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

Equity Bottom-Up

<ul>
<li>Kokusai has delivered steady growth, with revenue rising from ¥181.8B in FY2021 to ¥238.9B in FY2025 and a strong rebound in profitability.</li>
<li>It plans to expand capacity, grow service revenue beyond 35%, and launch next-gen tools for GAA logic and 3D memory.</li>
<li>At ~22x P/E and 12.5x EV/EBITDA, valuations appear fair given its scale, but upside exists if GAA traction and service leverage play out.</li>
</ul>


Kokusai has delivered steady growth, with revenue rising from ¥181.8B in FY2021 to ¥238.9B in FY2025 and a strong rebound in profitability.
It plans to expand capacity, grow service revenue beyond 35%, and launch next-gen tools for GAA logic and 3D memory.
At ~22x P/E and 12.5x EV/EBITDA, valuations appear fair given its scale, but upside exists if GAA traction and service leverage play out.


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