Ann: AJA Full Year Results to 30 June 2016-AJA.AX, page-13

I don't think AJA is a stock to buy BIG in. The discount to nta will probably stay unless the co floats in Japan like GJT.
In the past couple of years as the Dow has dropped the JPY has often gotten stronger which has supported the stock. With this happening it is highly unlikely the stock falls 10-20%. At the same time, I'm not sure huge capital gains will be made here short term unless the JPY to AUD moves into the 60's. The fx rate has stalled short term and Id forecast it to move to the 60s before it goes back to the mid 80's but that is a coin toss.

The company looks reasonably low risk from, here priced well below nta and should weather any market corrections. It is a well tenanted property stock and the share price should move accordingly. A better set and forget stock.

If you like this type of stock look at how big the discount to NTA is for UOS and look how much cash it has. This stock has been operating paying big dividends for many years with the directors controlling most of the company and continuing to reinvest their dividends.

APW is another property stock/fund trading below NTA that they are about to embark on a buy back which should support the co.

This is all in my opinion.