APTT's unit price plunged by about 50% today, closing at 16 cents a unit. Mr. Market was probably shocked by APTT's massive reduction in DPU to 1.2 cents a year. I was surprised by the decision too. However, I also applaud APTT for having the courage (and wisdom) to make such a drastic move. Two years ago, I reiterated that APTT's 6.5 cents DPU was unsustainable. I also said that a more sustainable DPU was around 4.0 cents. In my blog on APTT last month, I shaved 10% off this 4.0 cents DPU to take into consideration the rising interest rate environment. Then, I said that unit holders could see a lower DPU at 3.6 cents in future. Of course, it was all speculative since I could not be expected to speak for APTT. However, I thought a DPU of 3.6c was a pretty reasonable estimate. On hindsight, that haircut should have ......