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

<ul>
<li>With Minebea out, Yageo’s ¥7,130/share bid (55% premium, ~18× FY25E P/E) is the sole path forward; board support makes completion highly probable.</li>
<li>Japanese takeover rules ensure eventual squeeze-out (&gt;90%) or illiquidity (50–90%); past bumps without rivals have been modest (+1–5%).</li>
<li>Clear Timeline: Tender closes mid-Oct 2025, results late Oct, squeeze-out Nov–Dec, delisting by Jan 2026 — shareholders should tender to lock in value.</li>
</ul>


With Minebea out, Yageo’s ¥7,130/share bid (55% premium, ~18× FY25E P/E) is the sole path forward; board support makes completion highly probable.
Japanese takeover rules ensure eventual squeeze-out (&gt;90%) or illiquidity (50–90%); past bumps without rivals have been modest (+1–5%).
Clear Timeline: Tender closes mid-Oct 2025, results late Oct, squeeze-out Nov–Dec, delisting by Jan 2026 — shareholders should tender to lock in value.


Shibaura Electronics – Yageo Tender Offer Defines the Endgame