ecmgl weekly dec 30-jan 3 - copy

7/24/2019 ECMGL Weekly Dec 30-Jan 3 - Copy

1/14

ya

www.eurasiac.com

Selected Worldwide Indices

IndexCloseprice

Performanc

w-o-w YT

MSE TOP 2 !"2##.$ 2.%2& -Sil( )oadComposi*e Index +$.'# !.'2& Sil( )oadMon,olia 2'2.+ -.22& -2Sil( )oad on,

on, !!./$ -'.!2& -+Sil( )oad0us*ralia !$"./% .'2& "

Sil( )oad Ira1!'%+.%

2./& !Sil( )oad Ira1 OilIndex

!"2$.+

'.'!& !

Sil( )oadMyanmar Index

!#2".#'

-.!"& -2

Sil( )oad Cen*ral0sia Index

+.!+ !.$&

MSCI 3M #%/.++ !."2&

MSCI EM %$%.+% -!./!& -2

Dow 4ones!"+"%.%

% -.#& -

3TSE ! "$'."$ -.'& -

5i((ei!"2%!.'

! ."%&

an, Sen,22/!$.2

/ -!./'& -2

S6an,6ai 22%.$/ -.##& -!

0SE %!/.! .%2&

)TS !++2.$' -.!/&

Top Movers on MSE

S*oc(ClosepriceM5T

Performanc

w-o-w YT

Best performers

Solon,o Express '#+#22.2+

& $

7u(6u, #2#

!+.%%

& !#

Dar(6an 6u8un '%"#!+.%'

& !+

Mon,ol 5e(6mel "2!+./!

&

S6i8ee O8oo $/!!.+'

& -2'

Worst performers

Mon,olian Telecom !'# -'."+& -%

Dar(6an 6uns # -'./#& 2+"

7er(6 9ul +2%% -+.+$& -2/

7ayan 0ldar !#

-!!.$"

& -'$

6an,al !!#

-

!#.& -!"

Major Commodities

Commodi*y:as*price

Performanc

w-o-w YT

Copper ;


2/14

Mongolia Weekly '+ecem,er -%. $%/-#0anuary 1. $%/2*4anuary " @MondayB

"3ITICS 4N+ EC"N"M5

Major 6ig)lig)t Events of $%/-

/7 Ts7El,egdorj re#elected

T6e six*6 Presiden*ial elec*ion ran on 4une 2" 2!' wi*6 *6ree candida*es from *6e

Democra*ic Par*y @DPB *6e Mon,olian PeopleGs Par*y @MPPB and *6e Mon,olian

PeopleGs )e8olu*ionary Par*y @MP)PB. 0s a resul* *6e DP nominee Ts.El?e,dor won

*6e elec*ion wi*6 #.2'& of *6e *o*al 8o*es. T6e elec*ion was special ?ecause a

woman candida*e s*ood for *6e presiden*ial elec*ion for *6e Hrs* *ime in our 6is*ory.

$7 World democracy discussed in 8laan,aatar

3rom 0pril 2$ *o 0pril 2% 2!' Mon,olia successfully or,ani>ed *6e se8en*6

Minis*erial Conference of *6e Communi*y of Democracies @CoDB in 9laan?aa*ar

?rin,in, almos* !' dele,a*es from ! coun*ries.

-7 Strategic partners)ip relations wit) C)ina and 0apan

T6e Prime Minis*er of Mon,olia 5.0l*an(6uya, paid an ocial 8isi*s *o 4apan onSep*em?er !!-!+ 2!' and C6ina on Oc*o?er 22-2". Durin, 6is 8isi* in 4apan 6e

si,ned *6e Middle-Term Pro,ram on Mon,olia-4apan s*ra*e,ic rela*ions and *6e

coun*ries es*a?lis6ed a memorandum of mu*ual unders*andin, ?e*ween

De8elopmen*al 7an( of Mon,olia and *6e 4apan 7an( for In*erna*ional Coopera*ion.

T6e ?an(s reac6ed an a,reemen* *o issue *6e JSamuraiJ ?onds of 4PY' ?n. C6ina

and Mon,olia de*ermined direc*ions of *6e 2-year rela*ions and coopera*ion and

es*a?lis6ed impor*an* a,reemen*s on erec*in, a fac*ory of ,asifyin, coal supplyin,

up *o !?n *ons of coal *o C6ina for 2 years and on au,men*in, a supply of JMon,ol

%'J fuel.

