tokyo, page-3

Firstly, should say that some will consider it bad taste to even discuss financial implications when so many have been killed or suffering. To those people, I apologise for any offence, but take the view that this is a share investment site and that reading is optional.

Okay - some comments...

If you check property locations on the Astro Japan site, most of the properties are in the South of Japan - i.e. Tokyo or further South. There is a small % in Hokkaido, but presumably that is okay.

I would think that AJA is pretty much unaffected in terms of damage and that any damage will be covered by insurance. If anything, occupancy in undamaged areas may be more in demand and, longer term, the fiscal stimulus from repairs may be positive.

In the short term though, it may put a bigger dent in confidence re investment in Japanese property. Unless Merrill Lynch can exit the underwriting on a Force Majeure clause, then this raising is probably well timed!

However, AJA remains finely poised - as it has been for the last couple of years. 2012 is the critical year in terms of re-financing. Once they have resolved the LTV issues with JPTA and JPTD, then the shares should finally be able to trade closer to NTA - wherever that is.