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.

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

VanEck GDX Benchmark Switch: Implications for Zijin and Amman

Zijin Gold International – Creating a Global Pure-Play Gold Champion

Zijin Mining (2899 HK): Fair Value Still 25% Higher Despite IPO Discount Risks

Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst

Zijin Mining (601899 CH / 2899 HK): Evaluating the Impact of Kakula Suspension

Equity Bottom-Up

<ul>
<li>Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.</li>
<li>We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.</li>
<li>Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.</li>
</ul>


Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.
We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.
Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.


Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

Zijin Mining Group

Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper