New Risk • Jul 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Negative equity (-HK$3.6b). High level of non-cash earnings (35% accrual ratio). Minor Risk Market cap is less than US$100m (HK$99.7m market cap, or US$12.7m). Reported Earnings • Jul 26
Full year 2026 earnings released: EPS: HK$2.51 (vs HK$7.32 loss in FY 2025) Full year 2026 results: EPS: HK$2.51 (up from HK$7.32 loss in FY 2025). Revenue: HK$2.02b (down 30% from FY 2025). Net income: HK$472.0m (up HK$1.85b from FY 2025). Profit margin: 23% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 25
Full year 2026 earnings released: EPS: HK$2.51 (vs HK$7.32 loss in FY 2025) Full year 2026 results: EPS: HK$2.51 (up from HK$7.32 loss in FY 2025). Revenue: HK$2.02b (down 30% from FY 2025). Net income: HK$472.0m (up HK$1.85b from FY 2025). Profit margin: 23% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Jun 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Negative equity (-HK$3.6b). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (HK$95.9m market cap, or US$12.2m). Annonce • Jun 25
Mongolia Energy Corporation Limited, Annual General Meeting, Aug 28, 2026 Mongolia Energy Corporation Limited, Annual General Meeting, Aug 28, 2026. Annonce • Jun 09
Mongolia Energy Corporation Limited to Report Fiscal Year 2026 Results on Jun 24, 2026 Mongolia Energy Corporation Limited announced that they will report fiscal year 2026 results on Jun 24, 2026 New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-HK$4.8b). Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$124.2m market cap, or US$15.8m). Annonce • Dec 20
Mongolia Energy Corporation Limited Announces Board and Committee Appointments, with Effect from 19 December 2025 The board of directors of Mongolia Energy Corporation Limited announced that Mr. Choi Man Yu, Frankie (‘Mr. Choi’), has been appointed as a non-executive director and Mr. Wei, Chi Kuan Kenny (‘Mr. Wei’) as an independent non-executive director of the Company respectively with effect from 19 December 2025. Mr. Choi, aged 62, joined the Company in 2007 and is the head of legal and compliance of the Company. He is a non-practising solicitor in Hong Kong and has over 30 years of experience in corporate law, commercial transactions and regulatory compliance. Mr. Wei, aged 67, has over 40 years of experience in banking industries, including holding senior management positions at various international banks. He was a managing director of trade and commodity finance, Asia Pacific of Rabobank International (HK). He has been an independent non-executive director since November 2023 of Vision Values Holdings Limited which is listed on The Stock Exchange of Hong Kong Limited (the ‘Stock Exchange’). He holds a Bachelor degree of B.A, Economics, Western University, London, Ontario, Canada in 1980. Mr. Wei has confirmed that he met each of the independence criteria as set out in Rule 3.13(1) to (8) of the Rules Governing the Listing of Securities on the Stock Exchange (the ‘Listing Rules’); he had no past or present financial or other interest in the business of the Group or any connection with any core connected persons (as defined in the Listing Rules) of the Company; and there are no other factors that may affect his independence at the time of his appointment. Taking into account all of the circumstances described above, the Board considers that Mr. Wei is independent. Mr. Choi and Mr. Wei were identified and selected in accordance with the policy for the nomination of directors, the nomination procedures and board diversity policy of the Company in consideration of factors including but not limited to gender, age, cultural and educational background, skills, knowledge, qualifications and experience etc. The Nomination Committee and the Board recommended the appointments of Mr. Choi as a non-executive director and Mr. Wei as an independent non-executive director of the Company. The Board has considered the Company's board diversity policy, including but not limited to gender, professional skills, qualifications and experience, as well as the development of the Group. The Board believes that with extensive experience in legal expertise and financial management respectively, Mr. Choi and Mr. Wei will provide objective and adequate analysis for the Company's business development, making the Board structure more balanced and enhancing the supervisory function of the Board's operations. Following the appointment of Mr. Wei as the independent non-executive director of the Company, Mr. Wei has been appointed as the member of each of Audit Committee, Nomination Committee and Remuneration Committee of the Company with effect from 19 December 2025. Reported Earnings • Nov 28
