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

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

Equity Bottom-Up

<ul>
<li>On July 9, 2025, KKR announced it would reduce its stake in Kokusai Electric from ~23.5% to ~10.6% through a ¥90 billion overnight secondary offering.</li>
<li>KKR’s move reflects a classic private equity monetization strategy following operational improvements and a successful IPO.</li>
<li>While the sale caused a modest short-term share reaction (~2% dip), such liquidity events rarely impact long-term value—fundamentals remain the key driver for patient investors.</li>
</ul>


On July 9, 2025, KKR announced it would reduce its stake in Kokusai Electric from ~23.5% to ~10.6% through a ¥90 billion overnight secondary offering.
KKR’s move reflects a classic private equity monetization strategy following operational improvements and a successful IPO.
While the sale caused a modest short-term share reaction (~2% dip), such liquidity events rarely impact long-term value—fundamentals remain the key driver for patient investors.


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