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.

DOWA Holdings (5714.T): Diversified Industrial Business Positioned for Circular Economy Growth

Equity Bottom-Up

<ul>
<li>DOWA has re-rated from ¥4,500 to ~¥7,000 on risk compression and commodity optionality, not improved structural returns.</li>
<li>FY25 earnings were revised upward, but ROIC remains mid-single digit, with Electronic Materials a persistent structural drag.</li>
<li>Even at elevated silver prices, valuation appears largely priced in, supporting a Neutral stance.</li>
</ul>


DOWA has re-rated from ¥4,500 to ~¥7,000 on risk compression and commodity optionality, not improved structural returns.
FY25 earnings were revised upward, but ROIC remains mid-single digit, with Electronic Materials a persistent structural drag.
Even at elevated silver prices, valuation appears largely priced in, supporting a Neutral stance.


DOWA Holdings (5714 JP): Risk Reset Completed; Optionality Priced In

Dowa Holdings

DOWA Holdings (5714 JP): Risk Reset Completed; Optionality Priced In