An upgrade of Indonesia’s sovereign credit rating by two of the three international ratings agencies in early 2012 was a watershed in the recognition of the country’s currently healthy investment outlook. Foreign investors, who are already the dominant players in the nation’s equity market and are growing in the bond segment, see significant...
THE COMPANY: Strong economic fundamentals are lending support to a positive view on Indonesia’s transportation services, specifically the car hire services industry in which Adi Sarana Armada (ASSA) is currently the second-largest player with an estimated 15% market share. The domination of corporate...
Since 2004, the Indonesian Banking Architecture (API) has framed the development of the sector and established resilient counter-cyclical safeguards that place lenders in a strong position to weather any possible shortfalls in economic conditions. Consolidation in the sector, an aim since the Asian financial crisis, has remained elusive. Amid...
THE COMPANY: Not to be confused with Erdenes Tavan Tolgoi, Tavan Tolgoi Joint-Stock Company (TT JSC, also known as Small Tavan Tolgoi) is still one of the largest coal mining companies in Mongolia. The firm’s name means “five hills” and refers to the area’s landscape. The company is part of the larger...
With 14 commercial banks in a market of MNT10.11trn ($7.1bn) in assets by June 2012, Mongolia is one of the more fragmented banking markets in terms of number of lenders. Yet the years since the financial crisis of 2008 have witnessed a rapid concentration of business in the hands of five top banks: Khan Bank, Golomt Bank and Trade and Development...
Fundraising offshore has been a major trend among Mongolian corporates over the last three years. While commodities slumped in 2012 and political risk reemerged on foreign investors’ radar, Mongolia seems likely to continue tapping international markets via both debt and equity issuance in coming years. The government, however, must be cautious to...
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