial banks and accepted all offer.
Securities Trading on Foreign Financial Market
The newly updated financial market law took effect this year and the Financial Regulatory Commission
(FRC) made a statement recently about trading securities in foreign financial markets. In accordance
with the legislative decree No.36.36 of the financial market law, purchasing and brokering securities in
foreign financial markets must be done with the FRCs permission. According to the UB Post Newspaper,
The FRC issued a resolution No.198 and made an amendment to the regulation in order to monitor the
operations that aimed precisely at regulating securities dealing in foreign financial markets.
The FRC stated:
- One has to meet the requirements and conditions of the regulation to purchase or broker
securities, send mandatory materials along with an application to the FRC to obtain permission.
- According to the amendment to the regulation, purchasing or brokering securities in foreign
financial markets without the FRCs permission will result in fines in accordance with the law.





US$-MNT rate (6 months)


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Source: The Bank of Mongolia
Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 5
Market Values of Companies Decreased
The National Statistical Office of Mongolia (NSO) reported:
- As of the first five months of this year, the Mongolian Stock Exchange (MSE) traded 15.8 million
securities, totaling MNT105.8 bn.
- In May, 0.6 million securities of MNT46.6 bn were traded and an average of the TOP-20 index
reached 15,407.7 points, decreased by 368.1 points from the previous month.
- During the May, the market value of securities of share-holding companies registered on the
stock market reached MNT1,516.9 bn, reduced by MNT82.7 bn, which is 5.2 percent lower than
the previous month.
After the resignation of the previous CEO, H.Altai on January, the election process began for a
replacement and the results of the selection of a new MSE CEO have not been officially announced yet.
Analysts say that in this time when the market values of registered companies stay in decline and the
stock market suffers, it is imperative to accelerate the CEO election process and take steps for the
future.








Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 6
COMMODITY MARKETS
Mongolia to Export EUR3 mn Textile Products Annually
Exclusive LLC has signed a
contract with Poland-Turkey joint
company Rubin to supply annually
EUR3 mn worth of apparel, mainly
jackets, reported on the UB Post
Newspaper. The agreement was
signed during the visit of Ilhan
Erden, president of Rubin, and he
agreed to buy the first portion of
textile products in October, 2014. A
Mongolian company is now
becoming an executive company of a foreign brand and products made in Mongolia will be sold in the
international market.

At present, there are around 450 apparel factories operating in Mongolia. Before soft loans from the
Chinggis Bond for equipment and facilities were granted to textile factories since 2012, the Mongolian
textile industry had been operating without any support, the source said.

Agricultural Exchange Traded Commodities Worth MNT31.6 bn
The Agricultural Commodities Exchange of Mongolia conducted trades that worth a total of MNT31.6 bn
in the last 55 weeks, reported on Montsame News. During the period, the exchange conducted trades of
three types of animal-origin commodities - 402.7 ton of cashmere and 250 ton of fiber mill wool.
The price of unprocessed, non-white cashmere stood at MNT762,000 per bale at the end of the last
week, while white cashmere was traded at a price of MNT782,000 per unit.










Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 7
CORPORATE NEWS

Mongolia Selects GDF Suez-Led Group to Build 450MW Power Plant
GDF Suez-Led (GDF) group signed a
concession agreement on June 20, 2014
with the Mongolian government to build a
US$1.2 bn power plant in Ulaanbaatar, as
Mongolia seeks to ease pressure on the
capitals Soviet-era power
infrastructure. GDF, Posco Energy
Corporation, and Mongolias Newcom
Group signed a memorandum of
understanding at the Government House to
build a combined heat and power plant,
which is scheduled for commissioning in
2017. The GDF group beat a bid from a partnership that included Samsung C&T Corp and Korea
Southern Power Corporation in selecting a winner have stretched more than a year as the government
changed the proposed location of the plant, which is now scheduled to be built 15km east of downtown
Ulaanbaatar. According to the concession agreement, the group will fund, construct and operate the
plant for 25 years, sell its power to the central grid, and then transfer the facility to the government,
reported on Bloomberg.

Kincora Copper Announced its Progress at Bronze Fox Project
Toronto-listed Kincora Copper has recently announced its progress at Bronze Fox project in Mongolia.
According to news published at www.proactiveinvestors.com on June 16, 2014, the agreement grants a
third party exclusive rights to carry out due diligence on the copper project ahead of a potential joint
venture, strategic alliance or other transaction. Sam Spring, Kincora's president and chief executive, told
investors, Kincora is the last remaining listed copper junior in Mongolia without a strategic partner and
this is despite Bronze Fox being one of the more advanced copper projects, situated in the Oyu Tolgoi
mineralization structural trend. The company has attracted interest from various existing large-scale
copper producers and welcomes advancing discussions with this particular group as we continue our
ongoing drilling and other exploration activities at Bronze Fox."

Bronze Fox has a mineral footprint of around 40 sq km and lies 140km from Rio Tinto's Oyu Tolgoi mine,
where daily production is targeted of up to 160,000 tons a day. At Bronze Fox, Kincora aims to find
shallow and deep copper-gold porphyry deposits and assess the potential for shallow gold deposits with
a view to the future development of open pit or underground mines.





Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 8
Bank of China to Credit US$25 mn to Tuushin Hotel of Mongolia
Bank of China completed the US$25 mn loan
agreement with Tuushin Hotel on June 13,
2014, which was the first financing to
Mongolia by Bank of China. The Trade and
Development Bank of Mongolia, Golomt
Bank and Xacbank are also involved with the
financing, said on BdSecs website.
The Bank of China expressed its interest to offer its products and services through those banks of
Mongolia in the future. Bank of China established its representative office in Ulaanbaatar in 2013.

































Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 9
EURASIA CAPITAL RATINGS
MSE TOP-20 Companies (June 16-20, 2014)
Name Symbol
Eurasia Capital
Rating
Price Market Cap Performance EPS PE PB
MNT MNTmn US$mn 1W chg y-t-d 2013 2013 2013
APU APU UNDER REVIEW 3,600 267,436 146.6 0.53% -11.5% 54 66.5 3.2
Tavan Tolgoi TTL UNDER REVIEW 4,978 262,167 143.7 0.16% -17.8% 1,193 4.2 2.8
Sharyn Gol SHG UNDER REVIEW 7,400 75,712 41.5 4.23% -3.9% 113 65.4 2.0
Shivee Ovoo SHV UNDER REVIEW 5,300 71,121 39.0 0.00% -31.2% N/A N/A N/A
Baganuur BAN UNDER REVIEW 3,304 69,299 38.0 -4.23% -28.9% -437 -7.6 -1.3
Gobi GOV UNDER REVIEW 7,750 60,459 33.1 2.58% 40.1% 910 8.5 1.4
UB Hotel ULN UNDER REVIEW 116,000 38,894 21.3 5.45% 24.7% 8,278 14.0 2.9
Mongolian Telecom MCH UNDER REVIEW 1,460 37,771 20.7 0.83% -2.6% N/A N/A N/A
Suu SUU UNDER REVIEW 103,000 35,432 19.4 5.10% 15.1% 6,767 15.2 2.0
BDSec BDS UNDER REVIEW 2,680 29,480 16.2 -0.70% 11.7% 26 102.4 3.3
Bayangol Hotel BNG UNDER REVIEW 55,000 23,269 12.8 5.77% 5.8% 8,151 6.7 0.8
Talkh Chikher TCK UNDER REVIEW 19,500 19,962 10.9 18.18% 40.8% 2,178 9.0 1.0
State Department Store UID UNDER REVIEW 530 19,508 10.7 0.00% -3.5% -22 -23.9 -20.8
Mogoin Gol BDL UNDER REVIEW 15,000 12,444 6.8 0.00% -4.9% 41 369.9 8.4
Remicon RMC UNDER REVIEW 151 11,881 6.5 -5.63% -10.1% 0 482.5 1.5
Khukh Gan HGN UNDER REVIEW 110 11,145 6.1 15.79% -15.4% -3 -34.4 2.9
Silikat SIL UNDER REVIEW 225 10,425 5.7 0.00% -2.2% 0 2,840.1 2.8
Mongolia Development
Resources
MDR UNDER REVIEW 699 9,611 5.3 -0.14% -6.6% 14 48.3 0.6
Genco Tour Bureau JTB UNDER REVIEW 87 9,559 5.2 -0.11% -2.4% -2 -39.3 1.1
Hotel Mongolia MSH UNDER REVIEW 896 8,960 4.9 -3.66% -5.7% -19 -46.9 2.9
Source: MSE, Eurasia Capital Estimates

