# BJT - Babcock & Brown Japan Property Trust



## GreatPig (30 November 2005)

Anyone else holding this?

I'm just trying to decide if I want to take up the 10 for 18.xxx offer at $1.52 (I think it is). Current price is $1.66 and I think it's looking okay at the moment.

Anyone know anything about commercial property investments in Japan in general?

Cheers,
GP


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## RichKid (30 November 2005)

GreatPig said:
			
		

> Anyone else holding this?
> 
> Anyone know anything about commercial property investments in Japan in general?
> 
> ...




Hi GP,
I don't I'm afraid, but Snake Pliskin may know something, word is that BNB have more experience (longer presence, better connections) than most other Aussies in Japanese property. Since the general economy there seems to be picking up might rub off on commercial space.


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## GreatPig (30 November 2005)

Thanks, RichKid. Don't really know anything about it myself.

Cheers,
GP


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## clowboy (30 November 2005)

I know next to nothing...but im extremely optimistic,


So it wasn't more helpful


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## kerosam (30 November 2005)

if i'm not wrong, it was one of the recommendations by fat prophets few months ago. their recommendation still stands.


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## It's Snake Pliskin (30 November 2005)

RichKid said:
			
		

> Hi GP,
> I don't I'm afraid, but Snake Pliskin may know something, word is that BNB have more experience (longer presence, better connections) than most other Aussies in Japanese property. Since the general economy there seems to be picking up might rub off on commercial space.




Hi GP,

I'm in Japan now but have little experience with property over here. There are some issues of significance at the moment with regards to property:
1. Property has been depreciating for years and there appears to be a lot of vacancies. (BNB has this sorted out I believe)
2. In the past two weeks it has been made public knowledge that some buildings have been fraudulently designed and not built according to earthquake standards and could collapse in a good sized earthquake - level 5 out 7 on the Japanese scale. I've experienced a level 5 and they are not enjoyable at all. 
Developers are buying back buildings and buyers are being paid back and forced to relocate. This has also included hotels which are closing down until they know their buildings are safe. It could be the tip of the iceberg and it has happened before in Kobe. 

I don't know what the BNB fund is investing in, and the above may not be of concern, but I would do considerable research before investing in this one. The economy has picked up and seems to be going better than previous upturns. The share market is at 4 year highs also.

I hope this helps.

Snake Pliskin


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## GreatPig (1 December 2005)

Thanks, Snake. I do have their report, which I think lists some of the properties they own, but of course that wouldn't mean anything to me.

In the end though it's just one of a number of stocks I'm holding, and while I already have the quantity I originally intended, I'm not going to turn down discounted shares if it looks like the price will stay above that amount.

My wife and I are heading to Japan in April for a couple of weeks holiday (I also spent a couple of months backpacking there in '93). The only real estate we're likely to inspect though is castles and temples 

Cheers,
GP


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## It's Snake Pliskin (2 December 2005)

GreatPig said:
			
		

> Thanks, Snake. I do have their report, which I think lists some of the properties they own, but of course that wouldn't mean anything to me.
> 
> In the end though it's just one of a number of stocks I'm holding, and while I already have the quantity I originally intended, I'm not going to turn down discounted shares if it looks like the price will stay above that amount.
> 
> ...




GP,

What parts of Japan are you going to?

April is a good time and O-hanami is a good thing to do. 

Snake


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## GreatPig (3 December 2005)

Snake Pliskin said:
			
		

> What parts of Japan are you going to?



For this trip we're planning on Tokyo, Nikko, Matsumoto (for the castle), Nara, Kyoto, Himeji, Okayama, Hiroshima & Miyajima, possibly Matsuyama (again for the castle), and finally Takayama before returning to Tokyo. From Okayama, we may also visit one or two islands or Bizen or somewhere, possibly instead of Matsuyama.

We'll be in Takayama for the two days of their Matsuri festival at Easter. Originally I wanted to do what I did last time and go from Matsumoto to Takayama via the alps, but I don't think the road is open at that time, and even if it is, it would probably be pretty cold. Even Takayama I think will be quite cold. Last time I was there in late September, and while the alps (around KamiKochi) were beautiful and warm during the day, it was bloody freezing at night!

