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Aims Property Securities Fund

ASX:APW
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
APW
ASX
A$66M
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Aims Property Securities Fund is a close-ended fund of funds launched by MacArthurCook Ltd. The last earnings update was 82 days ago. More info.


Add to Portfolio Compare Print
APW Share Price and Events
7 Day Returns
2.4%
ASX:APW
1.7%
AU REITs
2.9%
AU Market
1 Year Returns
-9.5%
ASX:APW
18%
AU REITs
4.3%
AU Market
APW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aims Property Securities Fund (APW) 2.4% 7.2% -1.3% -9.5% 13.8% 34.5%
AU REITs 1.7% 3.1% 3.9% 18% 17.1% 66.1%
AU Market 2.9% 3.2% 5.5% 4.3% 21% 9.7%
1 Year Return vs Industry and Market
  • APW underperformed the REITs industry which returned 18% over the past year.
  • APW underperformed the Market in Australia which returned 4.3% over the past year.
Price Volatility
APW
Industry
5yr Volatility vs Market

Value

 Is Aims Property Securities Fund undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aims Property Securities Fund to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aims Property Securities Fund.

ASX:APW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:APW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 30%) (0%))
0.68
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:APW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aims Property Securities Fund is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:APW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2019 0.88 Est @ -30.51% 0.82
2020 0.70 Est @ -20.67% 0.61
2021 0.60 Est @ -13.77% 0.49
2022 0.55 Est @ -8.95% 0.42
2023 0.52 Est @ -5.57% 0.37
2024 0.50 Est @ -3.2% 0.33
2025 0.49 Est @ -1.55% 0.30
2026 0.49 Est @ -0.39% 0.28
2027 0.49 Est @ 0.42% 0.27
2028 0.50 Est @ 0.99% 0.25
Present value of next 10 years cash flows A$4.14
ASX:APW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$0.50 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$10.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$10.67 ÷ (1 + 7.08%)10
A$5.38
ASX:APW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$4.14 + A$5.38
A$9.52
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$9.52 / 44.60
A$0.21
ASX:APW Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$0.21
Current discount Discount to share price of A$1.48
= -1 x (A$1.48 - A$0.21) / A$0.21
-593.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Aims Property Securities Fund is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aims Property Securities Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aims Property Securities Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:APW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.26
ASX:APW Share Price ** ASX (2019-05-20) in AUD A$1.48
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 11.22x
Australia Market PE Ratio Median Figure of 542 Publicly-Listed Companies 16.09x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aims Property Securities Fund.

ASX:APW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:APW Share Price ÷ EPS (both in AUD)

= 1.48 ÷ 0.26

5.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aims Property Securities Fund is good value based on earnings compared to the AU REITs industry average.
  • Aims Property Securities Fund is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Aims Property Securities Fund's expected growth come at a high price?
Raw Data
ASX:APW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.76x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
6.9%per year
Australia REITs Industry PEG Ratio Median Figure of 33 Publicly-Listed REITs Companies 1.04x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Aims Property Securities Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aims Property Securities Fund's assets?
Raw Data
ASX:APW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$2.38
ASX:APW Share Price * ASX (2019-05-20) in AUD A$1.48
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.11x
Australia Market PB Ratio Median Figure of 1,676 Publicly-Listed Companies 1.65x
ASX:APW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:APW Share Price ÷ Book Value per Share (both in AUD)

= 1.48 ÷ 2.38

0.62x

* Primary Listing of Aims Property Securities Fund.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aims Property Securities Fund is good value based on assets compared to the AU REITs industry average.
X
Value checks
We assess Aims Property Securities Fund's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Aims Property Securities Fund has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

  • No analysts cover Aims Property Securities Fund, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aims Property Securities Fund expected to grow at an attractive rate?
  • Aims Property Securities Fund's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Aims Property Securities Fund's earnings growth is positive but not above the Australia market average.
  • Unable to compare Aims Property Securities Fund's revenue growth to the Australia market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ASX:APW Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:APW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 6.9%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.2%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.3%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:APW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:APW Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 14 1 11
2018-09-30 14 2 12
2018-06-30 15 3 13
2018-03-31 11 2 8
2017-12-31 7 2 4
2017-09-30 6 2 3
2017-06-30 6 2 2
2017-03-31 5 3 1
2016-12-31 4 3 0
2016-09-30 6 3 2
2016-06-30 8 3 4
2016-03-31 9 3 6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aims Property Securities Fund's earnings are expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Aims Property Securities Fund is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:APW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Aims Property Securities Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:APW Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.26
2018-09-30 0.27
2018-06-30 0.29
2018-03-31 0.19
2017-12-31 0.09
2017-09-30 0.06
2017-06-30 0.04
2017-03-31 0.02
2016-12-31 0.01
2016-09-30 0.05
2016-06-30 0.10
2016-03-31 0.13

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Aims Property Securities Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Aims Property Securities Fund's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aims Property Securities Fund has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aims Property Securities Fund's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aims Property Securities Fund's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Aims Property Securities Fund's 1-year earnings growth exceeds its 5-year average (184% vs -23.4%)
  • Aims Property Securities Fund's earnings growth has exceeded the AU REITs industry average in the past year (184% vs -11.2%).
Earnings and Revenue History
Aims Property Securities Fund's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aims Property Securities Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:APW Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 13.63 11.47 0.98
2018-09-30 14.29 12.10 0.96
2018-06-30 14.96 12.74 0.94
2018-03-31 11.08 8.39 0.61
2017-12-31 7.19 4.04 0.69
2017-09-30 6.46 2.82 0.93
2017-06-30 5.72 1.60 1.18
2017-03-31 5.09 0.99 1.11
2016-12-31 4.47 0.39 1.03
2016-09-30 6.15 2.34 0.97
2016-06-30 7.84 4.30 0.90
2016-03-31 9.26 5.82 0.89
2015-12-31 10.68 7.34 0.88
2015-09-30 12.89 9.59 0.90
2015-06-30 15.10 11.84 0.92
2015-03-31 13.43 18.69 1.27
2014-12-31 11.75 25.54 1.62
2014-09-30 10.16 23.96 1.77
2014-06-30 8.57 22.39 1.92
2014-03-31 8.53 14.17 2.02
2013-12-31 8.49 5.94 2.12
2013-09-30 4.55 1.96 2.07
2013-06-30 0.62 -2.01 2.01
2013-03-31 0.31 -2.58 1.60
2012-12-31 0.00 -3.14 1.18
2012-09-30 -2.39 -5.79 1.28
2012-06-30 -4.78 -8.44 1.37

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aims Property Securities Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aims Property Securities Fund used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.
  • Aims Property Securities Fund has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aims Property Securities Fund's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aims Property Securities Fund has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Aims Property Securities Fund's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aims Property Securities Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aims Property Securities Fund is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aims Property Securities Fund has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aims Property Securities Fund's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Aims Property Securities Fund has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aims Property Securities Fund Company Filings, last reported 4 months ago.

ASX:APW Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 106.36 0.00 2.24
2018-09-30 106.36 0.00 2.24
2018-06-30 105.83 0.00 4.82
2018-03-31 105.83 0.00 4.82
2017-12-31 94.90 0.00 1.36
2017-09-30 94.90 0.00 1.36
2017-06-30 93.14 0.00 12.65
2017-03-31 93.14 0.00 12.65
2016-12-31 91.06 0.00 13.22
2016-09-30 91.06 0.00 13.22
2016-06-30 92.19 0.00 14.01
2016-03-31 92.19 0.00 14.01
2015-12-31 91.21 0.00 1.49
2015-09-30 91.21 0.00 1.49
2015-06-30 88.24 0.00 0.76
2015-03-31 88.24 0.00 0.76
2014-12-31 84.46 0.00 34.53
2014-09-30 84.46 0.00 34.53
2014-06-30 76.69 0.00 23.69
2014-03-31 76.69 0.00 23.69
2013-12-31 63.49 0.00 8.98
2013-09-30 63.49 0.00 8.98
2013-06-30 59.03 0.00 7.93
2013-03-31 59.03 0.00 7.93
2012-12-31 49.15 4.70 1.41
2012-09-30 49.15 4.70 1.41
2012-06-30 52.79 7.80 1.97
  • Aims Property Securities Fund has no debt.
  • Aims Property Securities Fund had no debt 5 years ago.
  • Aims Property Securities Fund has no debt, it does not need to be covered by operating cash flow.
  • Aims Property Securities Fund has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Aims Property Securities Fund's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aims Property Securities Fund has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.94%
Current annual income from Aims Property Securities Fund dividends.
If you bought A$2,000 of Aims Property Securities Fund shares you are expected to receive A$39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aims Property Securities Fund's pays a lower dividend yield than the bottom 25% of dividend payers in Australia (2.66%).
  • Aims Property Securities Fund's dividend is below the markets top 25% of dividend payers in Australia (5.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:APW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.6%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:APW Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-06-25 0.029 1.792
2017-06-23 0.066 4.050
2016-08-31 0.059 3.993
2015-06-23 0.051 4.138
2014-09-01 0.007 0.539
2014-03-20 0.036 3.476
2014-02-26 0.040 4.914
2010-08-31 0.000 0.000
2010-03-08 0.000 0.000
2009-08-31 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aims Property Securities Fund has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Aims Property Securities Fund has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Aims Property Securities Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Aims Property Securities Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aims Property Securities Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aims Property Securities Fund has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wee Koh
AGE 45
TENURE AS CEO 5.3 years
CEO Bio

