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.

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<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

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.

<ul>
<li>JX Advance Metals, a unit of Japanese oil giant ENEOS plans to list on the Tokyo Stock Exchange. ENEOS will sell down a part of its stake and raise US$3.0bn.</li>
<li>Having split from the parent ENEOS, <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 still on a business transformation and the company’s earnings show cyclicality.</li>
<li>The company’s earnings declined in FY03/2024, however, 9MFY03/2025 results show that earnings are on a recovery driven by improving demand coupled with structural reforms undertaken by the company.</li>
</ul>


JX Advance Metals, a unit of Japanese oil giant ENEOS plans to list on the Tokyo Stock Exchange. ENEOS will sell down a part of its stake and raise US$3.0bn.
Having split from the parent ENEOS, JX Advanced Metals (5016 JP) is still on a business transformation and the company’s earnings show cyclicality.
The company’s earnings declined in FY03/2024, however, 9MFY03/2025 results show that earnings are on a recovery driven by improving demand coupled with structural reforms undertaken by the company.


JX Advance Metals IPO: Business Transformation Underway

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a> and <a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold (600988 CH)</a> might go live in the coming week, with <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> following after.</li>
<li>On the placements front, there were a few mega deals this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Mixue Group (MIX HK) and Chifeng Jilong Gold (600988 CH) might go live in the coming week, with JX Advanced Metals (5016 JP) following after.
On the placements front, there were a few mega deals this week.


ECM Weekly (24th Feb 2025) - JX Advance, Mixue, Hexaware, Geekplus, Trualt, Goodman, Xtalpi, Hyundai

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JX Advanced Metals (5016 JP)

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