27 3aw on investments adopted

On 5o8em?er ! Parliamen* of Mon,olia adop*ed *6e new law on in8es*men*s in

order *o crea*e in8es*ors-friendly and sus*aina?le le,al en8ironmen* a**rac* ?o*6

domes*ic and forei,n in8es*men*s and ac*i8a*e in8es*men* Kow.

17 resident of Mongolia ,ecomes t)e 9rst democratic president to visit

Nort) :orea

T6e Presiden* of Mon,olia Ts.El?e,dor 8isi*ed 5or*6 orea on Oc*o?er 2/-'!

?ecomin, *6e Hrs* coun*ry leader *o ?e recei8ed since im 4un, 9nGs leaders6ip.

Durin, 6is four-day 8isi* Mr El?e,dor presen*ed 6is coun*ryGs 6is*ory as an example

of 6ow *o ac6ie8e so8erei,n*y and economic de8elopmen* wi*6ou* relyin, on *6euse of force. T6e Mon,olian leader 6ad ?usy days mee*in, wi*6 8arious ocials and

>ippin, around *o im I: Sun, 9ni8ersi*y a Pyon,yan, *6ea*er *6e Munsu wa*er fun

par( *6e ?order wi*6 Sou*6 orea and im family mausoleum and o*6er places. 0

speec6 ,i8en a* im I: Sun, 9ni8ersi*y in Pyon,yan, ?y *6e Presiden* raised

eye?rows for i*s s*ar(ly cri*ical por*rayal of *6e follies of *yrannical rule and *6e

repression of 6uman ri,6*s.

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http://www.eurasiac.com/http://www.eurasiac.com/


3/14


(7 5oung scientist;s innovation is to tackle nation;s growing energy

demand

T6e Presiden* Ts.El?e,dor awarded *6e youn, en,ineer 5.5a*sa,nyam *6e 6i,6es*

S*a*e 0ward for 6is inno8a*ion of J0u*oma*ic adus*men* for sync6roni>ed

,enera*orGs reac*i8e po*en*ial and i*s 8ir*ual la?ora*oryJ or J5a5yam-0L!2u/2+'J.

Se8eral days earlier *6e =o8ernmen* 6ad awarded 6im 2!' Pri>e of Tec6nolo,ical

Pro,ress of Mon,olia wi*6 a cas6 of M5T! mn. is inno8a*ion of comple*e

sof*ware and 6ardware solu*ion sa8es M5T" mn @9S;'#B in impor* and *en

*imes c6eaper *6an a similar *ec6nolo,y used in C6ina.

ed *6a*

ca?ine* will suppor* *6e na*ional produc*ion of *6ese i*ems in *6e Hrs* *urn and

men*ioned *6a* *6e ca?ine* 6as already recei8ed draf* proec*s on *6e produc*ion of

expor*-orien*ed produc*s repor*ed on www.news.mn.

www.eurasiac.com '


4/14


!IN4NCI43 M4=:ETS

MSE Top #$% 4dvanced ,y ->

:as* wee( *6e

?enc6mar( index MSE

Top-2 ,rew ?y '& w-

o-w and closed a*

!"2##.$ on 3riday

4anuary ' 2!+compared *o !#$%#.!/

a wee( prior. "".

T6e maor s*oc(s *6a*

,rew were S6i8ee O8oo

@SFB !!.+'& *o

M5T$/ =o?i @=OFB

"./!& *o M5T#/

Mon,olian

De8elopmen*

)esources @MD)B #.%/&*o M5T$/ Mo,oin =ol

@7D:B #."+&

M5T!""$ and 7a,anuur @705B +.#2& *o M5T+". Meanw6ile wors* performers

of *6e wee( were Mon,olian Telecom @MCB -'."+& *o M5T!'# 7ayan,ol o*el

@75=B -!.'+& *o M5T#% 97 o*el @9IDB -!.2& *o M5T%'+ o*el Mon,olia

@MSB -.#/& *o M5T%$.

www.eurasiac.com +

MSE Top $% Inde& '( mont)*

!'/

!+'

!+/

!#'

!#/

!"'

