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.

Japan Inc. And the Copper Supercycle: Who Benefits Most?

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

Copper Market Stress Test: TC/RC Collapse and Its Implications for Miners, Smelters, and Prices

Sumitomo Metal Mining (5713.T): Strategic Reset Amid Downstream Challenges and Valuation Discount

Equity Bottom-Up

<ul>
<li>FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.</li>
<li>August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.</li>
<li>EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).</li>
</ul>


FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).


Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources