Hindustan Zinc (HZL) reported yet another quarter of strong EBITDA at INR43.7b, up 31% QoQ, driven by 23% higher metal sales and 12% rise in Zinc LME price. Silver sales also increased 14% QoQ to 173 tonnes. We believe the stock already priced in 1.2mt of metal sales for FY23, but it is not factoring in the probability of acquisition of the international Zinc assets of Vedanta at the peak of the zinc cycle. This could impact the quality of the assets, earnings and balance sheet of the company. We maintain our Neutral rating with a TP of INR311 valuing HZL at 7x FY23 EV/EBITDA....