9 month reported net profits were down 24% due to one time gains realized in 2014, stripping away them would show that core earnings were up 9% instead.
Asset under management grew steadily by 7.8%, much more than what I expected. Going forward I would be happy to see AUM growing at 5% or better each year.
2015 was a busy year for ARA as seen by their REITs divestment/acquisition activities. Korea seems to be their next leg of growth as a 3rd private REIT was set up, while the private funds also saw quite a healthy amount of capital being raised.
At 16.5 times earnings, ARA still looks cheap for a steady growth stock at net cash position. I do hope it can become a blue chip some day, like 5-10 years later. This remains my biggest position at a weightage of 14.7% of the stock ......