I have 2 bug bears on Accordia.
1) no injection of driving range as asset by parents.
2) possible currency weakness
The Q1 report however gave me some confidence as despite the vulnerability of weather, it still manage to edge out a decent operating number. If we annualise the q1 payout, we would get >10% yield. The management seems able to manage cost and squeeze out decent return from their golf courses
FCF was enough to sustain their current dividends, with minimum capex.
Yen was strengthen instead of weakened as a result of recent Yuan Scare ...
Need not worry about the refinancing of loans untill 2017.
So, what have u gotten during black Monday and Tuesday?