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.

Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating

Mitsui & Co. (8031.T): Strong Cash Flows, Weak Growth Despite Portfolio Shift

Equity Bottom-Up

<ul>
<li>1H FY26 results resilient: LNG and FX offset metals softness; FY26 NI raised 6% to ¥820 bn, ROE ~13%.</li>
<li>Valuation gap to Itochu closed; Mitsui now trades ~1.4× P/B with superior copper and LNG leverage.</li>
<li>Sustained buybacks (~5% p.a.) and ≥10% Berkshire anchor ensure 6–9% TSR CAGR, with 10%+ if copper &gt;US$10k/t.</li>
</ul>


1H FY26 results resilient: LNG and FX offset metals softness; FY26 NI raised 6% to ¥820 bn, ROE ~13%.
Valuation gap to Itochu closed; Mitsui now trades ~1.4× P/B with superior copper and LNG leverage.
Sustained buybacks (~5% p.a.) and ≥10% Berkshire anchor ensure 6–9% TSR CAGR, with 10%+ if copper &gt;US$10k/t.


Mitsui & Co. (8031 JP): Bullish View Reinforced — Copper & LNG Re-Rate Now Structural

Mitsui & Co Ltd

Mitsui & Co. (8031 JP): Bullish View Reinforced — Copper & LNG Re-Rate Now Structural