Stock data
| Market cap. | £101.7m |
| Last close | 54.25p |
| High / Low (52 weeks) | 61.4p / 44.5p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 124.8 |
| Forecast gearing ratio (%) | 91 |
| Team | Property |
| Sector | Property |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (2.25) | (11.61) | 16.35 |
| Relative * | 2.55 | (4.35) | 27.87 |
* % Relative to local index
Other companies covered in sector
| Y/E Nov | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 18.1 | 10.0 | 5.4 | 3.79 | 14.3 | 7.0 |
| 2011A | 19.2 | 10.9 | 7.8 | 4.03 | 13.5 | 9.9 |
| 2012E | 19.6 | 11.2 | 8.2 | 4.24 | 12.8 | 9.3 |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 20/04/2012
Latest research
Dual drivers for growth
Outlook | Property | 23/03/2012
Solid start to new year
Update | Property | 20/12/2011
Portfolio growth in H1
Review | Property | 26/08/2011
Positive news flow
Update | Property | 29/06/2011
Solid, stable revenues
Outlook | Property | 12/05/2011
Stable portfolio & outlook
QuickView | Property | 08/03/2011
Investment summary
FY11 saw stable income, capital growth and higher average portfolio occupancy at 94.9% (FY10: 92.4%). Margins benefited from lower operating expenses (leasing and property management costs) ie a 23.1% portfolio operating expense ratio (FY10: 25.5%). The latest update, for the year to end March 2012, reported average occupancy at 94.6%, vs 94.1% for that period last year. The shares are supported by a 6.5% prospective FY12 yield, attractive for a well-diversified asset/tenant base, conservative financials, and solid earnings and portfolio valuation outlook.
Last updated on 23/04/2012
Industry outlook
The high-quality Japanese residential assets which are the focus of the fund’s investment strategy have demonstrated recession resistant characteristics, including low rent volatility relative to other commercial property. Asset values appear to have stabilised after a prolonged period of market weakness; JRIC has seen 12 months of modest increases and market dynamics support a continued upward trend in Japanese residential values.
Last updated on 23/04/2012
Key management
| Alec Menikoff, Fund manager |
Company address
| Sarnia House Le Truchot St Peter Port Guernsey GY1 4NA United Kingdom View website |
