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.

Silver in Focus: Global Deficits, Japan’s Reliance, and Dowa’s Hidden Leverage

Equity Bottom-Up

<ul>
<li>DOWA reported flat FY24 profits at ¥27.1 bn; FY25 guidance projects stable revenue at ¥692 bn and slightly lower profit of ¥27.0 bn.</li>
<li>Diversified businesses in recycling, smelting, and materials processing are positioned to support long-term trends in resource efficiency and circular economy development.</li>
<li>Valuations appear cheap despite low near-term growth visibility. We aligned to global trends towards recycling and sustainability.</li>
</ul>


DOWA reported flat FY24 profits at ¥27.1 bn; FY25 guidance projects stable revenue at ¥692 bn and slightly lower profit of ¥27.0 bn.
Diversified businesses in recycling, smelting, and materials processing are positioned to support long-term trends in resource efficiency and circular economy development.
Valuations appear cheap despite low near-term growth visibility. We aligned to global trends towards recycling and sustainability.


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

Dowa Holdings

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