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01878 SOUTHGOBI
RTNominal unchange5.940 0.000 (0.000%)
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15/08/2012 10:53

[I-bank focus]UOBKH chops SouthGobi (01878) TP to HK$30

UOB Kay Hian more than halved its target price for
SouthGobi Energy Resources (01878) to HK$30 from HK$66, and maintained its "hold" call.
SouthGobi thinks it will not able to resume production until end-3Q. Management has not
provided any estimate or guidance for 4Q.
Mineral Resources Authority of Mongolia (MRAM) earlier announced its intention to
suspend certain mining and exploration licences of SouthGobi, following Chalco's (02600)
acquisition proposal.
Since then, SouthGobi has faced hostility from the Mongolian government. Many government
bodies and regulator authorities are reluctant to provide approvals and permits.
UOBKH thus cut 2012 and 2013 net profit estimates from US$4m and US$34m to a loss of
US$41m and US$17m due to production suspension in 3Q, lower ASP and delayed production
ramp-up. (KL)

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