AIMS Property Securities Fund (APW) AI Stock Analysis

• Market Cap: AU$138.90M
• Dividend Yield: N/A
• Average Volume (3M): 958.00
• Price to Earnings (P/E): 2.6
• Beta (1Y): -0.27
• Revenue Growth: -52.10%
• EPS Growth: 119.21%
• Country: AU
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.05
• Shares Outstanding: 44,519,080
• 10 Day Avg. Volume: 940
• 30 Day Avg. Volume: 958
• PEG Ratio: 0.02
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 2.44
• P/FCF Ratio: -1.41K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: AU$3.50 ▲(12.18% Upside)

The score is primarily supported by strong financial positioning (notably zero debt and strong reported profitability) and an attractive low P/E valuation. These positives are tempered by weaker cash flow conversion in 2025 and a soft technical setup with the stock trading below key moving averages and negative MACD.

Positive Factors

Balance Sheet Health

A zero-debt position reduces refinancing and interest-rate risk, providing financial stability and flexibility to navigate market fluctuations.

Profitability

High profitability indicates efficient operations and strong cost management, which can support sustained earnings and investor returns.

Equity Growth

Significant growth in equity and assets reflects a strong capital base, enhancing the company's ability to invest in future opportunities.

Negative Factors

Revenue Volatility

Volatile revenue trends can undermine earnings predictability and investor confidence, posing challenges to long-term strategic planning.

Cash Flow Weakness

Negative cash flow suggests earnings are not translating into cash, potentially limiting reinvestment capacity and financial resilience.

Earnings Quality Concerns

Inconsistent cash generation raises questions about the sustainability of reported profits, impacting long-term financial health and stability.

AIMS Property Securities Fund Business Overview & Revenue Model

Company 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.

How the Company Makes Money

AIMS Property Securities Fund (APW) generates revenue primarily through investments in a diversified portfolio of property securities, including both listed and unlisted assets. The fund earns money from dividends and distributions paid out by the entities in which it invests, as well as potential capital gains realized from the appreciation of these property securities. Additionally, APW may engage in strategic partnerships with property developers and other real estate entities to enhance its investment returns. The management of the fund also involves actively monitoring market conditions and adjusting its portfolio to maximize income and capital growth for its investors.

AIMS Property Securities Fund Financial Statement Overview

Summary

Strong reported profitability in 2025 and a very conservative balance sheet with zero debt and growing assets/equity support the score. However, 2025 operating/free cash flow turned slightly negative and revenue has been volatile, creating concerns about earnings quality and sustainability.

Income Statement

Profitability is very strong in the most recent year (2025) with ~96% net margin and solid operating profit, and earnings have generally improved versus the 2020 loss. However, revenue has been volatile—2025 revenue fell ~26% after a sharp step-up in 2024—and margins in earlier years show unusual swings (including extremely high profit relative to revenue in 2021–2023), which raises sustainability and comparability concerns.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across the period, reducing refinancing and interest-rate risk. Equity and total assets have grown meaningfully (roughly from ~$109M in 2020 to ~$219M in 2025), and returns on equity are healthy in recent years (about 24% in 2025). The main downside is that, without debt, growth may rely more on equity funding and performance is more exposed to asset-value and income fluctuations.

Cash Flow

Cash generation is inconsistent: operating and free cash flow were positive in 2023–2024 but turned slightly negative in 2025 (about -$0.1M), and cash flow growth in 2025 was sharply negative. This weak cash conversion versus reported profit in 2025 is a key risk, suggesting earnings were not matched by cash inflows in the latest period.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	54.67M	54.67M	25.36M	2.17M	1.52M	1.46M
Gross Profit	54.67M	54.67M	25.36M	2.12M	1.43M	1.40M
EBITDA	0.00	0.00	-158.00K	-1.56M	-1.52M	12.77M
Net Income	52.58M	52.58M	23.98M	14.89M	4.04M	12.77M
Balance Sheet
Total Assets	218.64M	218.64M	165.18M	141.17M	126.27M	122.25M
Cash, Cash Equivalents and Short-Term Investments	2.90M	2.90M	3.00M	2.56M	1.88M	1.98M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.05M	1.05M	164.00K	142.00K	126.00K	145.00K
Stockholders Equity	217.60M	217.60M	165.02M	141.03M	126.14M	122.10M
Cash Flow
Free Cash Flow	-95.00K	-95.00K	434.00K	732.00K	-105.00K	223.00K
Operating Cash Flow	-95.00K	-95.00K	434.00K	732.00K	-105.00K	223.00K
Investing Cash Flow	0.00	0.00	0.00	-46.00K	0.00	87.00K
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00

AIMS Property Securities Fund Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:APW, the sentiment is Negative. The current price of 3.12 is below the 20-day moving average (MA) of 3.16, below the 50-day MA of 3.16, and above the 200-day MA of 3.04, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 42.27 is Neutral, neither overbought nor oversold. The STOCH value of 7.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:APW.

AIMS Property Securities Fund Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APW	70 Outperform	AU$138.90M	2.64	27.48%	―	-52.10%	119.21%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ABG	57 Neutral	AU$1.03B	38.37	1.70%	7.11%	4.69%	―
WOT	56 Neutral	AU$84.11M	-17.99	-2.01%	3.95%	-5.21%	-14350.00%
GOZ	53 Neutral	AU$1.73B	-13.86	-5.04%	8.12%	-0.33%	58.26%
CLW	52 Neutral	AU$2.78B	23.55	3.57%	6.14%	-9.63%	―
TOT	49 Neutral	AU$88.75M	67.21	1.03%	7.41%	-4.87%	―