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.

DOWA Holdings (5714.T): Diversified Industrial Business Positioned for Circular Economy Growth

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Silvercorp Metals (TSX/NYSEAM: SVM): Diversified Growth with Compelling Valuation

Commodities

<ul>
<li>Silver has rallied nearly 40% over the past year, outpacing other precious metals on the back of record industrial demand and renewed investor flows.</li>
<li>Persistent structural deficits, led by solar PV and EVs, point to a supportive multi-year backdrop even if investment flows remain volatile.</li>
<li>For Japan, Dowa Holdings’ 30% stake in Los Gatos offers the only meaningful listed exposure to primary silver mining, with earnings leverage that is underappreciated by the market.</li>
</ul>


Silver has rallied nearly 40% over the past year, outpacing other precious metals on the back of record industrial demand and renewed investor flows.
Persistent structural deficits, led by solar PV and EVs, point to a supportive multi-year backdrop even if investment flows remain volatile.
For Japan, Dowa Holdings’ 30% stake in Los Gatos offers the only meaningful listed exposure to primary silver mining, with earnings leverage that is underappreciated by the market.


Silver in Focus: Global Deficits, Japan’s Reliance, and Dowa’s Hidden Leverage