Lippomalls and APTT are the only 2 leveraged plays (Trusts and Reits) left after I divested HPHT and Sabana Reit. Here are my thoughts: Lippomalls: Get ready for sub-par performance of DPU in the short term. Management think IDR will continue to be volatile. However, in the medium term, Lippomalls still have a few things going for it. Which I think explain the resilience of its share price. 1) Acquisition: Its parents has only 3 malls that is under the First Right of Refusal arrangement. A check on the parents Lippo Malls website show all three are in the pipeline, and are not operational yet, although the AR mention the word “some” instead. Given its limited room before hitting the debt ceiling, unless Lippomall is buying malls that are out of the first right of refusal arrangement, I do not think it will happen anytime soon. Personally, I would ......