Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Japan Inc. And the Copper Supercycle: Who Benefits Most?

JX Advanced Metals (5016 JP) – Smelting Cuts Reinforce Materials Pivot

JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive

Equity Bottom-Up

<ul>
<li>Listed in March 2025 via Japan’s largest IPO since SoftBank 2018, JX Advanced Metals has since accelerated recycling, governance restructuring, and potential Toho Titanium consolidation.</li>
<li>A global leader in high-purity sputtering targets (35–40% share) and thin film materials, it is scaling capacity and deepening foundry partnerships (TSMC, Samsung) to capture long-term semiconductor growth.</li>
<li>Despite strong positioning, it trades at just ~7x EV/EBITDA FY25E—below peers—offering structural growth at value multiples amid recovering earnings and strategic asset backing.</li>
</ul>


Listed in March 2025 via Japan’s largest IPO since SoftBank 2018, JX Advanced Metals has since accelerated recycling, governance restructuring, and potential Toho Titanium consolidation.
A global leader in high-purity sputtering targets (35–40% share) and thin film materials, it is scaling capacity and deepening foundry partnerships (TSMC, Samsung) to capture long-term semiconductor growth.
Despite strong positioning, it trades at just ~7x EV/EBITDA FY25E—below peers—offering structural growth at value multiples amid recovering earnings and strategic asset backing.


JX Advanced Metals (5714 JP) – Dominant in Sputtering, Recycling Pivot, Valuations Lag Peers