!"/

!$'

!$/

7an( of Mon,olia )a*e


5/14


MNT +epreciated ,y ->

T6e local

currency

M5T

deprecia*ed ?y '& compared *o *6e prior wee(.T6e ocial M5T


6/14


C"MM"+IT5 M4=:ETS

@Coal Mongolia#$%/2A Conference Set for !e,ruaryT6e annual Coal Mon,olia - In*erna*ional Coal In8es*ors Conference and Ex6i?i*ion

will ?e 6eld on 3e?ruary 2*6 and 2!s* 2!+. ey *opics and discussions of *6e

Coal Mon,olia-2!+ will ?e a?ou* a**rac*in, forei,n in8es*men* for coal

explora*ion minin, and processin, proec*s in Mon,olia. T6e curren* de8elopmen**rends in *6e coal sec*or fu*ure perspec*i8es in8es*men* le,al en8ironmen*

infras*ruc*ure and la*es* *ec6nolo,ies will also ?e on *6e a,enda. T6e In*erna*ional

Coal In8es*ors Conference and Ex6i?i*ion is desi,ned *o increase *6e

compe*i*i8eness of Mon,olian coal in *6e 0sian mar(e*. T6e year of 2!' was

c6allen,in, *ime for *6e Mon,olian coal sec*or 6owe8er coal-minin, companies

made a 6is*orical record ?y minin, 2/." mn

and expor*in, !" mn *ons of coal in !!

mon*6s w6ic6 was more *6an " mn *ons

compared *o 2!2.

www.eurasiac.com "


7/14


C"="=4TE NEWS

Best Natural =e)a,ilitation 4ward oes to 4ltan +ornod 33C

0* *6e end of *6e year *6e Minin, Minis*ry 6as announced *6e 2!'s 7es* Miners of

Mon,olia. Qinners of *6e four nomina*ions wereN

!. 7es* in8es*or - S6aryn =ol2. 7es* *ec6nolo,y in*roducer - Oyu Tol,oi

'. 7es* na*ural re6a?ili*a*or - 0l*an Dornod

+. 7es* proec* de8eloper R =lo,exSourceN

www.news.mn

4sgat Silver +eposit will ,e +eveloped

Mon,olia R #!& and )ussia R +%& oin* 8en*ure Mon,olros*s8e*me* ::C 6eld a ?oard

mee*in, and discussed possi?ili*ies of formin, and de8elopin, a 0s,a* sil8er and

copper deposi* w6ic6 is loca*ed in nor*6wes*ern par* of *6e coun*ry - !/ (m from

*6e capi*al 9laan?aa*ar. I* 6as *o*al a8era,e ore reser8e of 2'.! mn *ons and

es*ima*ed 2+" mn o> of sil8er. Mem?ers of *6e ?oard decided *o de8elop a fully

opera*ional mine soon and *o form a oin* 8en*ure wi*6 s*a*e owned Erdenes M=:

::C and )os*ec said on Business Mongolia.

www.eurasiac.com $


8/14


E8=4SI4 C4IT43 =4TINS

MSE T"#$% Companies '+ecem,er -%.$%/- # 0anuary -. $%/2*

NameSym,ol

EurasiaCapital=ating

rice Market Cap erformance E B

MNT MNTmn8S?mn

/Wc)g

y#t#d $%/$ $%/$

0P90P9

95DE))EFIEQ +! '+#/ !$%./ .& ./& !'. '.#

Ta8an Tol,oi TT:

95DE)

)EFIEQ #$! '$!/ !$$.# 2.//&

-

'!.2& '2.$ "./

S6i8ee O8ooSF

95DE))EFIEQ $/ !+""% "!./

!!.+'&

-2'.& 50 "'.

7a,anuur705

95DE))EFIEQ +" %"+/2 #$. +.#2&

-!!.%& #!.# 2.+

S6aryn =olS=

95DE))EFIEQ $$ $/$/2 +".# .&

-!2.#& 2##. #.!

=o?i=OF

95DE))EFIEQ #/ +#2+$ 2".$ "./!& 22.%& /." !.2

Mon,olian TelecomMC

95DE))EFIEQ !'# '+%2# 2." -'."+& -%.%& !/'./ !.'

97 o*el9:5

95DE))EFIEQ %'+ '!!%" !/.+ -!.2& .& !'." 2.%

SuuS99

95DE))EFIEQ /%#2 '$%# !/.2 .& .& !2.2 2./

7DSec

7DS95DE)

)EFIEQ 2+ 2"+ !#." .&

-

''./& !$./ 2.$

7ayan,ol o*el75=

95DE))EFIEQ #% 2+%"! !+.$ -!.'+& !'.#& ".# !.

S*a*e Depar*men*S*ore

9ID95DE))EFIEQ #+! !%%2' !!./ !.%%& ++.#& -'.+ -#/.!

Tal(6 C6i(6erTC

95DE))EFIEQ !++ !+$+! /.$ '.%$& +.& !." ./

Mo,oin =ol7D:

95DE))EFIEQ !""$ !'/' /.2 #."+& 2!.+& !$.! .%

6u(6 =an=5

95DE))EFIEQ !' !'!$! $./ !.!+&

-2'.#& +./ !.#

)emicon)MC

95DE))EFIEQ !"# !2%/' $.$ .!&

-!!.!& -%$." 2.%

Mon,olia De8elopmen*)esources

MD)95DE))EFIEQ

$/ !$2# ".' #.%/&-

2#.!&'2#. #.

Sili(a*SI:

95DE))EFIEQ 2' !"#$ ".' .& !#."&

50 !.2

=enco Tour 7ureau4T7

95DE))EFIEQ /% %$% #./ .& -!.!& +!.' !.2

o*el Mon,oliaMS

95DE))EFIEQ %$ %$ #.$ -.#/& -#.&

-#2$.2 '.

Source: MSE, Eurasia Capital Estimates

Selected 1 Non#MSE T"#$% Mem,er 3argest Companies '+ecem,er -%.$%/- # 0anuary -.$

NameSym,ol

EurasiaCapital=ating

rice Market Cap erformance E B

MNTMNTm

n8S?mn

/Wc)g

y#t#d$%/$

$%/$

7er(6 9ul7E9

95DE))EFIEQ +2%% /!%+/ +/.+ -+.+$& -2/.$&

!$+. -"#.

Dar(6an 5e(6ii 5E 95DE))EFIEQ !!%' !'!// $./ -.#/& '.$& !/.$ !.!

EermelEE)

95DE))EFIEQ 2$%% %$'% #.$ .& .& ".! .$

Ma(6 ImpexMML

95DE))EFIEQ 2#'' %"2$ #.$ #.%/& !."& 50 -2.#

0duunc6uluun0D:

95DE))EFIEQ 2' $2+/ +.' +.##& !.%& %.% 2.!

Source: MSE, Eurasia Capital Estimates

*Note: These PE and PB ratios are not meaningful, in our iew.

www.eurasiac.com /


9/14


EC"N"MIC E=!"=M4NCEIndicator $%%2 $%%1 $%%( $%%< $%% $%%D $%/% $%// $%/$ $%/-

!

opulation and income

Popula*ion mn 2.#' 2.#" 2.#% 2."' 2."/ 2.$+ 2.$" 2./! 2./$ 2.%'=DP per capi*a 9S; $2 %# !'2$ !"2 2!/ !"// 22"$ '+# '#$# +'

National accounts5ominal =DP M5T?n 2!#2 2$/ '$!# +#%%.

#

"### "#%! /+!# !/'

!'%+

+

!$"#

5ominal =DP 9S;?n !./ 2.' '.2 '.% #.! +." "." /." !.' !'.")eal =DP ,row*6 y-

o-y &

!." $.2 /." !.2 /.% -!.' ".+ !$.' !2.' !/.#

Monetary indicators and inationM2 ,row*6 y-o-y & 2.+ '+." '+./ #".' -#.# 2".% "2.# '$. !/./ 2#.CPI y-o-y & !!. %.2 +./ !+.! 22.! +.2 !'. !.2 !+. !#.Exc6an,e ra*e

M5T


10/14


MSE 4N+ M"N"3I4 !"C8SE+ INTE=N4TI"N43MININ C"M4N5 ST"C:S E=!"=M4NCES8MM4=5

MSE T"#$% erformance '+ecem,er -%.$%/- # 0anuary -. $%/2*

Code

Name

rice erformance Market Cap+aily Turnover

'1$Wk 4vg*

/Wkturnover

'MNT*

Close1$Wk

)ig)

1$ Wklow

w#o#w y#t#dMNTm

n8S?mn

MNT 8S?

% 0P9 +! +'%# '2' .& ./&'+#/

!$%./!/%'$"

/$%!!!$%

# !%+%+%

+#/ Ta8an Tol,oi #$! %2$# !%2 2.//&-

'!.2&'$!

