Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/furuya-metal-co-ltd">Furuya Metal</a> is a global niche leader in the processing and recycling of high-purity Platinum Group Metals (PGMs), particularly iridium and ruthenium, which are critical for high-growth industries such as semiconductors, data storage, and the emerging green hydrogen economy.</li>
 <li>The company commands dominant market shares in key products, including iridium crucibles (70% global share) used for single-crystal growth and ruthenium sputtering targets (70% global share) for hard disk media, providing a strong competitive moat through proprietary technology.</li>
 <li>Future growth is underpinned by structural demand from data center expansion and the global push for decarbonization, with iridium being a key catalyst for PEM electrolyzers used in green hydrogen production. However, the company's performance is subject to the high volatility of PGM prices and a concentrated supply chain largely dependent on South Africa.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Furuya Metal is a global niche leader in the processing and recycling of high-purity Platinum Group Metals (PGMs), particularly iridium and ruthenium, which are critical for high-growth industries such as semiconductors, data storage, and the emerging green hydrogen economy.
  The company commands dominant market shares in key products, including iridium crucibles (70% global share) used for single-crystal growth and ruthenium sputtering targets (70% global share) for hard disk media, providing a strong competitive moat through proprietary technology.
  Future growth is underpinned by structural demand from data center expansion and the global push for decarbonization, with iridium being a key catalyst for PEM electrolyzers used in green hydrogen production. However, the company's performance is subject to the high volatility of PGM prices and a concentrated supply chain largely dependent on South Africa.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Furuya Metal (7826 JP) - Aug 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<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>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 rebalance to come in August 2027 based on trading data as of end-September 2026.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 rebalance to come in August 2027 based on trading data as of end-September 2026.


Quiddity JPX-Nikkei 400 Rebal 2027: End-Sep 2026 Ranks

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

• RESULTS - 15th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/900/original/image_79635701821618518159643.png?1618518161" class="editor-image img-responsive" data-smartkarma-image-id="200900"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>• FORECASTS/REVISIONS - 15th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/901/original/image_41828619831618518259175.png?1618518259" class="editor-image img-responsive" data-smartkarma-image-id="200901"></figure>REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist <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> leading the pack. Our focus will be on large caps <a href="https://www.smartkarma.com/entities/daiwa-house-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:237:1" rel="noopener">Daiwa House (1925 JP)</a> and <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a>. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/904/original/image_98823158241618520568301.png?1618520570" class="editor-image img-responsive" data-smartkarma-image-id="200904"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/905/original/image_36126897251618520600152.png?1618520601" class="editor-image img-responsive" data-smartkarma-image-id="200905"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/200/906/original/image_17001945261618520623051.png?1618520623" class="editor-image img-responsive" data-smartkarma-image-id="200906"></figure>

• RESULTS - 15th APRIL •Source for all charts &amp; tables: Japan Analytics• FORECASTS/REVISIONS - 15th APRIL •REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading the pack. Our focus will be on large caps Daiwa House (1925 JP) and Nihon Kohden (6849 JP). 

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​​15 - Daiwa House & Nihon Kohden

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

In January 2019, we re-examined the divide between value and growth stocks, citing expectation of a reversal to value based on historical data and macro conditions. With a pirouette in Central Bank policies, we now see this reversal being delayed.We expect to see the growth style re-emerge over the next few quarters, but that its dominance over value which had been evident (over much of the last decade) is unlikely to remerge. So, in our view, the GARP style will be key.Our Q3 2019 list presents 10-stocks well placed to continue the outperformance that H1 2019's list presented  which delivered an average share price return of +16% versus the MSCI Asia Pacific's +9%.Subscribe via Smartkarma (or utilise your subscription) to learn how this screening review identified value in one particular stock in January 2019, that returned sharholders +87% in 6-months and gain greater insight into which names hold strong potential to repeat.

In January 2019, we re-examined the divide between value and growth stocks, citing expectation of a reversal to value based on historical data and macro conditions. With a pirouette in Central Bank policies, we now see this reversal being delayed.We expect to see the growth style re-emerge over the next few quarters, but that its dominance over value which had been evident (over much of the last decade) is unlikely to remerge. So, in our view, the GARP style will be key.Our Q3 2019 list presents 10-stocks well placed to continue the outperformance that H1 2019's list presented  which delivered an average share price return of +16% versus the MSCI Asia Pacific's +9%.Subscribe via Smartkarma (or utilise your subscription) to learn how this screening review identified value in one particular stock in January 2019, that returned sharholders +87% in 6-months and gain greater insight into which names hold strong potential to repeat.

Screening the Silk Road: Q3-2019 Small-Mid Cap GARP (Zulu Warrior Screening)

Japan

FURUYA METAL CO., LTD. manufactures and sells precious metal products such as platinum and iridium for industrial use.  The Company also manufactures and sells thin film components used for LSI and MD, CD, and DVD displays.  FURUYA METAL produces temperature sensors used such as in semiconductor industry.

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Furuya Metal (7826 JP)

Primer: Furuya Metal (7826 JP) - Aug 2026

Furuya Metal is a global niche leader in the processing and recycling of high-purity Platinum Group Metals (PGMs), particularly iridium and...

αSK Primers

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2027: End-Sep 2026 Ranks

In total, there are 33 Potential ADDs and 34 Potential DELs (unique names) presented in the current Quiddity Leaderboard. It is early in the...

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Results & Revisions 04/15 - Daiwa House & Nihon Kohden

REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading...

Campbell Gunn

Screening the Silk Road: Q3-2019 Small-Mid Cap GARP (Zulu Warrior Screening)

In January 2019, we re-examined the divide between value and growth stocks, citing expectation of a reversal to value based on historical data and...

David Lepper

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Furuya Metal (7826 JP) - Aug 2026

Furuya Metal is a global niche leader in the processing and recycling of high-purity Platinum Group Metals (PGMs), particularly iridium and...

αSK Primers

TOPIX Inclusions: Who Is Ready (Jan 2024)

There are currently 70 names that satisfy all 6 key Segment Transfer requirements based on current data. Another 78 names can satisfy 5 out of 6...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2027: End-Sep 2026 Ranks

In total, there are 33 Potential ADDs and 34 Potential DELs (unique names) presented in the current Quiddity Leaderboard. It is early in the...

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​​15 - Daiwa House & Nihon Kohden

REVISIONS/FORECASTS - All 18 forecasts/revisions scored positively, with small-cap semiconductor material specialist Furuya Metal (7826 JP) leading...

Campbell Gunn

Screening the Silk Road: Q3-2019 Small-Mid Cap GARP (Zulu Warrior Screening)

In January 2019, we re-examined the divide between value and growth stocks, citing expectation of a reversal to value based on historical data and...

David Lepper

🇯🇵 JAPAN • Results & Revisions 04/15 - Daiwa House & Nihon Kohden