SMBC Nikko Securities Cuts Stake in Liberta (4935) to 9.74% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that SMBC Nikko Securities Co., Ltd. has reduced its stake in Liberta (4935) to 9.74%. This is a sale by the securities company of the Sumitomo Mitsui Group. Liberta develops and sells beauty products, toiletries, and functional apparel, operates as the Japanese distributor for imported watches, and conducts business across more than 60 countries, with this shareholding representing a major position in the company's market capitalization.

Staged Reduction of Holdings from April Cuts Ownership by Over 11 Percentage Points

SMBC Nikko Securities held 20.57% of Liberta as of its initial filing on April 6, 2026. Over the following four months, the company submitted 12 change reports while reducing its stake to 9.74%. The cumulative decrease from the initial filing amounts to 10.83 percentage points. This pattern reflects a deliberate, multi-stage approach to unwinding its position. The estimated proceeds from this latest sale total ¥70 million, calculated at the August 28 share price of 212 yen.

Position Among the Securities Company's Major Holdings

SMBC Nikko Securities maintains stakes above 5% in a total of 55 companies. Within this portfolio, Liberta ranks among the most significant by shareholding percentage. Its top holding is Hitomails Inc. (7686) at 11.85%, followed closely by Liberta at 9.74%. By contrast, Oncolytics Biotech Inc. (4588, pharmaceuticals) comprises only 4.58% of holdings, underscoring Liberta's importance to this securities firm.

Status as Secondary Major Shareholder

Within Liberta's shareholder structure, SMBC Nikko Securities' 9.74% position places it nearly on par with the company's leading shareholder, Toru Sato, who holds 10.55%. The securities firm ranks as the second-largest shareholder, maintaining significant influence despite the 0.81 percentage point gap from the top position.

Sale Occurs at Elevated Valuation Levels

Liberta's valuation metrics as of August 28 show a price-to-earnings ratio of 137.7x and a price-to-book ratio of 4.02x. A PER exceeding 100x indicates that share price has moved well ahead of earnings fundamentals. The PBR of 4.02x reflects a substantial premium relative to net asset value. Trading at the 7th percentile within its 52-week range places this sale closer to the lower end of the stock's annual trading band.

*Speculation: The methodical unwinding of a large shareholding through staged sales suggests the securities company may be executing a planned reduction of an initially substantial position.