One month ago, I wrote two blog post on Lippo Malls Retail Trust (LMIR). 

The first post is on their challenging acquisition of Lippo Mall Puri. This would likely be finance by a mixture of debt and equity. 

The historical dividend yield, prior to the announcement, was around 10%. This purchase, with income support, is not going to be dividend yield accretive.

Subsequently, some readers have questioned whether we should be using the historical dividend per unit of 2.05 cents in our analysis.

After all, the dividend per unit for the last quarter, if you annualized it, is only 1.20 cents. If we use this DPU, the annualized dividend yield is only 6%.

In my article, I argue that business is rather consistent in Q3 and Q4, and there should not be such a huge change in DPU. 

My analysis leads me to conclude that the drop between Q3 to