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.

HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key

Tokai Carbon (5301 JP) — Margin Expansion Ahead, Valuation Yet to Reflect

Equity Bottom-Up

<ul>
<li>Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.</li>
<li>The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.</li>
<li>At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.</li>
</ul>


Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.
The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.
At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.


Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating