KGI downgrades Accordia Golf Trust to 'hold' but sees limited downside risks for investors
Singapore
A SERIES of natural disasters, a lack of near-term re-rating catalysts and a more cautious macroeconomic outlook have led broker KGI Securities to downgrade its recommendation on Accordia Golf Trust (AGT) to a "hold", with a revised target price of S$0.61.
The stock closed flat at S$0.49 on Thursday, just half a cent above its 52-week low of S$0.485, according to Singapore Exchange data. It is a far cry from its 52-week high of S$0.71.
KGI expects AGT's FY2019 dividend per unit (DPU) to fall to four Singapore cents due to one-off expenses, thereafter recovering to at least 5.2 Singapore cents, which would offer a…
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