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.

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

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

Equity Bottom-Up

<ul>
<li>Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.</li>
<li>Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.</li>
<li>Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.</li>
</ul>


Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.


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