Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance has announced the terms for its IPO and set the pricing at ¥810-820 per share, at a much lower pricing range than previously expected ¥862 per share.</li>
<li>ENEOS is planning to offer 465.2m shares at the IPO raising around ¥377-381bn (US$2.5bn) at a market capitalisation and EV of ¥760bn and ¥857bn respectively.</li>
<li>Our SOTP valuation suggests that <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s shares are priced reasonably, however, given the negative sentiment over AI and tech stocks, we remain cautious.</li>
</ul>


JX Advance has announced the terms for its IPO and set the pricing at ¥810-820 per share, at a much lower pricing range than previously expected ¥862 per share.
ENEOS is planning to offer 465.2m shares at the IPO raising around ¥377-381bn (US$2.5bn) at a market capitalisation and EV of ¥760bn and ¥857bn respectively.
Our SOTP valuation suggests that JX Advanced Metals (5016 JP)’s shares are priced reasonably, however, given the negative sentiment over AI and tech stocks, we remain cautious.


JX Advance Metals IPO: Priced Reasonably but The Timing Isn’t Great

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.


JX Advance Metals IPO - Digestable, but Not Really Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent,  <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent,  ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We looked at the company’s past performance and undertook a peer comparison in our previous note. In this note, we talk about valuations.


JX Advance Metals Pre-IPO - Thoughts on Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> is a global leader in the semiconductor and ICT materials sector. It is seeking to raise up to US$2.6 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:176683" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:176843" rel="noopener">JX Advanced Metals (5016 JP) IPO: The Bear Case</a>. </li>
<li>In this note, we discuss valuation. My analysis suggests that JXAM is attractively valued at the IPO price compared to peer multiples.</li>
</ul>



JX Advanced Metals (5016 JP) is a global leader in the semiconductor and ICT materials sector. It is seeking to raise up to US$2.6 billion.
We previously discussed the IPO in JX Advanced Metals (5016 JP) IPO: The Bull Case and JX Advanced Metals (5016 JP) IPO: The Bear Case. 
In this note, we discuss valuation. My analysis suggests that JXAM is attractively valued at the IPO price compared to peer multiples.


JX Advanced Metals (5016 JP) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.


JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

Japan

ENEOS Holdings, Inc. operates refining and marketing businesses. The Company refines and distributes petroleum and petroleum chemical products. ENEOS Holdings also provides non ferrous metals, electronic materials, and other products.

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ENEOS Holdings (5020 JP)

JX Advance Metals IPO: Priced Reasonably but The Timing Isn’t Great

JX Advance set its IPO pricing lower than expected at JPY810-820 . Our SOTP valuation suggests shares are reasonably priced but the IPO comes at a...

Shifara Samsudeen, FCMA, CGMA

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

JX Advance Metals Pre-IPO - Thoughts on Valuation

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn in its Japan IPO. In this note, we talk about...

Sumeet Singh

JX Advanced Metals (5016 JP) IPO: Valuation Insights

In this note, we discuss valuation. My analysis suggests that JXAM is attractively valued at the IPO price compared to peer multiples.

Arun George

JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake. In this note,...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JX Advance Metals IPO: Priced Reasonably but The Timing Isn’t Great

​JX Advance set its IPO pricing lower than expected at JPY810-820 . Our SOTP valuation suggests shares are reasonably priced but the IPO comes at a...

Shifara Samsudeen, FCMA, CGMA

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

JX Advance Metals Pre-IPO - Thoughts on Valuation

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn in its Japan IPO. In this note, we talk about...

Sumeet Singh

JX Advanced Metals (5016 JP) IPO: Valuation Insights

In this note, we discuss valuation. My analysis suggests that JXAM is attractively valued at the IPO price compared to peer multiples.

Arun George

JX Advance Metals Pre-IPO - Peer Comparison or Lack Thereof

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake. In this note,...

Sumeet Singh

JX Advance set its IPO pricing lower than expected at JPY810-820 . Our SOTP valuation suggests shares are reasonably priced but the IPO comes at a...