[caption id="attachment_3778" align="alignright" width="150" caption="Photo by antwerpenR"][/caption]I received an email from a reader today saying: "Seems like u like japan. Saizen see pick up in vol today and yesterday" My reply: "I like Japan a lot. Beautiful country, nice people, good food. Everything works. It is like Singapore but costs more. "Saizen REIT is very undervalued. It is a matter of time that more investors take notice. It also takes time for its troubled past to fade. I have been holding for a year. I can wait a few more months." Reader's reply: "About one of your question, if the yield at 6.5% is attractive. I think the current yield is not attractive, and if the price goes up, the yield will fall further? "Even though it has upside potential due to the NAV, it may be cap by the yield, unless the revenues improve?" My reply: "6.5% is attractive because the properties are Freehold. It is perpetual. If the properties are leasehold, then, it is not very attractive. "For such a portfolio, a fair yield should be 5% which means unit price should be about 21c." Read more...