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Overview
Real Estate

TRUST Holdings Inc.

Trust Holdings is a Fukuoka-based holding company operating primarily in parking lot management and development through its core subsidiary Trust Park Co., Ltd. and Granship Co., Ltd., targeting idle land revitalization and underperforming parking facilities across Japan. The group also conducts real estate development (condominium sales), fractional parking lot investment products under the Real Estate Specified Joint Enterprise Act, medical facility real estate leasing and consulting, RV vehicle manufacturing and sales, as well as hot spring spa operations and security services. Its competitive strength lies in its diversified portfolio anchored by a stable, asset-light parking management business combined with adjacent real estate and lifestyle businesses.

Market Cap
¥3.32B
US$21.2M
EV
¥7.90B
US$50.4M
Stock¥858▲+0.59%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
7.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.6%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.32BUS$21.2MMarket Cap6.66BUS$42.5M+ Debt2.04BUS$13.0M− Cash0.04BUS$0.25M− Inv. Sec.7.90BUS$50.4MEV
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Performance & Balance
Revenue 5Y (¥B)
12.7US$80.8M'22/613.4US$85.6M'23/613.7US$87.3M'24/612.9US$82.2M'25/611.8US$75.3M'26/6
EBITDA 5Y (¥B)
0.81US$5.15M'22/60.92US$5.89M'23/61.01US$6.43M'24/60.90US$5.76M'25/6-0.10-US$0.61M'26/6
Net Income 5Y (¥B)
0.13US$0.83M'22/60.24US$1.52M'23/60.34US$2.16M'24/60.35US$2.20M'25/6-0.71-US$4.53M'26/6
Capital Structure
94%
EquityD/E 14.67xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
2.25US$14.4M6.48US$41.3M'22/62.94US$18.8M6.57US$41.9M'23/62.88US$18.4M5.17US$33.0M'24/61.79US$11.4M5.42US$34.6M'25/62.08US$13.3M6.66US$42.5M'26/6
Shareholders
Top 10 hold 40.8%
as of 2026-06-30 · Source: Annual Securities Report
1
Kyushu Support Fund No. 1 Limited Partnership
9.82%
2
Kyushu Support Fund No. 2 Limited Partnership
8.44%
3
Japan Master Trust Bank, Ltd. (Stock Grant ESOP Trust Account No. 75551)
6.80%
4
TRUST Holdings Inc. Employee Stock Ownership Association
4.09%
5
Kyushu Support Fund No. 3 Limited Partnership
2.91%
6
Osamu YAMAKAWA
2.26%
7
Hiroshi YAHATADA
2.14%
8
Kayoko FUJIWARA
1.82%
9
Takeda Shokai Co., Ltd.
1.52%
10
Tadayoshi OTSU
1.03%
Management
8 officers
Osamu YAMAKAWA
Representative Director, President
Sep 2001 Joined P.M. Trust Co., Ltd. (now Trust Park Co., Ltd.) Sep 2002 Director, Same company Sep 2006 Managing Director, Same company Jul 2014 Senior Managing Director, Same company Jan 2015 Senior Managing Director, Trust Asset Partners Co., Ltd. Jul 2015 Representative Director, President, Trust Asset Partners Co., Ltd. Jul 2016 Director, Vice President, Trust Park Co., Ltd. Sep 2016 Director, Grand Ship Co., Ltd. Jul 2017 Representative Director, President, Trust Park Co., Ltd. Jul 2021 Director, Trust Patrol Co., Ltd. Sep 2021 Representative Director, Vice President, the Company Sep 2021 Director, Trust Real Estate Development Co., Ltd. Dec 2022 Representative Director, President, the Company (current) Dec 2022 Director, Trust Network Co., Ltd. (current)
1968-10-05
Hiroshi YAHATADA
Representative Director, Vice President
Jan 2000 Joined P.M. Trust Co., Ltd. (now Trust Park Co., Ltd.) Sep 2002 Director, Same company Jan 2004 Managing Director, Same company Jul 2013 Director, General Manager of Administration Division, the Company Sep 2013 Director, Trust Network Co., Ltd. (now Trust Real Estate Development Co., Ltd.) (current) Nov 2013 Director, Trust Medical Support Co., Ltd. May 2014 Director, Trust Asset Partners Co., Ltd. Jul 2014 Senior Managing Director, the Company Jul 2014 Director, G.A. Trust Co., Ltd. Jul 2015 Representative Director, President, G.A. Trust Co., Ltd. Jun 2016 Director, RV Trust Co., Ltd. Feb 2017 Director, Trust Network