シルチェスター・インターナショナル・インベスターズ・エルエルピー Cuts Stake in タダノ (6395) to 5.78% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Silchester International Investors LLP has reduced its stake in Tadano Co., Ltd. (6395) to 5.78%. The UK-based value-oriented asset manager executed the sale. Tadano operates primarily in construction machinery and heavy equipment rental and leasing, with crane sales comprising an additional business line. The 5.78% stake represents a significant shareholding position in the company. The reduction follows a decrease of 1.04 percentage points from the previous disclosure, reflecting an ongoing divestment process.

Gradual reduction of 3.16 points over ten months

Silchester International Investors LLP has made four disclosures regarding Tadano. The initial report dated October 29, 2025 showed a 8.94% holding. Over approximately ten months, the fund has pared this position to 5.78%, representing a net 3.16 percentage point reduction. At the August 14 stock price of ¥1,431, the estimated proceeds from sales total approximately ¥1.89 billion. Multiple filings across this period indicate a staged divestment strategy.

Diversified value portfolio spanning multiple sectors

The fund maintains stakes exceeding 5% in 20 companies as of the filing date, with Tadano representing a mid-range holding. Sumitomo Osaka Cement (5232) ranks highest at 14.83%, followed by Alfresa Holdings (2784) at 13.17% and MediPal Holdings (7459) at 11.73%. Santen Pharmaceutical (4536) and Daikoku Dentetsu (1878) complete the major holdings at approximately 9.2% each. The portfolio spans pharmaceuticals, glass and stone products, wholesale distribution, and real estate. Within the machinery sector, Tadano appears as the fund's primary investment.

Position within Tadano's shareholder base

Comparing Silchester's stake to other large shareholders, Japan Activation Capital holds 10.81%, while Sumitomo Mitsui Trust Asset Management holds 2.07%. At 5.78%, Silchester ranks as the second-largest disclosed shareholder, trailing Japan Activation Capital by approximately 3 percentage points but substantially above third-tier holders.

Valuation metrics suggest limited downside

Tadano's valuation shows a forward price-to-earnings ratio of 9.9 times and price-to-book of 0.88 times. The PER indicates a modest earnings multiple relative to peers, while the PBR below 1.0 signals the stock trades below book value by over 10%. The 52-week range positioning at 89% indicates the current price sits near the upper end of the past year's trading band, approaching recent highs rather than depressed levels.

*Speculation: The value-focused investor's reduction of its concentrated position in the construction equipment lessor by over 3 percentage points may reflect profit-taking at current valuation levels or a strategic reallocation of capital.