Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.</li>
<li>Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.</li>
<li>Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.</li>
</ul>


Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.
Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.
Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.


Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Fast and furious moves up in silver, PGM and related metals</li>
<li>Sectors we have highlighted as inflation beneficiaries starting to attract capital</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Fast and furious moves up in silver, PGM and related metals
Sectors we have highlighted as inflation beneficiaries starting to attract capital


Overview # 28 – Capital Flows into Hard Assets Continue

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advanced Metals raised 438.6 billion yen (US$3 billion) on its IPO offering after pricing the IPO at 820 yen per share, valuing the company at 761.3 billion yen. </li>
<li>Our base case valuation of JX Advanced Metals is price per share of 863 yen, based on P/E of 9.9x using our estimated net profit of 81 billion yen (2026E).</li>
<li>Therefore, we would sell into strength if the share price of JX Advanced Metals rises to the 863 yen to 1,044 yen per share.</li>
</ul>


JX Advanced Metals raised 438.6 billion yen (US$3 billion) on its IPO offering after pricing the IPO at 820 yen per share, valuing the company at 761.3 billion yen. 
Our base case valuation of JX Advanced Metals is price per share of 863 yen, based on P/E of 9.9x using our estimated net profit of 81 billion yen (2026E).
Therefore, we would sell into strength if the share price of JX Advanced Metals rises to the 863 yen to 1,044 yen per share.


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> priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.</li>
<li>Relevant notes: <strong><em><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>, <a href="https://www.smartkarma.com/insights/jx-advanced-metals-5016-jp-ipo-price-range-is-fair" target="_blank" data-smartkarma-citation="insights:178246" rel="noopener">JX Advanced Metals (5016 JP) IPO: Price Range Is Fair</a></em></strong>.</li>
<li>Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.</li>
</ul>



JX Advanced Metals (5016 JP) priced its IPO at JPY820 per share to raise gross proceeds of US$2.5 billion. The shares will start trading on 19 March.
Relevant notes: JX Advanced Metals (5016 JP) IPO: The Bull Case, JX Advanced Metals (5016 JP) IPO: The Bear Case, JX Advanced Metals (5016 JP) IPO: Price Range Is Fair.
Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the price is fair.


JX Advanced Metals (5016 JP) IPO: Trading Debut

Japan

Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan and overseas.  The Company's primary products include copper, gold, silver, nickel, lead, and zinc.  The Company refines, produces, and sells precious metals.  Sumitomo Metal Mining also produces and markets electronic & housing construction materials and provides civil engineering works.

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Sumitomo Metal Mining (5713 JP)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

JX Advanced Metals IPO Trading

JX Advanced Metals priced the IPO at 820 yen per share. We would sell into strength if the share price of JX Advanced Metals rises to the 863 yen...

Douglas Kim

JX Advanced Metals (5016 JP) IPO: Trading Debut

Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

​Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

JX Advanced Metals IPO Trading

JX Advanced Metals priced the IPO at 820 yen per share. We would sell into strength if the share price of JX Advanced Metals rises to the 863 yen...

Douglas Kim

JX Advanced Metals (5016 JP) IPO: Trading Debut

Since the price range was announced, the peers have modestly re-rated. My SoTP valuation of JPY859 is slightly above the IPO price, suggesting the...

Arun George

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...