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

Copper Market Stress Test: TC/RC Collapse and Its Implications for Miners, Smelters, and Prices

JX Advanced Metals (5016 JP): Passive Buying in the Next 6 Weeks

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

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

Equity Bottom-Up

<ul>
<li>Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.</li>
<li>Guidance &amp; Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.</li>
<li>Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.</li>
</ul>


Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
Guidance &amp; Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.


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