Global Materials | Industrials | Commodities

Rahul Jain

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.

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>, and a shortlist of high-conviction buys in the Philippines. </li>
<li>There was also a macro insight on Malaysia and CrossASEAN Ground Zero looking at OVO and Superbank, <a href="https://www.smartkarma.com/entities/scg-packaging-pcl" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a>, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>, and <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Erajaya Swasembada (ERAA IJ), Jardine Matheson Holdings (JM SP), and a shortlist of high-conviction buys in the Philippines. 
There was also a macro insight on Malaysia and CrossASEAN Ground Zero looking at OVO and Superbank, SCG Packaging (SCGP TB), GoTo, and Telekomunikasi Indonesia (TLKM IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The CrossASEAN Week That Was in ASEAN@Smartkarma - Erajaya, Jardine Matheson, and Philippines Picks

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ)</a>, <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, <a href="https://www.smartkarma.com/entities/charoen-pokphand-foods-public-company-limited" target="_blank" data-smartkarma-citation="entities:16131:1" rel="noopener">CP FOODS (CPF TB)</a>, and Johor Plantations IPO.</li>
<li>There were also insights on Singapore REITS, 14 stocks to own in ASEAN from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a>,  CrossASEAN Ground Zero looking at <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">ROTI</a>, Indonesian Hospitals and the Tower sector. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Medikaloka Hermina (HEAL IJ), PT Avia Avian (AVIA IJ), Vinfast (VFS US), CP FOODS (CPF TB), and Johor Plantations IPO.
There were also insights on Singapore REITS, 14 stocks to own in ASEAN from Dr. Andrew Stotz, CFA,  CrossASEAN Ground Zero looking at ROTI, Indonesian Hospitals and the Tower sector. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkafarma - Medikaloka Hermina, Avian Paints, and Vinfast

Indonesia

PT ANTAM (Persero) Tbk is a diversified, vertically integrated, state-owned mining and metals company in Indonesia. It engages in the exploration, mining, processing, and marketing of mineral resources, with core businesses in nickel, gold, silver, bauxite, and alumina. Its products include ferronickel, nickel ore, gold bullion, and alumina, serving various industries domestically and internationally. The company is headquartered in Jakarta, Indonesia, and was established in 1968.

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Antam (ANTM IJ)

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

The CrossASEAN Week That Was in ASEAN@Smartkarma - Erajaya, Jardine Matheson, and Philippines Picks

The past week saw insights on Erajaya Swasembada (ERAA IJ), Jardine Matheson Holdings (JM SP), and a shortlist of high-conviction buys in the...

Angus Mackintosh

The Week That Was in ASEAN@Smartkafarma - Medikaloka Hermina, Avian Paints, and Vinfast

The past week saw insights on Medikaloka Hermina (HEAL IJ), PT Avia Avian (AVIA IJ), Vinfast (VFS US), CP FOODS (CPF TB), and Johor Plantations IPO.

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

The CrossASEAN Week That Was in ASEAN@Smartkarma - Erajaya, Jardine Matheson, and Philippines Picks

The past week saw insights on Erajaya Swasembada (ERAA IJ), Jardine Matheson Holdings (JM SP), and a shortlist of high-conviction buys in the...

Angus Mackintosh

The Week That Was in ASEAN@Smartkafarma - Medikaloka Hermina, Avian Paints, and Vinfast

The past week saw insights on Medikaloka Hermina (HEAL IJ), PT Avia Avian (AVIA IJ), Vinfast (VFS US), CP FOODS (CPF TB), and Johor Plantations IPO.

Angus Mackintosh

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...