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.

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

Zijin Gold (2259 HK) 25Q3 - Updates on Forecast/Valuation and Potential Risks Behind

Zijin Gold: Less Attractive Relative Valuation Post Share Price Surge

Equity Bottom-Up

<ul>
<li>Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.</li>
<li>Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.</li>
<li>December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.</li>
</ul>


Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.
Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.
December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.


Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang