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.

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

Equity Bottom-Up

<ul>
<li>ESG Premium Anchored: 100% hydro power + FTSE4Good inclusion support Press Metal’s 12× EV/EBITDA multiple, in line with Norsk Hydro.</li>
<li>Commodity Torque: Earnings highly leveraged to LME aluminium (~RM0.2 bn EBITDA shift per US$100/t); current base case assumes US$2,650/t.</li>
<li>Valuation Balance: SoTP fair value MYR 6.5–6.9/share (~10–15% upside); without ESG uplift, fair value reverts to ~MYR 5.0–5.2/share.</li>
</ul>


ESG Premium Anchored: 100% hydro power + FTSE4Good inclusion support Press Metal’s 12× EV/EBITDA multiple, in line with Norsk Hydro.
Commodity Torque: Earnings highly leveraged to LME aluminium (~RM0.2 bn EBITDA shift per US$100/t); current base case assumes US$2,650/t.
Valuation Balance: SoTP fair value MYR 6.5–6.9/share (~10–15% upside); without ESG uplift, fair value reverts to ~MYR 5.0–5.2/share.


Nanshan Aluminium International Holdings (2610 HK)

Press Metal: ESG Premium Vs. Aluminium Price Torque