Selected 5 Non-MSE TOP-20 Member Largest Companies (June 16-20, 2014)

Name Symbol
Eurasia Capital
Rating
Price Market Cap Performance EPS PE PB
MNT MNTmn US$mn 1W chg y-t-d 2013 2013 2013
Berkh Uul BEU UNDER REVIEW 3,200 60,999 33.4 -5.88% -28.7% -276 -15.4 -11.1
Darkhan Nekhii NEH UNDER REVIEW 15,600 17,245 9.5 0.00% 35.7% 1,873 8.3 0.6
Makh Impex MMX UNDER REVIEW 3,000 11,402 6.3 -2.60% 20.3% 502 6.0 6.3
Eermel EER UNDER REVIEW 2,101 7,310 4.0 3.40% -24.9% 190 10.8 0.6
Aduunchuluun ADL UNDER REVIEW 1,800 5,672 3.1 4.59% -10.0% 169 10.5 0.6
Source: MSE, Eurasia Capital Estimates
*Note: These PE and PB ratios are not meaningful, in our view.
Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 10
ECONOMIC PERFORMANCE
Indicator 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Population and income
Population, mn 2.53 2.56 2.59 2.63 2.68 2.74 2.76 2.81 2.87 2.93
GDP per capita, US$ 720 905 1,327 1,620 2,108 1,688 2,267 3,045 3,575 3,610
National accounts
Nominal GDP, MNTbn 2,152 2,780 3,715 4,599.5 6,555 6,591 8,415 10,830 13,944 17,550
Nominal GDP, US$bn 1.8 2.3 3.2 3.9 5.1 4.6 6.6 8.6 10.3 10.6
Real GDP growth, y-o-y, % 10.6 7.2 8.6 10.2 8.9 -1.3 6.4 17.3 12.3 11.7
Monetary indicators and inflation
M2 growth, y-o-y, % 20.4 34.6 34.8 56.3 -5.5 26.9 62.5 37.0 18.8 24.1
CPI, y-o-y, % 11.0 9.2 4.8 14.1 22.1 4.2 13.0 10.2 14.0 12.5
Exchange rate, MNT/US$,
end-year
1,209 1,221 1,165 1,170 1,267 1,443 1,257 1,396 1,392 1,659
International reserves,
US$mn
208 333 718 1,001 657 822 2,000 2,500 4,091 2,309
Government finance
Revenue, % of GDP 33.1 30.1 36.6 40.9 33.1 30.3 37.1 40.6 35.6 33.8
Expenditure, % of GDP 35.0 27.5 28.5 38.0 37.6 35.5 36.6 44.3 43.3 35.2
Budget balance, % of GDP -2.1 3.2 3.9 2.9 -4.5 -5.2 0.5 -3.7 -7.7 -1.4
Balance of payments
Exports, US$mn 869 1,064 1,542 1,948 2,535 1,885 2,909 4,780 4,385 4,273
Imports, US$mn 1,019 1,177 1,435 2,062 3,245 2,138 3,200 6,527 6,739 6,354
Exports, y-o-y, % 41.3 22.4 44.9 26.3 30.1 -25.6 54.3 64.3 -9.0 -2.6
Imports, y-o-y, % 28.8 15.5 21.9 43.7 57.4 -34.1 49.7 104.0 2.1 -5.7
Trade balance, US$mn -150 -113 107 -114 -710 -253 -291 -1,747 -2,354 -2,082
Net FDI, US$mn 92.9 185.3 191.1 360.0 838.5 569.8 1,629.7 4,620.1 3,750.0 2,343
Source: National Statistics Office of Mongolia, the Bank of Mongolia, the IMF, the World Bank, Eurasia Capital. *According to November 2010
Population and Housing Census
Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 11
MSE AND MONGOLIA FOCUSED INTERNATIONAL MINING COMPANY
STOCKS PERFORMANCE SUMMARY

