Asia Long-Short PM/Analyst

Curtis Lehnert

Equity Bottom-Up

I am long <a href="https://www.smartkarma.com/entities/20224" target="_blank" data-smartkarma-citation="entities:20224:1">Accordia Golf Trust (AGT SP)</a>.  The stock is trading at a 31% discount to NAV, among the widest in the Singapore REIT/Business Trust universe, yet gearing is low and the underlying assets are very high quality.  The lower DPU payout in FY 17/18 from the repayment of membership deposits has brought the stock down to depressed levels which creates a major buying opportunity as the dividend will begin to return to historic levels after the 4Q results on May 28.  Buy into earnings for a quick 22% pop or hold for the juicy 8%+ dividend and look for the stock to trade at par and collect 45% upside.

I am long Accordia Golf Trust (AGT SP).  The stock is trading at a 31% discount to NAV, among the widest in the Singapore REIT/Business Trust universe, yet gearing is low and the underlying assets are very high quality.  The lower DPU payout in FY 17/18 from the repayment of membership deposits has brought the stock down to depressed levels which creates a major buying opportunity as the dividend will begin to return to historic levels after the 4Q results on May 28.  Buy into earnings for a quick 22% pop or hold for the juicy 8%+ dividend and look for the stock to trade at par and collect 45% upside.

Accordia Golf Trust (AGT SP): BUY - The Catalyst for Dividend Normalization

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Biggest Hospitality Stocks Average 20% YTD Gains

Real Estate, General Equities

Will Tan

Thematic (Sector/Industry)

This is a weekly summary covering the week of 9 Oct 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with recap on notable research by the Smartkarma community.

This is a weekly summary covering the week of 9 Oct 2017 on news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with recap on notable research by the Smartkarma community.

S-REIT Weekly: What Transpired in the S-REIT Scene - Viva Declines ROFR, SPH REIT Growth Limited

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

Golfzon Newdin Holdings Co., Ltd.  / Event-Driven

<a href="https://www.smartkarma.com/entities/16376" target="_blank" data-smartkarma-citation="entities:16376:1">Golfzonyuwonholdings Co Ltd (121440 KS)</a>, also called "Golfzon Newdin" announced today that it will partner with MBK private equity firm to consolidate and franchise golf courses in Korea. This joint venture plans to raise 1 trillion won (US$885 million) in equity rights offering to acquire about 30 golf courses in Korea and franchise them. Golfzon Newdin is the holding company for the Golfzon Group. Golfzon Newdin currently has a market cap of 227 billion won. Golfzon Newdin has a 20.3% stake in…

Golfzonyuwonholdings Co Ltd (121440 KS), also called "Golfzon Newdin" announced today that it will partner with MBK private equity firm to consolidate and franchise golf courses in Korea. This joint venture plans to raise 1 trillion won (US$885 million) in equity rights offering to acquire about 30 golf courses in Korea and franchise them. Golfzon Newdin is the holding company for the Golfzon Group. Golfzon Newdin currently has a market cap of 227 billion won. Golfzon Newdin has a 20.3% stake in…

MBK Partners with Golfzon Newdin to Consolidate & Franchise Golf Courses in Korea

Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Singapore

Accordia Golf Trust is a business trust comprising of investments in golf course assets in Japan.

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Accordia Golf Trust (AGT SP)