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.

Equity Bottom-Up

<ul>
<li>Leading Japanese specialty steelmaker with core exposure to auto, stainless/alloys, magnets, and industrial components.</li>
<li>Mid-Term strategy centers on higher-margin growth products (SPE stainless, magnets, aerospace forgings) supported by new VAR and forging capacity.</li>
<li>Valuations &amp; Risks: Trades at a forward P/E compressing to ~5× by FY28E, but cyclical demand swings and raw material volatility remain key risks.</li>
</ul>


Leading Japanese specialty steelmaker with core exposure to auto, stainless/alloys, magnets, and industrial components.
Mid-Term strategy centers on higher-margin growth products (SPE stainless, magnets, aerospace forgings) supported by new VAR and forging capacity.
Valuations &amp; Risks: Trades at a forward P/E compressing to ~5× by FY28E, but cyclical demand swings and raw material volatility remain key risks.


Daido Steel – Specialty Strength with Strategic Upside