JX Advanced Metals Corporation
Cite as: Japan IR Index, JX Advanced Metals Corporation (5016), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Nonferrous Metals) | Only 2 companies — too few to compare | |
| Same size band (Over ¥2tn) | 87.3 | 10 of 10 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 30 scored 3 or more and 2 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
English tanshin every period on the Japanese cycle, and the latest quarter (Q1, 6 Aug 2026) is whole, with segment notes for all three segments. But the full-year FY2026 English tanshin is a 10-page "[Summary]" against 20 Japanese pages, with no qualitative section and no segment note. Two tests, take the lower: a content cut, 3 (was 5, which read only the quarter; re-checked 14 Oct 2026). Source document →
F2English results summary is a full translation, not an excerpt5/5
Latest English tanshin, 'Consolidated Financial Results for the Three Months Ended June 30, 2026 (Under IFRS)': 15 pages against 13 for the Japanese 2027年3月期第1四半期決算短信. It carries the summary pages, the qualitative section (business results by segment, financial position, forecast explanation with assumptions), the condensed statements and the notes (going concern, segment information, cash-flow notes). The Q2 and Q3 English tanshin match their Japanese originals at 14 pages each. Caveat: the FY2026 full-year English tanshin of 11 May 2026 is a 10-page '[Summary]' (cover pages and statements only, no qualitative section, no segment note) against 20 Japanese pages. Scored on the latest document: the whole tanshin → 5. Source document →
F3Financial statements including notes available in English5/5
Q1 FY2026 English tanshin has the condensed quarterly statements (financial position, P&L, comprehensive income, changes in equity, cash flows) with notes (applicable framework, going concern, segment information, cash-flow notes). For the year end there is also a 67-page 'Consolidated Financial Statements under IFRS Accounting Standards Year Ended March 31, 2026', extracted from the yuho, with full numbered notes (e.g. Note 7 segment information). Full statements and notes for the latest period → 5. Source document →
F4Annual securities report available in English in any form3/5
No whole Annual Securities Report in English, but the English IR site carries "Consolidated Financial Statements under IFRS Accounting Standards, Year Ended March 31, 2026", 67 pages "extracted and translated from the Japanese original report (Yukashoken-Hokokusho)": statements and full notes, without the narrative sections or the auditor's report. The FY2025 edition is there too. Statements only: 3 (was 0 on 12 Oct, which searched the disclosure feed only; re-checked 14 Oct 2026). Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Q1 tanshin segment note (p14-15) defines the three reportable segments: Semiconductor Materials, ICT Materials, Metals & Recycling, plus Other. It names their products and gives net sales and segment profit per segment, and the qualitative section gives sales and operating profit per segment (e.g. Semiconductor Materials ¥52.1bn sales, ¥14.4bn OP). The Q1 deck repeats revenue and OP by segment and by Focus/Base business every quarter. The FY2026 segment note is in the English IFRS financial statements (Note 7), since the FY English tanshin is a summary. Every period, definitions stated → 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No .xlsx/.xls/.csv anywhere on the English IR site. Checked Financial Performance, Financial Report and Cash Flow (performance.html, finance.html, cashflow.html), the IR Library and its type pages, FAQ, stock information and ESG Data. Financial Performance has HTML quarterly tables for FY2023/03 to 2027/03 (sales, OP, PBT, net profit, EPS, ROE), which do not count. No downloadable data file.
