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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 3 March, JX Advanced Metals (5016 JP) announced that the IPO will be offered at ¥810 to ¥820 per share (down from the initial indicative price of ¥862 per share).</li>
<li>Our base case valuation per share is ¥863 which is 5.8% higher than the mid-point of the expected IPO price range of ¥810 to ¥820 per share. </li>
<li>Given the lack of upside, we have a Negative view of this JX Advanced Metal IPO. </li>
</ul>


On 3 March, JX Advanced Metals (5016 JP) announced that the IPO will be offered at ¥810 to ¥820 per share (down from the initial indicative price of ¥862 per share).
Our base case valuation per share is ¥863 which is 5.8% higher than the mid-point of the expected IPO price range of ¥810 to ¥820 per share. 
Given the lack of upside, we have a Negative view of this JX Advanced Metal IPO. 


JX Advanced Metals IPO Valuation Analysis

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

<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

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Event-Driven

<ul><li>Rio Tinto sold 30% of its Winu project to Sumitomo for $400 million, surprising many with the valuation</li><li>Expecting a PFS in 2025 for a 10 million tonne per annum scenario for the Winu project</li><li>The partnership with Sumitomo signifies the rise of Japan and South Korea in the mining industry and may benefit Rio Tinto in terms of capital allocation and project development.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Rio Tinto sold 30% of its Winu project to Sumitomo for $400 million, surprising many with the valuationExpecting a PFS in 2025 for a 10 million tonne per annum scenario for the Winu projectThe partnership with Sumitomo signifies the rise of Japan and South Korea in the mining industry and may benefit Rio Tinto in terms of capital allocation and project development.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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)

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 IPO Valuation Analysis

Our base case valuation per share of JX Advance Metals is ¥863 which is 5.8% higher than the mid-point of the expected IPO price range of ¥810 to...

Douglas Kim

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 (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

Rio lights up the junior copper market

Rio Tinto sells 30% stake in WINU project to Sumitomo for US$400 million, with analysts questioning the project's valuation and potential strategic...

Money of Mine

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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 IPO Valuation Analysis

Our base case valuation per share of JX Advance Metals is ¥863 which is 5.8% higher than the mid-point of the expected IPO price range of ¥810 to...

Douglas Kim

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 (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

Rio lights up the junior copper market

Rio Tinto sells 30% stake in WINU project to Sumitomo for US$400 million, with analysts questioning the project's valuation and potential strategic...

Money of Mine

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...