Accordia Golf Trust (AGT): AGT’s units went ex-dividend (final dividned: $0.0571) on 2 June, and its unit price has since corrected by much more than the final dividend. Although the SG equity market has also weakened during this period, the AGT unit-price correction is believed to be excessive.
Although the portfolio’s operating performance in Apr 2015 declined marginally YoY, there is no reason to expect poor weather-related events to depress significantly the full-year FY16 performance.
Daiwa Capital Markets, the only broker covering AGT, believes that there is no convincing reason for AGT to trade at these attractive valuations. The house reiterates its BUY rating but lower their DDM-derived target price from $1.02 to $0.96 after the stock has gone ex-dividend.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment