Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Private markets value AI data centers at astronomical premiums, highlighted by Blackstone's 185bn USD platform, creating massive public-to-private valuation arbitrage for Asia-Pacific listed equities.</li>
<li>NextDC offers a prime actionable long trade, boasting a massive multi-hundred megawatt pipeline and elite NVIDIA-certified 600kW liquid-cooling capabilities necessary for next-generation AI workloads.</li>
<li>Accelerated hyperscaler leasing drives massive upside, while supply chain bottlenecks for critical electrical switchgear and transformers present the primary downside risk to near-term invested capital returns.</li>
</ul>


Private markets value AI data centers at astronomical premiums, highlighted by Blackstone's 185bn USD platform, creating massive public-to-private valuation arbitrage for Asia-Pacific listed equities.
NextDC offers a prime actionable long trade, boasting a massive multi-hundred megawatt pipeline and elite NVIDIA-certified 600kW liquid-cooling capabilities necessary for next-generation AI workloads.
Accelerated hyperscaler leasing drives massive upside, while supply chain bottlenecks for critical electrical switchgear and transformers present the primary downside risk to near-term invested capital returns.


Blackstone’s Data Center Platform $185 Billion Valuation: LONG NextDC as Ultimate Listed Infra Trade

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.</li><li>By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.</li><li>Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Software & IT Services - Broad recovery, a selective opportunity

<ul><li>Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.</li><li>Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.</li><li>Double 11 will be a test window for demand resilience and the sustainability of brand growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.Double 11 will be a test window for demand resilience and the sustainability of brand growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

<ul><li>What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.</li><li>Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.</li><li>Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Decent Export Growth of Earth-Moving Machinery in Sep...

External broker reports(aggregated public sources), CardinalStone

CardinalStone

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.</li><li>Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.</li><li>YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 12 October 2026