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.

Equity Bottom-Up

Shandong Gold Mining Co., Ltd / Equity Bottom-Up

Shandong Gold Mining Co., Ltd (600547 CH)

<ul>
<li>EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.</li>
<li>Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth &amp; higher prices.</li>
<li>Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.</li>
</ul>


EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth &amp; higher prices.
Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.


Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) - Scaling Production and Enhancing Margins