Co., Ltd. Feb 2017 Director, Wagaku Co., Ltd. Jan 2021 Director, Kamanoshō Co., Ltd. Sep 2021 Representative Director, Vice President, the Company (current) Sep 2021 Representative Director, President, Wagaku Co., Ltd. Sep 2022 Representative Director, President, RV Trust Co., Ltd. Sep 2022 Representative Director, President, Trust Network Co., Ltd. (current) Dec 2022 Representative Director, President, Trust Medical Support Co., Ltd. Dec 2022 Representative Director, President, Kamanoshō Co., Ltd. Sep 2024 Director, Trust Park Co., Ltd. (current) Sep 2024 Director, Trust Asset Partners Co., Ltd. (current) Sep 2024 Director, Wagaku Co., Ltd. (current) Sep 2024 Director, RV Trust Co., Ltd. (current) Sep 2024 Director, Trust Medical Support Co., Ltd. (current) Sep 2024 Director, Kamanoshō Co., Ltd. (current)
1960-05-25
Seiichiro KAWABE
Director
Jun 2004 Joined Trust Network Co., Ltd. (now Trust Real Estate Development Co., Ltd.) Jul 2006 General Manager, Sales Department, Tokyo Branch, Trust Park Co., Ltd. Nov 2012 General Manager, Tokyo Office, Same company Jul 2014 Director, Head of Tokyo Branch, Same company Sep 2016 Director, Trust Network Co., Ltd. (now Trust Real Estate Development Co., Ltd.) Nov 2019 Head of Business Division, RV Trust Co., Ltd. Apr 2022 Branch Manager, Wagaku Co., Ltd. Sep 2023 Director, Wagaku Co., Ltd. Sep 2023 Director, RV Trust Co., Ltd. Sep 2023 Director, Trust Network Co., Ltd. (current) Oct 2023 General Manager, Business Promotion Department, the Company Sep 2024 Director, General Manager, Business Promotion Department, the Company (current) Sep 2024 Representative Director, President, Wagaku Co., Ltd. (current) Sep 2024 Representative Director, President, RV Trust Co., Ltd. (current)
1971-04-25
Sohei HARA
Director
Aug 2009 Joined Trust Park Co., Ltd. Jul 2011 Section Manager, General Affairs Section, and Section Manager, Finance Section, Accounting Department, Administration Division, Same company Jul 2013 Section Manager, Finance Section, Accounting Department, Administration Division, Same company Jul 2014 Transferred to G.A. Trust Co., Ltd. Jul 2014 Deputy General Manager, SSC (Shared Service Center), Same company Jul 2017 General Manager, Shared Service Business Division, Same company Oct 2019 Director, Same company Jul 2023 General Manager, Management Administration Department, the Company (through merger of G.A. Trust Co., Ltd.) Sep 2023 Director, General Manager, Management Administration Department, the Company (current) Sep 2025 Director, Trust Patrol Co., Ltd. (current)
1975-11-24
Tatsumi KAMINE
Director
Apr 1976 Joined Nishitetsu Agency Co., Ltd. Jun 1990 General Manager, Sales Division III, Second Sales Bureau, Same company Apr 1996 Deputy General Manager, Sales Headquarters, Same company Jun 2000 Director, in charge of Sales Headquarters, Same company Jun 2008 Managing Director, General Manager, Media Headquarters, Same company Jun 2009 Senior Managing Director, General Manager, Sales Headquarters, Same company Jun 2012 Representative Director, President, Same company Apr 2018 Advisor, Same company Jun 2019 Retired, Same company Sep 2019 Director, the Company (current)
1953-12-21
Kazuya ICHIHARA
Audit and Supervisory Board Member
Apr 1971 Joined Nishi-Nippon Sogo Bank, Ltd. (now The Nishi-Nippon City Bank, Ltd.) Feb 2003 Joined Nishigin Business Center Co., Ltd. (now NCB Business Service Co., Ltd.) Jun 2004 Audit and Supervisory Board Member, Applied Co., Ltd. Mar 2011 Joined Expreo Co., Ltd. Sep 2011 Audit and Supervisory Board Member, Trust Park Co., Ltd. (current) Jul 2013 Audit and Supervisory Board Member, the Company (current) Sep 2013 Audit and Supervisory Board Member, Town Patrol Co., Ltd. (now Trust Patrol Co., Ltd.) (current) Nov 2013 Audit and Supervisory Board Member, Trust Medical Support Co., Ltd. (current) May 2014 Audit and Supervisory Board Member, Trust Asset Partners Co., Ltd. (current) Apr 2015 Audit and Supervisory Board Member, RV Trust Co., Ltd. (current) Feb 2017 Audit and Supervisory Board Member, Trust Network Co., Ltd. (current) Feb 2017 Audit and Supervisory Board Member, Wagaku Co., Ltd. (current) Sep 2025 Audit and Supervisory Board Member, Trust Real Estate Development Co., Ltd. (current)
