Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

Chifeng Jilong Gold Mining / Equity Bottom-Up

<ul>
<li>H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.</li>
<li>Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).</li>
<li>On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.</li>
</ul>


H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.
Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).
On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.


Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding