Source: CPS Securities                   Date: 12 October, 2011

Citigroup lowered its target price for Mongolian Mining Corporation (MMC) by USD 0.04. Citi is targeting HKD 9.80 per share and has maintained its “buy” rating.
The research house thinks MMC's stock underperformance since late September has been excessive because it is less exposed to foreign investment related policies. Citi believes the commission of a paved road will reduce concerns upon execution.
The firm maintains that MMC's fundamentals are solid due to an estimated 29 percent volume growth in the next two years.