Note: Full‑year FY3/26 guidance remains unchanged despite weaker 2H results. Recent rare‑earth enthusiasm has lifted Iwatani’s share price slightly, so we will monitor how the stock trades following the 2/10 earnings release.

Many rare-earth-related stocks have performed well year‑to‑date. Sojitz (2768), a major trader of rare earths, is up roughly 15%, prompting questions about whether this is just a short-lived trend. I don’t think so—but with the obvious names already running hard, I’m looking instead for under-the-radar beneficiaries. That leads me to Iwatani.

Iwatani delivers steady, predictable growth through its LPG business despite volatile LPG market prices (see financial table section), with additional upside from rare earths and semiconductor materials. Unlike upstream mining, which is slow, capital-intensive, and risky—Iwatani dominates the midstream, handling the processing and distribution of rare earth. The company has imported and supplied rare earths to Japan since the 1990s, giving it deep technical expertise and long-standing customer relationships.

This positions Iwatani as a discounted entry point into both a near-monopoly hydrogen business and credible rare‑earth exposure, all supported by stable household‑gas cash flows.

Historically, the stock has surged during periods of retail enthusiasm for hydrogen, most notably in 2024. The recent uptick reflects renewed interest in rare earths—momentum I believe is more structural than speculative.

My client note covers:

*the company’s steady but underappreciated gas business,

*its industrial‑gas growth engine, and

*potential gains from its rare‑earth investments.

If you’re interested in learning more about Iwatani and its growth potential, I’d like to invite you to experience my service—completely free of charge. I am confident that once you discover the value, convenience, and quality I offer, you’ll be glad you gave me a try. Some of my clients who have a dedicated Japan research team find my take unique and actionable.

#Iwatani #LPGleader #Japanesevaluestock #Hydrogen #Rareearth #energysafety