F7Guidance disclosed in English with the basis explained5/5
Q1 tanshin section 1(3) gives the full-year FY2026 forecast revision (sales ¥930bn→¥1,025bn, OP ¥190bn→¥232bn, previous vs revised table). It explains the revision: higher Focus Business volumes and prices on AI-server demand, a weaker yen and higher copper, offset by lower Chilean mine output. It states the assumptions: LME copper 586¢/lb (580¢ from July) and ¥157/$ (160 from July, 155 from October). The Q1 deck adds an OP bridge from May to August (market environment +¥40bn, mine production −¥6bn, Focus volume +¥3bn, price +¥2.5bn) and full-year volume growth forecasts by product. FX, market view and product/segment forecasts, revisions explained → 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter, published 6 Aug 2026, same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The English page 'Long-Term Vision and Medium- to Long-term Business Strategies and Business Targets' carries the same two documents as the Japanese page: the May 2023 Long-Term Vision 2040 (9 pp) and the May 2024 'Medium- to Long-term Business Strategies and Business Targets' (6 pp). The targets run to FY2027: OP CAGR 10-15% consolidated and 35-40% Focus, OP margins by segment, Focus share of OP ≥67%, ROE ≥10%, Net Debt/EBITDA <1.5x. The FY2025 results deck (11 May 2026, p13) repeats the full target table in English. No newer Japanese plan exists. Current plan, complete → 5. Source document →
S2IR presentations published in English5/5
A results presentation plus a results video for every quarter, in English, matching the Japanese cadence. Source document →
S3English equity-story or investment-highlights page5/5
'Quick Guide to JX Advanced Metals' (linked as 'Glance' from the IR top) is a dedicated at-a-glance page. Its 'JX Advanced Metals in Numbers' section gives the FY2025 OP split by segment (Semiconductor ¥39.5bn, ICT ¥31.5bn, Metals & Recycling ¥139.5bn) and world market shares: semiconductor sputtering targets ~65%, magnetic targets ~60%, InP wafers ~40%, high-purity tantalum powder ~50%, rolled copper foil for FPC ~80%, titanium copper ~60%. It also covers the Focus/Base portfolio and the 2040 vision. Dedicated, quantified strengths → 5. Source document →
S4Growth drivers identified and quantified in English5/5
The English Q1 FY2026 deck names the growth drivers and puts numbers on them. AI data-center demand: volume growth by product (sputtering targets for AI data centers +62%, InP substrates, copper titanium +42% forecast). Capacity expansions with scale and timing (Thailand 1.5x from 1H CY2027, Isohara 1.2x, Hitachinaka 1.3x, InP 7-10x). AI-server MLCC market CAGR 20-40% and AI-server shipment CAGR 29.6%. Focus Business OP ¥27.3bn→¥100bn forecast. The plan document adds market shares. Named drivers with market size, share, capacity and contribution → 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
No English transcript or Q&A. The Japanese side has none either: the Japanese その他IR資料 page and IR news list (2025-2026) carry only the decks and 決算説明会動画 videos, with no 質疑応答 or transcript. The English 'Other IR Information' page has the matching English presentation videos for every quarter (1Q FY25 to 1Q FY26). Neither language publishes a transcript or Q&A → not_found.
S6Integrated or annual report available in English4/5
Integrated Report 2025, period stated as "April 1, 2024 - March 31, 2025," published 12 Nov 2025 - one edition behind as at Oct 2026. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The FY2025 results deck (p13, 'Medium- to long-term business target: steadily progressing toward achieving our goals') sets FY2023-FY2025 results and the FY2026 forecast against each FY2027 target. Examples: consolidated OP CAGR 30% vs 10-15% target, Focus OP CAGR 44% vs 35-40%, segment OP margins vs target ranges, Focus share of OP 34-40% vs ≥67%, ROE 15.6% vs ≥10%, Net Debt/EBITDA 1.2x vs <1.5x. The variances are not explained beyond the headline. Integrated Report 2025 has a narrative 'Review of the Previous Fiscal Year and Initiatives Toward Medium- to Long-Term Business Targets'. Reconciliation without explanation → 4. Source document →
G1Corporate governance report available in English3/5
The sustainability site's "Corporate Governance" page is a prose narrative about the company's 2023-2025 transition to a Prime Market listing - not the filed TSE Corporate Governance Report, which is not published in English. Source document →
G2Director biographies in English with tenure, expertise and independence4/5
The English convocation notice (3 Jun 2026) gives all six director candidates' careers, nomination reasons, independence designation ('Reappointment / Independent Outside Director') and years in office ('7 years and 3 months', '2 years', etc.). The 'Executives' IR page gives the career history of every director, appointment dates included. The FY2025 Business Report lists all directors with independent status. Tenure is stated in years only for the candidates (derivable from career dates for others) → 4 (floor). Source document →
