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.

CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

Equity Bottom-Up

<ul>
<li>Brazil gold acquisition improves diversification and earnings stability; deal appears cash-funded and value-accretive at current gold prices.</li>
<li>Asset quality improves on a risk-adjusted basis, though Brazilian gold mines are higher-cost and shorter-life than tier-1 peers.</li>
<li>Valuation already reflects elevated copper and gold prices; upside now depends on commodity price persistence, not rerating.</li>
</ul>


Brazil gold acquisition improves diversification and earnings stability; deal appears cash-funded and value-accretive at current gold prices.
Asset quality improves on a risk-adjusted basis, though Brazilian gold mines are higher-cost and shorter-life than tier-1 peers.
Valuation already reflects elevated copper and gold prices; upside now depends on commodity price persistence, not rerating.


CMOC Group (603993 CH): Brazil Gold Deal Lifts Diversification; Valuation Tied to Metals Regime