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

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> has announced an IPO price range of JPY810-820 per share, which is 6.0%-4.9% below the IPO reference price range of JPY862.</li>
<li>Relevant notes - <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>, <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> and <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:177609" rel="noopener">JX Advanced Metals (5016 JP) IPO: Valuation Insights</a>. </li>
<li>My SoTP valuation of JPY860 is modestly above the IPO price range, suggesting that the price range is fair. </li>
</ul>



JX Advanced Metals (5016 JP) has announced an IPO price range of JPY810-820 per share, which is 6.0%-4.9% below the IPO reference price range of JPY862.
Relevant notes - JX Advanced Metals (5016 JP) IPO: The Bull Case, JX Advanced Metals (5016 JP) IPO: The Bear Case and JX Advanced Metals (5016 JP) IPO: Valuation Insights. 
My SoTP valuation of JPY860 is modestly above the IPO price range, suggesting that the price range is fair. 


JX Advanced Metals (5016 JP) IPO: Price Range Is Fair

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.</li>
<li>The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.</li>
<li>The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.</li>
</ul>


JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.
The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.
The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.


<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

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>I want to use my introduction to provide some comments on Howard Hughes (HHH).</li><li>Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.</li><li>The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.</li></ul>

I want to use my introduction to provide some comments on Howard Hughes (HHH).Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

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 Advanced Metals (5016 JP) IPO: Price Range Is Fair

My SoTP valuation of JPY860 is modestly above the IPO price range of JPY810-820, suggesting that the price range is fair.

Arun George

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

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

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

I want to use my introduction to provide some comments on Howard Hughes (HHH). Bill Ackman’s Pershing Square Capital Management has disclosed a new...

Richard Howe

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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 Advanced Metals (5016 JP) IPO: Price Range Is Fair

My SoTP valuation of JPY860 is modestly above the IPO price range of JPY810-820, suggesting that the price range is fair.

Arun George

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

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

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

I want to use my introduction to provide some comments on Howard Hughes (HHH). Bill Ackman’s Pershing Square Capital Management has disclosed a new...

Richard Howe

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...