Mongolian Mining Corporation (MMC)(00975) to HK$3.3 from HK$3, and upgraded the stock from
"underperform" to "neutral".
The research house revised down its earnings by 64% and 17% for 2012 and 2013, to
reflect MMC's disappointing realised ASP and revised coking coal prices forecasts.
However, it estimated the valuation will be gradually improved by US$800mn capex saving
in 2012-15, if government takes over the railway project from MMC. (KL)