MSE TOP-20 Performance (June 16-20, 2014)
Code Name
Price Performance Market Cap
Daily Turnover
(52Wk Avg) 1Wk turnover
(MNT)
Close
52 Wk
high
52 Wk
low
w-o-w y-t-d MNTmn US$mn MNT US$
90 APU 3,600 4,395 3,230 0.53% -11.5% 267,436 146.6 186,448,725 102,214 14,984,300
458 Tavan Tolgoi 4,978 6,850 2,800 0.16% -17.8% 262,167 143.7 3,178,960 1,743 157,746
309 Sharyn Gol 7,400 9,480 6,900 4.23% -3.9% 75,712 41.5 1,896,447 1,040 232,880
460 Shivee Ovoo 5,300 8,340 4,620 0.00% -31.2% 71,121 39.0 457,736 251 2,638,800
396 Baganuur 3,304 5,010 3,241 -4.23% -28.9% 69,299 38.0 769,661 422 951,036
354 Gobi 7,750 7,750 3,804 2.58% 40.1% 60,459 33.1 1,071,218 587 5,309,350
3 UB Hotel 116,000 122,600 80,000 5.45% 24.7% 38,894 21.3 617,079 338 7,668,000
209 Mongolian Telecom 1,460 1,799 1,001 0.83% -2.6% 37,771 20.7 344,882 189 21,890
135 Suu 103,000 112,000 67,000 5.10% 15.1% 35,432 19.4 1,165,819 639 515,000
522 BDSec 2,680 3,188 2,150 -0.70% 11.7% 29,480 16.2 1,207,489 662 18,760
13 Bayangol Hotel 55,000 61,000 43,000 5.77% 5.8% 23,269 12.8 728,609 399 899,000
22 Talkh Chikher 19,500 19,500 5,250 18.18% 40.8% 19,962 10.9 410,090 225 253,200
484 State Department Store 530 700 395 0.00% -3.5% 19,508 10.7 539,825 296 359,970
444 Mogoin Gol 15,000 20,300 11,050 0.00% -4.9% 12,444 6.8 251,384 138 75,000
530 Remicon 151 196 148 -5.63% -10.1% 11,881 6.5 2,027,203 1,111 1,101,800
532 Khukh Gan 110 149 95 15.79% -15.4% 11,145 6.1 961,144 527 701,160
317 Silikat 225 260 150 0.00% -2.2% 10,425 5.7 11,771,303 6,453 -
524
Mongolia Development
Resources
699 870 500 -0.14% -6.6% 9,611 5.3 232,201 127 3,503,495
521 Genco Tour Bureau 87 96 80 -0.11% -2.4% 9,559 5.2 343,961 189 242,635
517 Hotel Mongolia 896 977 790 -3.66% -5.7% 8,960 4.9 1,856 1 4,480
Source: MSE, Bank of Mongolia, Eurasia Capital


