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

<ul>
<li>Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.</li>
<li>Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.</li>
<li>Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.</li>
</ul>


Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.


KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

Kioxia Holdings

KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation