Got a few minutes at hand, so did a back of envelop estimate of...

Got a few minutes at hand, so did a back of envelop estimate of the FY13 results for AJA.

With the real estate market rebounds in Japan, especially the Tokyo area, the NTA should increase. Plus the amortisation of loan, the NTA at end of FY13 should be between AUD6.0 and AUD6.2. Underlining income should be around 40c to 45c, in line with management's forecast.

As Japan's real estate market continue to recover, the NTA should be getting close to AUD7.0 at the end of FY14, assuming exchange rates remain the same. I don't expect a higher distribution though, unless management can refinance with a lower amortisation rate.

AJA is still undervalued.