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00975 MONGOL MINING
RTNominal up7.900 +0.450 (+6.040%)
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22/07/2013 17:41

[I-bank focus]StanChart cuts MMC (00975) to HK$0.94

[ET Net News Agency, 22 July 2013] Standard Chartered trimmed its target price for
Mongolian Mining Corp (MMC)(00975) to HK$0.94 from HK$2.26, and downgraded the stock to
"underperform" from "in-line".
The bank thinks MMC's 40% share price rally in mid-July was unwarranted. It expects a
wider loss in 2013/14, after adjusting for lower prices and wash yields. Management guided
a weak 3Q 2013 price (at RMB550/t) and its wash yield in 1H 2013 was disappointing at 45%.
Despite positive operational developments, such as the completion of a third washing
plant, MMC's high operating and financial leverages continue to drag its profitability,
StanChart added. (KL)

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