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

Equity Bottom-Up

<ul>
<li>Power Bank Hegemony: Goodman's secured 3.6 gigawatts of power capacity bypasses global grid bottlenecks, positioning it as the ultimate gatekeeper for hyperscaler AI deployment.</li>
<li>High-Yield Pipeline: Data centers command 73% of a scaling AUD 14.5 billion pipeline, driving superior development margins with an 8.0% yield on cost.</li>
<li>Fortress Capitalization: A conservative 4.1% statutory gearing and AUD 5.2 billion in liquidity provide unmatched balance sheet capacity to fund multi-year digital infrastructure megaprojects.</li>
</ul>


Power Bank Hegemony: Goodman's secured 3.6 gigawatts of power capacity bypasses global grid bottlenecks, positioning it as the ultimate gatekeeper for hyperscaler AI deployment.
High-Yield Pipeline: Data centers command 73% of a scaling AUD 14.5 billion pipeline, driving superior development margins with an 8.0% yield on cost.
Fortress Capitalization: A conservative 4.1% statutory gearing and AUD 5.2 billion in liquidity provide unmatched balance sheet capacity to fund multi-year digital infrastructure megaprojects.


The 6.4 GW Sovereign of Silicon: GMG the Ultimate Structural Tollbooth for Global AI Infra

Thematic (Sector/Industry)

<ul>
<li>Hyperscale outbidding: Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation capital recycling opportunity for incumbent landlords.</li>
<li>Grid exhaustion: Australia's 16.2 GW data centre pipeline faces severe grid constraints by 2029, forcing a structural pivot toward regional Renewable Energy Zones and private transmission infrastructure.</li>
<li>Strategic trades: Go long Goodman Group and NextDC for moat-protected yields and land-banking arbitrage, while shorting unhedged secondary logistics developers exposed to margin erosion and stranded pipelines.</li>
</ul>


Hyperscale outbidding: Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation capital recycling opportunity for incumbent landlords.
Grid exhaustion: Australia's 16.2 GW data centre pipeline faces severe grid constraints by 2029, forcing a structural pivot toward regional Renewable Energy Zones and private transmission infrastructure.
Strategic trades: Go long Goodman Group and NextDC for moat-protected yields and land-banking arbitrage, while shorting unhedged secondary logistics developers exposed to margin erosion and stranded pipelines.


The 155bn AUD Digital Land Grab: Arbitraging Australia's Gridlock

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 2nd April, published ~9AM on the 10th April.</li>
<li>The largest industry net increase in the past week was A$699mn into "Diversified Meals"; the largest industry net decrease was A$83mn out of "Steel". Net shorts increased A$2.6bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>, <a href="https://www.smartkarma.com/entities/generation-development-group-l" target="_blank" data-smartkarma-citation="entities:14945:1" rel="noopener">Generation Development (GDG AU)</a>, <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>, <a href="https://www.smartkarma.com/entities/cochlear-ltd" target="_blank" data-smartkarma-citation="entities:918:1" rel="noopener">Cochlear (COH AU)</a>, and <a href="https://www.smartkarma.com/entities/supply-network-ltd" target="_blank" data-smartkarma-citation="entities:2280:1" rel="noopener">Supply Network (SNL AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 2nd April, published ~9AM on the 10th April.
The largest industry net increase in the past week was A$699mn into "Diversified Meals"; the largest industry net decrease was A$83mn out of "Steel". Net shorts increased A$2.6bn week-on-week.
Companies mentioned in this regular weekly report include: Goodman Group (GMG AU), Generation Development (GDG AU), PEXA Group (PXA AU), Cochlear (COH AU), and Supply Network (SNL AU).


Aussie Shorts [2nd Apr]: Goodman Group, Generation Development, PEXA Group, Cochlear, Supply Network

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Keppel REIT has sold its Ginza office for $72 million, marking its exit from Japan's market.</li><li>Goodman has secured a long-term 20-year tenant for the initial phase of its Tokyo data center.</li><li>Partners Group has acquired a substantial $1 billion credit mandate aimed at the Asian real estate sector.</li></ul>

Keppel REIT has sold its Ginza office for $72 million, marking its exit from Japan's market.Goodman has secured a long-term 20-year tenant for the initial phase of its Tokyo data center.Partners Group has acquired a substantial $1 billion credit mandate aimed at the Asian real estate sector.

Asia Real Estate Tracker (19-Aug-2026): Keppel REIT sells Ginza office for $72M.

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).</li><li>Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.</li><li>$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.</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.

1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.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.

Goodman Group (GMG): $17.5b+ Would Be Good

Australia

Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

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Goodman Group (GMG AU)

The 6.4 GW Sovereign of Silicon: GMG the Ultimate Structural Tollbooth for Global AI Infra

GMG has transitioned from a traditional industrial REIT into a preeminent global digital infra platform. GMG is the most liquid, secured exposure...

Jacob Cheng

The 155bn AUD Digital Land Grab: Arbitraging Australia's Gridlock

Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation...

Jacob Cheng

Aussie Shorts [2nd Apr]: Goodman Group, Generation Development, PEXA Group, Cochlear, Supply Network

The largest industry net increase in the past week was A$699mn into "Diversified Meals"; the largest industry net decrease was A$83mn out of...

David Blennerhassett

Asia Real Estate Tracker (19-Aug-2026): Keppel REIT sells Ginza office for $72M.

Keppel REIT exits Japan by selling its Ginza office for $72 million, while Goodman secures a 20-year tenant for its Tokyo data center, and Partners...

Asia Real Estate Tracker

Goodman Group (GMG): $17.5b+ Would Be Good

1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA...

Bell Potter

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