SGX:BVP

Stock Analysis Report

Aims Property Securities Fund

Executive Summary

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

Rewards

PE ratio (7.5x) is below the SG market (13.3x)

Risk Analysis

Earnings have declined by -23.86% per year over past 5 years

Does not have a meaningful market cap (SGD65M)



Snowflake Analysis

Fair value with poor 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

Stable Share Price: BVP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

BVP

1.8%

SG REITs

1.4%

SG Market


1 Year Return

n/a

BVP

14.1%

SG REITs

-2.4%

SG Market

Return vs Industry: Insufficient data to determine how BVP performed against the SG REITs industry.

Return vs Market: Insufficient data to determine how BVP performed against the SG Market.


Shareholder returns

BVPIndustryMarket
7 Day0%1.8%1.4%
30 Day-12.5%-0.6%-2.9%
90 Day5.3%3.7%-1.1%
1 Yearn/a20.8%14.1%1.5%-2.4%
3 Year-12.0%-17.2%50.9%25.3%9.7%-1.9%
5 Year11.8%-4.1%59.7%15.3%9.5%-8.9%

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

No news available

Valuation

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

7.46x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BVP (SGD1.4) is trading above our estimate of fair value (SGD0.53)

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


Price To Earnings Ratio

PE vs Industry: BVP is good value based on its PE Ratio (7.5x) compared to the REITs industry average (14.8x).

PE vs Market: BVP is good value based on its PE Ratio (7.5x) compared to the SG market (13.3x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: BVP is good value based on its PB Ratio (0.6x) compared to the SG REITs industry average (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?

-1.5%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Aims Property Securities Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


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

Quality Earnings: BVP has high quality earnings.

Growing Profit Margin: BVP's current net profit margins (77.3%) are lower than last year (85.2%).


Past Earnings Growth Analysis

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

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

Earnings vs Industry: BVP had negative earnings growth (-31%) over the past year, making it difficult to compare to the REITs industry average (4.2%).


Return on Equity

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


Return on Assets


Return on Capital Employed


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: BVP has a low level of unsold assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

1.72%

Current Dividend Yield


Dividend Yield vs Market

company1.7%marketbottom25%2.5%markettop25%5.7%industryaverage5.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: BVP's dividend (1.72%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.53%).

High Dividend: BVP's dividend (1.72%) is low compared to the top 25% of dividend payers in the SG market (5.71%).


Stability and Growth of Payments

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

Growing Dividend: BVP 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%), BVP'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

How experienced are the management team and are they aligned to shareholders interests?


CEO

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


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Aims Property Securities Fund
  • Ticker: BVP
  • Exchange: SGX
  • Founded:
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: AU$65.443m
  • Listing Market Cap: AU$61.212m
  • Shares outstanding: 44.52m
  • 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
APWCHIA (Chi-X Australia)YesOrdinary UnitsAUAUDDec 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 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 12:53
End of Day Share Price2020/02/10 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.