Selected Non-MSE TOP-20 Member Leading Market Cap Companies (June 16-20, 2014)
Code Name
Price Performance Market Cap
Daily Turnover
(52Wk Avg) 1Wk turnover
(MNT)
Close
52 Wk
high
52 Wk
low
w-o-w y-t-d MNTmn US$mn MNT US$
492 Berkh Uul 3,200 6,000 3,145 -5.88% -28.7% 60,999 33.4 238,120 131 31,340,800
71 Darkhan Nekhii 15,600 18,300 6,500 0.00% 35.7% 17,245 9.5 499,106 274 733,200
208 Makh Impex 3,000 3,200 1,640 -2.60% 20.3% 11,402 6.3 366,518 201 170,422
191 Eermel 2,101 2,899 2,010 3.40% -24.9% 7,310 4.0 113,189 62 718,679
461 Aduunchuluun 1,800 2,832 1,650 4.59% -10.0% 5,672 3.1 553,198 303 432,000
Source: MSE, Bank of Mongolia, Eurasia Capital

Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 12
Performance of MSE Stocks Traded (June 16-20, 2014)
Code Name
Price Performance Market Cap
Daily Turnover
(52Wk Avg) 1Wk turnover
(MNT)
Close
52 Wk
high
52 Wk
low
w-o-w y-t-d MNTmn US$mn MNT US$
90 APU 3,600 4,395 3,230 0.53% -11.5% 267,436 146.6 186,448,725 102,214 14,984,300
458 Tavan Tolgoi 4,978 6,850 2,800 0.16% -17.8% 262,167 143.7 3,178,960 1,743 157,746
309 Sharyn Gol 7,400 9,480 6,900 4.23% -3.9% 75,712 41.5 1,896,447 1,040 232,880
460 Shivee Ovoo 5,300 8,340 4,620 0.00% -31.2% 71,121 39.0 457,736 251 2,638,800
396 Baganuur 3,304 5,010 3,241 -4.23% -28.9% 69,299 38.0 769,661 422 951,036
492 Berkh Uul 3,200 6,000 3,145 -5.88% -28.7% 60,999 33.4 238,120 131 31,340,800
354 Gobi 7,750 7,750 3,804 2.58% 40.1% 60,459 33.1 1,071,218 587 5,309,350
195 UB BUK 40,000 57,000 17,700 0.00% 5.3% 45,131 24.7 752,329 412 5,784,000
3 UB Hotel 116,000 122,600 80,000 5.45% 24.7% 38,894 21.3 617,079 338 7,668,000
209 Mongolian Telecom 1,460 1,799 1,001 0.83% -2.6% 37,771 20.7 344,882 189 21,890
135 Suu 103,000 112,000 67,000 5.10% 15.1% 35,432 19.4 1,165,819 639 515,000
522 BDSec 2,680 3,188 2,150 -0.70% 11.7% 29,480 16.2 1,207,489 662 18,760
13 Bayangol Hotel 55,000 61,000 43,000 5.77% 5.8% 23,269 12.8 728,609 399 899,000
22 Talkh Chikher 19,500 19,500 5,250 18.18% 40.8% 19,962 10.9 410,090 225 253,200
379 Material Impex 14,500 17,200 11,500 -6.45% 2.8% 19,839 10.9 1,442,275 791 275,500
