Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

NWD 17 HK:  Kitchen Sink Results, Overhang Removed, the BEST Stock to BUY in New Rate Cut Cycle

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Quick Note: The US Easing Trade: Buy Asia Leveraged Developers and REITs, NWD, COLI, SHKP, Link REIT

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

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>New World announced FY25 results, market reaction was initially negative, due to losses to shareholders.  Stock was down 10% post open but rebounded quickly to recover all the losses</li>
<li>However, we think the market has neglected the other positives: strong contract sales, resilient IP earnings, improved total debt, stabilized gearing and lower borrow cost</li>
<li>Market is forward-looking, we think NWD, as a leveraged play, will benefit the most in rate cut cycle.  At current valuation (0.12x PB) – we continue to stay bullish</li>
</ul>


New World announced FY25 results, market reaction was initially negative, due to losses to shareholders.  Stock was down 10% post open but rebounded quickly to recover all the losses
However, we think the market has neglected the other positives: strong contract sales, resilient IP earnings, improved total debt, stabilized gearing and lower borrow cost
Market is forward-looking, we think NWD, as a leveraged play, will benefit the most in rate cut cycle.  At current valuation (0.12x PB) – we continue to stay bullish


A Contrarian View on New World: Market Is Forward-Looking, Bet on Leveraged Play in Rate Cut Cycle

New World Development

A Contrarian View on New World: Market Is Forward-Looking, Bet on Leveraged Play in Rate Cut Cycle