ENEOS <5020> is rebounding. Amid a general softness in petroleum-related stocks due to the decline in crude oil prices, it is moving in the opposite direction. Its subsidiary JX Metal announced a new listing application to the Tokyo Stock Exchange, which is seen as a buying factor. The market capitalization is expected to exceed 700 billion yen, making it a large listing surpassing Tokyo Metro. The listing is scheduled for March-April 2025. Following the listing, the company's share ownership ratio is expected to be less than 50%. The direction of the listing is already priced in, but there are expectations for strengthened shareholder returns utilizing listing funds.