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.

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Equity Bottom-Up

<ul>
<li>9M 2025 unaudited results (17 Oct): 1.03 Moz gold, US$905 m profit, 26% margin; operational ramp intact despite AISC at US$1,574/oz.</li>
<li>Strong listing: IPO HK$71.6 → current HK$131.3 (+83%), backed by US$1.6 bn cornerstones (GIC, BlackRock etc.).</li>
<li>Valuation &amp; risk: Trades ~8.5× EV/EBITDA; fair value HK$115–145/sh; key risks — execution, Kazakhstan policy, Colombia security.</li>
</ul>


9M 2025 unaudited results (17 Oct): 1.03 Moz gold, US$905 m profit, 26% margin; operational ramp intact despite AISC at US$1,574/oz.
Strong listing: IPO HK$71.6 → current HK$131.3 (+83%), backed by US$1.6 bn cornerstones (GIC, BlackRock etc.).
Valuation &amp; risk: Trades ~8.5× EV/EBITDA; fair value HK$115–145/sh; key risks — execution, Kazakhstan policy, Colombia security.


Zijin Gold International – World-Class Portfolio, Execution-Driven Upside