Endeavor United Cuts Stake in Kodama Chemical (4222) to 37.25% | Large Shareholding Report

A large shareholding report (EDINET filing) reveals that Endeavor United Co., Ltd. has reduced its stake in Kodama Chemical Industry (4222) to 37.25%. The filer is an independent private equity fund focused on mid-sized and small domestic enterprises. Kodama Chemical is a resin processing manufacturer with three business divisions engaged in producing and selling automotive components and residential equipment products, positioning resin technology combined with metal technology as its competitive advantage. The 37.25% stake represents a major shareholder position, controlling approximately one-third of the company's outstanding shares.

The stake reduction of 1.42 percentage points this reporting period represents an estimated sale value of ¥150 million. This reflects ongoing portfolio adjustment rather than a one-time exit. Endeavor United first disclosed its position in June 2025 at 56.44%, then gradually reduced holdings through 14 total filings over the subsequent period, bringing the stake down by 19.19 points to the current level.

The firm maintains significant positions across multiple holdings. It holds 40% in UNICORN Holdings Co., Ltd. (construction) and 5.35% in Logos Holdings Co., Ltd. (construction), demonstrating concentration in the construction sector. The 37.25% stake in Kodama Chemical remains a substantial position within the portfolio, though no longer the largest.

Kodama Chemical's stock price stood at ¥690 on the filing date. The PER of 0.5x reflects the relationship between earnings and valuation, while the PBR of 2.65x indicates a meaningful divergence from book value. Trading at the 16th percentile of its 52-week range places it near lower levels observed over the past year.

*Speculation: The filer may be gradually reallocating capital away from resin-based manufacturing investments toward other sectors.