株式会社ＭＩ２ Raises Stake in メタルアート (5644) to 22% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that MI2 Inc., a domestic independent investment company, has raised its stake in Metal Art (5644) to 22%. The company specializes in investment, real estate, and consulting operations and pursues activist-style investments across multiple listed firms. Metal Art manufactures and sells precision forged components, with automobiles and construction machinery parts as primary products. The 22% holding at a stock price of ¥7,030 represents a major shareholder position within the company's market capitalization.

Staged Accumulation Over Three Months to Reach 22%

MI2 Inc. has filed 16 large shareholding reports on Metal Art, with its initial disclosure on May 27, 2026 showing a 6.31% stake. In just three months, the company increased its position by 13.20 percentage points to reach the current 22%, with an estimated acquisition cost of ¥2.66 billion. This pattern reflects step-by-step accumulation rather than a single large acquisition.

Focused Investment in Precision Metal Processing Within Steel Sector

MI2 Inc.'s current portfolio includes six holdings exceeding 5%, with Metal Art at 22% as the largest position. The second-largest holding is Ashimori Industries (3526) at 9.89%, also a steel-related company. Holdings exceeding 10% are limited, demonstrating concentrated investment focus on this target. The portfolio includes AD Works Group (real estate, 2.58%) and other sectors, yet the company's presence in steel and metal processing stands out distinctly.

Third Major Shareholder Position in Metal Art Structure

Among Metal Art shareholders, Daihatsu Motor holds the top position with 32.84%. Individual investor Takaki Murakami holds 8.98%, while Sumitomo Mitsui DS Asset Management holds 2.76%. MI2 Inc.'s 22% stake makes it the second-largest shareholder after Daihatsu, substantially exceeding the individual investor. A major position by an independent investment firm now stands second to the automotive components supplier's controlling stake.

Continued Accumulation at Upper End of 52-Week Range

Metal Art shares trade at 84% within the 52-week range, reflecting acquisition at recent highs. The PER stands at 21.6x while the PBR is 0.87x. A PBR below 1.0 indicates the stock trades below book value, suggesting one dimension of relative cheapness, yet a PER above 20x reflects market expectations for strong earnings. Continued accumulation at this price level indicates MI2 Inc.'s expectation of medium-term enterprise value appreciation.

*Speculation: The company may be preparing for operational engagement with the auto and construction equipment parts manufacturer through collaborative management aimed at improving business efficiency and cost structures.