Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tre-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43886:1" rel="noopener">TRE Holdings (9247 JP)</a> was formed 5yrs ago by the merger between two waste management/recycling companies - <a href="https://www.smartkarma.com/entities/takeei-corp" target="_blank" data-smartkarma-citation="entities:7936:1" rel="noopener">Takeei Corp (2151 JP)</a> and <a href="https://www.smartkarma.com/entities/rever-holdings-corp" target="_blank" data-smartkarma-citation="entities:32218:1" rel="noopener">Rever Holdings Corp (5690 JP)</a>. </li>
<li>They had a couple of boom years in March 2025-2026 cleaning up after the Noto Peninsula Earthquake. That falls off this year. But there is growth ahead. </li>
<li>The company's aggressive investment plan plans for significant capex and revenue growth. It is entirely funded by OPCF, new debt, and cash. NOT by the hidden asset worth 1x marketcap.</li>
</ul>



TRE Holdings (9247 JP) was formed 5yrs ago by the merger between two waste management/recycling companies - Takeei Corp (2151 JP) and Rever Holdings Corp (5690 JP). 
They had a couple of boom years in March 2025-2026 cleaning up after the Noto Peninsula Earthquake. That falls off this year. But there is growth ahead. 
The company's aggressive investment plan plans for significant capex and revenue growth. It is entirely funded by OPCF, new debt, and cash. NOT by the hidden asset worth 1x marketcap.


[Japan Value] TRE Holdings (9247) Clear MTMP With Growth, and Hidden Asset Worth 1x MarketCap

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> at ¥5,050 with <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> at ¥96k means the rest of Rohm is worth ¥270bn. That seems really low.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> will hold net cash at the parent level following its latest placement in 66.6%-held <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/tre-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43886:1" rel="noopener">TRE Holdings (9247 JP)</a> holds a special asset. It spent ¥5bn on Toshiba. That investment has risen 15-fold+ in value and on an after-tax basis, is likely worth 12-13x.</li>
</ul>



ROHM Co Ltd (6963 JP) at ¥5,050 with Kioxia Holdings (285A JP) at ¥96k means the rest of Rohm is worth ¥270bn. That seems really low.

Kingboard (148 HK) will hold net cash at the parent level following its latest placement in 66.6%-held Kingboard Laminates (1888 HK).

TRE Holdings (9247 JP) holds a special asset. It spent ¥5bn on Toshiba. That investment has risen 15-fold+ in value and on an after-tax basis, is likely worth 12-13x.


Last Week In Event SPACE: ROHM, Kingboard/Laminates, TRE Holdings

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

On 18th March 2021, Japan-based waste water management company <a href="https://www.smartkarma.com/entities/takeei-corp" target="_blank" data-smartkarma-citation="entities:7936:1" rel="noopener">Takeei Corp (2151 JP)</a> and metal recycling company <a href="https://www.smartkarma.com/entities/rever-holdings-corp" target="_blank" data-smartkarma-citation="entities:32218:1" rel="noopener">Rever Holdings Corp (5690 JP)</a> announced (<a href="https://ssl4.eir-parts.net/doc/2151/tdnet/1945449/00.pdf" target="_blank" rel="noopener">J-only</a>) they had agreed to merge in a transaction that will see both companies joined under a new combined holding company (NewCo). Takeei Shareholders are expected to receive 1.24 shares of NewCo per Takeei Share while Rever Shareholders are expected to receive 1.00 share of NewCo per Rever Share. Previously, I covered this Deal in <a href="https://www.smartkarma.com/insights/takeei-2151-jp-rever-5690-jp-merger-topix-event-to-be-triggered" target="_blank" data-smartkarma-citation="insights:49347" rel="noopener">Takeei (2151 JP) - Rever (5690 JP) Merger: TOPIX Event to Be Triggered</a> taking a Bullish stance due to the potential TOPIX upweight consequences.Since the Deal was announced, shares of Rever and Takeei have gained 24% and 30% respectively.Read below to find out the latest updates to this situation.

