Accordia Golf Trusts

Just check with JP colleagues, he said Accordia is popular golf course in Japan. Tomorrow will meeting with a few Japanese. May ask for their opinion.

Daiwa is selling again.

http://infopub.sgx.com/FileOpen/_AGT-For...eID=313258

Daiwa is the joint manager of its assets. Think 49% stake in manager while accordia own 51%

And it is selling the shares... At bash down prices from IPO.

So much for vote of confidence

But the weird thing is:

Market price 82 cents.

10 mio market transaction and 12 mio off market transaction.
Av. Done price is 88 cents.

Wonder who is buying from daiwa off market at above 88 cents

http://www.businesstimes.com.sg/premium/...h-20140916

PUBLISHED SEPTEMBER 16, 2014
Accordia Golf Trust on 50b yen expansion path

Acquisition plan will raise trust's assets under management by about a third
BYCHAN YI WEN
yiwenc@sph.com.sg @chanyiwenbt

FROM now till end-March 2017, acquisition strategies will be executed in full swing by Accordia Golf Trust (AGT).
The first Singapore-listed business trust with golf course assets in Japan, and also Asia's first golf trust, AGT currently manages 89 golf courses in Japan, with a combined value of about 160 billion yen (S$1.89 billion).
Together with its sponsor company, Tokyo-listed Accordia Golf, they own 133 golf courses in Japan, and they are the largest golf operator in Japan, with a 5.5 per cent share of the market.
In a media briefing on Monday, chief executive officer Yoshihiko Machida said the trust is now poised to acquire an additional 50 billion yen worth of golf assets, with a preference for 19 golf courses currently owned by Accordia Golf, of which AGT has the first call options right to purchase.

AG Trust's golf course holding company gets BBB+ rating from Japan agency
By Teh Shi Ning tshining@sph.com.sg@TehShiNingBT
6 Jan7:39 PM
ACCORDIA Golf Trust Management, the trustee-manager of Accordia Golf Trust (AG Trust), announced on Tuesday that AG Trust's golf course holding company in Japan, Accordia Golf Asset Godo Kaisha, has obtained a "BBB+" rating from Japan Credit Rating Agency (JCR) on a total of 45 billion yen (S$504 million) of asset-backed loans.

http://businesstimes.com.sg/companies-ma...pan-agency

according to the latest results announcement from the company http://infopub.sgx.com/FileOpen/Accordia...eID=334944 DPU for the period 1st August to 31st Dec is 3.91 SGD cents , meaning 3.91/5months x 12 months = 9.38 cents on an yearly basis equivalent to a yield of 9.38/76 > 12% ; declared NAV is 85 SGD cents , meaning actual quote of 76 cents is 10% discounted.
I can't see any reason for this counter to be so oversold        

(03-03-2015, 04:23 PM)Gaudente Wrote: according to the latest results announcement from the company http://infopub.sgx.com/FileOpen/Accordia...eID=334944 DPU for the period 1st August to 31st Dec is 3.91 SGD cents , meaning 3.91/5months x 12 months = 9.38 cents on an yearly basis equivalent to a yield of 9.38/76 > 12% ; declared NAV is 85 SGD cents , meaning actual quote of 76 cents is 10% discounted.
I can't see any reason for this counter to be so oversold

I believe there are some non-recurring gains that boosted the dividend for this year. The normalized yield is lower. Check out their presentation slides.

Why keep going down?

I am interested to find out more about AGT and found some useful write-ups. I will leave the links here for my future reference and for those who are interested in AGT to read.

https://www.fool.sg/2014/07/03/what-inve...-offering/

http://www.nextinsight.net/index.php/sto...ield-of-87

http://singaporeanstocksinvestor.blogspo...is-it.html

http://singaporeanstocksinvestor.blogspo...yield.html

http://www.sreitinvestmentblog.sg/2015/0...trust.html

http://wealthdirections.asia/a-reason-wh...olf-trust/

http://foreverfinancialfreedom.blogspot....trust.html

UHAccordia is worth a look in my humble opinion.

It's yield is more than 10% if we annualized it.

It's FCF is higher than payout.

It's operating numbers is resilent due to managemeny ability to manage cost. It's has space for inorganic growth too with parents' "dumping" sooner or later.

Currency risk is migated with recent JPY strength ...


I picked this up when market went tipsy ... 

In my opinin, if APTT deserve a second chance, accordia deserve better...

The bugbears are:

Dependable on weather, bad weather bad operating environ
 Currency weakness
No Injection of driving ranges by parents 

But valuation more than offset this... 

http://sillyinvestor.blogspot.sg/2015/07...t.html?m=1

(29-08-2015, 10:49 PM)Greenrookie Wrote: UHAccordia is worth a look in my humble opinion.

It's yield is more than 10% if we annualized it.

It's FCF is higher than payout.

It's operating numbers is resilent due to managemeny ability to manage cost. It's has space for inorganic growth too with parents' "dumping" sooner or later.

Currency risk is migated with recent JPY strength ...


I picked this up when market went tipsy ... 

In my opinin, if APTT deserve a second chance, accordia deserve better...

The bugbears are:

Dependable on weather, bad weather bad operating environ
 Currency weakness
No Injection of driving ranges by parents 

But valuation more than offset this... 

http://sillyinvestor.blogspot.sg/2015/07...t.html?m=1

Greenrookie,
Great analysis of AGT on your blog. A very nice blog too. I have read your blog article on AGT before but when I tried to consolidate all the articles on AGT, I could not find yours. I remember it very well because you were the only writer who gave AGT a miss at the time of writing. I did not realize at that time that you have bought it during the recent market turmoil. I also nibbled some last week.

BTW, AGT's 2H operating profit is expected to be lowered than 1H. What is your estimation of its 2H operating profit and operating cash flow?