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 Mining & Smelting (5706 JP): Navigating Cyclical Metals While Riding AI Materials Growth

Equity Bottom-Up

Mitsui Mining & Smelting Co / Equity Bottom-Up

<ul>
<li>FY2025 operating profit sharply upgraded; earnings base rebased higher across FY2026–28.</li>
<li>Engineered Materials accelerating with VSP™ and FaradFlex® capacity expansions; ~25–30% OP CAGR implied.</li>
<li>Metals more resilient than expected; ¥50 bn buyback supports valuation despite recent re-rating.</li>
</ul>


FY2025 operating profit sharply upgraded; earnings base rebased higher across FY2026–28.
Engineered Materials accelerating with VSP™ and FaradFlex® capacity expansions; ~25–30% OP CAGR implied.
Metals more resilient than expected; ¥50 bn buyback supports valuation despite recent re-rating.


Mitsui Kinzoku: Q2 FY2025 Upgrade Resets Earnings Baseline; Engineered Materials Accelerate