On 18th March 2021, Japan-based waste water management company Takeei Corp (2151 JP) and metal recycling company Rever Holdings Corp (5690 JP) announced (J-only) they had agreed to merge in a transaction that will see both companies joined under a new combined holding company (NewCo). Takeei Shareholders are expected to receive 1.24 shares of NewCo per Takeei Share while Rever Shareholders are expected to receive 1.00 share of NewCo per Rever Share. Previously, I covered this Deal in Takeei (2151 JP) - Rever (5690 JP) Merger: TOPIX Event to Be Triggered taking a Bullish stance due to the potential TOPIX upweight consequences.Since the Deal was announced, shares of Rever and Takeei have gained 24% and 30% respectively.Read below to find out the latest updates to this situation. 

Takeei (2151 JP) - Rever (5690 JP): Shareholder Approvals Complete - Road to TOPIX Upweight Clear

<div class="content-highlight">In late-January, we witnessed the announcement of a merger between temporary staffing companies <a href="https://www.smartkarma.com/entities/trust-tech-inc" target="_blank" data-smartkarma-citation="entities:17685:1" rel="noopener">BeNEXT Group (2154 JP)</a> and <a href="https://www.smartkarma.com/entities/yumeshin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12939:1" rel="noopener">Yumeshin Holdings (2362 JP)</a>. I discussed this Deal in <a href="https://www.smartkarma.com/insights/benext-yumeshin-merger-interesting-fundamentals-and-a-topix-index-event" target="_blank" data-smartkarma-citation="insights:47566" rel="noopener">BeNEXT - Yumeshin Merger: Interesting Fundamentals and a TOPIX Index Event</a> explaining why I was BULLISH. Shares in both companies have rallied 25%+ in less than 2 months.  </div>Now we have a similar situation again. Japan-based waste water management company <a href="https://www.smartkarma.com/entities/takeei-corp" target="_blank" data-smartkarma-citation="entities:7936:1" rel="noopener">Takeei Corp (2151 JP)</a> and metal recycling company <a href="https://www.smartkarma.com/entities/rever-holdings-corp" target="_blank" data-smartkarma-citation="entities:32218:1" rel="noopener">Rever Holdings Corp (5690 JP)</a> announced after market-close on 18th March 2021 (<a href="https://ssl4.eir-parts.net/doc/2151/tdnet/1945449/00.pdf" target="_blank" rel="noopener">J-only</a>) that they had agreed to merge in a transaction that will see both companies joined under a new combined holding company. According to their announcement, the merger is expected to be effective on 1st October 2021 which will also be the listing date for the new combined entity.  This too is an interesting small cap situation.

In late-January, we witnessed the announcement of a merger between temporary staffing companies BeNEXT Group (2154 JP) and Yumeshin Holdings (2362 JP). I discussed this Deal in BeNEXT - Yumeshin Merger: Interesting Fundamentals and a TOPIX Index Event explaining why I was BULLISH. Shares in both companies have rallied 25%+ in less than 2 months.  Now we have a similar situation again. Japan-based waste water management company Takeei Corp (2151 JP) and metal recycling company Rever Holdings Corp (5690 JP) announced after market-close on 18th March 2021 (J-only) that they had agreed to merge in a transaction that will see both companies joined under a new combined holding company. According to their announcement, the merger is expected to be effective on 1st October 2021 which will also be the listing date for the new combined entity.  This too is an interesting small cap situation.

Takeei (2151 JP) - Rever (5690 JP) Merger: TOPIX Event to Be Triggered

Japan

Rever Holdings Corporation operates as a resources recycling company. The Company focuses on metal recycling, automobile recycling, industrial waste treatment, home appliance recycling, and other recycling businesses. Rever Holdings conducts businesses in Japan.

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Rever Holdings Corp (5690 JP)

[Japan Value] TRE Holdings (9247) Clear MTMP With Growth, and Hidden Asset Worth 1x MarketCap

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David Blennerhassett

Takeei (2151 JP) - Rever (5690 JP): Shareholder Approvals Complete - Road to TOPIX Upweight Clear

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Janaghan Jeyakumar, CFA

Takeei (2151 JP) - Rever (5690 JP) Merger: TOPIX Event to Be Triggered

Takeei and Rever Holdings have announced a scrip merger and formation of a Holding Company for October 1st. The deal should pass the AGM/EGMs....

Janaghan Jeyakumar, CFA

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