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.

[Quiddity Index] August Global Index Japan ADDs - Differing Peer Dynamics - Kawasaki Heavy (7012 JP)

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&amp;M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.</li>
<li>Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.</li>
<li>Outlook &amp; Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.</li>
</ul>


Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&amp;M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
Outlook &amp; Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.


Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance