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.

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

Equity Bottom-Up

Bumi Resources Minerals Tbk / Equity Bottom-Up

<ul>
<li>Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.</li>
<li>Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.</li>
<li>Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.</li>
</ul>


Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
Growth &amp; Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.


BRMS (IDX: BRMS) – Transitioning to a Mid-Tier Gold Producer