First half 2026 earnings released: HK$3.93 loss per share (vs HK$2.35 loss in 1H 2025) First half 2026 results: HK$3.93 loss per share (further deteriorated from HK$2.35 loss in 1H 2025). Revenue: HK$871.1m (down 49% from 1H 2025). Net loss: HK$740.2m (loss widened 67% from 1H 2025). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-HK$4.1b). Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$137.3m market cap, or US$17.6m). Annonce • Nov 11
Mongolia Energy Corporation Limited to Report Q2, 2026 Results on Nov 26, 2025 Mongolia Energy Corporation Limited announced that they will report Q2, 2026 results on Nov 26, 2025 Reported Earnings • Jul 27
Full year 2025 earnings released: HK$7.32 loss per share (vs HK$8.92 profit in FY 2024) Full year 2025 results: HK$7.32 loss per share (down from HK$8.92 profit in FY 2024). Revenue: HK$2.86b (down 9.8% from FY 2024). Net loss: HK$1.38b (down 182% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Jun 26
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-HK$4.1b). Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (HK$126.0m market cap, or US$16.1m). Annonce • Jun 25
Mongolia Energy Corporation Limited, Annual General Meeting, Aug 27, 2025 Mongolia Energy Corporation Limited, Annual General Meeting, Aug 27, 2025. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Negative equity (-HK$3.1b). High level of non-cash earnings (94% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (HK$141.1m market cap, or US$18.0m). Annonce • Jun 09
Mongolia Energy Corporation Limited to Report Fiscal Year 2025 Results on Jun 25, 2025 Mongolia Energy Corporation Limited announced that they will report fiscal year 2025 results on Jun 25, 2025 Annonce • Mar 07
Mongolia Energy Corporation Limited announced that it expects to receive HKD 3.977786499 billion in funding from Chow Tai Fook Nominee Limited and other investor Mongolia Energy Corporation Limited announced a private placement of a 2025 GI Convertible Note for the gross proceeds of HKD 727,035,580.20 and 2025 CTF Convertible Note for the gross proceeds of HKD 3,250,750,918.52 for the total gross proceeds of HKD 3,977,786,498.72 on March 6, 2025. The transaction will include participation from Golden Infinity Co., Ltd for HKD 727,035,580.20 and Chow Tai Fook Nominee Limited for HKD 3,250,750,918.52. The notes will have a coupon rate of 3% and will have a conversion price of HKD 0.65 per share. Reported Earnings • Nov 28
First half 2025 earnings released: HK$2.35 loss per share (vs HK$2.91 loss in 1H 2024) First half 2025 results: HK$2.35 loss per share (improved from HK$2.91 loss in 1H 2024). Revenue: HK$1.70b (up 9.2% from 1H 2024). Net loss: HK$442.9m (loss narrowed 19% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annonce • Nov 11
Mongolia Energy Corporation Limited to Report First Half, 2025 Results on Nov 25, 2024 Mongolia Energy Corporation Limited announced that they will report first half, 2025 results on Nov 25, 2024 New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (HK$116.6m market cap, or US$15.0m). Reported Earnings • Jul 23
Full year 2024 earnings released: EPS: HK$8.92 (vs HK$8.52 loss in FY 2023) Full year 2024 results: EPS: HK$8.92 (up from HK$8.52 loss in FY 2023). Revenue: HK$3.17b (up 9.2% from FY 2023). Net income: HK$1.68b (up HK$3.28b from FY 2023). Profit margin: 53% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Annonce • Jun 20
Mongolia Energy Corporation Limited, Annual General Meeting, Aug 23, 2024 Mongolia Energy Corporation Limited, Annual General Meeting, Aug 23, 2024. New Risk • Jun 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Negative equity (-HK$2.7b). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (HK$137.3m market cap, or US$17.6m). Reported Earnings • Jun 20
Full year 2024 earnings released: EPS: HK$8.92 (vs HK$8.52 loss in FY 2023) Full year 2024 results: EPS: HK$8.92 (up from HK$8.52 loss in FY 2023). Revenue: HK$3.17b (up 9.2% from FY 2023). Net income: HK$1.68b (up HK$3.28b from FY 2023). Profit margin: 53% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Annonce • Jun 05
Mongolia Energy Corporation Limited to Report Fiscal Year 2024 Final Results on Jun 19, 2024 Mongolia Energy Corporation Limited announced that they will report fiscal year 2024 final results on Jun 19, 2024 Reported Earnings • Nov 29
First half 2024 earnings released: HK$2.91 loss per share (vs HK$3.97 loss in 1H 2023) First half 2024 results: HK$2.91 loss per share (improved from HK$3.97 loss in 1H 2023). Revenue: HK$1.56b (down 17% from 1H 2023). Net loss: HK$546.8m (loss narrowed 27% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Annonce • Nov 14
