Ｒｏｂｅｃｏ　Ｉｎｓｔｉｔｕｔｉｏｎａｌ　Ａｓｓｅｔ　Ｍａｎａｇｅｍｅｎｔ　Ｂ．Ｖ． Raises Stake in スギホールディングス (7649) to 2.25% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Robeco Institutional Asset Management B.V. raised its stake in Sugi Holdings (7649) to 2.25%. This acquisition was made by Robeco, a major Dutch asset management firm. Sugi Holdings operates a nationwide drugstore chain called Sugi Pharmacy and sells pharmaceuticals, health supplements, and daily necessities as a leading retail company.

Stake Increase Within Two Months Since June 2026

Robeco held 1.86% of Sugi Holdings at its initial disclosure on June 19. The latest report shows 2.25%, representing an increase of 0.39 percentage points over two months. The estimated acquisition amount was ¥2.03 billion, purchased at a stock price of ¥2,803. This accumulation within such a brief timeframe signals sustained buying interest in the company.

Positioning of Foreign Asset Manager in Shareholder Base

Among Sugi Holdings' major shareholders, Sugi Shoji holds 35.65% as the largest shareholder, forming the foundation of management. Robeco's 2.25% stake ranks below other prominent international managers: Orbis Investment Management Limited at 5.01% and Massachusetts Financial Services Company at 5%. However, the pace of recent accumulation leaves open the possibility of continued net buying activity by Robeco.

Stock Valuation at Bargain Price Levels

At the time of disclosure, Sugi Holdings traded at a PER of 11.3x, indicating low earnings yield, with a PBR of 1.75x. The stock's position within its 52-week range stood at 6%, placing it near the lower end of its annual trading band. The decision to accumulate at such price levels suggests the market viewed the company as lacking significant overvaluation at that juncture.

*Speculation: Robeco's sustained accumulation over a short period may reflect a strategy of building a long-term position in anticipation of potential valuation inflection in the drugstore retail sector.