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.

Lithium Oversupply Persists: CATL (300750 CH / 3750 HK) Cushioned, Albemarle (ALB US) Under Pressure

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

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.


Contemporary Amperex Technology (CATL) (3750 HK)

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

Aneka Tambang Persero

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