Old Peak Group Ltd. Raises Stake in Hanshin Naidensoki Industrial (6018) to 17.03% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Ｏｌｄ　Ｐｅａｋ　Ｇｒｏｕｐ　Ｌｔｄ． raised its stake in Hanshin Naidensoki Industrial Co., Ltd. (6018) to 17.03%. The investor is a Hong Kong-based hedge fund. The company manufactures and sells marine diesel engines, propellers, and other vessel equipment, as well as conducting repair and maintenance services for inland vessels. With this accumulation, the fund holds over 17% of shares as a major shareholder. The increase from the previous disclosure was 1.03 percentage points, reflecting continued step-by-step buying.

Cumulative 11.7 percentage point stake built over eight months

Ｏｌｄ　Ｐｅａｋ　Ｇｒｏｕｐ　Ｌｔｄ．'s initial disclosure came on November 10, 2025, when it held 5.33% of the company. Over the following eight months, it filed 12 amendment reports, reaching 17.03% by July 30, 2026. This represents an 11.7 percentage point accumulation through staged purchases. The estimated acquisition amount was ¥210 million, calculated from the stock price of ¥6,250 on the filing date.

Portfolio across diverse sectors within the hedge fund's holdings

The fund holds stakes of 5% or more in ten different securities at this point. Its holdings span multiple industries: Sugimura Warehouse (9307), a warehousing and transport business, at 10.22%; Fujita Kanko (9722), a service company, at 8.24%; Nakano Fudoh Construction (1827), a builder, at 8.18%; and Global Security Expert (4417), an information and communications firm, at 7.18%. Its positions typically range between 5% and 12%. The 17.03% stake in Hanshin Naidensoki stands out as significantly larger than these other holdings. The fund's single largest position is Akatsuki Holdings (8737), a securities and commodity futures company, at 11.91%, which this purchase has now surpassed.

Position within the company's major shareholder base

Among other investors filing large shareholding reports for Hanshin Naidensoki, Hikari Communications holds 4.71%. Ｏｌｄ　Ｐｅａｋ　Ｇｒｏｕｐ　Ｌｔｄ．'s 17.03% substantially exceeds this, establishing it as a leading institutional shareholder.

Current valuation levels indicated by share price metrics

On the filing date, the company's PER stood at 79.3x and PBR at 1.35x. The PER of 79.3x is elevated relative to many sector benchmarks, reflecting significant stock price valuation relative to current earnings. The PBR of 1.35x indicates the stock trades at 1.35 times book value, a moderate premium rather than an extreme valuation. The stock's position at 96% within its 52-week range shows it trades near the upper end of its annual trading band.

*Speculation: The Hong Kong hedge fund's accumulation of a 17.03% stake in a company dependent on specialized marine engine demand may reflect confidence in the business's future prospects, expectations for operational improvements, or recognition of structural consolidation opportunities within this niche sector.