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.

Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization

Equity Bottom-Up

<ul>
<li>Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.</li>
<li>Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.</li>
<li>Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) </li>
</ul>


Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 


Seibu Holdings (9024 JP) – Fare Hike, Tourism Rebound, and Deep Value