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.

Equity Bottom-Up

MMC Port Holdings Berhad / Equity Bottom-Up

<ul>
<li>Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.</li>
<li>Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.</li>
<li>IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing</li>
</ul>


Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing


Adani Ports & Special Economic Zone (ADSEZ IN)

MMC Port Holdings – IPO Overview and Investment Considerations