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Hi Mun Seng,  
 
There is an old saying, ‘Never fall in love with a stock’ and I guess you caught me red-handed on ARA Asset Management!  
 
You are right. I kind of like the way ARA structures their biz model and high predictability. But as we all know… REIT in Singapore is heavily regulated by MAS and recently, a consultation paper brought up by MAS, one of the proposals, is to remove the acquisition fees and instead the REIT manager only charges cost-recovery basis. The proposal is preliminary at this stage, but if implemented, this will ultimately affect ARA’s income from acquisition fees of new properties for their REITs under management. You can read the consultation paper here.  
 
So now… the question is what percentage of the acquisition fees accounted ARA’s revenue and earnings in 2013 and 2014? From there, you can roughly assess the potential impact and derive an actual value.  Well, my own take is that, it is unlikely to be a fallen angel but I know the value is widening. Again, the value can be subjective from one person to another :)