New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 35% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Announcement • Jun 27
TRE Holdings Corporation to Report Q1, 2027 Results on Aug 12, 2026 TRE Holdings Corporation announced that they will report Q1, 2027 results on Aug 12, 2026 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,986, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 77% over the past three years. Announcement • May 20
Mizuho Leasing Company, Limited (TSE:8425) completed the acquisition of an additional 6.10% stake in TRE Holdings Corporation (TSE:9247). Mizuho Leasing Company, Limited (TSE:8425) agreed to acquire an additional 6.10% stake in TRE Holdings Corporation (TSE:9247) on October 8, 2025. Upon completion, Mizuho Leasing Company, Limited will own 9.66% stake in TRE Holdings Corporation. As of May 14, 2026, The Company will appropriate ¥6.3 billion to funds for establishing a multi-solution platform, including the acquisition of shares in TRE HOLDINGS CORPORATION. Upon completion, Mizuho Leasing Company, Limited will own 9.11% stake in TRE Holdings Corporation.
The expected completion of the transaction is February 16, 2026 to June 17, 2026.
Mizuho Leasing Company, Limited (TSE:8425) completed the acquisition of an additional 6.10% stake in TRE Holdings Corporation (TSE:9247) on May 20, 2026. Reported Earnings • May 20
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥305 (up from JP¥242 in FY 2025). Revenue: JP¥119.2b (flat on FY 2025). Net income: JP¥14.7b (up 20% from FY 2025). Profit margin: 12% (up from 10% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 19
Price target decreased by 15% to JP¥2,200 Down from JP¥2,600, the current price target is an average from 2 analysts. New target price is 49% above last closing price of JP¥1,477. Stock is up 9.6% over the past year. The company is forecast to post earnings per share of JP¥282 for next year compared to JP¥242 last year. Announcement • May 15
TRE Holdings Corporation, Annual General Meeting, Jun 23, 2026 TRE Holdings Corporation, Annual General Meeting, Jun 23, 2026. Announcement • May 09
TRE Holdings Corporation to Report Fiscal Year 2026 Results on May 15, 2026 TRE Holdings Corporation announced that they will report fiscal year 2026 results on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥74.71 (vs JP¥119 in 3Q 2025) Third quarter 2026 results: EPS: JP¥74.71 (down from JP¥119 in 3Q 2025). Revenue: JP¥29.4b (down 12% from 3Q 2025). Net income: JP¥3.60b (down 41% from 3Q 2025). Profit margin: 12% (down from 18% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
TRE Holdings Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 TRE Holdings Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2026. For the year, the company expects net sales of ¥118,000 million compared to previous guidance of JPY 121,300 million, operating profit of ¥21,000 million compared to previous guidance of JPY 19,000 million, profit attributable to owners of parent of ¥13,000 million compared to previous guidance of JPY 12,300 million and earnings per share of ¥269.01 compared to previous guidance of JPY 252.04 per share. Net sales are projected to fall below the previous forecast due to the prolonged inaccessibility of the primary delivery route to consolidated subsidiary, Hokuriku Environmental Services Co. Ltd., as a result of the torrential rainfall in August 2025, as well as persistent lower-than-expected steel scrap prices since the beginning of the fiscal year. Profits are projected to exceed the previous forecast, driven by the progress of recovery and reconstruction support projects associated with the 2024 Noto Peninsula Earthquake, which continued to outpace initial expectations in the third quarter, combined with the outlook for the fourth quarter. Declared Dividend • Dec 11
First half dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 36% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 70% over the next 3 years. However, it would need to fall by 85% to increase the payout ratio to a potentially unsustainable range. Announcement • Dec 09
TRE Holdings Corporation to Report Q3, 2026 Results on Feb 13, 2026 TRE Holdings Corporation announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥71.47 (vs JP¥54.86 in 2Q 2025) Second quarter 2026 results: EPS: JP¥71.47 (up from JP¥54.86 in 2Q 2025). Revenue: JP¥29.7b (up 7.0% from 2Q 2025). Net income: JP¥3.48b (up 24% from 2Q 2025). Profit margin: 12% (up from 10% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 7.1% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.1%). Announcement • Sep 02
TRE Holdings Corporation to Report Q2, 2026 Results on Nov 14, 2025 TRE Holdings Corporation announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥104 (vs JP¥42.50 in 1Q 2025) First quarter 2026 results: EPS: JP¥104 (up from JP¥42.50 in 1Q 2025). Revenue: JP¥32.4b (up 21% from 1Q 2025). Net income: JP¥5.07b (up 133% from 1Q 2025). Profit margin: 16% (up from 8.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.2%. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 31% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 42% over the next 3 years. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 27
TRE Holdings Corporation to Report Q1, 2026 Results on Aug 08, 2025 TRE Holdings Corporation announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jun 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥242 (up from JP¥70.53 in FY 2024). Revenue: JP¥118.7b (up 28% from FY 2024). Net income: JP¥12.3b (up 239% from FY 2024). Profit margin: 10% (up from 3.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is expected to decline by 3.5% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • May 24
