Hi Henry,
Yes, it is due to spending on CAPEX. Generally, I focus more on Purchase of Property Plant and Equipment (also known as CAPEX). Other than that, the spending on new acquisition for strategic investments is assessed on the case-by-case basis. For example, in the case of Dairy Farm investment, the company bought 49% holding in Rose to strategically expand its health and beauty division in Philippines. In such case, I do not see any red flag but it’s a sign that the company is trying to increase its exposure in the Philippine market.
