Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>JX Advanced Metals (5016 JP) — Second Guidance Upgrade; Margin Expansion Accelerates, Momentum Builds</li>
<li>Focus businesses now contribute nearly half of operating profit, reinforcing structural earnings quality.</li>
<li>JX Advanced Metals trades at ~22× FY26E P/E and ~13× EV/EBITDA, reflecting premium growth exposure but still below Japanese specialty materials peers (Tokyo Ohka ~26×, Entegris ~45×).</li>
</ul>


JX Advanced Metals (5016 JP) — Second Guidance Upgrade; Margin Expansion Accelerates, Momentum Builds
Focus businesses now contribute nearly half of operating profit, reinforcing structural earnings quality.
JX Advanced Metals trades at ~22× FY26E P/E and ~13× EV/EBITDA, reflecting premium growth exposure but still below Japanese specialty materials peers (Tokyo Ohka ~26×, Entegris ~45×).


JX Advanced Metals (5016 JP) — Second Guidance Upgrade; Margin Expansion Accelerates

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>A global index provider will announce its quarterly review on 5 November 2025. The rebalance will take place on 24 November 2025.</li>
<li>We make predictions every week for the following index rebalance and publish them along with predictions for 100 other indices. </li>
<li>This insight shows our whole set of predictions across 47 countries for the next rebalance. Most of these names are unchanged since our early September predictions. </li>
</ul>


A global index provider will announce its quarterly review on 5 November 2025. The rebalance will take place on 24 November 2025.
We make predictions every week for the following index rebalance and publish them along with predictions for 100 other indices. 
This insight shows our whole set of predictions across 47 countries for the next rebalance. Most of these names are unchanged since our early September predictions. 


[Quiddity Index] Predictions for the Global Index Provider Rebal in November 2025

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>May see rebounds for biggest SPE losers over the week - Lasertec -14%, Softy -19%, Rigaku -12% and JX Advanced Metals -16%.</li>
<li>Expect a strong day for the Japanese optical peers, especially Furukawa Electric and Sumitomo Electric Industries.</li>
<li>Japanese telcos may face selling pressure as SpaceX talks with Charter about a consumer mobile offering and Rocket Lab looks to build out its own telecom network.</li>
</ul>


May see rebounds for biggest SPE losers over the week - Lasertec -14%, Softy -19%, Rigaku -12% and JX Advanced Metals -16%.
Expect a strong day for the Japanese optical peers, especially Furukawa Electric and Sumitomo Electric Industries.
Japanese telcos may face selling pressure as SpaceX talks with Charter about a consumer mobile offering and Rocket Lab looks to build out its own telecom network.


Japan Morning Connection: Memory-Exposed SPEs Primed to Rally on South Korean Semi Investment

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities staged a powerful advance through the week with the Nikkei 225 rocketing 7.9% to fresh all-time highs</li>
<li>Semiconductor equipment and technology names led the charge as investors continued to favour beneficiaries of global AI-related capital spending</li>
<li>Murata (+37%) was the top performer on robust demand for high-end multilayer ceramic capacitors (MLCCs) used in AI servers</li>
</ul>


Japanese equities staged a powerful advance through the week with the Nikkei 225 rocketing 7.9% to fresh all-time highs
Semiconductor equipment and technology names led the charge as investors continued to favour beneficiaries of global AI-related capital spending
Murata (+37%) was the top performer on robust demand for high-end multilayer ceramic capacitors (MLCCs) used in AI servers


Japan Strategy Weekly | Stocks Hit Record Highs as Kioxia Eclipses Toyota

<ul>
<li>Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.</li>
<li>TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.</li>
<li>Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.</li>
</ul>


Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.
TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.
Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.


Japan Morning Connection: AI Related Names Set to Slide Following SOX's Skittish Retreat from Highs

Japan

JX Advanced Metals Corporation mines and distributes non ferrous metal products. The Company smelts, refines, and markets non ferrous metals such as copper, gold, silver, and more. JX Advanced Metals also sells semiconductor materials, special steel materials, and other products.

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JX Advanced Metals (5016 JP)