go astro boy!, page-17

GSJBW are just one broker who have over the past week or so changed their recommendation on this stock to a SELL. The reason behind this is supposedly because Australians have become risk averse to anything that holds all of its assets offshore, the fact that AJA is worth more than certain other REITS and that as a result it looks expensive and better value lies elsewhere.

Then they went on to talk about AJA's gearing being 70% (If I recall correctly) and that as a result of its relatively high gearing further dilutive asset sales would take place.

This is all completely in contrast with what went before it, so maybe they are just sitting on the fence and having a bet each way.

Such a view is backed up by GSJBW conceding that the trust could pick up some properties on the cheap from local REITS in a worse position than AJA. Something that would obviously be of beneficial value to the trust and its shareholders if it were to become a reality.