Mongolian Market Updates | October 15, 2024

🌅 Good morning,

The 3rd quarter of 2024 financial reports for Golomt Bank and Bogd Bank have been released. Golomt Bank’s net profit reached ₮348 billion, marking a 167% increase compared to the previous year. Meanwhile, Bogd Bank saw its net profit grow by 13%, reaching ₮25 billion.

In this week’s newsletter:

• CMM Client News

• Mongolia Investment Forum: Singapore 2024

• Market News

🟣 CMM Client News

S&P Global Ratings upgraded Golomt Bank's long-term issuer credit ratings to 'B+' from 'B' with a stable outlook.

The rating for Golomt Bank's U.S. dollar-denominated senior unsecured notes has also been raised to 'B+'.

🚀 Mongolia Investment Forum: Singapore 2024

We are excited to welcome B. Baatarmunkh, CEO of Newcom Group, as a panelist for the "Future of Mongolia’s Energy Sector" discussion.

Founded in 1993, Newcom Group has been at the forefront of Mongolia’s transformation, leading critical infrastructure projects, including the establishment of the nation's first mobile operator. Their innovative work in renewable energy, such as the development of Mongolia’s first 50 MW wind farm and their partnership with Softbank Energy on another 50 MW wind farm, showcases their commitment to sustainability. Through these efforts, Newcom Group is driving Mongolia towards a clean, sustainable, and energy-resilient future.

Don’t miss this insightful discussion!

🏛️ Market News

• In the first nine months of 2024, Mongolia’s foreign trade turnover reached a record high $20.4 billion, but the trade balance declined by 30% compared to the same period last year. Specifically, import grew by 27.5%, while export increased by only 4.3% year-over-year.

• S&P Global Ratings upgraded the credit rating of Trade and Development Bank [MSE: TDB] to “B+”.

• A total of 6.5 million shares of Sendly NBFI [MSE: SEND] were traded in a block trade, valued at ₮980 million. Following this, the stock price increased by 2%.

• Total assets of Bogd Bank [MSE: BOGD] reached ₮872 billion in Q3 2024, up 46% from the same period last year. Total loans grew by 65% to ₮480 billion, and net profit increased by 13% to ₮25 billion.

🟣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.