Mr. Wee Lih Koh, MBA, MSc, BSc, has been the Chief Executive Officer and Executive Director of AIMS APAC REIT Management Limited (formerly known as AIMS AMP Capital Industrial REIT Management Limited) the Manager of AIMS APAC REIT since January 1, 2014 and January 29, 2014 respectively. Mr. Koh is responsible for the overall planning, management and operation of the Trust. He served as the Head of Real Estate at AIMS AMP Capital Industrial Reit Management Limited. Mr. Koh is responsible for formulating investment strategies in acquisitions and divestments of the REIT portfolio. He is a Director of AIMS Funds Management Ltd. at Aims Property Securities Fund and also it's Chief Executive Officer since January 01, 2014. He served as Senior Investment Manager of AIMS AMP Capital Industrial REIT Management Limited from December 2008 to October 2011. Prior to joining the REIT, Mr. Koh managed real estate investments for an international real estate private equity fund as well as for one of Asia's largest real estate developers. He has experience in investment and corporate finance, of which more than 6 years were in real estate investment, asset management and structuring of private real estate funds. He serves as Director at AACI REIT MTN Pte. Ltd. He has been a Director of AIMS Financial Group Pty Limited since September 6, 2016. Mr. Koh holds a Master of Business Administration (Distinction), a Master of Science in Industrial and Operations Engineering and a Bachelor of Science (Summa Cum Laude) in Aerospace Engineering from the University of Michigan.

CEO Compensation
  • Insufficient data for Wee to compare compensation growth.
  • Insufficient data for Wee to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team

George Wang

TITLE
Executive Chairman of AIMS Fund Management Limited
AGE
56

Wee Koh

TITLE
CEO & Director of AIMS Funds Management Ltd.
AGE
45
TENURE
5.3 yrs

Claud Chaaya

TITLE
Company Secretary & Head of Property Funds Management of AIMS Fund Management Limited
Board of Directors Tenure

Average tenure and age of the Aims Property Securities Fund board of directors in years:

4.3
Average Tenure
63
Average Age
  • The tenure for the Aims Property Securities Fund board of directors is about average.
Board of Directors

George Wang

TITLE
Executive Chairman of AIMS Fund Management Limited
AGE
56
TENURE
9.8 yrs

Wee Koh

TITLE
CEO & Director of AIMS Funds Management Ltd.
AGE
45

Richard Nott

TITLE
Non-Executive Independent Director of AIMS Fund Management Limited
AGE
76

Kheng Ko

TITLE
Non-Executive Lead Independent Director of AIMS Funds Management Ltd.
AGE
63
TENURE
0.2 yrs

John Love

TITLE
Non-Executive Independent Director of AIMS Fund Management Limited
AGE
71
TENURE
8.2 yrs

Steven Chong

TITLE
Independent Non-Executive Director of AIMS Funds Management Ltd.
AGE
63
TENURE
0.5 yrs

Peter Heng

TITLE
Independent Non-Executive Director of AIMS Funds Management Ltd.
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
09. Dec 18 Sell AIMS Capital Management Pty Ltd Company 07. Dec 18 07. Dec 18 -1,865,000 A$1.75 A$-3,263,748
09. Dec 18 Buy MacArthurCook Ltd. Company 10. Jul 18 08. Nov 18 163,336 A$1.66 A$271,264
07. Dec 18 Sell AIMS Capital Management Pty Ltd Company 05. Dec 18 05. Dec 18 -8,890,000 A$1.57 A$-14,001,739
30. Oct 18 Buy Samuel Terry Asset Management Pty Ltd Company 01. Oct 18 08. Oct 18 232,517 A$1.85 A$423,935
03. Aug 18 Buy Samuel Terry Asset Management Pty Ltd Company 05. May 18 03. Aug 18 491,111 A$1.65 A$808,470
06. Jul 18 Buy MacArthurCook Ltd. Company 26. Nov 17 04. Jul 18 456,580 A$1.64 A$746,580
X
Management checks
We assess Aims Property Securities Fund's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aims Property Securities Fund has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Here's Why I Think Aims Property Securities Fund (ASX:APW) Is An Interesting Stock

