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.

Korea Zinc: US Government–Linked JV Raises Strategic Valuation Floor; TP to ₩2.1m

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

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

Equity Bottom-Up

<ul>
<li>US-Backed US$7.4bn smelter embeds Korea Zinc in US critical-minerals supply chains, lifting long-term strategic relevance and valuation floor.</li>
<li>Shares eased after an initial spike as dilution, low JV ownership, governance litigation risk, and long-dated cash flows weighed on near-term sentiment.</li>
<li>We retain a ₩2.1m TP (~30% upside), supported by TC recovery, rare-metals margins, buybacks, and partial governance-discount compression.</li>
</ul>


US-Backed US$7.4bn smelter embeds Korea Zinc in US critical-minerals supply chains, lifting long-term strategic relevance and valuation floor.
Shares eased after an initial spike as dilution, low JV ownership, governance litigation risk, and long-dated cash flows weighed on near-term sentiment.
We retain a ₩2.1m TP (~30% upside), supported by TC recovery, rare-metals margins, buybacks, and partial governance-discount compression.


Korea Zinc: US-Backed Smelter Lifts Strategic Floor; Dilution & Control Risks Weighed