Capitaland India Trust

Hello Victor and Rusmin,
I am trying to apply the 8 steps to analyse the Capital India Trust:

1. Company pays semi annual dividends
2. Yes to rising dividends
3. Dividend payout ratio is <100%
4. Debt servicing ratio is low at 23%

But I'm stuck at Step 5 on how to calculate Capital Returned and Capital Raised. You mentioned Capital Returned needs to be greater than Capital Raised. Based their cashflow from financing activities, it seems the net cashflow is positive at 36,597 (page 107 at annual report https://investor.clint.com.sg/misc/CapitaLand-India-Trust-AR2025.pdf). Does this mean capital raised is greater than capital returned? I thought we should also look at companies with positive free cash flow - is this the number to look at for positive free cash flow?

Can I also consider their business to be resilient as they own mostly IT business parks, date centres, industrial & logistics:

• IT Business Parks (61%): The primary income driver, catering to multinational corporations and India\'s growing technology sector.
• Data Centres (8%): A rapidly growing segment. CLINT has secured long-term agreements with global hyperscalers for major facilities like Navi Mumbai Tower 1 (completed) and Tower 2 (under development).
• Industrial & Logistics (11%): Benefits from the expansion of e-commerce and manufacturing in India.

Step 8: The current dividend yield of 7.6% is also higher than its historical average of 6.4%. --> means can buy now?

Are there any blindspots or risks I should look out for?

Thank you very much.