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.

MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc - Another M&A Fight in March 2026?

Korea Zinc – 3Q25 Review, TC/RC Upcycle, Rare-Metals Leverage & Governance Outlook

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

Korea Zinc Announces Cancellation of Its Treasury Shares

M&A For Korea Zinc: Seoul Central District Court Makes Important Rulings

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