Our opinion on the current state of TRE

Trencor (TRE) primarily holds 47.78% of Textainer, a US-listed company engaged in renting shipping containers (TEUs). It's worth noting that Trencor executed a share buyback program, spending R100 million to repurchase its own shares between October 4, 2018, and December 6, 2018.

Investors have expressed dissatisfaction with Textainer's performance relative to its competitors. For instance, Triton achieved a return on equity of 16%, significantly higher than Textainer's 1.7%.

Trencor decided to unbundle its holding of Textainer to its shareholders, resulting in a tax of R17 million. In its financial results for the year ending December 31, 2023, Trencor reported headline earnings per share of 71.5 cents, a significant improvement from 1.7 cents in the previous period. The company's net asset value (NAV) also increased to 813 cents per share.

With an average daily trading volume of R1 million worth of shares, Trencor presents a practical investment opportunity due to its liquidity.

Overall, Trencor's performance seems to have improved notably, driven by its investment in Textainer. However, investors should continue monitoring both Trencor and Textainer's performance, as well as the overall dynamics of the shipping container rental market.