[ET Net News Agency, 31 October 2013] Credit Suisse maintained its target price for
Mongolian Mining Corporation (MMC)(00975) at HK$1.2, but upgraded the stock to "neutral"
from "underperform".
MMC signed two MoUs with Shenhua Group, together with other two Mongolian coal
companies, to collaborate on cross-border railway construction and coal trade for 1 bn
tonnes in 20 years.
Credit Suisse views the cooperation to be positive on MMC's ASP in the long term by
providing more stable procurement for Mongolian coal and cutting cross-border and logistic
costs at the China end via rail facilities.
However, the research house noted that the downside risk remains on MMC's 2013 earnings,
as 9-month HCC sales volume is 63% of the house's FY2013 forecast and that ASP continues
to underperform benchmark prices in 2H due to lock-up sales. (KL)
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00975 MONGOL MINING
Nominal 
10.180 +0.260 (+2.621%) Others
31/10/2013 11:04
[I-bank focus]Credit Suisse ups Mongol Mining to "neutral"
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