Policy-held stock liquidation pace is slow for this security

Precedents of unwind in shareholding

Yahagi Construction Co., Ltd.（1870）

A mid-tier general contractor based in Aichi Prefecture

2025年2月、発行済み株式の2割を保有していた銀行など13社の「安定株主」に働きかけ、持ち合い解消を決定。

Shareholder capital return policy (DOE) to be set at5% or higher, reinforcing returns.

Following the unwind, the stock price rose by1year-plus to1.7times.

Exedy（7278）

Automotive parts manufacturer

In年Aisin sold all of its shares in the company, resulting in the loss of the stable shareholder who accounted for about three‑quarters.

Since then, management has strengthened dialogue with shareholders, including activists, and began balance‑sheet reforms such as capital reduction and enhanced shareholder returns.

Before the unwind, ROE (return on equity) was in the2% range; by2025 it rose to6%.

The stock price rose by about2times over more than two years.

Stocks with slow unwind pace

Market capitalization over1,000 trillion yen, and corporate policy holdings ratio to net assets increased compared with two quarters earlier (as of fiscal year 2024)