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.

Amman Mineral Internasional (AMMN IJ) – Q1 Weak, Forecasts Cut, Stock Fully Priced

VanEck GDX Benchmark Switch: Implications for Zijin and Amman

Indonesia Joins MVGDX: US$418m Passive Flows, but Amman’s Inclusion Looks Fragile

Equity Bottom-Up

Amman Mineral Internasional / Equity Bottom-Up

<ul>
<li>Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.</li>
<li>Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore AMMN’s integrated growth strategy.</li>
<li>Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.</li>
</ul>


Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.
Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore AMMN’s integrated growth strategy.
Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.


AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside