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.

MinebeaMitsumi Inc. (TSE:6479) – Precision Leader in Transition with Growth Catalysts Ahead

Equity Bottom-Up

<ul>
<li>Minebea bid ¥6,200/share for Shibaura, but Yageo countered at ¥7,130/share (~¥90–95bn), now cleared by regulators.</li>
<li>Yageo’s FEFTA approval removes Minebea’s “certainty” advantage, leaving its lower bid exposed.</li>
<li>Unless Minebea revises above its self-declared ceiling, Shibaura’s ~13% global thermistor share likely shifts to Yageo.</li>
</ul>


Minebea bid ¥6,200/share for Shibaura, but Yageo countered at ¥7,130/share (~¥90–95bn), now cleared by regulators.
Yageo’s FEFTA approval removes Minebea’s “certainty” advantage, leaving its lower bid exposed.
Unless Minebea revises above its self-declared ceiling, Shibaura’s ~13% global thermistor share likely shifts to Yageo.


Minebea Mitsumi (6479 JP): Capital Discipline Over Reach — But at What Cost?