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Aims Property Securities Fund (ASX:APW). … How Quickly Is Aims Property Securities Fund Increasing Earnings Per Share. … We can see that in the last three years Aims Property Securities Fund grew its EPS by 17% per year.

Simply Wall St -

Did You Miss Aims Property Securities Fund's (ASX:APW) 47% Share Price Gain?

It hasn't been the best quarter for Aims Property Securities Fund (ASX:APW) shareholders, since the share price has fallen 14% in that time. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, Aims Property Securities Fund achieved compound earnings per share (EPS) growth of 17% per year.

Simply Wall St -

Do Insiders Own Shares In Aims Property Securities Fund (ASX:APW)?

If you want to know who really controls Aims Property Securities Fund (ASX:APW), then you'll have to look at the makeup of its share registry. … With a market capitalization of AU$67m, Aims Property Securities Fund is a small cap stock, so it might not be well known by many institutional investors. … View our latest analysis for Aims Property Securities Fund

Simply Wall St -

Have Insiders Been Buying Aims Property Securities Fund (ASX:APW) Shares?

So before you buy or sell Aims Property Securities Fund (ASX:APW), you may well want to know whether insiders have been buying or selling. … Check out our latest analysis for Aims Property Securities Fund. … The Last 12 Months Of Insider Transactions At Aims Property Securities Fund

Simply Wall St -

Aims Property Securities Fund (ASX:APW): Can It Deliver A Superior ROE To The Industry?

and want to better understand how you can grow your money by investing in Aims Property Securities Fund (ASX:APW). … Aims Property Securities Fund (ASX:APW) generated a below-average return on equity of 4.26% in the past 12 months, while its industry returned 13.18%. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into APW's past performance.

Simply Wall St -

With An ROE Of 4.26%, Can Aims Property Securities Fund (ASX:APW) Catch Up To The Industry?

Aims Property Securities Fund’s (ASX:APW) most recent return on equity was a substandard 4.26% relative to its industry performance of 13.45% over the past year. … See our latest analysis for Aims Property Securities Fund Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Aims Property Securities Fund’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Aims Property Securities Fund’s equity capital deployed.

Simply Wall St -

Is Aims Property Securities Fund (ASX:APW) A Sell At Its Current PE Ratio?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for APW Price per share = A$1.68 Earnings per share = A$0.036 ∴ Price-Earnings Ratio = A$1.68 ÷ A$0.036 = 46.9x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … APW’s P/E of 46.9x is higher than its industry peers (7.3x), which implies that each dollar of APW’s earnings is being overvalued by investors.

Simply Wall St -

Company Info

Description

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 estate sector including unlisted property trusts/syndicates, wholesale property funds, listed property trust, listed property-related companies, and cash and fixed interest securities. The fund employs a fundamental analysis with a bottom-up stock picking approach focusing on factors such as skills of manager, quality of fund, quality of properties, debt management skills and commitment to income growth, financial strength, proven management, and business model strength to create its portfolio. It benchmarks the performance of its portfolio against the S&P/ASX200 Property Trust Accumulation Index. The fund conducts in-house research to make its investments. It was formerly known as MacArthurcook Property Securties Fund. Aims Property Securities Fund is domiciled in Australia.

Details
Name: Aims Property Securities Fund
APW
Exchange: ASX
Founded:
A$66,012,562
44,603,083
Website: http://www.macarthurcook.com.au
Address: Aims Property Securities Fund
259 George Street,
Level 41,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX APW Ordinary Units Australian Securities Exchange AU AUD 17. Dec 2004
SGX BVP Ordinary Units Singapore Exchange SG SGD 17. Dec 2004
Number of employees
Current staff
Staff numbers
0
Aims Property Securities Fund employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 10:31
End of day share price update: 2019/05/20 00:00
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.