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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Japan Resident. | JRIC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 71.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 71.75 | 71.75 |
| Top Posts |
|---|
Posted at 13/11/2015 20:50 by topvest Sounds like there could well be a higher offer. Disappointing though to see this go private. It was a well run company with quality assets that UK investors can no longer get access to. |
Posted at 09/1/2015 19:49 by scbscb No hedging will never always be the right option, but should be used when circumstances appear to warrant it. The Yen could remain weak for a while yet (although it is probably under valued on purchasing or fundamental value. Why? Because the Bank of Japan keeps on pumping out billons of new Yen with QE. Although to what purpose, because interest rates can't go lower, it does increase the number of Yen in circulation and of course devalues the currency. The € has also been weak on speculation the ECB will embark on a huge QE programme again European interest rates can't be reduced by a noticeable amount. In these strange markets fuelled by QE and too much money investors can't go against the might of central banks. Japan would be better served by reforming its economy and deregulation but that is difficult and would be unpopular in the short term so politicians will settle for an easy short term sugar rush of more QE.Jeff |
Posted at 21/1/2014 06:53 by dashton42 ...And another mention in the Mr Bearbull column in Investors Chronicle, which I've only just spotted. Note that registration is probably required for this: |
Posted at 20/1/2014 11:16 by dashton42 JRIC gets a brief mention in Investors Chronicle today, with a reiteration of the Buy advice: |
Posted at 20/6/2013 11:02 by davebowler 20 June 2013Japan Residential Investment Company Limited (the "Company") Investment Property Valuation Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund". The Fund portfolio was externally valued at ¥32,614 million (£213 million) as at 31 May 2013. The rate of property value growth rose to 3.9% for the year ended May 2013 on a like-for-like basis, compared with a 0.1% increase over the same period one year prior. Property value gains totaled ¥1,225 million (£8 million) on a like-for-like basis during the period. Yield compression and reduced operating expenses were the primary factors supporting valuation gains. During the six months ended 31 May 2013, portfolio value increased 1.4% on a like-for-like basis. The unleveraged net yield of the portfolio (appraised net operating income over value) was 5.7% as at 31 May 2013, down from 5.9% at the same time one year prior. The Investment Adviser expects falling yields to continue exerting upward pressure on Japanese residential property prices driven by improving fundamentals, investor asset diversification requirements, and generous spreads between property income and financing costs. Note: Sterling values are based on the exchange rate of ¥153.18/£1 as at 31 May 2013. Enquiries: KK Halifax Management Limited Manager Edward Barrow +65 6593 8904 KK Halifax Asset Management Investment Adviser Alec Menikoff +81 (0)3 5563 8771 Smith & Williamson Corporate Finance Limited Nominated Adviser Azhic Basirov David Jones +44 (0)20 7131 4000 Liberum Capital Limited Joint Broker Richard Bootle +44 (0)20 3100 2222 Westhouse Securities Limited Joint Broker Alastair Moreton Darren Vickers +44 |
Posted at 26/12/2009 14:43 by zastas IMO it remains expensive. No income either.As with so many funds, the main or only beneficiaries are the managers/boards or those who cash the 'administrative expenses'. I have just re-read the IR. JRIC say that they have reduced considerably some costs. Well, as a percentage of net income that is true. But shockingly they have now trousered 2.5 million instead of 1 million in administration costs. That's an increase of 150% and 250% of the comparable half-year's costs. Spinning numbers of the worst kind that RobberBrown has been practising for years. This is more than 25% of gross rental income! Way,way too high IMO. Your BTL punter in Blighty pays perhaps 10-15% for full management. And that is without a super-discount surely available for a portfolio of £231 million, as are supposedly worth JRIC's current assets. All right, your BTLer may have to pay a little maintenance costs too, but JRIC's properties are all very new-built. But hey, there's is also operating expenses. In fact more than 20% of gross rental. Blimey, JRIC are geniuses, managing to spend almost 50% of gross rental income on operating and administration. RobberBrown should enoble them quickly , put them on expenses and then in his government, next to Lord Peter-the-Crab, he who knows all about bamboozling mortgage-lenders( the Nationwide) with a icy-white lie. No, as punishment for misjudging the market, managers, the board and administrators should work for the proverbial peanuts until the original investment flotation value has been restored. At PEJR it's even worse. But most of the 'investors' are institutions and they donot care. They will continue to get, and then destroy , our money because the tax-system encourages or even forces us to park money with them. This built-in institutional tax-advantage needs to go pronto. Abolishing CGT could be a start. The only possible JRIC attraction is the stated NAV and the discount. But with its gearing, banks' reluctance to renew credit and another modest drop of prices of say 10%, much of that NAV-discount will be gone too. As a sign of things to come, JRIC sold recently a property for 450 million yen. But it was valued at 520 on August 31, a 13% reduction. And it was an unmortgaged one and an apparently unforced sale. What if they must sell? Investing in JRIC means you are bullish about the Japanese currency, stockmarket,banks and homes. For the first three there are much better and cheaper-in-cost alternatives. If you want Japanese homes, it's much better to get on a plane and buy one in your name, with or without a mortgage. Haggle 10-20% off asking price and that's the equivalent of the current JRIC discount to NAV. Then I am sure you can do better than a 25% plus administration and 20 % plus operating cost. Boxing Day rant over. |
