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

<ul>
<li>Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.</li>
<li>The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.</li>
<li>Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.</li>
</ul>


Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.
The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.
Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.


Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

Harmony Gold Mining

Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation