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

Japan Petroleum Exploration / Equity Bottom-Up

<ul>
<li>JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.</li>
<li>FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.</li>
<li>Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.</li>
</ul>


JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.
FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.
Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.


JAPEX (1662 JP): U.S. Tight-Oil Pivot Drives Earnings Reset and Re-Rating Potential