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.

Nittobo (3110 JP): Scarcity Premium in AI Substrates with Strong Earnings Visibility

Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

Equity Bottom-Up

<ul>
<li>¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.</li>
<li>Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.</li>
<li>Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.</li>
</ul>


¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.


Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key