Mongolia Energy Corporation Limited to Report First Half, 2024 Results on Nov 27, 2023 Mongolia Energy Corporation Limited announced that they will report first half, 2024 results on Nov 27, 2023 New Risk • Oct 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$73.4m (US$9.38m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-HK$4.3b). Earnings have declined by 8.1% per year over the past 5 years. Market cap is less than US$10m (HK$73.4m market cap, or US$9.38m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Jul 22
Full year 2023 earnings released: HK$8.52 loss per share (vs HK$1.86 loss in FY 2022) Full year 2023 results: HK$8.52 loss per share (further deteriorated from HK$1.86 loss in FY 2022). Revenue: HK$2.91b (up 86% from FY 2022). Net loss: HK$1.60b (loss widened 359% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Annonce • Jun 20
Mongolia Energy Corporation Limited, Annual General Meeting, Aug 24, 2023 Mongolia Energy Corporation Limited, Annual General Meeting, Aug 24, 2023. New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings have declined by 7.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-HK$4.3b). Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (HK$150.5m market cap, or US$19.2m). Reported Earnings • Jun 20
Full year 2023 earnings released: HK$8.52 loss per share (vs HK$1.86 loss in FY 2022) Full year 2023 results: HK$8.52 loss per share (further deteriorated from HK$1.86 loss in FY 2022). Revenue: HK$2.91b (up 86% from FY 2022). Net loss: HK$1.60b (loss widened 359% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Annonce • Jun 03
Mongolia Energy Corporation Limited to Report Fiscal Year 2023 Results on Jun 19, 2023 Mongolia Energy Corporation Limited announced that they will report fiscal year 2023 results on Jun 19, 2023 Reported Earnings • Dec 29
First half 2023 earnings released: HK$3.97 loss per share (vs HK$0.26 profit in 1H 2022) First half 2023 results: HK$3.97 loss per share (down from HK$0.26 profit in 1H 2022). Revenue: HK$1.87b (up 98% from 1H 2022). Net loss: HK$745.9m (down HK$794.3m from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 26
First half 2023 earnings released: HK$3.97 loss per share (vs HK$4.00 profit in 1H 2022) First half 2023 results: HK$3.97 loss per share (down from HK$4.00 profit in 1H 2022). Revenue: HK$1.87b (up 98% from 1H 2022). Net loss: HK$745.9m (down 199% from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Frank Lee was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Frank Lee was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 30
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: EPS: HK$4.00 (up from HK$5.36 loss in 1H 2021). Revenue: HK$941.0m (up 250% from 1H 2021). Net income: HK$752.7m (up HK$1.76b from 1H 2021). Profit margin: 80% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 29
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: EPS: HK$4.00 (up from HK$5.36 loss in 1H 2021). Revenue: HK$941.0m (up 250% from 1H 2021). Net income: HK$752.7m (up HK$1.76b from 1H 2021). Profit margin: 80% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 25
Full year 2021 earnings released: HK$1.53 loss per share (vs HK$7.67 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: HK$858.4m (down 24% from FY 2020). Net loss: HK$286.9m (down 120% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 27
Full year 2021 earnings released: HK$1.53 loss per share (vs HK$7.67 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: HK$858.4m (down 24% from FY 2020). Net loss: HK$286.9m (down 120% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 30
First half 2021 earnings released: HK$5.36 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: HK$268.9m (down 66% from 1H 2020). Net loss: HK$1.01b (loss widened 107% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 21
New 90-day high: HK$1.40 The company is up 36% from its price of HK$1.03 on 22 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. Reported Earnings • Nov 28
First half 2021 earnings released: HK$5.36 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: HK$268.9m (down 66% from 1H 2020). Net loss: HK$1.01b (loss widened 107% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 09
New 90-day low: HK$0.85 The company is down 41% from its price of HK$1.43 on 11 August 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 8.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: HK$0.95 The company is down 41% from its price of HK$1.60 on 26 June 2020. The Hong Kong market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 5.0% over the same period. 
