Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.</li>
<li>What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).</li>
<li>Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.</li>
</ul>


CATL, Antam, and IBC officially broke ground on a $6 billion integrated battery project in Indonesia on July 1, 2025.
What it is: A full value-chain initiative spanning nickel mining to battery recycling, anchored across Karawang (cell production) and East Halmahera (mining, cathode, and recycling).
Why it matters: Positions CATL to secure long-term upstream supply and expand regional capacity (~15% of global base), while Antam gains transformative exposure to high-margin downstream battery economics.


CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

<ul>
<li>ANTAM’s Q1 2025 EBITDA surged over 250% YoY, supported by strong gold and nickel sales and improved cost efficiencies.</li>
<li>Plans include new RKEF and HPAL plants in East Halmahera, targeting growth in battery-grade nickel output.</li>
<li>Despite a recent rally, ANTAM trades at just 7x forward P/E—well below regional peers—while its strong cash balance of IDR 462 per share offers downside support, stock is attractively valued.</li>
</ul>


ANTAM’s Q1 2025 EBITDA surged over 250% YoY, supported by strong gold and nickel sales and improved cost efficiencies.
Plans include new RKEF and HPAL plants in East Halmahera, targeting growth in battery-grade nickel output.
Despite a recent rally, ANTAM trades at just 7x forward P/E—well below regional peers—while its strong cash balance of IDR 462 per share offers downside support, stock is attractively valued.


ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

Thematic (Sector/Industry)

<ul>
<li>Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook</li>
<li>Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.</li>
<li>The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.</li>
</ul>


Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook
Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.
The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.


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

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine (WINS IJ)</a>, <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, and <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>.</li>
<li>There was also a macro insight looking at Singapore's, a piece on Indonesia's efforts to make its rubber industry more sustainable, and two insights on <a href="https://www.smartkarma.com/entities/dksh-holdings-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12270:1" rel="noopener">DKSH Holdings Malaysia</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable macro and equity bottom insights from across Southeast Asia.</li>
</ul>


The past week saw insights on Grab Holdings (GRAB US), Wintermar Offshore Marine (WINS IJ), Japfa Ltd (JAP SP), Ginebra San Miguel (GSMI PM), and The Keepers Holdings (KEEPR PM).
There was also a macro insight looking at Singapore's, a piece on Indonesia's efforts to make its rubber industry more sustainable, and two insights on DKSH Holdings Malaysia.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable macro and equity bottom insights from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Grab's Initiatves, Wintermar Marine, and The Keepers.

Indonesia

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

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Aneka Tambang Persero (ANTM IJ)

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

ANTAM is pursuing a $500 million syndicated loan to support its expansion plans, particularly in nickel processing and battery materials. This move...

Rahul Jain

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

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

The Week That Was in ASEAN@Smartkarma - Grab's Initiatves, Wintermar Marine, and The Keepers.

The past week saw insights on Grab Holdings (GRAB US), Wintermar Offshore Marine (WINS IJ), Japfa Ltd (JAP SP), Ginebra San Miguel (GSMI PM), and...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL (3750 HK) & Antam (ANTM IJ) Break Ground on $6B Integrated Battery Project in Indonesia

​CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Rahul Jain

ANTAM (IDX: ANTM): Operational Momentum, Expansion Ahead, Valuation Still Attractive

ANTAM is pursuing a $500 million syndicated loan to support its expansion plans, particularly in nickel processing and battery materials. This move...

Rahul Jain

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

​Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

The Week That Was in ASEAN@Smartkarma - Grab's Initiatves, Wintermar Marine, and The Keepers.

The past week saw insights on Grab Holdings (GRAB US), Wintermar Offshore Marine (WINS IJ), Japfa Ltd (JAP SP), Ginebra San Miguel (GSMI PM), and...

Angus Mackintosh

CATL, Antam, and IBC launch $6 billion integrated battery project in Indonesia, securing supply chain and expanding regional capacity.

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...