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.

Japan Steel: From Domestic Giant to Export-Driven Value Play

Kobelco (5406.T) – Diversified Japanese Industrial with Stable Steel and Engineering Exposure

Equity Bottom-Up

<ul>
<li>Earnings stable over 3 years as machinery and power offset weak steel margins; ROIC gradually improving.</li>
<li>Focus on KOBEMAG®, machinery expansion, and carbon-neutral projects with disciplined capex.</li>
<li>Trades at ~5x P/E due to low ROIC, past governance issues, and misperception as a pure steel cyclical.</li>
</ul>


Earnings stable over 3 years as machinery and power offset weak steel margins; ROIC gradually improving.
Focus on KOBEMAG®, machinery expansion, and carbon-neutral projects with disciplined capex.
Trades at ~5x P/E due to low ROIC, past governance issues, and misperception as a pure steel cyclical.


Kobelco (5406.T) – Diversified Industrial at Deep Value

Kobe Steel Ltd

Kobelco (5406.T) – Diversified Industrial at Deep Value