I guess this is probably why investing can be so dangerous and index investing may really be the best way to go. If you refer to my prior analysis on AGT , my worst case estimation was a 20% drop in distributable income for 2H FY17/18. While DPU for 3QFY17/18 at 1.43 cents was less than a 20% decline, the DPU for 4QFY17/18 has declined by more than 60% to 0.45 cents. In case, of my estimated DPU of 4.85cents SGD cents, DPU for AGT has fallen to 3.85 SGD cents. The decline was on the back of lower EBITDA, -322 JPY million (Q4FY17/18) compared to 12 JPY million (Q4FY16/17). There was also another $500 JPY million for capital investment, bringing distributable income from 1297 JPY million to 493 JPY million. It really is a year of double whammy for AGT. In Q2FY17/18, they were hit with a 300% surge in membership redemption. That drove Q2FY17/18 distributable income from 497 JPY million to -323 JYP million. Consequently, the dividend per unit for AGT has fallen to 3.85cen...