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01878 SOUTHGOBI
RTNominal down5.800 -0.130 (-2.192%)
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11/11/2011 14:41

[I-bank focus] UOBKH ups SouthGobi (01878) to "hold" & HK$66

UOB Kay Hian upgraded SouthGobi Energy (01878)
to "hold" from "sell" in view of its operational improvement, and raised its target price
to HK$66 from HK$61.
The research house thinks SouthGobi earnings growth in 2012 and 2013 should be driven by
volume growth (up from 4.5mt of raw coal production to 7-8mt in 2012 and 2013) and margin
improvement on selling washed coal.
UOBKH maintained its view that SouthGobi should not turnaround in 2011 on a recurrent
basis (excluding the non-cash item). It cuts 2012 earnings to factor in volume reduction
in 1Q 2012, and raised 2013 earnings forecast by 57% to reflect the margin expansion upon
selling washed coal and volume growth. (KL)

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