Candidates ／ 4088
AIR WATER INC.4088・Chemicals
Activist stake: Murakami group (City Index Eleventh etc.), Oasis. Of the listed companies with this trait in 2021–22, 1 in 5 was bought in the following four years or so — against 1 in 11 for all listed companies.
Taking every trait together, its score is 1.7x the average — #592 of 3,751. The closest type of deal is private equity.
Why it looks like past targets
- Activist stake: Murakami group (City Index Eleventh etc.), Oasis1 in 5 such companies were bought (2.0x the average)
- Price-to-book 4.01x
Score by type of buyer
| Type | vs average for the type | |
|---|---|---|
| Buyout by the parent | 0.1x | |
| Management buyout | 1.1x | |
| Private equity | 9.6x | |
| Strategic buyer | 1.4x |
Ownership
Top 10 shareholders
| Holder | Type | Stake | |
|---|---|---|---|
| 日本マスタートラスト信託銀行株式会社(信託口) | Custodian/nominee | 11.6% | |
| 株式会社日本カストディ銀行(信託口) | Custodian/nominee | 3.6% | |
| 三井住友信託銀行株式会社 | Custodian/nominee | 3.5% | |
| 日本製鉄株式会社 | Company | 3.0% | |
| 株式会社三井住友銀行 | Financial institution | 2.7% | |
| STATE STREET BANK AND TRUSTCOMPANY 505001 | Custodian/nominee | 2.6% | |
| エア・ウォーター取引先持株会 | Employee/partner plan | 2.6% | |
| JPモルガン証券株式会社 | Custodian/nominee | 2.6% | |
| 全国共済農業協同組合連合会 | Custodian/nominee | 2.2% | |
| エア・ウォーターグループ持株会 | Employee/partner plan | 2.1% |
From the annual report for the year to 2026-03-31. Holder types are assigned by name and can be wrong (for example, a founder’s company can look like an operating company). Annual report (PDF, EDINET)
Key figures
- Controlling shareholder (over 50%)
- No
- Largest corporate holder
- 3.0%
- Founder family (individuals and their companies)
- 0.0%
- Officers
- 0.0%
- Net cash ÷ market value
- —
- ROE
- -11.7%
- Equity ratio
- 26%
Activist filings
- Oasis 22 Jun 2026〜22 Jun 2026、1 filings Latest reports: 1est. cost ¥2,262 → now ¥2,818 (+25%), held 0.3 yrs, stake 6.0%
- Murakami group (City Index Eleventh etc.) 18 May 2026〜22 May 2026、2 filings Latest reports: 1 2est. cost ¥1,999 → now ¥2,818 (+41%), held 0.4 yrs, stake 6.9%
Estimated cost = total acquisition funds ÷ shares held, from the latest report (or the previous one if the latest does not state the funds). Trades after the report's base date are not included. Stakes whose reports give no funding figure are left out. Share splits after the report are adjusted using the change in shares outstanding. Costs outside the stock's price range while held (0.8x the monthly low to 1.2x the high) are treated as reporting quirks (e.g. funds not updated after selling) and not shown. Stakes cut below 5% (mostly sold) are left out of the totals.
This site ranks listed companies by how closely their public filings (annual reports and large-shareholding reports) resemble past tender-offer and MBO targets. It is not a prediction that any company will be bought, is not based on any non-public information, and is not a recommendation to buy or sell. Not investment advice.
Updated 29 Sep 2026 00:48 JST