We're only going to stay in four places (Tokyo, Kyoto, Okayama, and Takayama) and make day trips to the other places using JR passes. Matsumoto and Matsuyama are quite long day trips, but my wife gets foot-sore pretty quickly, so probably won't mind a couple of days with a few hours spent on a train instead of walking 

I've already been to most of these places, Nikko being the main exception, but there will still be plenty to see that I haven't seen before.

And thanks to the wonders of the Internet, I've already booked the air tickets and accommodation in all but Tokyo, and pretty much know where we'll stay there too.



> O-hanami is a good thing to do



I'm not familiar with that. Is it something to do with the blossom season?

Cheers,
GP


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## Milk Man (3 December 2005)

Nikko? Do they make pens there?


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## GreatPig (3 December 2005)

Milk Man said:
			
		

> Nikko? Do they make pens there?



Given it's one of the more touristy places in Japan, I'm sure they do 

Cheers,
GP


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## It's Snake Pliskin (3 December 2005)

GreatPig said:
			
		

> For this trip we're planning on Tokyo, Nikko, Matsumoto (for the castle), Nara, Kyoto, Himeji, Okayama, Hiroshima & Miyajima, possibly Matsuyama (again for the castle), and finally Takayama before returning to Tokyo. From Okayama, we may also visit one or two islands or Bizen or somewhere, possibly instead of Matsuyama.
> 
> We'll be in Takayama for the two days of their Matsuri festival at Easter. Originally I wanted to do what I did last time and go from Matsumoto to Takayama via the alps, but I don't think the road is open at that time, and even if it is, it would probably be pretty cold. Even Takayama I think will be quite cold. Last time I was there in late September, and while the alps (around KamiKochi) were beautiful and warm during the day, it was bloody freezing at night!
> 
> ...




GP,

You will see some impressive places.
O-hanami is when people go drinking under the cherry blossoms and they sit around in parks on tarps and everyone has a good time. They are especially open to visitors and will invite you to drink with them if they think you are lonely.

Be careful of the monkeys in Nikko, they are very dangerous and will rob you. They are extremely brave in Nikko and have no respect for humans.

Cheers
Snake


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## GreatPig (19 December 2005)

Looks like I might have made the right choice in taking the extras at $1.52 

Currently hovering in the $1.75 to $1.77 range and looking positive on the chart. I even put in a couple of possible waves based on Nick's book 

Cheers
GP


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## clowboy (19 December 2005)

Greatpig,

By take more at $1.52, do you mean you bought more?

Are you optimistic with this stock?


Was looking really good on open today but by close not so great.


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## GreatPig (19 December 2005)

clowboy said:
			
		

> By take more at $1.52, do you mean you bought more?



Yes, when they issued more stock at $1.52 a share, with a 10 for 18.something entitlement.



> Was looking really good on open today but by close not so great.



Yes, it ended up retracing most of Friday's gain, but I think still looks okay at this stage. Who know where it will go though.

Cheers,
GP


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## TheAnalyst (19 December 2005)

Hi everyone

I have been keeping my eye on the stock for the last 9 mths and the story is that Japan's property market suffered a terrible boom and bust and it was at a low for many yrs and B&B have taken the economicle cycle story and it believes Japan property is in the beginning of an expansion phase. 

The stock has climbed i believe on the back of the main Babcock and Brown stock and of course the story spreads like the McQuarie bank story.

I havent seen any real earnings and have stayed back and seeen it stall at the  $1.60 mark.

I always stay back from these types of stocks and especially ones that the P/E ratio gets a bit high as the probabilities of downside news increase and a very sensitive share price is created from this hype.


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## britishcarfreak (5 February 2006)

This seems to be tracking back to 1.60.  It's strange given that it's been dropping since an announcement that their portfolio had been revalued at something like 8% up.


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## GreatPig (5 February 2006)

Seems to be holding above my trend line at the moment, but the next few days will give a better idea.

It's currently also around the support level defined last September. This was briefly tested in November then again a week or so ago. Hopefully it will hold.

