This article reviews the trends among 20 carefully selected stocks identified as potential privatization and TOB candidates, based on a P/B ratio below 0.5x and involvement by the founding family. It also presents the cases of 錢高組 and 瀧上工業.
This article examines the characteristics and market trends of 20 stocks selected as potential privatization and TOB candidates from among companies listed on the Tokyo Stock Exchange. The companies have P/B ratios of 0.5x or less and are either managed by their founding families or have founding families as major shareholders through asset management companies, foundations or similar entities. The criteria include being listed and not having announced a TOB or similar transaction in 2025–2026. The article notes that the combination of an undervalued share price and founding-family control may lower the hurdles to completing a TOB.
錢高組 (1811) is 48.5% owned by an asset management company affiliated with the founding family. It has a P/B ratio of 0.46x, a share price of ¥7,510 and market capitalization of approximately ¥55.2 billion. For the fiscal year ending March 2026, revenue is ¥125.5 billion and operating profit is ¥4.71 billion, while investment securities have reached approximately ¥89.6 billion. The founding family's ownership is viewed as a potential prerequisite for privatization.
瀧上工業 (5918) has an extremely low P/B ratio of 0.31x and market capitalization of approximately ¥21.1 billion. Meanwhile, the founding family's shareholding increased in the shareholder composition as of the end of March 2026, with the family's stake, including that of close relatives such as the president, reaching approximately 27%. Operating profit for the fiscal year ending March 2027 has been revised upward to ¥1.6 billion, and net profit to ¥1.7 billion.