JX Advanced Metals raised its forecast for operating profit in the year to March 2027 to ¥255.0bn from ¥232.0bn, a ¥23.0bn increase, in a revision issued on 9 November 2026. Sales are now forecast at ¥1.05tn, up from ¥1.025tn, and profit attributable to owners of the parent at ¥160.0bn, up from ¥141.0bn.
| Item | August forecast | November forecast | Change |
|---|---|---|---|
| Sales | ¥1.025tn | ¥1.05tn | +¥25.0bn (2.4%) |
| Operating profit | ¥232.0bn | ¥255.0bn | +¥23.0bn (9.9%) |
| Pre-tax profit | ¥221.0bn | ¥244.0bn | +¥23.0bn (10.4%) |
| Profit attributable to owners | ¥141.0bn | ¥160.0bn | +¥19.0bn (13.5%) |
| Basic earnings per share | ¥155.80 | ¥176.74 | +¥20.94 (13.4%) |
What the company says changed
The company gave three reasons. It expects lower mine output in its resources business. It sees AI-server demand lifting volumes and selling prices in its focus businesses. And it expects a higher copper price than in the August forecast.
The earnings briefing deck puts numbers on the bridge. Market conditions, mainly copper, add ¥19.5bn to the August operating-profit forecast. Focus-business volumes add ¥4.0bn and price improvement adds ¥6.0bn. Lower output in the base business subtracts ¥14.5bn, and margin and cost differences add ¥8.0bn. Within the output cut, the deck shows ¥9.5bn from mines and ¥5.0bn from metals and recycling.
The focus businesses carry the upgrade. Their forecast operating profit rises to ¥114.0bn from ¥100.0bn, and the semiconductor materials segment to ¥73.0bn from ¥61.0bn. The deck says both are above the average of analyst forecasts it compiled as of 9 November. The group figure of ¥255.0bn sits below that analyst average of ¥265.0bn, and the company attributes the gap mainly to the ¥14.5bn base-business output cut.
Assumptions to watch
The forecast rests on an LME copper price averaging 619 cents a pound for the year, with 630 cents assumed from October and 600 cents from January 2027. The yen is assumed at ¥157 to the dollar, or ¥155 from October. The deck says the August forecast assumed copper at 586 cents and the same ¥157 rate.
The company also gives its own sensitivities. From October, each 10 cents a pound on copper moves operating profit by ¥2.5bn, and a ¥5 weaker yen adds ¥5.0bn. If copper stays at 650 cents from October, the deck says operating profit would be about ¥265.0bn. It lists October's average actual copper price as 659 cents. Those are the issuer's assumptions and scenarios, not a market-price report.
The half-year base
For the six months to September, operating profit was ¥150.8bn against ¥70.0bn a year earlier, on sales of ¥531.5bn, up 34.1%. The deck notes that the half-year figure includes a ¥19.0bn one-off gain from selling part of its Caserones copper mine stake. The company's guidance note warns that actual results may differ materially from forecasts, citing macroeconomic and industry conditions, regulation and litigation.