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.

Marubeni Corporation (TSE: 8002) – Copper Torque, Platform Pivot, and Cash Returns

Equity Bottom-Up

<ul>
<li>Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.</li>
<li>Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.</li>
<li>Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.</li>
</ul>


Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.
Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.
Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.


Marubeni (8002 JP): Re-Rating Done, Spot Copper Priced In