This stock seems to be weak since the float because..I am...

This stock seems to be weak since the float because..

I am guessing ? don't really understand why it is below $1

1) There were a few other floats of Japan property trusts at the time and the market struggled to digest supply

2) Therefore after a laclustre start compared to Babc*ck n Brown's version before it, it became a bit on the nose, a bit boring and off everone's radar screen?

3) The incorrect perception that the rising AUD/JPY rate hurts the stock.

As a sector it has clearly turned from a very long term bear market and now has positive momentum. This in a market where the rental yields are above 5% yet look at the borrowing rates you can secure in Japan. Where else in the world do you get such a yield pick up? Usually a good backdrop for rising real estate prices.

Yesterdays AFR after their results presentation confirmed that they have been hedged from the rising AUD/JPY rate over the last year, and that since the properties were bought if they were re-valued at realistic levels today, the NTA could be close to $1.10.

The lack of posts about this stock on hotcopper is yet further illustration that this stock is too boring / overlooked by investors.

If the carry trade continues the stock is protected currency wise and its underlying properties have actually performed well the last year in this environment anyway. If panic in the market resumes then the Yen will stengthen. In this environment money may be on the hunt for Japanese assets which could further enhance already strengthening Japanese real estate prices.

Not a bad stock to have at the moment in a tricky market. Although I guess it is too boring for most hotcopperites!