Accordia Golf - did I miss something?

Heard about the hype, and did some analysis on its most recent quarter financials.

  1. trend of declining dpu year on year - checked.

  2. trend of declining operating cash flow: not sure I did this correctly, but I believe I did. The cost of refinancing last year is shown as an operating cashflow, so I added that to the ytd operating cashflow for 2018, and the ytd 2019 is lower than that.

Oops - why would that be, considering they sold a golf course, recognized the gain, and also paid back less membership deposits? Still pondering over the accounting change for leases, but have yet to see how that shows up in the operating cashflow.

Don’t have a good feeling as it looks kinda fishy.
Perhaps someone can enlighten me.

Note: am no longer vested, and also don’t intend to get vested again.

Thanks I read that. Maybe I am overly skeptical, but still have difficulty with their statement of income distribution and cashflows. The supposed improvement in business conditions is not translating to improvements in cash or dividends.

too many operating expenses, 1 yr on loan, 1 year on deposit, 1 year on insurance. the DPU has improved isnt it.

anyway awaiting buyout, may not happened but usually these buyouts are seldom rejected.

The half year P&L shows improvement of 814 million yen, the distribution statement a bit similar show 798 million yen, but the operating cashflow show improvement of.only 201 million yen.

P&L not equal to cash flow. for trust n reits, more impt to look at cash flow which affect distribution.

must see what u expect of AGT,

My expectation is minimum 7% yield yearly and 3.77cents DPU for this year. It beats my expectation. I am happy. Now got buy out I am even happier.