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00975 MONGOL MINING
RTNominal up8.110 +0.240 (+3.050%)
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24/01/2013 14:19

[I-bank focus]Citi cuts Mongo Mining (00975) TP to HK$4.8

[ET Net News Agency, 24 January 2013] Citigroup lowered its price target for Mongolian
Mining (MMC)(00975) to HK$4.8 from HK$5.2, and maintained its "buy" call.
The research house said MMC's development, from a profitability perspective, has been
slower than expected. Nonetheless, Citi likes MMC's value proposition as a low cost base
load supplier of coking coal to China.
It believes that coking coal prices should firm slowly in 2013, but value in the shares
would be a function of MMC growing and maximizing HCC volumes under the new mine plan and
monetizing improving infrastructure over time. (KL)

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