Price target decreased by 8.8% to JP¥2,433 Down from JP¥2,667, the current price target is an average from 3 analysts. New target price is 85% above last closing price of JP¥1,316. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥267 for next year compared to JP¥242 last year. Reported Earnings • May 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥242 (up from JP¥70.53 in FY 2024). Revenue: JP¥118.7b (up 28% from FY 2024). Net income: JP¥12.3b (up 239% from FY 2024). Profit margin: 10% (up from 3.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is expected to decline by 4.1% p.a. on average during the next 2 years, while revenues in the Commercial Services industry in Japan are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 15
TRE Holdings Corporation, Annual General Meeting, Jun 24, 2025 TRE Holdings Corporation, Annual General Meeting, Jun 24, 2025. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,430, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 14x in the Commercial Services industry in Japan. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,458 per share. Announcement • Mar 22
TRE Holdings Corporation to Report Fiscal Year 2025 Results on May 15, 2025 TRE Holdings Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Buy Or Sell Opportunity • Mar 14
Now 22% undervalued Over the last 90 days, the stock has risen 2.5% to JP¥1,621. The fair value is estimated to be JP¥2,090, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 1.8% in 2 years. Earnings are forecast to grow by 8.8% in the next 2 years. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.2% average weekly change). Price Target Changed • Feb 22
Price target increased by 9.1% to JP¥2,390 Up from JP¥2,190, the current price target is an average from 3 analysts. New target price is 59% above last closing price of JP¥1,507. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥216 for next year compared to JP¥70.53 last year. Price Target Changed • Feb 17
Price target increased by 11% to JP¥2,290 Up from JP¥2,057, the current price target is an average from 3 analysts. New target price is 53% above last closing price of JP¥1,494. Stock is up 24% over the past year. The company is forecast to post earnings per share of JP¥183 for next year compared to JP¥70.53 last year. Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥119 (vs JP¥27.49 in 3Q 2024) Third quarter 2025 results: EPS: JP¥119 (up from JP¥27.49 in 3Q 2024). Revenue: JP¥33.3b (up 38% from 3Q 2024). Net income: JP¥6.05b (up 328% from 3Q 2024). Profit margin: 18% (up from 5.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 30
TRE Holdings Corporation (TSE:9247) announces an Equity Buyback for 2,000,000 shares, representing 3.95% for ¥3,000 million. TRE Holdings Corporation (TSE:9247) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 3.95% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,000 million. The program is aimed at improving capital efficiency and returning profits to shareholders, while enabling the company to implement a flexible capital policy that responds to changes in the business environment. As of September 30, 2024, the company had 50,579,071 shares in issue (excluding treasury stock) and 2,031,641 shares in treasury. Declared Dividend • Dec 11
First half dividend of JP¥20.00 announced Dividend of JP¥20.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 41% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
TRE Holdings Corporation to Report Q3, 2025 Results on Feb 14, 2025 TRE Holdings Corporation announced that they will report Q3, 2025 results on Feb 14, 2025 Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Tomoko Aramaki was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Nov 16
Price target increased by 8.4% to JP¥2,157 Up from JP¥1,990, the current price target is an average from 3 analysts. New target price is 33% above last closing price of JP¥1,619. Stock is up 42% over the past year. The company is forecast to post earnings per share of JP¥145 for next year compared to JP¥70.53 last year. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Large one-off items impacting financial results. Major Estimate Revision • Oct 17
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥112 to JP¥129. Revenue forecast unchanged at JP¥105.3b. Net income forecast to grow 57% next year vs 10.0% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥2,057 unchanged from last update. Share price rose 8.2% to JP¥1,836 over the past week. Announcement • Sep 28
TRE Holdings Corporation to Report Q2, 2025 Results on Nov 14, 2024 TRE Holdings Corporation announced that they will report Q2, 2025 results on Nov 14, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Announcement • Sep 03
TRE Holdings Corporation (TSE:9247) announces an Equity Buyback for 800,000 shares, representing 1.56% for ¥1,329.6 million. TRE Holdings Corporation (TSE:9247) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares, representing 1.56% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,329.6 million. The purpose of the program is to mitigate the short-term impact of the sale on the supply and demand of company's shares and to reduce the impact on existing shareholders. The shares will be repurchased at a price of ¥1,662 per share. As of June 30, 2024, the company had 51,369,563 shares in issue (excluding treasury stock) and 1,241,149 shares in treasury. Price Target Changed • Aug 23
