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 (010130 KS): TC/RC Recovery Sets Stage for Earnings Re-Rating

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

Equity Bottom-Up

<ul>
<li>3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.</li>
<li>TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.</li>
<li>Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.</li>
</ul>


3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.
TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.
Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.


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