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

Equity Bottom-Up

<ul>
<li>Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.</li>
<li>Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.</li>
<li>Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.</li>
</ul>


Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.


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