Mongolian Market Updates | March 6, 2025

🌄 Good morning!

The February 2025 edition of the Monthly Market Update is here.

• Economic Indicators: Mongolia's GDP reached MNT 80.0 trillion in 2024, reflecting a 4.9% YoY growth. The mining sector saw a 10.8% increase, while agriculture experienced a sharp decline of 28.7%. Inflation rose to 9.6% in January, driven by interest rate cuts in 2024.

• Dividend Announcements: Several top-listed companies declared strong dividends, with Tavan Tolgoi JSC (20.46%), Innovation Investments JSC (18.60%), and Khan Bank JSC (16.44%) among the highest dividend yielders.

• Story of the Month – Invescore's Global Expansion: Invescore made history by becoming the first Mongolian company from the financial sector to be listed on the London Stock Exchange (LSE: ICFG) through a reverse takeover of Fintech Asia. This strategic move opens doors for global capital market access and accelerated international expansion.

• Bond Market Developments: The Mongolian government successfully issued a new sovereign bond with a 6.625% coupon to refinance upcoming maturities, while Trade & Development Bank (TDB) raised an additional $100 million, bringing its total international bond issuance to $300 million.

• Sector Focus – The Future of Zinc: Mongolia’s zinc mining industry is poised for significant expansion, with 22 new projects expected to generate MNT 19.2 trillion in revenues over the next four decades.

🟣CMM Services

Capital Markets Mongolia (CMM) specializes in providing strategic advisory to public companies on optimizing investor relations (IR) and advising on upcoming IPOs, bond issuances, and effective participation in the capital markets with a focus on efficiency and reputation. Additionally, we undertake market research and provide financial PR services.