Brandes Investment Partners, L.P. Cuts Stake in Komori Corporation (6349) to 5.7% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Brandes Investment Partners, L.P. has reduced its stake in Komori Corporation (6349) to 5.7%. The transaction represents a sale by a US-based concentrated value investment fund. Komori manufactures and sells offset printing presses and currency printing machines, maintaining a leading domestic market share. The stake reflects a major shareholder position within Komori's market capitalization. This reduction follows a prior decline of 1.00 percentage point, signaling an ongoing adjustment process.

Brandes first disclosed a position in Komori on September 16, 2025, holding 11.16% of shares. The current 5.7% holding represents a reduction of 5.46 percentage points over less than one year, accomplished through six separate filings. This pattern demonstrates methodical position reduction rather than a single transaction.

Examining Brandes' concurrent major holdings reveals a diversified sector approach with elevated stake levels. The fund holds 9.98% of Futaba Industrial Co. (6986, electrical machinery), 8.45% of H.U. Group Holdings (4544, services), and 5.22% of Akatsuki Inc. (3932, information technology). This multi-sector concentration strategy suggests the Komori reduction reflects portfolio rebalancing across the fund's core positions.

At disclosure date, Komori traded at ¥2,026 per share with a PER of 14.8x and PBR of 0.93x. The sub-1.0x price-to-book ratio indicates valuation below book value, while the 14.8x PER sits within normal ranges for machinery manufacturers. The stock occupied the 100th percentile of its 52-week trading range, placing it near the upper boundary of recent price movements.

The estimated sale value reached ¥1.08 billion. The position reduction occurs when Komori's stock trades near 52-week highs. *Speculation: Brandes may be executing a systematic profit-taking strategy at elevated valuations, with the possibility of further reduction through subsequent filings.