Tugger,Valuing this on dividends is as much guess work as...

Tugger,

Valuing this on dividends is as much guess work as valuing it on NTA. What you need to look for is investing in the period prior to when the NTA and/or dividends are about to bottom-out - and it is quite possible that AJA could be looking "expensive" by that point. That is the typical pattern for cyclicals - "cheap" near the top, "expensive" near the bottom.

It is not yet possible to presume that dividend is sustainable - it probably isn't. Their borrowing costs/repayments are generally on a rising trend, while their rental income is falling. Unless occupancy increases soon, the dividend will need to fall even after the bottom is in on the Japan property market, due to the lag in rent reviews.