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.

Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

Thematic (Sector/Industry)

Kazakhstan Energy equipment and services / Thematic (Sector/Industry)

<ul>
<li>Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.</li>
<li>Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.</li>
<li>• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.</li>
</ul>


Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.


Kepco Engineering & Construction (052690 KS)

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain