beluuga.ai

Under supervision (confirmation) · Designated 2026-09-25 JPX notice

Overview

Retail Trade

HYUGA PRIMARY CARE Co.,Ltd.

HYUGA PRIMARY CARE operates a home-visit pharmacy business under the 'Kirari Pharmacy' brand, with approximately 53 locations primarily in the Fukuoka, Yokohama, and Chiba areas, focusing on dispensing medications to elderly care facility residents and homebound patients under the regional comprehensive care system. The company derives approximately 60% of its revenue from home-visit services, providing 24/7 pharmacist support and residential care management to over 200 in-home patients per store per month on average. In addition, the company operates the 'Kirari Prime' franchise-style consulting and SaaS business, offering home-visit pharmacy operational know-how, its proprietary IT system 'FamCare,' and procurement support to approximately 2,490 member pharmacies across all 47 prefectures in Japan.

JG 44 Inc. is conducting a tender offer for the company at ¥2,110 per share, running until 2026-11-10. (In progress)

Market Cap

¥15.0B

US$95.6M

¥17.1B

US$109M

Stock¥2,106▲+0.05%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

12.7

LTM EV/EBIT

17.3

LTM PER

24.5

LTM PBR

5.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+37.2%pt

Oct 22, 25 – Oct 22, 26StockTOPIX

1Nov 17, 25Announced subsidialization of MedicalMind

2Feb 16, 26Disappointment selling after Q3 earnings

3Sep 28, 26Board approved share buyback

4Sep 29, 26MBO by JG44: Tender offer launched at ¥2,110/share, board recommends tendering

MC → EV Bridge

AI Briefing

MBO tender offer live: JG 44 Inc. (backed by J-GIA) bidding ¥2,110/share for HYUGA PRIMARY CARE, founder-CEO Kuroki to stay on post-deal, board-backed, runs through Nov 10, 2026. Core business: ~53 'Kirari Pharmacy' home-visit sites plus 'Kirari Prime' SaaS/franchise platform spanning 2,490 member pharmacies nationwide, riding Japan's aging-population and community-care tailwinds. FY26/3 revenue ¥12.0B but OP margin compressed to 6.8% from 10.5% prior year, suggesting near-term cost pressure even as the top line keeps growing; MBO signals insiders see long-term value beyond market pricing.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

46%

54%

EquityD/E 1.20xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 76.1%

as of 2026-03-31 · Source: Annual Securities Report

Tetsushi KUROKI

19.03%

General Incorporated Association Hyuga

12.61%

CUC Inc.

11.77%

M3,Inc.

9.80%

M3 Career Co., Ltd.

7.01%

MSIP CLIENT SECURITIES

5.08%

Takeo YAMASAKI

3.02%

The Master Trust Bank of Japan, Ltd.

2.80%

Kohei JOO

2.76%

Hohi BEPPU

2.21%

Management

8 officers

Tetsushi KUROKI

Representative Director, President

Apr 2001 Joined Aiwa Chozai Co., Ltd. Apr 2002 Joined Kokumin Co., Ltd. Apr 2003 Joined Sawai Pharmaceutical Co., Ltd. Nov 2007 Founded Hyuga Pharmacy Co., Ltd. (now HYUGA PRIMARY CARE Co., Ltd.); Representative Director, President (current) Jul 2012 Director, WILL Co., Ltd. Mar 2016 Outside Director, Kurashi Keikaku Co., Ltd. Apr 2017 Member of the Board of Councillors, Hinoki-kai Social Welfare Corporation (current) Jun 2019 Director, Saiko-kai Social Welfare Corporation Mar 2022 Director, National Association of Long-Term Care Providers Political League (current) Apr 2023 In charge of Home-Visit Pharmacy Business Division Jan 2024 Representative Director, President, PRIMARY ASSET ONE Co., Ltd. (now PADDY FIELD Co., Ltd.) Dec 2024 Secretary-General, General Incorporated Association Zaitaku Iryo Yakkyoku Renmei (current) Jan 2026 Director, General Incorporated Association Pharmacy DX Promotion Consortium (current) Apr 2026 In charge of Home-Visit Pharmacy Business Division and Management Support Business Division; concurrently General Manager, Home-Visit Pharmacy Business Division (current)

