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.

Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation

IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside

Equity Bottom-Up

<ul>
<li>Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.</li>
<li>Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.</li>
<li>Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.</li>
</ul>


Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.
Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.
Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.


Ibiden: From Cyclical Supplier to Core AI Infrastructure Enabler

Ibiden Co Ltd

Ibiden: From Cyclical Supplier to Core AI Infrastructure Enabler