Acquisition of rehabilitation daycare service operator: Quick Note

Research evidence excerpt

Acquisition of rehabilitation daycare service operator: Quick Note

Global Markets Research

22 June 2026Tokai

9729.T 9729 JP / EQUITY: JAPAN PHARMACEUTICALS

Acquisition of rehabilitation daycare service Rating Neutraloperator

Target price JPY 2,594Quick Note

Closing price

19 June 2026 JPY 2,306Announces plan to make rehabilitation daycare services operator QLC Produce into

subsidiary (Note: Quick Note reports are not a

Tokai announced at 8:30am JST on 22 June that it plans to acquire all shares of QLC vehicle for changes to ratings, target

Produce, which provides rehabilitation daycare services, from Idemitsu Kosan [5019] prices, or earnings forecasts)

(Neutral). The agreement is due to be concluded on 30 June, with shares slated to be

transferred on 31 July. QLC Produce operates 169 locations across Japan under brands

such as Let's Club and Bridge Life, of which 157 are franchise locations. The company

generated sales of ¥2bn and operating profits of ¥420mn in 26/3, with total assets of

Research Analysts¥1.33bn and net assets of ¥970mn. The acquisition price is estimated at ¥2.91bn.

Japan pharmaceuticals &Deal looks to be in line with new business development policy in Tokai's medium- healthcareterm business plan

Acquiring QLC Produce aligns with Tokai’s focus on new business development in its Japan small cap - pharmaceuticals

medium-term business plan and could yield group synergies with Tokai’s existing elderly & healthcare

care business (rental of nursing care products, etc) and dispensing pharmacy operations Kyoichiro Shigemura - NSC

(home dispensing services, etc). We have a favorable impression of the deal, which we kyoichiro.shigemura@nomura.com

+81 3 6703 1118think could support business expansion. According to the company’s release, after the