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.

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

Equity Bottom-Up

Samsung Heavy Industries / Equity Bottom-Up

<ul>
<li>Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.</li>
<li>Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.</li>
<li>FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.</li>
</ul>


Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.


Samsung Heavy Industries – Premium Sustained, Delivery the Key