ASX:APW

Stock Analysis Report

Aims Property Securities Fund

Executive Summary

Aims Property Securities Fund is a close-ended fund of funds launched by MacArthurCook Ltd.

Snowflake

Fundamentals

Fair value with questionable track record.

Share Price & News

How has Aims Property Securities Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.3%

APW

0.2%

AU REITs

0.4%

AU Market


1 Year Return

-18.3%

APW

18.4%

AU REITs

9.8%

AU Market

Return vs Industry: APW underperformed the Australian REITs industry which returned 18.4% over the past year.

Return vs Market: APW underperformed the Australian Market which returned 9.8% over the past year.


Shareholder returns

APWIndustryMarket
7 Day-0.3%0.2%0.4%
30 Day-4.0%0.8%-1.3%
90 Day-2.7%-0.8%-0.5%
1 Year-17.1%-18.3%24.4%18.4%16.1%9.8%
3 Year16.2%8.7%46.8%25.7%36.1%17.9%
5 Year46.4%24.3%100.9%56.2%49.4%15.7%

Price Volatility Vs. Market

How volatile is Aims Property Securities Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Aims Property Securities Fund undervalued compared to its fair value and its price relative to the market?

7.25x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: APW (A$1.43) is trading above our estimate of fair value (A$0.53)

Significantly Below Fair Value: APW is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: APW is good value based on its PE Ratio (7.3x) compared to the REITs industry average (16x).

PE vs Market: APW is good value based on its PE Ratio (7.3x) compared to the Australian market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate APW's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: APW is good value based on its PB Ratio (0.6x) compared to the AU REITs industry average (1.1x).


Next Steps

Future Growth

How is Aims Property Securities Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: APW's forecast earnings growth (8.6% per year) is above the savings rate (2.3%).

Earnings vs Market: APW's earnings (8.6% per year) are forecast to grow slower than the Australian market (10.3% per year).

High Growth Earnings: APW's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if APW's revenue is forecast to grow faster than the Australian market.

High Growth Revenue: Insufficient data to determine if APW's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if APW's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Aims Property Securities Fund performed over the past 5 years?

-23.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: APW's earnings have declined by -23.9% per year over the past 5 years.

Accelerating Growth: APW's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: APW had negative earnings growth (-31%) over the past year, making it difficult to compare to the REITs industry average (-16.3%).


Return on Equity

High ROE: APW's Return on Equity (7.7%) is considered low.


Return on Assets

ROA vs Industry: APW has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: APW has improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Aims Property Securities Fund's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: APW has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if APW's debt is covered by short term assets.


Financial Institutions Analysis

Asset Level: APW's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if APW has a sufficient allowance for bad loans.

Low Risk Liabilities: APW reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if APW has an acceptable proportion of non-loan assets held.

Low Risk Deposits: APW has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if APW has an appropriate level of bad loans.


Next Steps

Dividend

What is Aims Property Securities Fund's current dividend yield, its reliability and sustainability?

1.77%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%2.4%markettop25%5.6%industryaverage4.4%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: APW's dividend (1.77%) isn’t notable compared to the bottom 25% of dividend payers in the Australian market (2.44%).

High Dividend: APW's dividend (1.77%) is low compared to the top 25% of dividend payers in the Australian market (5.59%).

Stable Dividend: APW has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: APW has only been paying a dividend for 6 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.5%), APW's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Aims Property Securities Fund's salary, the management and board of directors tenure and is there insider trading?


CEO

Aims Property Securities Fund has no CEO, or we have no data on them.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyAU$31,25516 Jul 19
Richard Nott
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Independent Director of AIMS Fund Management Limited
Shares21,900
Max PriceAU$1.43
BuyAU$271,26409 Dec 18
MacArthurCook Ltd.
EntityCompany
Shares163,336
Max PriceAU$1.66
SellAU$3,263,74809 Dec 18
AIMS Capital Management Pty Ltd
EntityCompany
Shares1,865,000
Max PriceAU$1.75
SellAU$14,001,73907 Dec 18
AIMS Capital Management Pty Ltd
EntityCompany
Shares8,890,000
Max PriceAU$1.57

Ownership Breakdown


Management Team

  • George Wang (57yo)

    Executive Chairman of AIMS Fund Management Limited

    • Tenure: 10.2yrs
  • Claud Chaaya

    Company Secretary & Director of Property Funds Management of AIMS Fund Management Limited

    • Tenure: 2.2yrs

Board Members

  • George Wang (57yo)

    Executive Chairman of AIMS Fund Management Limited

    • Tenure: 10.2yrs
  • Richard Nott (77yo)

    Non-Executive Independent Director of AIMS Fund Management Limited

    • Tenure: 0yrs
  • John Love (72yo)

    Non-Executive Independent Director of AIMS Fund Management Limited

    • Tenure: 8.6yrs

Company Information

Aims Property Securities Fund's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Aims Property Securities Fund
  • Ticker: APW
  • Exchange: ASX
  • Founded:
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: AU$63.761m
  • Shares outstanding: 44.59m
  • Website: https://www.aimsfunds.com.au

Location

  • Aims Property Securities Fund
  • 259 George Street
  • Level 41
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
APWASX (Australian Securities Exchange)YesOrdinary UnitsAUAUDDec 2004
BVPSGX (Singapore Exchange)YesOrdinary UnitsSGSGDDec 2004

Biography

Aims Property Securities Fund is a close-ended fund of funds launched by MacArthurCook Ltd. The fund is managed by MacarthurCook Fund Management Limited. It invests in the funds investing in the real estat ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 10:30
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.