$CapLand India T(CY6U.SG)

Context: Looking at CapitaLand India Trust from another angle, currency and interest rates deserve almost as much attention as property occupancy. Strong operational growth in India does not automatically translate into equally strong SGD returns if financing costs or FX movements work against unitholders.

My trade: Keeping the position as an income-and-growth allocation while watching debt costs, portfolio valuations and distributions. Additional units would be considered more aggressively during market weakness rather than after a strong run.

Takeaway: Next time, REIT analysis should combine property fundamentals, financing and currency exposure instead of focusing mainly on distribution yield.