484 State Department Store 530 700 395 0.00% -3.5% 19,508 10.7 539,825 296 359,970
71 Darkhan Nekhii 15,600 18,300 6,500 0.00% 35.7% 17,245 9.5 499,106 274 733,200
44 Takhi Co 11,000 11,000 7,000 0.00% 3.5% 13,090 7.2 11,847 6 143,000
444 Mogoin Gol 15,000 20,300 11,050 0.00% -4.9% 12,444 6.8 251,384 138 75,000
528 Hermes 155 190 105 3.33% -4.9% 12,174 6.7 840,283 461 2,480,000
530 Remicon 151 196 148 -5.63% -10.1% 11,881 6.5 2,027,203 1,111 1,101,800
208 Makh Impex 3,000 3,200 1,640 -2.60% 20.3% 11,402 6.3 366,518 201 170,422
532 Khukh Gan 110 149 95 15.79% -15.4% 11,145 6.1 961,144 527 701,160
524
Mongolia Development
Resources
699 870 500 -0.14% -6.6% 9,611 5.3 232,201 127 3,503,495
521 Genco Tour Bureau 87 96 80 -0.11% -2.4% 9,559 5.2 343,961 189 242,635
452 Auto Impex 3,890 3,950 2,665 -0.26% 11.3% 8,999 4.9 23,967 13 38,900
517 Hotel Mongolia 896 977 790 -3.66% -5.7% 8,960 4.9 1,856 1 4,480
191 Eermel 2,101 2,899 2,010 3.40% -24.9% 7,310 4.0 113,189 62 718,679
538 Merex 112 116 106 0.00% - 7,248 4.0 22,909 13 14,830
34 Gazar Suljmel 39,000 45,000 25,500 0.00% 18.2% 7,067 3.9 255,134 140 780,000
461 Aduunchuluun 1,800 2,832 1,650 4.59% -10.0% 5,672 3.1 553,198 303 432,000
537 E-Trans-Logistics 106 125 100 0.00% -6.2% 4,897 2.7 380,161 208 31,800
25 Moninjbar 299 365 190 1.70% 37.2% 4,745 2.6 985,819 540 2,990
531 Naco Tulsh 237 276 199 0.00% 13.4% 2,990 1.6 80,930 44 6,399
2 Mongol Savkhi 1,157 1,399 954 0.09% -13.8% 2,864 1.6 100,625 55 240,656
9 Mongol Nekhmel 5,300 7,225 4,697 -14.52% -14.5% 2,513 1.4 1,045,201 573 15,900
214 Tav 19,500 44,200 19,360 0.00% -51.0% 2,237 1.2 76,378 42 2,223,000
263 Guril Tejeel Bulgan 3,500 6,000 2,000 0.00% -2.9% 1,998 1.1 28,656 16 10,500
376 Khishig Uul 1,020 1,380 852 0.00% 2.0% 886 0.5 47,435 26 44,880
311 Dornod Khudaldaa 9,100 10,350 8,000 -12.08% -12.1% 673 0.4 8,755 5 136,500
21 Durvun-Uul 1,110 1,600 850 -14.62% -24.7% 337 0.2 8,609 5 5,550
61 Juulchin Gobi 3,600 5,000 3,600 -13.25% -19.1% 267 0.1 8,885 5 21,600
239 Buteelch Uils 692 692 174 32.25% 245.8% 132 0.1 7,467 4 8,118