/ !$$.#+!"2+

2+#$ 22%!+2

+" S6i8ee O8oo $/!

+#!!.+'

&-

2'.&!+""

% "!./ "#%/ '#/ #%"2

'%" 7a,anuur +" ## '$ +.#2&-

!!.%& %"+/2 #$.!!!#++

" "#/ !#!+%!+

'% S6aryn =ol $$!2#

$!! .&-

!2.#& $/$/2 +".#2%+2"/

" !$'$ 2$'"#

'#+ =o?i #/ #/ '/+ "./!& 22.%& +#2+$ 2".$ /+/2% #! !'""!/2% Mon,olian Telecom !'# 2!/ %+' -'."+& -%.%& '+%2# 2." '%$#+! 2'# 2!%$'

' 97 o*el%'+

!%

/ -!.2& .& '!!%" !/.+2'+!/#

$% !'/2# 2$%!2

!'# Suu/%#2

%

"$ .& .& '$%# !/.2 $++#'! ++ -

#22 7DSec 2+ +!' 2!# .&-

''./& 2"+ !#."2!2/%#

" !2#$ +'/+/

!' 7ayan,ol o*el#%

#%/

'$ -!.'+& !'.#& 2+%"! !+.$ "#!++ '/+ #'+

+/+S*a*e Depar*men*S*ore #+! #"+ '$ !.%%& ++.#& !%%2' !!./ +$'" 2+ !2+#%!

22 Tal(6 C6i(6er!++

!+%#

22%' '.%$& +.& !+$+! /.$!2$$$

+ $#+ '!#'"

+++ Mo,oin =ol!""$

!""$

!!# #."+& 2!.+& !'/' /.2 2"/+! !#+ '''+

#'2 6u(6 =an !' !// !! !.!+&-

2'.#& !'!$! $./!!+$

2 #%% ///+!

#' )emicon !"# !%/ !" .!&-

!!.!& !2%/' $.$'#$#"/

% 2!!! 2#%+$$'

#2+Mon,oliaDe8elopmen*)esources

$/ %%% # #.%/&-

2#.!&!$2# ".'

'+""#'

2+" '%"$$'

'!$ Sili(a* 2' 2' !# .& !#."& !"#$ ".' '2'+ !/% +"#2! =enco Tour 7ureau /% %" / .& -!.!& %$% #./ '!#/# !/" %/+/#!$ o*el Mon,olia %$ ! $% -.#/& -#.& %$ #.$ !//+/ !! !"#

Source: MSE, Ban# of Mongolia, Eurasia Capital

Selected Non#MSE T"#$% Mem,er 3eading Market Cap Companies '+ecem,er -%.$%/$%/2*

Code

Name


'1$Wk 4vg*

/Wkturnover

'MNT*

Close1$Wk)ig)

1$ Wklow

w#o#w y#t#dMNTm

n8S?mn

MNT 8S?

+%2 7er(6 9ul +2%% "$ 2$$ -+.+$&-

2/.$& /!%+/ +/.+ !$2'+% !2 !$#$/

$! Dar(6an 5e(6ii!!%'

!2

#+# -.#/& '.$& !'!// $./#2$#+'

% '!!+ 2"$"%+!%! Eermel 2$%% ' 2!# .& .& %$'% #.$ 2!!$# !2# -

www.eurasiac.com !


11/14


2/ Ma(6 Impex 2#'' 2$ !" #.%/& !."& %"2$ #.$ !/+!+ !% !%'$"/#+"! 0duunc6uluun 2' '#" !+# +.##& !.%& $2+/ +.' /2/"$ +/% 2+#+!


www.eurasiac.com !!


12/14


erformance of MSE Stocks Traded '+ecem,er -%.$%/- # 0anuary -. $%/2*

Code

Name


'1$Wk 4vg*

Close1$ Wk)ig)

1$ Wklow

w#o#w y#t#d MNTmn8S?m

nMNT 8S?

