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.

Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit

Kokusai Electric (TSE: 6525): Niche Leader in Batch Deposition Tools

Equity Bottom-Up

<ul>
<li>Results: Q1 revenue ¥51.8B (–21% YoY) and OP ¥10.9B (–44%) came in weak, with DRAM softness offset partly by NAND strength.</li>
<li>Guidance: FY26/3 outlook (¥244B revenue, ¥55.2B OP) reiterated, implying a sharp 2H acceleration in shipments and margin recovery.</li>
<li>Valuation: Shares trade at ~11× EV/EBITDA, a discount to peers, but execution risk keeps the multiple constrained.</li>
</ul>


Results: Q1 revenue ¥51.8B (–21% YoY) and OP ¥10.9B (–44%) came in weak, with DRAM softness offset partly by NAND strength.
Guidance: FY26/3 outlook (¥244B revenue, ¥55.2B OP) reiterated, implying a sharp 2H acceleration in shipments and margin recovery.
Valuation: Shares trade at ~11× EV/EBITDA, a discount to peers, but execution risk keeps the multiple constrained.


Kokusai Electric (6525 JP): Q1 Miss; FY Guidance Maintained, 2H Ramp Critical, Valuation Discount