Accordia Golf Trust is an interesting IPO to list on SGX. It is basically a business trust which own golf courses in Japan. It is unique as there is no other stock on SGX that is quite like this one. The advertised yield of 7.0% also makes it look really rather appealing. So I decided to research further.
There are 89 golf courses in total and the majority is concentrated in the Greater Tokyo area. The Net Operating Income breakdown corresponds roughly to the value of the courses in the different regions.
Golf courses are somewhat different compared to the other property trusts or REITs which I am used to studying. So firstly, let’s look at the metrics to determine usage, similar to how you would determine occupancy. Utilisation rate = Total number of visitors per 18 holes/Total operating days × 200 persons.
Both utilisation and number ......