This one reminds me of the first generation of the S55.
Exploded:
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I don’t have any of these pieces. How different are the ribs on the plastic grip compared to Pentel? Looks like it would feel obviously different.
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This is too cool! I have ribbed grips in black and blue, but I’ve never even seen the red variant before!
Mitsubishi and Pilot both have deep—and underrated—executive lineups.
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These have finer fluting (?) than the super OG Pentel 5s—more grooves, less depth—and in my view, the Mitsubishis are more pleasant in the hand.
Also, I’ve only seen these types of grips on short axis pencils (contra Pentel, which has them on full size pencils), so that probably contributes to the feel as well.
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Here’s an auction pic I saved. 0.3 version… so this is the M5-52. Not that ‘far away’ from the ‘chevron clip’ Mx-57 with a similar(?) ring.
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Great find! I know of at least 3…maybe 4…different styles with the fluted plastic grips, but I’ve never seen a model number designation before.
Makes me wonder if the variants of this style are MX-53 or MX-54 
I think I may have 2 or 3 of the lower cost all plastic version. M5-51 maybe? If the logic follows from the M5-56 being the lower grade from the M5-57.
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Ah yes, logic—if only that were a factor here 