[MSE:MSE] - Investment Teaser Q4, 2025

Established in 1991 by government decree, the Mongolian Stock Exchange (MSE) is the country's principal platform for securities and mining commodities trading, and the central institution underpinning Mongolia's capital market.

As of year-end 2025, the MSE held total assets of ₮1.28 trillion, up 52% year on year, and recorded a net profit of ₮31.8 billion, with market capitalisation reaching ₮3.75 trillion. Key highlights include:

• Market Leadership: Mongolia's sole securities exchange and the gateway to one of Asia's last underpenetrated frontier economies, classified by FTSE Russell as a "Frontier Market" since 2023, with only 13% of the country's "TOP-100" companies currently listed.
• Financial Health: Delivered a Return on Equity (ROE) of 35.4% and total equity of ₮90.0 billion, supported by interest income of ₮34.6 billion and a consistent annual dividend policy.
• Innovation & Infrastructure: Advanced a 2025 modernisation programme spanning a Tier II compliant data centre, an enhanced COMEX mining trading system, and the bond.mse.mn platform, which achieved interest rates 200 basis points below the policy rate.
• Investment Opportunity: Preparing to issue an additional 15% of its equity to international institutional investors, offering a rare direct stake in Mongolia's capital-market infrastructure, with the share price having appreciated 3.1x since IPO and a 2026–2030 strategy targeting a FTSE upgrade and an inaugural MSCI rating.