Accordia Golf Trust (AGT) has fallen from its IPO highs to 55.5 cents as of writing. Given the drastic fall in price and sharesinv.com showing an impressive trailing dividend yield of 10.6%, one may be tempted to initiate a position in AGT. Let’s find out if it is worth it Yield AGT’s FY15’s distribution statement was lumpy and is difficult to build a projection on. However, this current FY’s first half distribution statement is easier to understand and its figures are not affected by IPO distributions/proceeds from borrowings/etc. From this HY, one can see that the distribution to shareholders is about 2.3 SGD cents (10% income retained).

AGT's FY 16 1H Distribution Statement

AGT's FY 15 2H Distribution Statement

Furthermore, from AGT’s presentation, the second half of the FY is always weaker than the first half's. Hence based on current first half performance, 2H’s distribution is ......