Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Gold International / Equity Bottom-Up

<ul>
<li>IPO leaves upside on the table: Priced at HK$71.6/sh (~US$24.1bn EV), Zijin Gold lists at ~8× 2026E EV/EBITDA — in line with peers despite offering far stronger growth.</li>
<li>Fastest-Growing gold major challenger: Output set to rise ~20% CAGR to 2027E (2.1Moz), versus flat-to-low growth for Newmont, Barrick, and peers.</li>
<li>Fair value HK$95/sh (+33%): Base case target on 2026E EBITDA at 8× peer multiple; risks include gold price volatility, execution of Wassa/Sepon/Raygorodok ramps, and governance overhangs.</li>
</ul>


IPO leaves upside on the table: Priced at HK$71.6/sh (~US$24.1bn EV), Zijin Gold lists at ~8× 2026E EV/EBITDA — in line with peers despite offering far stronger growth.
Fastest-Growing gold major challenger: Output set to rise ~20% CAGR to 2027E (2.1Moz), versus flat-to-low growth for Newmont, Barrick, and peers.
Fair value HK$95/sh (+33%): Base case target on 2026E EBITDA at 8× peer multiple; risks include gold price volatility, execution of Wassa/Sepon/Raygorodok ramps, and governance overhangs.


Zijin Gold International IPO – Growth Premium at a Mid-Tier Price

Hong Kong

Zijin Gold International Company Limited is a Hong Kong-based subsidiary of Zijin Mining Group, primarily engaged in the exploration, mining, processing, and sale of gold and other mineral resources. Its main products include gold bullion, gold alloy, and gold concentrate, with a focus on developing high-quality global gold assets. The company was incorporated in 2007 and is headquartered in Hong Kong.

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Zijin Gold International (2259 HK)

Zijin Gold International IPO – Growth Premium at a Mid-Tier Price

Zijin Gold IPO undervalued despite strong growth potential, fair value estimated at HK$95/sh (+33%) based on peer multiples and growth projections.

Rahul Jain

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Zijin Gold International IPO – Growth Premium at a Mid-Tier Price

​Zijin Gold IPO undervalued despite strong growth potential, fair value estimated at HK$95/sh (+33%) based on peer multiples and growth projections.

Rahul Jain

Zijin Gold IPO undervalued despite strong growth potential, fair value estimated at HK$95/sh (+33%) based on peer multiples and growth projections.