Masaru Miyazaki Cuts Stake in Software Service (3733) to 4.14% | Large Shareholding Report

A large shareholding report (EDINET filing) reveals that Masaru Miyazaki reduced his stake in Software Service (3733) to 4.14%. The company develops and sells medical information systems, with electronic medical records (EMRs) and ordering systems as core products deployed across 852 hospitals. Miyazaki's 4.14% stake represents a significant shareholder position in this healthcare IT enterprise. Over approximately one year since the initial disclosure, Miyazaki has systematically trimmed his position from 23.69%, with this latest report marking the tenth filing on the matter.

Systematic Reduction from 23.69% Over Twelve Months

Miyazaki's initial large shareholding report on Software Service dated July 4, 2025, showed a 23.69% stake. The current 4.14% represents a reduction of 19.55 percentage points through successive filings at roughly monthly intervals. The estimated ¥2.74 billion in proceeds from this latest transaction reflects the scale of the ongoing portfolio adjustment. This pattern of gradual disposal, evidenced by ten separate reports over the year, points to a deliberate strategy rather than opportunistic selling.

Position Among Major Shareholders: Secondary to Foreign Asset Manager

Within the disclosed investor base for Software Service, Miyazaki's holding ranks clearly in the shareholder hierarchy. FMR LLC leads with 8.44%, positioning Miyazaki as the second-largest disclosed investor at 4.14%. Fidelity Management & Research Company LLC holds 2.71%, with Mizuho Securities below reporting thresholds. While the gap to the top shareholder remains meaningful, Miyazaki retains a substantial institutional investor role in the company's capitalization structure.

Valuation Metrics: Mid-Range PER Against Market Backdrop

At the filing date, Software Service traded at a PER of 9.7x and PBR of 1.42x. The PER level sits below typical Japanese market averages of 12 to 15 times, suggesting relatively subdued earnings multiples. The PBR of 1.42x indicates the stock commands a modest premium to book value. With the 52-week range positioning at 32%, the current price gravitated toward the lower end of recent trading levels, reflecting weakness over recent months.

*Speculation: The methodical sale pattern suggests Miyazaki may have reassessed growth prospects in the healthcare IT sector or competitive positioning, with the graduated reduction serving as a vehicle for portfolio rebalancing rather than urgent liquidation.