Accordia kept at 'buy' with higher target price of $1.02 by Daiwa

Stock Name: Accordia Golf Tr
Company Name: ACCORDIA GOLF TRUST

Research House: Daiwa

Price Call: BUY

Target Price: 1.02

SINGAPORE (May 20): Daiwa Capital Markets has lowered its target price (TP) on Accordia Golf Trust (AGT) to $1.02 from $1.05, while reiterating its "Buy" call on the stock, on subdued revenue per golfer.

Daiwa said AGT's operating income for the period was 2.2% lower than the prospectus forecast, which was attributed to unfavourable weather conditions, lower average play fees, and lower-than-expected membership revenue.