CapitaLand Retail China Trust (CRCT), another position of mine, reported their latest FY2019 financial results this week. Given that this REIT is operating in the epicentre of the Coronavirus outbreak, there was an added push for me to dive into the results announcement and analyst briefing recording. As usual, here are some highlights. Q4 DPU flat y-o-y, FY2019 DPU grew 2.1% While DPU was flat in Q4 and only up 2.1% year on year (excluding capital distribution), if study the financials closely, you can see that the REIT has opted to retain $5.25m or about 5% of income available for distribution this year. This is in contrast to FY2018 where payout was 100%. On the analyst briefing, management explains that this step was taken to support DPU in tough trading conditions arising from the coronavirus outbreak and income lost from the divestment of CapitaMall Erqi. If you were to assume a 100% payout for...