From the 18th of August.Not that I listen to brokers - but they...

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.