$TRT - The Margin Verdict

$TRT closed fiscal 2026 two days ago, the stock is 30 percent cheaper than when I wrote it up, and the business is bigger.

As I write this on 2 July 2026, Trio-Tech trades near $10.26, down about 7.6 percent on the day and down roughly 30 percent from the $14.82 where I wrote it up two weeks ago. The fiscal year that will settle the central question of this thesis ended two days ago, on 30 June. In the same fifteen sessions that took the stock down a third, the business did not shrink. The order book kept filling, the Penang buildout kept staffing, and the trailing revenue base grew. The stock is now cheaper, on a bigger company, than it was when I said it was mispriced. It trades at roughly 1.8 times trailing sales against a comp the market still pays about 75 times sales. The gap I described did not close. It widened.