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

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) (9432 JP)

<ul>
<li>Revenue rose from ¥11.7T to ¥13.7T in 5 years, but profit growth was sluggish, with FY24 profit down 21.8% YoY.</li>
<li>IT services profit grew at 20.2% CAGR, now ~49% of group EBITDA, driving full buyout of NTT DATA at 20x earnings.</li>
<li>Buybacks totaled ¥1.8T despite rising debt, suggesting capital prioritization favors EPS optics over long-term balance sheet strength.</li>
</ul>


Revenue rose from ¥11.7T to ¥13.7T in 5 years, but profit growth was sluggish, with FY24 profit down 21.8% YoY.
IT services profit grew at 20.2% CAGR, now ~49% of group EBITDA, driving full buyout of NTT DATA at 20x earnings.
Buybacks totaled ¥1.8T despite rising debt, suggesting capital prioritization favors EPS optics over long-term balance sheet strength.


NTT Corp (9432): IT Growth Shines, Full Data Buyout, But Buybacks Over Debt Raise Concerns