1978-03-15

Tomoaki ONISHI

Director

Apr 1998 Joined Chubu Electric Power Co., Inc. Jan 2006 Joined CMC Corporation Jan 2008 Director, First Kobo Co., Ltd. Mar 2014 Joined Shin Nihon Seiyaku Co., Ltd. Jan 2016 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Oct 2016 Joined Shin Nihon Seiyaku Co., Ltd. Dec 2019 Joined the Company; General Manager, Finance and Accounting Department Apr 2020 Director, General Manager, Administration Division Apr 2022 Director; in charge of Planning Division and Administration Division Apr 2023 Director; in charge of Planning, Administration and HR Divisions; concurrently General Manager, Planning Division Sep 2023 Director; in charge of Planning and Administration Divisions; concurrently General Manager, Planning Division May 2025 Director, Matsuo Pharmacy Co., Ltd. Apr 2026 Director; in charge of Planning, Administration and HR Divisions; concurrently General Manager, Planning Division (current)

1977-09-22

Kohei JOO

Director

Apr 2001 Joined Ohga Yakkyoku Co., Ltd. Aug 2009 Joined the Company Jun 2011 General Manager, Store Operations Department Oct 2013 Director, General Manager, Operations Department Oct 2014 Director, General Manager, Second Area Department Jan 2018 Director, General Manager, Dispensing Business Department Oct 2019 Director, General Manager, Business Division Jun 2021 Director, General Manager, Business Division; concurrently General Manager, West Japan Home-Visit Pharmacy Business Department Apr 2022 Director; in charge of Home Medical Care Division and Business Support Division; concurrently General Manager, Home Medical Care Division Jan 2023 Director; in charge of Home-Visit Pharmacy Business Division, Medical-Care-Nursing Coordination Business Division and Business Support Division; concurrently General Manager, Medical-Care-Nursing Coordination Business Division Apr 2023 Director; in charge of Medical-Care-Nursing Coordination Business Division and Business Support Division; concurrently General Manager, Medical-Care-Nursing Coordination Business Division Sep 2023 Director; in charge of Medical-Care-Nursing Coordination Business Division, Business Support Division and East Japan Home-Visit Pharmacy Business Division; concurrently General Manager, Medical-Care-Nursing Coordination Business Division and General Manager, East Japan Home-Visit Pharmacy Business Division Apr 2024 Director; in charge of Management Support Business Division and East Japan Home-Visit Pharmacy Business Division; concurrently General Manager, East Japan Home-Visit Pharmacy Business Division (current) Feb 2025 Director; in charge of Facility Care Division, Care Sales Division and East Japan Home-Visit Pharmacy Business Division; concurrently General Manager, Care Sales Division and General Manager, East Japan Home-Visit Pharmacy Business Division Apr 2025 Director; in charge of Care Business Promotion Division and Care Operations Division Jun 2025 Representative Director, President, PADDY FIELD Co., Ltd. (current) Apr 2026 Director; in charge of Care Business Promotion Division, Care Operations Division and Business Development Division (current)

1978-11-12

Shinjiro OGAWA

Director (Note 1)

Sep 2001 Joined Zenkoku Chintai Jutaku Shimbun Co., Ltd. Aug 2005 Joined Care Temp Co., Ltd. (now Persol Works Design Co., Ltd.) Mar 2010 Joined Crest Inc. Aug 2011 Joined Adspeed Co., Ltd. Jul 2012 Joined Koreisha Jutaku Shimbun Co., Ltd. Jul 2019 Appointed Audit & Supervisory Board Member, the Company Sep 2019 Director, Koreisha Jutaku Shimbun Co., Ltd. (current) Mar 2021 Director, the Company (current)

1978-08-17

Kyoko SAEKI

Director (Note 1)

Apr 2006 Joined Talbot Japan Co., Ltd. Feb 2015 Joined Azusa Audit LLC Jul 2020 Representative, Saeki Certified Public Accountant Office (current) Jun 2023 Director, the Company (current)

1983-01-05

Hiroshi MINAMIYA

Full-time Audit & Supervisory Board Member (Note 2)

Apr 1989 Registered as attorney, Fukuoka Bar Association Apr 1989 Joined Minamitani Tomonari Law Office (now Minamitani Sogo Law Office) Apr 1999 Opened Minamitani Hiroshi Law Office; Representative (current) Apr 2002 Secretary-General for Operations, Fukuoka Bar Association Apr 2005 Secretary-General, Headquarters for the Realization of the Lay Judge System May 2009 Chairman, Chikushino City Political Ethics Review Committee Jun 2011 Outside Audit & Supervisory Board Member, Mentec Co., Ltd. (current) Jul 2015 Outside Director, Dot Communications Inc. (current) Jun 2019 Director, Hidenin Social Welfare Corporation (current) Jun 2024 Audit & Supervisory Board Member, PRIMARY ASSET ONE Co., Ltd. (now PADDY FIELD Co., Ltd.) (current) Jun 2024 Full-time Audit & Supervisory Board Member, the Company (current) May 2025 Audit & Supervisory Board Member, Matsuo Pharmacy Co., Ltd.

1955-11-13

Nobuharu KUMAMOTO

Audit & Supervisory Board Member (Note 2)

Apr 1983 Joined Ministry of Health and Welfare Aug 2007 Director, Pharmaceutical Safety Supervision and Narcotics Control Division, Pharmaceutical and Food Safety Bureau, Ministry of Health, Labour and Welfare Jul 2009 Director, General Affairs Division, Pharmaceutical and Food Safety Bureau, Ministry of Health, Labour and Welfare Jul 2010 Director General, Planning and Promotion Department, Pension Fund Association Sep 2012 Director General, General Affairs Department, Japan Health Insurance Association Apr 2014 Director-General, Chugoku-Shikoku Regional Bureau of Health and Welfare, Ministry of Health, Labour and Welfare Feb 2016 Advisor, Nihon Iyaku Sogo Kenkyujo Co., Ltd. Jun 2018 Senior Managing Director, Nihon Iyaku Sogo Kenkyujo Co., Ltd. Mar 2021 Audit & Supervisory Board Member, the Company (current) Aug 2021 Outside Director, P-Mind Co., Ltd. Mar 2022 Advisor, Adastria Health Insurance Society Mar 2026 Outside Director, Kinjiro Co., Ltd. (current)

1959-05-25

Takashi IIZUKA

Audit & Supervisory Board Member (Note 2)

Dec 1993 Joined All Nippon Airways Co., Ltd. Sep 2001 Joined Kyushu Godo Tax & Accounting, Gondo Setsuko Office Apr 2004 Joined Shin Nihon Tax Corporation, Fukuoka Office Apr 2007 Business Succession Coordinator / Management Support Advisor, Organization for Small & Medium Enterprises and Regional Innovation, Japan (SMRJ) Apr 2007 Representative, Iizuka Tax Accounting Office (current) Dec 2015 Auditor, Hotto Fukushi-kai Social Welfare Corporation (current) Jun 2025 Audit & Supervisory Board Member, the Company (current)

1969-05-24

Large Shareholding Reports

Satoshi KUROKI

2026-10-02

18.64%→18.64%

Annual report (as of 2026-03-31): 19.03%

Satoshi KUROKI

2026-10-02

18.64%→18.64%

Annual report (as of 2026-03-31): 19.03%

Satoshi KUROKI

2026-09-25

19.14%→18.64%

Annual report (as of 2026-03-31): 19.03%

Pilgrim Partners Asia (Pte.) Ltd.

2026-05-21

5.30%

Disclosures

Tender Offer

2026-09-25

HYUGA PRIMARY CARE Co.,Ltd.

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HYUGA PRIMARY CARE Co.,Ltd.

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