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

Global Materials | Industrials | Commodities

Rahul Jain

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アドバンストメタルズ（5714 JP） – スパッタリング、リサイクル事業で優位に立つも、評価額は同業他社に遅れをとる