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Hi Ivan,
 
Yes, we did share ARA Asset as one of the participants brought up the company. Let me answer them below: 
 

  1. during the last training session, you have displayed the Fees flow of ARA, may I know how did you get the percentage fee for the each segments especially the private funds as I could not find the info in the AR. 

For the listed REITs, you can refer to individual REIT’s annual report. For example, Suntec REIT is managed by ARA and the REIT stated the fees paid to the Manger on the annual report 2014 (page 75), i.e. base fees 3% performance fees 4.5%. As for the private real estate fund, I doubt the company disclosed such information (since it is private). However, you can ask them during the annual general meeting and I’m sure the mgt will be more than happy to disclose it. 

  1. is ARA still a good buy since it approaching $1? is the Moats narrowed or any new risk in its business n due to what reason?

To answer this question, let me ask you few questions: (1) How much do you understand ARA business and what is the main moat? Once you understand the moat, then you could determine whether a moat has deteriorated. What are the main risk of fund management business? The risk of fund management, i.e. ARA, lies on the strict regulation for REIT industry and that directly impacted ARA. For example, if MAS decided to regulate and dictate the ‘proper’ fees for manager, then it will have impact on the REIT. Besides, the company’s performance on the fund is critical in raising the next fund, thus the growth driver you’re asking in the next question. 

  1. what is it growth drivers moving on after the rights issue?

Have you read the Rights and why ARA issued the Rights? You will find your answer there :)