Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Q1 FY03/25 results: Sales JPY61.1bn (+16.9% YoY), Operating profit JPY7.0bn (-1.4% YoY), Recurring profit JPY8.2bn (+7.7% YoY), Net income JPY4.8bn (+11.6% YoY).</li><li>Segment sales: Semiconductor Equipment-related JPY39.9bn (+33.6% YoY), Electronic Device JPY10.0bn (+8.7% YoY), Automotive-related JPY5.8bn (-21.2% YoY), Others JPY5.4bn (-7.4% YoY).</li><li>Revised 1H FY03/25 forecast: Sales JPY120.0bn (+13.8% YoY), Operating profit JPY13.0bn (-0.3%), Recurring profit JPY14.5bn (-4.7% YoY), Net income JPY8.5bn (+1.3% YoY).</li></ul>

Q1 FY03/25 results: Sales JPY61.1bn (+16.9% YoY), Operating profit JPY7.0bn (-1.4% YoY), Recurring profit JPY8.2bn (+7.7% YoY), Net income JPY4.8bn (+11.6% YoY).Segment sales: Semiconductor Equipment-related JPY39.9bn (+33.6% YoY), Electronic Device JPY10.0bn (+8.7% YoY), Automotive-related JPY5.8bn (-21.2% YoY), Others JPY5.4bn (-7.4% YoY).Revised 1H FY03/25 forecast: Sales JPY120.0bn (+13.8% YoY), Operating profit JPY13.0bn (-0.3%), Recurring profit JPY14.5bn (-4.7% YoY), Net income JPY8.5bn (+1.3% YoY).

Ferrotec Corp (6890 JP): Q1 FY03/25 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "<strong>Who is Ready</strong>" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>In the last few days, <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co (9229 JP)</a> and <a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet (7095 JP)</a> have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.</li>
<li>
<a href="https://www.smartkarma.com/entities/macbee-planet-inc" target="_blank" data-smartkarma-citation="entities:39863:1" rel="noopener">Macbee Planet</a> was in our highest conviction list but <a href="https://www.smartkarma.com/entities/sunwels-co-ltd" target="_blank" data-smartkarma-citation="entities:43702:1" rel="noopener">SUNWELS Co</a> was not. In this insight, we have made some modifications to our methodology to improve future hit rates.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
In the last few days, SUNWELS Co (9229 JP) and Macbee Planet (7095 JP) have announced their moves to TSE prime which would eventually trigger a TOPIX Inclusion event.

Macbee Planet was in our highest conviction list but SUNWELS Co was not. In this insight, we have made some modifications to our methodology to improve future hit rates.


TOPIX Inclusions: Who Is Ready (July 2024)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024</li>
<li>There are couple of other pre-event names that we have been tracking for the past few months.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024
There are couple of other pre-event names that we have been tracking for the past few months.


TOPIX Inclusions: Who Is Ready (Jan 2024)

Index Rebalance

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-financial-gate-inc" target="_blank" data-smartkarma-citation="entities:35234:1" rel="noopener">GMO Financial Gate (4051 JP)</a> and <a href="https://www.smartkarma.com/entities/azoom-co-ltd" target="_blank" data-smartkarma-citation="entities:32232:1" rel="noopener">Azoom (3496 JP)</a> have confirmed their moves to the Prime Market which would trigger TOPIX Inclusions for these names at the end of July.</li>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> is expected to get listed in the Prime market in late-June and that name would also have a TOPIX Inclusion at the end of July. </li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

GMO Financial Gate (4051 JP) and Azoom (3496 JP) have confirmed their moves to the Prime Market which would trigger TOPIX Inclusions for these names at the end of July.

Kitazato (368A JP) is expected to get listed in the Prime market in late-June and that name would also have a TOPIX Inclusion at the end of July. 


TOPIX Inclusions: Who Is Ready (Jun 2025)

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>TOPIX Inclusions of <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> and <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> took place at the end of April 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-concept-technologies-inc" target="_blank" data-smartkarma-citation="entities:34323:1" rel="noopener">Core Concept Technologies Inc (4371 JP)</a> continues to be in our watchlist as a potential TOPIX Inclusion candidate.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
TOPIX Inclusions of Baudroie (4413 JP) and JX Advanced Metals (5016 JP) took place at the end of April 2025.

Core Concept Technologies Inc (4371 JP) continues to be in our watchlist as a potential TOPIX Inclusion candidate.


TOPIX Inclusions: Who Is Ready (May 2025)

Japan

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

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Ferrotec Corp (6890 JP)