Below are the key stats for two Japanese property trusts as at 30 June 2008. Both are listed on the ASX. One has seen its share price fall 93% in the two years since, the other a comparatively mild 41%. You tell me which is which (no cheating). Tomorrow I’ll reveal which stocks they are, and why investors ended up with such different outcomes.
|Key stats:||Trust 1||Trust 2|
|Total assets 30 June 2008 ($m)||1,631||921|
|Net debt ($m)||823||478|
|NTA ($ per share)||1.39||0.9|
|Interest cover (operating income/interest)||4.2||3.8|
|Occupancy rate at 30 June 08||98.00%||97.60%|
|Occupancy rate now||93.00%||95.60%|
|Change in prop. values since 30 June 08||-26.30%||-23.50%|
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Forager Funds is a boutique fund manager specialising in a value investing approach. We offer an ASX listed Australian Shares Fund as well as an International Shares Fund both aimed at delivering returns for long term investors.