Added to YB: 2025-07-16
Pitch date: 2025-07-14
4088.T [bullish]
Air Water Inc.
+0.05%
current return
Author Info
Company Info
Air Water Inc. engages in the manufacturing and sale of products and services related to industrial gas, chemical, medical, energy, agriculture and food products, logistics, seawater, and other businesses in Japan.
Market Cap
JPY 498.9B
Pitch Price
JPY 2.2K
Price Target
2.6K (+21%)
Dividend
N/A
EV/EBITDA
7.42
P/E
10.15
EV/Sales
0.83
Sector
Chemicals
Category
value
Re-Rating in Progress: Air Water Trading at 9x P/E Despite Duopoly and Global Growth
4088.T: #2 Japanese industrial gas producer at 9x P/E vs peers' 20-25x. Historically bad capital allocation (245 acquisitions) & low margins (11.3% vs Linde's 28%). Now improving: raising prices, expanding in India/semiconductors, divesting low-margin businesses. 40% SOTP discount with 3.5% yield. Upside: 20%+ return potential if reforms accelerate.
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