G3Board skills matrix published in English5/5
The English convocation notice (3 Jun 2026) p22 'Planned Composition of Officers' is the board skills matrix after the AGM: corporate management, global, technology/R&D, sustainability/ESG, HR, finance/accounting, legal/risk, per director. It matches the Japanese notice p23. Integrated Report 2025 also carries a Skills Matrix. Current, in English → 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
FY2025 Business Report (English, 3 Jun 2026) pp21-22 sets out the structure: fixed, short-term performance-linked and long-term share-based pay, with Outside and Audit & Supervisory Committee directors fixed only. The KPIs are consolidated OP and Net Debt/EBITDA (short-term), and OP, ROE, TSR plus safety, engagement and an external ESG rating (long-term). The mix at target is 40/24/36, the caps are stated, and there is a table of total amounts by officer category. The weights of the individual KPIs within each component are not given → 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Convocation Notice for the AGM (26 Jun 2026), posted 3 Jun 2026 - 23 days' notice - with proposals set out to page 17+ and "Smart Voting" QR-code internet voting described directly in English, no Japanese-only caveat found. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, soukai.mizuho-tb.co.jp (Mizuho Trust & Banking), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English2/5
Notice of Resolution, 26 Jun 2026: both proposals "approved as originally proposed," dividend given, no vote counts. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
Integrated Report 2025 (English) has 'Policy on Cross-Shareholdings': in principle no listed holdings, with exceptions reviewed by the board against the cost of capital, plus a voting policy. A 'Cross-Shareholdings' table gives the number of issues (3 in each of FY2022-FY2024) and shares held. There is no reduction target or schedule. The Corporate Governance Report and yuho are not in English. Policy and numbers, no target → 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
English homepage (https://www.jx-nmm.com/english/) global navigation has 'Investors' → https://www.jx-nmm.com/english/ir/. One click → 5. Source document →
O2English document links resolve to English documents5/5
Sampled 15 English links, all English documents: Q1 FY26, Q3 FY25, Q2 FY25, FY2025 and FY2026 '[Summary]' tanshin; Q1 FY26 and FY2025 decks; FY2025 convocation notice; FY2025 Business Report; Notice of Resolution (26 Jun 2026); Tronox notice (29 Sep 2026); forecast revision notice (6 Aug 2026); IFRS Consolidated Financial Statements FY2026; Integrated Report 2025; May 2024 Medium- to Long-term Business Targets PDF. No Japanese document behind an English link → 5. Source document →
O3English IR archive free of dead links5/5
The same 15 links all opened (xj-storage PDFs and jx-nmm.com PDFs) in the rendered browser. The video links (congre-gc.qumucloud.com) are listed but were not opened. No dead links → 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the IR top, IR News, IR Library, Financial Statements, Presentation Documents, GM documents, Other IR, Disclosure, Executives, Governance, Financial Performance, Stock Chart (candlestick chart and quote render, screenshot taken), IR Calendar and Disclaimer. All rendered their content. The xj-storage year selects populate on change → 5. Source document →
O5Single page listing all English IR documents by date and type5/5
'IR News' (news.html) is one dated list of every English IR item with type labels and filter tabs (All / Financial Statements / Disclosure / IR Documents / Information) and a year select (2026, 2025). It covers tanshin, decks, videos, AGM documents, timely disclosures, the IFRS financial statements and Integrated Report 2025. The per-type pages also exist. One page, all types, dated and typed → 5. Source document →
O6English archive genuinely populated, not an unverifiable shell4/5
The archive runs from the listing in March 2025 (Notice of Listing, 19 Mar 2025) to Sep 2026. That is every tanshin and deck since FY2024 full year, two AGM cycles, two IFRS financial-statement extracts and about 35 timely disclosures. It is populated, but the company has only about 19 months of listed history, so it cannot be several years → 4. Source document →
O7Named English IR contact published3/5
The IR top page's "Contact Us" link opens the company's shared inquiry form with the Investors category preselected (category1=99&category2=153). A genuine IR route through the general form, not a dedicated IR contact: 3 (was 4, scored before the ruling that a shared form with IR preselected is not dedicated; re-checked 14 Oct 2026). Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
