looking at the last balance sheet: NAV is 26.16 yen - 31 mar 2010, 26.05 yen - 30 jun 2009
using an exchange rate of 68 yen - 1 sgd
that gives about: sgd 38 cents
and it is trading at 16 cents today, price to book ratio: 42%
did i calculate correctly?
if true i've bot a gem lol
i'm learning reits & i'm thinking that NAV (price to book) and amount of debts on balance sheet is probably a most important thing to valuate reits following my punt on Mapletree Industrial Trust
note that my punts on reits so far are very speculative even though i use value investing techniques to value them lol
for properties, my personal thinking is that distributions or dividends are less important than its balance sheet, amount of debts and p/b ratio when 1 is investing.
(balance sheet with a lot of debts are weak balance sheets and would have a significant negative impact on the NAV during a recession)
me playing/punting/speculating saizen reit is on a basis that i think japan economy would do fairly well given their savings + japan govt stimulus measures
NIKKEI has been observed to do pretty well lately, often green when regional indexes (e.g. STI, HSI, SSEC) are red
if this is true (japan economy improves + govt stimulus), properties prices would rise when demand go up and when revalued asset prices go up price to book would look even more attractive, not to mention rising rents and perhaps cash distribution