Below is my rough assessment of what AJA's sustainable...

Below is my rough assessment of what AJA's sustainable distribution is going forward. As you can see, it is dependent on rental yield & AUD/JPY exchange rate.

65 75 85 95 105
4.0% 7.3 6.3 5.6 5 4.5
4.5% 9.5 8.2 7.2 6.5 5.9
5.0% 11.6 10.1 8.9 8 7.2
5.5% 13.8 12 10.6 9.5 8.6

My personal view is somewhere between 6.5 to 8.9 cents. Using a required rate of return of 10%, that translates to share price of 65 to 89 cents which are significantly higher than the current share price.