Ann: Completion of Senior Loan Refinancing and Eq, page-5

re: Ann: Completion of Senior Loan Refinancin... Nothing like a lonely chat room to clearly demonstrate the enormity of interest in a particular stock ...

I've re-run the slide rule and liked what I seen.

In respect of the 2 non-complying funds: The cut 'm loose strategy doesn't make a lot of sense because:
(a) the carry cost is less than the yield
(b) nil equity on the table
(c) the financier seemingly doesn't have the big black stick with which he is usually comfortable.

As per the presentations it seems logical to ride the financiers discomfort for the duration ... o what a feeling!

I would expect that of the 2 funds, AJA will work to reduce debt on JPTD because:
(a) significant cash flow contributor;
(b) holds predominantly stronger retail sector properties
(c) value restoration a relatively easy management exercise (ie LVR currently 90.6% and for about AU$20M can restore it to about 70%... should be palatable).

More broadly my view of AJA is all positive... but its not for the faint hearted. Probable GDP shocks on the immediate radar and unlikley that ASX price will ever equal fair value NTA (...basically because ASX is in AUS and AJA operates in this far away unfamiliar land called Japan ..). Forex volatility uncertain and I think that the Japanese govts fiscal response to recent tragedy will be significant. Otherwise, a good yielding stock in my opinion.

Of course my opinion is not worth much. In fact I would strongly recommend that my opinion is worthless...DYOR.

I do commend punters watch the half year presentation ... Lucas looks to be ahead of the game and confident of whats ahead. Of course that was in February but...

Welcome comments!

Have a great day...