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

<ul>
<li>On 19 May 2026 I wrote <a href="https://www.smartkarma.com/insights/japan-navel-gazing-thinking-about-the-value-of-toshiba" target="_blank" data-smartkarma-citation="insights:238776" rel="noopener">[Japan Navel-Gazing] Thinking About The Value of Toshiba</a>. I pointed out that it was a fair bit more than people might think. </li>
<li>Since then, <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> shares are up 95% and the value of Toshiba's shares in Kioxia are up an additional ¥4trln.</li>
<li>That has repercussions. Since I wrote, one company told investors the impact on their results. There are read-throughs.</li>
</ul>


On 19 May 2026 I wrote [Japan Navel-Gazing] Thinking About The Value of Toshiba. I pointed out that it was a fair bit more than people might think. 
Since then, Kioxia Holdings (285A JP) shares are up 95% and the value of Toshiba's shares in Kioxia are up an additional ¥4trln.
That has repercussions. Since I wrote, one company told investors the impact on their results. There are read-throughs.


[More Japan Navel-Gazing] Thinking About The Value of Toshiba with Kioxia at ¥96k

<ul>
<li>Toshiba was taken over in late 2023 by a consortium led by local PE firm Japan Industrial Partners. The official takeover price was ¥2.0 trillion. </li>
<li>That was financed by ¥1.2trln of senior lending, ¥200bn of prefs, ¥520bn of equity, and ¥235.5bn of mezzanine finance which meant net debt on Day1 was likely about ¥1.1trln.</li>
<li>EBITDA was ¥180bn in Mar24, ¥338bn in Mar25, and ¥482bn in Mar26. Things are improving. And Toshiba held Kioxia shares. That's gone well too. How well? Look inside.</li>
</ul>


Toshiba was taken over in late 2023 by a consortium led by local PE firm Japan Industrial Partners. The official takeover price was ¥2.0 trillion. 
That was financed by ¥1.2trln of senior lending, ¥200bn of prefs, ¥520bn of equity, and ¥235.5bn of mezzanine finance which meant net debt on Day1 was likely about ¥1.1trln.
EBITDA was ¥180bn in Mar24, ¥338bn in Mar25, and ¥482bn in Mar26. Things are improving. And Toshiba held Kioxia shares. That's gone well too. How well? Look inside.


[Japan Navel-Gazing] Thinking About The Value of Toshiba

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiseki-eco-solution-co-ltd" target="_blank" data-smartkarma-citation="entities:13776:1" rel="noopener">Daiseki Eco. Solution (1712 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/daiseki-co-ltd" target="_blank" data-smartkarma-citation="entities:2330:1" rel="noopener">Daiseki Co Ltd (9793 JP)</a> at JPY1,850, a 54.3% premium to the last close.</li>
<li>The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. </li>
<li>The low required minority tendering rate facilitates completion. The tender runs from 3 October to 17 November.  </li>
</ul>



Daiseki Eco. Solution (1712 JP) has recommended a tender offer from Daiseki Co Ltd (9793 JP) at JPY1,850, a 54.3% premium to the last close.
The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. 
The low required minority tendering rate facilitates completion. The tender runs from 3 October to 17 November.  


Daiseki Eco. Solution (1712 JP): Daiseki (9793 JP)’s Tender Offer at JPY1,850

Japan

TRE Holdings Corporation offers waste treatment and recycling services. The Company provides recycling of metals, waste, automobiles, home appliances, and small consumer electronics and final disposal, and other services. TRE Holdings operates environmental engineering development, renewable energy development, and other businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TRE Holdings (9247 JP)

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

TRE Holdings (9247) is a player in the environmental management/recycling business. They are cheaper than peers. They have a capex plan which works...

Travis Lundy

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

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[More Japan Navel-Gazing] Thinking About The Value of Toshiba with Kioxia at ¥96k

Kioxia is up 95% in less than a month. That means my navel-gazing about Toshiba four weeks ago is now outdated. So now it is UPdated. It's still...

Travis Lundy

[Japan Navel-Gazing] Thinking About The Value of Toshiba

In the 5 days since I published, Toshiba's Kioxia shares have added ¥930bn in value. After tax assuming sold, that would be ¥650bn and ¥324/Rohm...

Travis Lundy

Daiseki Eco. Solution (1712 JP): Daiseki (9793 JP)’s Tender Offer at JPY1,850

The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. The low required...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)