• Zenrin was rotated out of our strategy as other opportunities showed more favorable risk-reward profiles. • Current trading price (¥1057) is almost exactly at analyst fair value targets (¥1050), suggesting limited near-term upside potential. • P/E ratio of 18.9 appears relatively high against modest revenue growth of ~3.6%, resulting in an unfavorable negative PEG ratio (-2.98). • Recent performance has been sluggish with minimal gains over shorter timeframes (1-month: 1.5%, 3-month: 0.7%), despite stronger 1-year returns. • The company faces increasing competitive pressure from new technologies and potential cybersecurity risks, adding volatility to its outlook. • Positives remain: healthy dividend yield (~4%) with strong dividend growth (40%), decent profitability, and continued revenue expansion. This change reflects portfolio rotation, not a sell signal.