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Hi Noel,
After some years of investing, we’ve stopped using CAPEX ratio as we didn’t find the ratio provides any meaningful analysis.
You’re right that property companies tend to have higher CAPEX as it is asset intensive business. Every dollar of cash flow generated, the proceeds are generally re-invested back to grow the business to the next level. As we have mentioned in the Webinar, we do not generally focus on property development companies as it’s earnings are lumpy in nature. Having said that, if you’ve edge in the industry, you can definitely give it a shot :)