Source: MSE, Bank of Mongolia, Eurasia Capital

Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 13
Silk Road Mongolia Index* Companies Performance (June 16-20, 2014)
Name Symbol Currency
Close
Price
MktCap Price Performance
Daily
Turnover
Multiple
US$mn 52 wk high 52 wk low w-o-w y-t-d % D/3M
MONGOLIA ENERGY CORP LTD 276:HK HKD 0.223 194.38 0.29 0.149 -6.69% -8.23 0.325
NORTH ASIA RESOURCES HOLDING 61:HK HKD 0.119 50.81 0.3 0.103 -1.65% -34.62 0.534
SOLARTECH INTERNATIONAL HOLD 1166:HK HKD 0.106 25.84 0.42 0.1 -10.92% -51.62 0.907
SOUTHGOBI RESOURCES LTD 1878:HK HKD 5.27 127.35 10.78 4.53 3.54% -23.40 0.634
PEACE MAP HOLDING LTD 2953:HK HKD 0.199 170.30 0.48 0.19 -7.44% -31.38 0.177
MONGOLIAN MINING CORP 975:HK HKD 0.53 253.33 2.15 0.52 -5.36% -48.54 0.973
WINSWAY COKING COAL HOLDINGS 1733:HK HKD 0.375 182.54 0.71 0.305 -1.32% -23.47 0.634
APU JSC APU:MO MNT 3600 146.82 4490 3230 0.53% -11.53 0.991
TAVANTOLGOI JSC TTL:MO MNT 4978 143.93 6950 2500 0.16% -17.79 0.010
BAGANUUR JSC BAN:MO MNT 3304 38.05 5200 3234 -4.23% -28.95 0.895
SHIVEE OVOO JSC SHV:MO MNT 5300 39.05 8500 4600 0.00% -31.17 1.718
Mongolian Telecom MCH:MO MNT 1460 20.74 1830 1001 0.83% -2.60 0.027
SHARYN GOL JSC SHG:MO MNT 7400 41.57 9500 6500 4.23% -3.90 0.014
BERKH UUL JSC BEU:MO MNT 3200 33.49 6000 3200 -5.88% -28.73 10.676
TURQUOISE HILL RESOURCES LTD IVN:US USD 3.85 7,747.13 4.7522 2.9527 4.90% 16.67 0.930
ASPIRE MINING LTD AKM:AU AUD 0.039 24.09 0.083 0.031 11.43% -30.36 2.543
PETRO MATAD LTD MATD:LN GBp 3 14.25 11.5 2.625 -7.69% -20.00 0.023
CENTERRA GOLD INC CG:CN CAD 4.67 1,026.27 7.2 2.82 -1.68% 8.10 14.985
EAST ASIA MINERALS CORP EAS:CN CAD 0.035 3.59 0.2 0.03 0.00% -12.50 0.011
ENTREE GOLD INC ETG:CN CAD 0.365 49.79 0.53 0.245 0.00% 17.74 2.003
PROPHECY COAL CORP PCY:CN CAD 0.045 10.43 0.145 0.04 -18.18% -43.75 0.740
ORIGO PARTNERS PLC OPP:LN GBp 7.875 47.78 10.375 6.125 0.00% 6.78 2.706
CENTRAL ASIA METALS PLC CAML:LN GBp 168.25 304.33 190 107 0.15% 19.33 1.975
HARANGA RESOURCES LTD HAR:AU AUD 0.042 9.53 0.1 0.04 5.00% -32.26 0.291
XANADU MINES LTD XAM:AU AUD 0.038 8.61 0.093 0.032 -15.56% -24.00 1.766
ERDENE RESOURCE DEVELOPMENT ERD:CN CAD 0.175 12.19 0.26 0.065 2.94% 25.00 1.546
VOYAGER RESOURCES LTD VOR:AU AUD 0.002 2.91 0.009 0.001 33.33% -50.00 0.074
KINCORA COPPER LTD KCC:CN CAD 0.06 16.96 0.08 0.02 0.00% 140.00 0.682
MONGOLIA GROWTH GROUP LTD YAK:CN CAD 2.5 80.56 3.66 1.71 -0.40% 10.13 0.273
MODUN RESOURCES LTD MOU:AU AUD 0.002 2.39 0.009 0.001 0.00% -50.00 0.046
GUILDFORD COAL LTD GUF:AU AUD 0.06 42.90 0.165 0.055 -9.09% -27.71 0.759
FEORE LTD FEO:AU AUD 0.07 34.76 0.078 0.025 -6.67% 70.73 0.869
Source: Bloomberg, Eurasia Capital

Mongolia Weekly (June 16-22, 2014) June 23 (Monday)
www.eurasiac.com 14
CONTACTS


Research:

Ulziibayar Batbuyan IB, Associate ulziibayar.batbuyan@eurasiac.com
Amgalanbileg Khash-Erdene Analyst amgalanbileg.khasherdene@eurasiac.com
Munkh-Erdene Davaasuren Analyst munkherdene.davaasuren@eurasiac.com


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