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.

Global Metals & Mining Playbook – July 2025

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

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

Equity Bottom-Up

<ul>
<li>Zijin plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.</li>
<li>SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.</li>
<li>Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.</li>
</ul>


Zijin plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.
SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.
Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.


紫金鉱業（2899 HK）：IPOの割引リスクにもかかわらず、公正価値は依然として25％高い