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 Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

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

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

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

Equity Bottom-Up

Zijin Mining Group Co Ltd H / Equity Bottom-Up

<ul>
<li>Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.</li>
<li>Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.</li>
<li>Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.</li>
</ul>


Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.
Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.
Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.


Zijin Mining: Gold IPO De-Risks, Copper Upside Remains