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.

Tekscend Photomask (429A JP) IPO: The Bear Case

Tekscend Photomask IPO - The Negatives - Market Share

Tekscend Photomask (429A JP) IPO: The Bull Case

Equity Bottom-Up

<ul>
<li>Scarce exposure to EUV photomasks – one of only three global leaders (with Hoya, DNP) in a concentrated oligopoly.</li>
<li>IPO at ¥250–400 bn (Oct 16, 2025) implies ~12–16× EV/EBITDA, offering rare pure-play access.</li>
<li>Execution risks – capex intensity turns FCF negative; overhang from Integral (~14% post-IPO) may weigh.</li>
</ul>


Scarce exposure to EUV photomasks – one of only three global leaders (with Hoya, DNP) in a concentrated oligopoly.
IPO at ¥250–400 bn (Oct 16, 2025) implies ~12–16× EV/EBITDA, offering rare pure-play access.
Execution risks – capex intensity turns FCF negative; overhang from Integral (~14% post-IPO) may weigh.


Tekscend IPO – Scarce Photomask Pure-Play Positioned in Oligopoly, but Cash Flow Strains Loom