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.

Press Metal: ESG Premium Vs. Aluminium Price Torque

Equity Bottom-Up

Nanshan Aluminium International Holdings / Equity Bottom-Up

Nanshan Aluminium International Holdings (2610 HK)

<ul>
<li>Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.</li>
<li>Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.</li>
<li>Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.</li>
</ul>


Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.
Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.
Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.


Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount