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>Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.</li>
<li>Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.</li>
<li>Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.</li>
</ul>


Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.


Taiheiyo Cement (5233 JP): U.S. Scarcity Assets Drive Activist Re-Rating Potential