IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (23 Feb) - JXAM, Canvest, CNBM, Tam Jai, Proto, Domain, Mayne, SG Fleet

JX Advanced Metals (5016 JP) IPO: Valuation Insights

Weekly Deals Digest (02 Mar) - Japan Post Bank, 7&I, Aeon Delight, Tonami, Mixue, JXAM

JX Advanced Metals (5016 JP) IPO: The Bull Case

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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.

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> is a global leader in the semiconductor and ICT materials sector. It is seeking to raise up to US$2.6 billion.</li>
<li>In <em><strong><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></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on extensive proforma adjustments, the non-focus business remaining the largest profit contributor, margin pressure on the non-focus business and medium-to-long-term targets will likely disappoint.</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.
In JX Advanced Metals (5016 JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on extensive proforma adjustments, the non-focus business remaining the largest profit contributor, margin pressure on the non-focus business and medium-to-long-term targets will likely disappoint.


JX Advanced Metals (5016 JP) IPO: The Bear Case