From the 18th of August.
Not that I listen to brokers - but they share the same view.
0236 GMT [Dow Jones] STOCK CALL: JPMorgan raises Babcock & Brown Japan Property
Trust (BJT.AU) to Overweight from Neutral because of increasing comfort with BJT's
debt profile. BJT reported earnings of Y7.72 billion versus JPM's estimate of Y7.35
billion. "Given in-place lending covenants, multiple lending sources, time to
negotiate debt, and asset-sale track record, we do not think the current pricing discount
is justified," JPM says in a client note. BJT trading at a 33.7% discount to
JPM's revised net asset value of A$1.26, compared with the industry average NAV
discount of 8%. "In our view, as the investor base becomes increasingly comfortable
with the in-place BJT balance sheet and lending arrangements, the trust continues to
degear (including the pay-down of its A$56.6 billion facility due in December). The trust
should re-rate to a more reasonable discount to valuation." Has A$1.13 target. Last
trade up 3.6%, or 3 cents, to 86.5 cents.
- Forums
- ASX - By Stock
- BJT
- fy08 net 121.63
BJT
babcock & brown japan property trust
fy08 net 121.63, page-15
-
-
- There are more pages in this discussion • 5 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)