% 0P9 +! +'%# '2' .& ./& '+#/ !$%./ !/%'$"/$% !!!$+#/ Ta8an Tol,oi #$! %2$# !%2 2.//& -'!.2& '$!/ !$$.# +!"2+ 2++" S6i8ee O8oo $/ ! +# !!.+'& -2'.& !+""% "!./ "#%/ '

'%" 7a,anuur +" ## '$ +.#2& -!!.%& %"+/2 #$. !!!#++" "+%2 7er(6 9ul +2%% "$ 2$$ -+.+$& -2/.$& /!%+/ +/.+ !$2'+% !'% S6aryn =ol $$ !2# $!! .& -!2.#& $/$/2 +".# 2%+2"/" !$'#+ =o?i #/ #/ '/+ "./!& 22.%& +#2+$ 2".$ /+/2% #2% Mon,olian Telecom !'# 2!/ %+' -'."+& -%.%& '+%2# 2." '%$#+! 2' 97 o*el %'+ !% / -!.2& .& '!!%" !/.+ 2'+!/#$% !'/#22 7DSec 2+ +!' 2!# .& -''./& 2"+ !#." 2!2/%#" !2!' 7ayan,ol o*el #% #%/ '$ -!.'+& !'.#& 2+%"! !+.$ "#!++ '

+/+S*a*e Depar*men*S*ore #+! #"+ '$ !.%%& ++.#& !%%2' !!./ +$'" 2

'$% Ma*erial Impex !+! !# ## -."+& !$%.2& !%!"% !!.' #$"$! '22 Tal(6 C6i(6er !++ !+%# 22%' '.%$& +.& !+$+! /.$ !2$$$+ $+++ Mo,oin =ol !""$ !""$ !!# #."+& 2!.+& !'/' /.2 2"/+! !$! Dar(6an 5e(6ii !!%' !2 #+# -.#/& '.$& !'!// $./ #2$#+'% '!#'2 6u(6 =an !' !// !! !.!+& -2'.#& !'!$! $./ !!+$2 ##' )emicon !"# !%/ !" .!& -!!.!& !2%/' $.$ '#$#"/% 2!

#2/ ermes !"# !% ! .%"& "!.+& !2%2# $." !+""#/ /#2+

Mon,olia De8elopmen*)esources

$/ %%% # #.%/& -2#.!& !$2# ".' '+""#' 2

'!$ Sili(a* 2' 2' !# .& !#."& !"#$ ".' '2'+ !#2! =enco Tour 7ureau /% %" / .& -!.!& %$% #./ '!#/# !#!$ o*el Mon,olia %$ ! $% -.#/& -#.& %$ #.$ !//+/2/ Ma(6 Impex 2#'' 2$ !" #.%/& !."& %"2$ #.$ !/+!+ !+"! 0duunc6uluun 2' '#" !+# +.##& !.%& $2+/ +.' /2/"$ +2'+ =an 6ii*s !$ !$ "% ".2#& .& +!22 2.+ 2''"2!$ Tee8er Dar(6an 2# 2/# 2'# ".'/& ".+& +/+ 2.+ 2''2#% !2 Mon,ol Sa8(6i !'+2 !" ! +.'& .& ''22 2. $/%%+#2# 7Oil '+ / !"# .& !.& '!+ !.% 22%+/"2 !'% Mon,ol 5e(6mel "2 $22# '#2 !+./!& .& 2%+ !.$ !+$"2 "#'! 5aco Tuls6 2% 2"" !/ .2+& !'.& 2"'$ !." #%$$$ '"% 7u(6u, #2# #2# 2/$# !+.%%& !#.& 22%/ !.+ !$'$%2"+ 7is6rel* Indus*rial ' '$% !'%# .& .& 2!2 !.2 !"!%"! "+#% I(6 7aril,a # "# +# .& !."& !%/# !.2 "#2!

'/ Dar(6an 6uns # #2 !# -'./#& 2+".$& !//% !.! "/#%%$ Sor !" 22 !" .& .& !+2" ./ +%$#!#2$ Olloo !'/ !# ! -!.+& -+./& !''% ./ +$$$2! 2'$/ 6asu Mandal 2"+# !'2 !'# .+& %#.%& /2# .# 2'#$/'$ Solon,o Express '#+# +2 !/ 22.2+& $.+& ### .' '%//

+'/ 7ayan 0ldar !# 2+ '##-

!!.$"& -'$.#& '+ .2 2'2/+# !2#+ Dar(6an 6u8un '%"# # 2/ !+.%'& !+.%& 2!% .! !#%2%$

'$2 6an,al !!# !#" !!#-

!#.& -!".$& 2!+ .! '//#2/% 5oeo* 6air(6an !$ ''' !# ".2#& ".'& !' .! !"+#"


www.eurasiac.com !2


13/14


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Source: Bloom(erg, Eurasia Capital

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