As we all know, STI has been moving up steadily this year, driven by bank and property counters. Year to date, it’s one of the best performing index in the world. Hence to search for good yield, I have expanded my radar to look beyond just blue chips and the common REITs. Recently, Accordia Golf Trust's attractive yield caught my attention when it reported its earnings. It is operated in Japan and I don't have much knowledge on golf business and it's future prospect. So I did some read up and in this article, I will be focusing more on the outlook on the golf sector in Japan rather than the numbers. Brief History – Asset Spinoff Ok, it’s just 3 years ago, but basically this is how it all started. In August 2014, Accordia Golf, which owns 133 golf courses, decides to be asset light and focus more on golf course management. Accordia Golf ......