有限会社キャピタル・マネジメント Raises Stake in 大木ヘルスケアホールディングス (3417) to 9.95% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Capital Management Co., Ltd. has raised its stake in Oki Healthcare Holdings (3417) to 9.95%. Oki Healthcare is a major wholesale distributor of over-the-counter pharmaceuticals, with pharmaceutical distribution as its core business. The 9.95% stake represents ownership of approximately one-tenth of the company's shares, placing the investor in a major shareholder position by market capitalization.

Accumulation of 4.94 percentage points over six months

Capital Management first reported its stake on February 27 at 5.01%. This is the third filing for the company, with the holding increasing by 3.93 percentage points from the previous disclosure. Over six months from the initial 5.01% to the current 9.95%, the investor has built its position through staged purchases. The estimated acquisition amount for this transaction stands at ¥570 million.

Cross-sector investment approach of independent asset manager

As of August 2026, Capital Management, an independent investment firm engaged in securities trading and venture partnership management, holds stakes of 5% or above in five companies across different industries. Its largest holding is in Try Eyes (service sector) at 22.19%, followed by Hayashi Kanemitsu (food products) at 6.09%, Tokyo Theatre (real estate) at 5.01%, and Nozawa (glass and stone products) at 5%. Including Oki Healthcare in the wholesale sector, the firm maintains a diversified portfolio, with Oki Healthcare representing the second-largest position by holding percentage.

Stake approaching the company's leading shareholder

In Oki Healthcare's shareholder structure, Toho Holdings is the top shareholder with 10.04%. Capital Management's 9.95% stake nearly matches this position, creating a duopoly of substantial shareholder influence.

Buying amid low valuation metrics

At the time of disclosure, Oki Healthcare's share price stood at ¥1,057. Valuation metrics reveal a PER of 5.5x and a PBR of 0.47x, well below 1.0x. The stock's position within its 52-week range was at 4%, indicating it is trading near the lower end of its annual price movement.

*Speculation: The independent asset manager's continued accumulation in this major pharmaceutical distributor may reflect an assessment that current share prices undervalue the enterprise relative to fundamentals.