Cheers,
GP


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## RichKid (30 March 2006)

I'm looking at diversifying via exposure to Japan's economy, came across this early review from Fat prophets, a bit old but good background: http://www.fatprophets.com.au/content.aspx?page=Babcock+&+Brown+Japan+Property+Trust,+Fat+227


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## GreatPig (31 March 2006)

Well they got it right. Buy up to $1.16 they said, and the price is now $1.805.

I'm still holding.

Cheers,
GP


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## DionM (29 November 2007)

Bit of a bump on this old thread!

Do we think it may have found a bottom at around 1.55-1.60?  Been trading down there for a little while, seems to have arrested the SP decline.

Distribution guidance looks nice, they have reasonable income through tenants ... deciding whether or not to invest.


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## chops_a_must (9 January 2008)

Decided to short this on the open, as out of all the macquarie and babsuck listed shares, this one bent over and took it the most. Will see how it goes...


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## Morgan (10 January 2008)

Time for bottom picking??
On the chart CMF now above zero and heading nicely upward. 
Director purchased quarter of a million dollars worth of shares last week.
9.7% dividend.
Not holding but have been watching closely for a long time looking for any reversal of the long downtrend.


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## trueblue (14 January 2008)

just for the record. director purchased a further 200,000 shares today. maybe it will turn soon. Who knows. I certainly do not.
true blue


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## AnDy62 (13 June 2008)

Does anyone know how much Babcock's (BNB) woes affect BJT? I can't seem to find any info and I'm tempted to panic sell!


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## AnDy62 (13 June 2008)

Well panic sell I did (or I can call that a stop loss? ha) and just as well, she's in freefall, down 17%, 8 buyers and 70+ sellers. GULP!


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## tcoates (13 June 2008)

AnDy62 said:


> Well panic sell I did (or I can call that a stop loss? ha) and just as well, she's in freefall, down 17%, 8 buyers and 70+ sellers. GULP!




At least you live to see another day... I did the same re BBW. They all seemed to be getting smashed at some level today. Fundamentals aside (regardless of any stock with Babcock in its name), the market is saying otherwise, so better listen to it. 

Tim


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## sofman2000 (19 December 2008)

Hi Guys- BJT is currently at 31c- What are the thoughts at this level for a long term bet? Looks like panic selling was the way to go back in June.


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## uzumaki (10 January 2009)

i am holding tight, bought it 32c and then again at 28c as per recommendation of a review of BJT by some article i read on www.theinflationist.com. 

http://theinflationist.com/warren-buffett/asx-listed-commodity-stocks-trading-close-to-cash
although some of the stocks mentioned i dont really agree with. but picked and chose the ones i like.


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## dobbsy (4 March 2009)

Hi All, any thoughts out there on this one? I bought in at .39 when the dividend yield was about 30%, now its down to .20c and a yield of around 54% So down almost 50%. Ive looked and looked but cant find too much to explain the weakness, apart from maybe all the uncertainty in the japanese market. Good occupancy rate and steady cash flow, property portfolio is worth $800,000,000 more than total debt.  Am I missing something here?
Thanks


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## truevalue (5 March 2009)

Hi Dobbsy,

This one has been chucked in the pile of REITs that are going broke, even though they have no financing risk for 2 years, great occupancy levels, 4x interest cover, an NTA north of $1.50. This will be one of the genuine opportunities that comes out of this mess in the next 2 years and you will make plenty if you are patient.

Look for internalisation of management by buying out BNB rights any day now.


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## dobbsy (5 March 2009)

Hi Truevalue, Thanks for your input with this one. I see it touched .185 today, I think maybe time to buy more to bring my cost average down. Surely it cant go down too much from here, but in this market anything can happen I guess!


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## dobbsy (30 March 2009)

Got back in at .205 a couple of weeks back. Today at 31, up 8% on a generally down day. Cost average now .283 so going ok. But no real news to explain the around 50% rise since last post.  Dividend if they pay is still around 40%, pretty good in anyones books! Just hopeing that the weakness in price is due to the fact that it has 'Babcock & Brown' in its name!


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