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.

Resonac Holdings – Improving Mix, Expanding Margins, and a Clear Case for Re-Rating

Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials

Equity Bottom-Up

<ul>
<li>Resonac continues to reshape its portfolio, scaling growth materials while rationalising legacy chemicals and electrodes.</li>
<li>FY2025 guidance appears conservative, particularly on profit, leaving room for upside if current momentum is sustained.</li>
<li>Valuation &amp; risk: Shares trade at a discount to global peers, with re-rating potential contingent on execution and balance sheet discipline.</li>
</ul>


Resonac continues to reshape its portfolio, scaling growth materials while rationalising legacy chemicals and electrodes.
FY2025 guidance appears conservative, particularly on profit, leaving room for upside if current momentum is sustained.
Valuation &amp; risk: Shares trade at a discount to global peers, with re-rating potential contingent on execution and balance sheet discipline.


Resonac Holdings – Strategic Transition and Re-Rating Potential