Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Recent News: CZSPT’s Sep 9 guidance points to imported zinc concentrate treatment charges of US$120-140/dmt for Q4, and Bloomberg confirms Chinese smelters are tightening terms.</li>
<li>Impact: This rebound in TC/RC levels should lift Korea Zinc’s EBITDA by approximately US$100-135 million, representing a ~5-7% earnings upside over current troughs.</li>
<li>Valuation: On normalized earnings, Korea Zinc could re-rate to 8–9× EV/EBITDA. At $120–150/dmt TCs, this points to ~20–50% upside, with further headroom if multiples expand alongside earnings recovery.</li>
</ul>


Recent News: CZSPT’s Sep 9 guidance points to imported zinc concentrate treatment charges of US$120-140/dmt for Q4, and Bloomberg confirms Chinese smelters are tightening terms.
Impact: This rebound in TC/RC levels should lift Korea Zinc’s EBITDA by approximately US$100-135 million, representing a ~5-7% earnings upside over current troughs.
Valuation: On normalized earnings, Korea Zinc could re-rate to 8–9× EV/EBITDA. At $120–150/dmt TCs, this points to ~20–50% upside, with further headroom if multiples expand alongside earnings recovery.


Korea Zinc (010130 KS): TC/RC Recovery Sets Stage for Earnings Re-Rating

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 5th. The aggregated holding was USD644.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD33mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 5th. The aggregated holding was USD644.3bn.
We estimate that foreign flows to be inflows of USD33mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis.


KRX Foreign Holding Weekly (Sep 5th): SK Hynix, Samsung Electronics, NAVER, HYUNDAI ROTEM, Mobis

<ul>
<li>Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).</li>
<li>Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.</li>
<li>Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing</li>
</ul>


Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).
Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.
Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing


Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD356mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.
We estimate that foreign flows to be outflows of USD356mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.


KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 22nd. The aggregated holding was USD632.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,182mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen, Samyang Food.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 22nd. The aggregated holding was USD632.9bn.
We estimate that foreign flows to be outflows of USD1,182mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen, Samyang Food.


KRX Foreign Holding Weekly (Aug 22nd): SK Hynix, Samsung Electronics, Doosan Enerbility, Alteogen

South Korea

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

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Korea Zinc (010130 KS)