Price target increased by 11% to JP¥1,990 Up from JP¥1,790, the current price target is an average from 3 analysts. New target price is 22% above last closing price of JP¥1,636. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥112 for next year compared to JP¥70.53 last year. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥30.19 (vs JP¥18.32 in 1Q 2024) First quarter 2025 results: EPS: JP¥30.19 (up from JP¥18.32 in 1Q 2024). Revenue: JP¥25.9b (up 17% from 1Q 2024). Net income: JP¥1.55b (up 65% from 1Q 2024). Profit margin: 6.0% (up from 4.3% in 1Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services industry in Japan. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,011, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Commercial Services industry in Japan. Total loss to shareholders of 12% over the past year. Price Target Changed • Jul 26
Price target increased by 7.4% to JP¥1,850 Up from JP¥1,723, the current price target is an average from 2 analysts. New target price is 45% above last closing price of JP¥1,272. Stock is up 3.2% over the past year. The company is forecast to post earnings per share of JP¥105 for next year compared to JP¥70.53 last year. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Dividend of JP¥20.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 3.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (dividend approximately 8x free cash flows). The dividend has increased by an average of 41% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 06
TRE Holdings Corporation to Report Q1, 2025 Results on Aug 09, 2024 TRE Holdings Corporation announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥70.53 (down from JP¥101 in FY 2023). Revenue: JP¥92.9b (up 2.4% from FY 2023). Net income: JP¥3.62b (down 30% from FY 2023). Profit margin: 3.9% (down from 5.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Commercial Services industry in Japan. Major Estimate Revision • May 17
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥115 to JP¥101 per share. Revenue forecast steady at JP¥99.0b. Net income forecast to grow 9.6% next year vs 7.6% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥1,690 unchanged from last update. Share price fell 4.6% to JP¥1,184 over the past week. Board Change • Mar 31
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Outside Director Hiroyuki Suematsu is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 43% and the cash payout ratio is 76%. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Announcement • Mar 02
TRE Holdings Corporation to Report Fiscal Year 2024 Results on May 15, 2024 TRE Holdings Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: JP¥27.49 (vs JP¥31.97 in 3Q 2023) Third quarter 2024 results: EPS: JP¥27.49 (down from JP¥31.97 in 3Q 2023). Revenue: JP¥24.2b (up 3.1% from 3Q 2023). Net income: JP¥1.41b (down 14% from 3Q 2023). Profit margin: 5.8% (down from 7.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services industry in Japan. Announcement • Dec 28
TRE Holdings Corporation to Report Q3, 2024 Results on Feb 14, 2024 TRE Holdings Corporation announced that they will report Q3, 2024 results on Feb 14, 2024 Price Target Changed • Dec 27
Price target decreased by 19% to JP¥1,723 Down from JP¥2,123, the current price target is an average from 3 analysts. New target price is 63% above last closing price of JP¥1,059. Stock is down 24% over the past year. The company is forecast to post earnings per share of JP¥104 for next year compared to JP¥101 last year. Price Target Changed • Nov 30
Price target decreased by 7.8% to JP¥2,023 Down from JP¥2,193, the current price target is an average from 3 analysts. New target price is 80% above last closing price of JP¥1,122. Stock is down 26% over the past year. The company is forecast to post earnings per share of JP¥107 for next year compared to JP¥101 last year. Reported Earnings • Nov 18
Second quarter 2024 earnings released: EPS: JP¥20.75 (vs JP¥31.97 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.75 (down from JP¥31.97 in 2Q 2023). Revenue: JP¥22.4b (down 4.4% from 2Q 2023). Net income: JP¥1.07b (down 35% from 2Q 2023). Profit margin: 4.8% (down from 7.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Commercial Services industry in Japan. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 11 December 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Announcement • Aug 27
TRE Holdings Corporation to Report Q2, 2024 Results on Nov 14, 2023 TRE Holdings Corporation announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥18.32 (vs JP¥33.57 in 1Q 2023) First quarter 2024 results: EPS: JP¥18.32 (down from JP¥33.57 in 1Q 2023). Revenue: JP¥22.1b (down 4.9% from 1Q 2023). Net income: JP¥941.0m (down 45% from 1Q 2023). Profit margin: 4.3% (down from 7.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services industry in Japan. Buying Opportunity • Aug 03
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,507, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last year. Earnings per share has declined by 8.7%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Announcement • Jun 28
TRE Holdings Corporation to Report Q1, 2024 Results on Aug 10, 2023 TRE Holdings Corporation announced that they will report Q1, 2024 results on Aug 10, 2023 Major Estimate Revision • May 17
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥98.5b to JP¥95.0b. EPS estimate also fell from JP¥129 per share to JP¥107 per share. Net income forecast to shrink 0.9% next year vs 2.5% growth forecast for Commercial Services industry in Japan . Consensus price target broadly unchanged at JP¥2,260. Share price fell 7.8% to JP¥1,120 over the past week. Buying Opportunity • May 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be JP¥1,520, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Buying Opportunity • Apr 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be JP¥1,526, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. 
