Accordia Golf Trust and lower DPU.

Reader:
Hey AK, what do you make of Accordia Golf Trust latest results? Looks pretty dismal, all important numbers are down. Any positives to it at all?

AK:
eh... you say leh?

Reader:
From the numbers I don't see anything good. But management says that tourism may have a positive impact in mid to long term
And they said there was bad weather, maybe the weather might improve. That's about all the good I could see from the report

AK:
I would ask if the dip in results is due to something more enduring.
If so, the decline would become a trend.

Reader:
True. But difficult to say how much is due to earthquake and bad weather. And how much due to fundamentals. 

AK:
You will have to make a judgement call 😉

Reader:
I have small position only so I think I'll hold for now , at least the dividend is good

AK:
If we are investing for income and if we got in at a lower price, this fits. 🙂


...unfavorable conditions during the year resulting in lesser operating days as
compared to previous year:
• 1H FY16/17: Earthquake in Kyushu (April 2016); Typhoon (August and September 2016);
Heavier rains (June 2016)
• 2H FY16/17: More snowfalls (February 2017)

See presentation:
http://accordiagolftrust.listedcompany.com/newsroom/20170525_183557_ADQU_RRL9A22VE4KR13RC.2.pdf

When we invest in Accordia Golf Trust, we have to be prepared for some possible fluctuation in revenue and I said this in 2015 too: 
http://singaporeanstocksinvestor.blogspot.sg/2015/11/accordia-golf-trust-dpu-of-232c-and.html