The site's posting labels put the English tanshin and deck on the Japanese day every period: 5 Aug 2025, 11 Nov 2025, 10 Feb 2026, 11 May 2026, 6 Aug 2026. The decks' PDF creation dates confirm same day (Q1 FY26 deck 6 Aug 09:07; FY deck 11 May). But the current English quarterly tanshin files were created later, per PDF creation date (no other posting record): Q2 14 Nov (+3 days), Q3 16 Feb (+6), FY2024 20 May 2025 (+11), Q1 FY26 27 Aug (+21). The only verifiably same-day one, FY2026 (11 May), is a 10-page '[Summary]'. Same-day full tanshin not shown in most periods read → days to weeks late → 3 (floor). Source document →
R2Median lag in days between Japanese and English statutory publication3/5
Lags, Japanese → English. Q1 FY26 tanshin: 6 Aug → 27 Aug 2026 = 21 days (PDF creation; labelled 6 Aug). FY2026 tanshin: 11 May → 11 May = 0 (summary version). AGM notice: 3 Jun → 3 Jun = 0. Corporate Governance Report: Japanese 26 Jun 2026, no English = >90. Yuho: Japanese 24 Jun 2026, English IFRS financial-statements extract created 26 Aug 2026 (also in its URL timestamp) = 63 days. Median 21 days → 3. Using the site's posting labels instead, the median would be 0. Source document →
R3Timely disclosures published in English4/5
Japanese IR news, Oct 2025-Sep 2026: about 24 timely disclosures excluding decks. All but four have English versions on the same date. Present: forecast revisions (11 Nov, 10 Feb, 6 Aug), dividend notice, MOU on copper concentrate, crystal-materials and Hitachinaka capex, Caserones transfer, Fireweed acquisition, share exchange, shareholder-return policy, representative director changes, tender-offer commencement and result, treasury share cancellation and correction, controlling-shareholder matters, Tronox. Missing in English: 11 May 2026 自己株式の取得及び自己株式の公開買付け, the euro-yen CB issuance notice and its 補足説明資料 (only the 19 May terms appear, as '[Summary]'), and the 6 Mar 2026 statutory pre-disclosure for the Toho Titanium share exchange. Nearly all, same day → 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice anywhere in the rendered English site: IR top, library pages, Disclaimer, Terms of Use, all checked. The English Disclaimer covers forward-looking statements and liability only. The documents carry 'translated from the Japanese original for reference purposes only... original shall prevail', which is R5 language, not machine translation. Nothing presented as machine-translated → 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
The AGM notice states "THIS IS AN UNOFFICIAL TRANSLATION... THE JAPANESE ORIGINAL IS THE SOLE OFFICIAL VERSION"; the tanshin carries the standard "for reference purposes only... shall prevail" line. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-06. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Four-year InP substrate capacity investment policy
Strategy or target reset · announced · Action announced 16 June 2026
JX decided on up to ¥120bn of investment over four years, targeting 7–10x FY2025 capacity. Detailed plans were not yet finalized in the reviewed disclosure.
Timeline and sources (1 step)
- 16 June 2026Investment policy announced JX announced up to ¥120bn over four years, additional Hitachinaka capacity and a 7–10x production-capacity target versus FY2025. Decision on Capital Investment Policy to Significantly Expand InP Substrate Production Capacity
What management said it would do
JX said it would invest up to ¥120bn over four years to expand InP substrate capacity to roughly 7–10 times FY2025, adding Hitachinaka capacity.
From the company’s own disclosure · Decision on Capital Investment Policy to Significantly Expand InP Substrate Production Capacity
What it actually did, and when
Partly disclosed — a gap remains · Decision on Capital Investment Policy to Significantly Expand InP Substrate Production Capacity
What it disclosed about the economics
JX cited accelerating optical-communications demand, customer supply requests and price revisions; no project-level IRR, ROIC or payback was disclosed.
Partly disclosed — a gap remains · Decision on Capital Investment Policy to Significantly Expand InP Substrate Production Capacity
What has happened since
The program is newly announced and its four-year result is not due.
Partly disclosed — a gap remains · Decision on Capital Investment Policy to Significantly Expand InP Substrate Production Capacity
The question this leaves open
Investor question: What demand coverage, qualification gates and return thresholds justify a 7–10x capacity step-up? IR preparation: publish a phased spend-to-capacity-and-returns bridge.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Capital structure
FY2024/25 Net Debt/EBITDA was 1.6x versus the longer-term target below 1.5x, before the later convertible-bond-funded investment decision.
Governance of capital decisions
Management identifies customer requests, supply stability and a 7–10x capacity goal, while stating that detailed investment plans will follow.
Preliminary and not scored: a selected-source reading, reviewed 24 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mizuho Trust & Banking) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.