Posted at 23/1/2009 19:48 by callumross This comment on JRIC today is interesting - still toying with buying this one."Closed-end funds offer enormous value as a dearth of buyers is creating massive discounts on vehicles where the net asset value (NAV) continues to rise, argues Apollo Multi Asset Management's Tom McGrath even in unloved sectors such as property. McGrath said the lack of buyers has helped create the massive discounts to NAV which hedge funds and arbitrageurs normally take advantage of, but due to lack of finance even these have been largely absent from the market. This is creating value across a number of sectors though property vehicles stand out in particular, as these have very wide discounts. Examples include the Japan Residential Property Fund which is listed on AIM and whose share price has collapsed from 100p to 37.75p, at the same time as its NAV has risen from 100p to 180p. McGrath said it offers a seven per cent to eight per cent yield. The vehicle is also helped by the strength of the Yen against Sterling something which has been helpful to Sterling investors for the past 12 months, according to Matthew Brett, Japanese specialist equities fund manager at Baillie Gifford" |
Posted at 05/11/2008 08:35 by monty9 Hello, anybody else out there?JRIC just released a most encouraging trading announcement, pls see the link below. The two key points are: 1. NAV £1.21 Remember this is a closed end fund that, if the share price remains in the doldrums, will eventually be liquidated and the assets distributed to its investors. 2. Dividend of 1.5p This makes a total of 2p for the year, a 5% yield on the current (silly) share price. |
Posted at 03/4/2008 10:46 by monty9 The JRIC enterprise does seem to be more for the benefit of the advisors than shareholders. Ironic that the reason assets are still at the float level is the effect of substantial JPY appreciation against GBP. IMV that appreciation is likely to be over; surely the lunatic global 'carry trade' has unwound now and JPY repatriated.Presumably that money now sits in the domestic economy looking for ways to earn a revenue without taking massive risk. At the risk of stating the obvious, real estate does seem to be a good example of this, particularly in the urban centres JRIC focusses on. I would expect this to increase the value of assets (despite the experts anticipating the opposite) at the expense of yield and hence investment opportunity. JRIC are reasonably invested already so while it might reduce the ultimate income it should not make the operational revenues negative. If I am right that might explain the activist interest - a break even, or slightly better, operation, with good potential break up value. If the company does continue as planned, it should do well enough. The current dip in sentiment being offset by the windfall GBP gains. The one thing I still can't get my head around is why, given that the management and advisors must have known roughly what the costs of acquiring the properties were, the early operating losses came as such a shock to the market, and did so much damage to the share price. Was this a failure in the IPO doc? Tony, I agree with your assessment there might be a buying opportunity in the Summer, but if the new investors really do shake things up you could also be looking at profits on what you have got already (at least from today's levels). |
Posted at 03/4/2008 08:41 by tonyd3 Well the results are out now so we have some information to go on I think there are a few positive things to explain the stabilization of the share price recently -A few activist investors have been tempted in so they must see value in breaking the company up and the assets maybe worth more than the whole and will buy more if it falls further -It is good that they have slowed down investment speed as this will stem the advisor losses and allow them to be a bit more savvy about the market. Intiallly it looked as if they didn't know what they were doing. The activists have spotted this also -I think delaying things gives them time to assess whether they should have lower leverage in they can get 5 year guaranteed deals. -As Monty says the difference in 5% yield versus 2.28% interest means they will make money (Although this should not come as a surprise because this is what their original estimates and was what they were set up to do) Some caution is still required though -They promised 6% yield and they didn't deliver and it is not clear why ?????, given their original prospectus . They don't pay out any money till late June -They are not very transparent as an organisation and they will not make any announcements about performance for a long time so investors could get twitchy again (particularly in the sell in May come back in October period nad if the credit crunch tightens -They are saying the asset values will come under pressure in the medium term . The NAV will drop further -The GBP versus yen is up 5% this week at 204 -The share price has increased recently so recent good news will be priced in I don't think the share will now drop to 39p because they slowed down buying . However I do think this share will become cheaper again in the summer and that maybe a good time to buy |
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