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Aims Property Securities Fund

APW.AX
44
REIT - Diversified · Real Estate
Exchange
Australian Securities Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Mixed

Winston Score History

The full picture

AIMS Property Securities Fund is an Australian real estate investment trust (REIT) that owns and manages a portfolio of commercial and industrial properties. Its tenants are typically businesses that lease warehouse, office, or industrial space. The fund is listed on the Australian Securities Exchange and is managed by AIMS Financial Group.

The fund earns money by collecting rent from tenants on long-term leases, then distributing most of that income to investors as dividends. It operates primarily in Australia, with a relatively small market capitalization of around $200 million, which limits its ability to diversify or acquire large assets. The main risk the fund faces is rising interest rates, which increase borrowing costs and can compress the value of its property assets, putting pressure on distributions to investors.

Score breakdown

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
1851.6%
Excellent — 1851.6% operating margin
Return on the money invested
ROCE
4.1%
Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-94.4%
Shrinking sales (-94.4% YoY)
Profit growth
EPS YoY
-87.2%
Earnings shrinking (-87.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-17%
Weak — only -17% of profit becomes cash
Spare cash per sale
FCF Margin
-37.7%
Burning cash (-37.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.1x
no trend
Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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