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.

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

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

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

Thematic (Sector/Industry)

Indonesia Metals and mining / Thematic (Sector/Industry)

<ul>
<li>US$418m of passive inflows set to enter Indonesia as Amman (AMMN) and Bumi (BRMS) join MVGDX.</li>
<li>Amman’s inclusion may prove temporary as copper smelter mandates tilt revenues away from gold.</li>
<li>Archi (ARCI) emerges as a future candidate, while Merdeka (MDKA) fails the gold dependency test.</li>
</ul>


US$418m of passive inflows set to enter Indonesia as Amman (AMMN) and Bumi (BRMS) join MVGDX.
Amman’s inclusion may prove temporary as copper smelter mandates tilt revenues away from gold.
Archi (ARCI) emerges as a future candidate, while Merdeka (MDKA) fails the gold dependency test.


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