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Mongolia's largest coking-coal miner, operating the Ukhaa Khudag mine and exporting mainly to China.
Mongolia's largest coking-coal miner, operating the Ukhaa Khudag mine and exporting mainly to China.
Washes coal at its own plant and sells mainly to Chinese steel and coke plants, with price following Chinese coking-coal markets and delivery by truck and increasingly rail across the border, so border and logistics costs matter as much as mining costs. Its two big mines are in the South Gobi, near the Chinese border.
Moat: narrow (scale, installed base). Large, established reserves and export infrastructure near the China border give a cost/logistics edge.
Headquarters: Ulaanbaatar, Mongolia · Founded: 2008 · Employees: 3,284
Size Mongolian Mining (0975.HK) is a Hong Kong Energy company (Coal) with a market value of $899M, the 620th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.89 on 6 Nov 2026.
Performance Over six months the shares fell 26.9%, against -12.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +2.5%); the operating margin is 13.0% (peer median -1.0%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 1.8× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (6.6% WACC).
Credit Mongolian Mining has 1 bond outstanding ($350M), rated B2 by the agencies and trading like B at a weighted spread of 428 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$8.31B | HK$6.42B | HK$8.11B | HK$8.10B | HK$4.28B |
| Revenue growth | — | -21% | 0% | +89% | — |
| Gross profit | HK$1.53B | HK$961M | HK$2.99B | HK$3.34B | HK$634M |
| EBITDA | HK$2.16B | HK$1.54B | HK$3.75B | HK$3.71B | HK$1.01B |
| Net income | HK$926M | HK$47.6M | HK$1.81B | HK$1.88B | HK$463M |
| Free cash flow | HK$674M | -HK$200M | HK$94.0M | HK$2.49B | HK$869M |
| Capital expenditure | HK$1.60B | HK$1.78B | HK$1.47B | HK$1.05B | HK$635M |
| Total debt | n/a | HK$3.07B | HK$1.84B | HK$2.10B | HK$3.35B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Mongolian Mining 0975.HK | $899M | -27% | +26% | 13% | 1.1× | -5.8% |
| Shougang Fushan Resources 0639.HK | $1.66B | -4% | +33% | 20% | 0.9× | -17.3% |
| Kinetic Development 1277.HK | $1.84B | -15% | -3% | 31% | 2.9× | -6.4% |
| China Coal Energy 1898.HK | $23.8B | -25% | -11% | 15% | 1.3× | -10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0975.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.8% | -13.8% | 7th lowest of 21 |
| 6-month return | -26.9% | -12.7% | 3rd lowest of 21 |
| Distance from 52-week high | -52.7% | -32.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +26.1% | +2.5% | 3rd highest of 21 |
| Operating margin | 13.0% | -1.0% | 5th highest of 21 |
| EV / Sales | 1.1× | 1.8× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.8% | 0.4% | 6th least demanding of 13 |
| Growth delivered (Del g) | +14.7% | +2.3% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -20.5 pp | -7.9 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | -0.1 pp | -3.4 pp | 8th highest of 21 |
| EV / EBITDA | 4.3× | 5.3× | 2nd cheapest of 6 |
| Net debt / EBITDA | 0.4× | 0.3× | 3rd most indebted of 6 |
| Bond spread | 428 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mongolian Mining 0975.HK | Hong Kong | $899M | -27% | +26% | 13% | 1.1× | -5.8% | +14.7% |
| Shaanxi Heimao Coking 601015.SS | China | $965M | -22% | -13% | -11% | 1.3× | n/a | n/a |
| Jastrzebska Spolka Weglowa JSW.WA | Poland | $788M | -6% | -8% | -28% | 0.7× | n/a | n/a |
| Zhengzhou Coal Industry & Electric Power 600121.SS | China | $786M | +1% | -5% | -8% | 3.1× | 36.0% | +5.7% |
| Baotailong New Materials 601011.SS | China | $724M | -20% | +25% | -50% | 8.5× | 7.7% | -23.9% |
| Geo Energy Resources RE4.SI | Singapore | $676M | -23% | -11% | 11% | 2.2× | n/a | n/a |
| Yunnan Coal & Energy 600792.SS | China | $636M | -15% | +5% | -16% | 1.1× | -3.5% | +3.1% |
| Kailuan Energy Chemical 600997.SS | China | $1.28B | -9% | +5% | -2% | 0.5× | n/a | n/a |
| Anhui Hengyuan Coal Industry and Electricity Power 600971.SS | China | $1.30B | -13% | +34% | 3% | 1.3× | -10.2% | +1.6% |
| Shanghai Datun Energy Resources 600508.SS | China | $1.32B | +14% | +15% | 4% | 1.1× | -9.3% | +0.1% |
| China Qinfa 0866.HK | Hong Kong | $613M | -37% | -13% | 23% | 3.2× | n/a | n/a |
| Liaoning Energy Industry 600758.SS | China | $613M | -22% | -28% | -26% | 1.6× | n/a | n/a |
| Sundiro 000571.SZ | China | $612M | -13% | +8% | -11% | 7.0× | 41.3% | -10.9% |
| Shanxi Lanhua Sci-Tech Venture 600123.SS | China | $1.34B | -14% | +8% | 1% | 2.0× | n/a | n/a |
| Shanxi Coking 600740.SS | China | $1.34B | -19% | 0% | -15% | 2.6× | 13.3% | -2.7% |
| Macmahon MAH.AX | Australia | $1.35B | +6% | +8% | 7% | 0.8× | 4.3% | +14.1% |
| Yunnan Yunwei 600725.SS | China | $540M | -31% | -25% | -5% | 6.8× | 34.1% | -16.8% |
| Stanmore Resources SMR.AX | Australia | $1.54B | +5% | -6% | 0% | 1.1× | -9.9% | +60.7% |
| Natural Resource Partners L.P NRP | United States | $1.56B | +6% | -10% | 63% | 7.8× | -8.1% | +9.4% |
| Guizhou Panjiang Refined Coal 600395.SS | China | $1.60B | -10% | +6% | 15% | 3.7× | n/a | n/a |
| Shougang Fushan Resources 0639.HK | Hong Kong | $1.66B | -4% | +33% | 20% | 0.9× | -17.3% | +4.8% |
Mongolian Mining has 1 bond outstanding with $350M face value. The agencies rate it B2; its bonds trade like B. Weighted yield 8.88%, a spread of 428 bp over government bonds.