1948-02-23
Junsuke YANAI
Audit and Supervisory Board Member
Apr 1967 Joined Nishi-Nippon Sogo Bank, Ltd. (now The Nishi-Nippon City Bank, Ltd.) Oct 1999 General Manager, NCB Research & Consulting Co., Ltd. (formerly Nishigin Business Information Service Co., Ltd.) Jun 2000 Audit and Supervisory Board Member, Hakataza Co., Ltd. Sep 2012 Audit and Supervisory Board Member, Trust Park Co., Ltd. Jul 2013 Audit and Supervisory Board Member, the Company (current)
1943-03-31
Sagiri MATSUMOTO
Audit and Supervisory Board Member
Aug 1999 Joined Fukuoka City Government Dec 1999 Joined Tohmatsu Audit Corporation (now Tohmatsu Limited Liability Audit Corporation) Mar 2013 Opened Matsumoto CPA Office, Principal (current) Apr 2018 Auditor, Saga Credit Guarantee Corporation (current) May 2025 Audit and Supervisory Board Member, sora Project Co., Ltd. (current) Sep 2025 Audit and Supervisory Board Member, the Company (current)
1975-02-11
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-28
Annual Securities Report
Period: Jul 2025 – Jun 2026
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TDnet
2026-08-10
Full-Year Earnings Flash
FY ending Jun 2026
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TDnet
2026-05-08
Q3 Earnings Flash
FY ending Jun 2026
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EDINET
2026-02-13
Semi-Annual Securities Report
Period: Jul 2025 – Jun 2026
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TDnet
2025-11-07
Q1 Earnings Flash
FY ending Jun 2026
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EDINET
2025-09-24
Annual Securities Report
Period: Jul 2024 – Jun 2025
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TDnet
2025-05-09
Q3 Earnings Flash
FY ending Jun 2025
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EDINET
2025-02-13
Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
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TDnet
2024-11-08
Q1 Earnings Flash
FY ending Jun 2025
View PDF →
EDINET
2024-09-27
Annual Securities Report
Period: Jul 2023 – Jun 2024
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EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
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EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
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EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
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EDINET
2023-09-29
Annual Securities Report
Period: Jul 2022 – Jun 2023
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EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
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EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
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EDINET
2022-11-14
Quarterly Securities Report
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EDINET
2022-09-30
Annual Securities Report
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EDINET
2022-05-13
Quarterly Securities Report
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EDINET
2022-02-10
Quarterly Securities Report
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EDINET
2021-11-12
Quarterly Securities Report
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EDINET
2021-09-29
Annual Securities Report
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EDINET
2021-05-14
Quarterly Securities Report
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EDINET
2021-02-12
Quarterly Securities Report
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