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

Asia Monetary Easing: Tailored for Income-Generating Real Estate

CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)

US-China Decoupling: The Reshaping of Asian Industrial Logistics  - SHORT MapleTree Logistics Trust

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>Structural deceleration in China and relentless foreign exchange losses have permanently impaired growth, triggering a 9.8% contraction in the full-year distribution per unit.</li>
<li>A strong SGD structurally suppresses regional income. The cessation of distribution-boosting divestment gains exposes a weak organic baseline, forcing an imminent valuation downgrade.</li>
<li>The market severely misprices this secular decline. Proposed renminbi fund divestments are insufficient to mask negative rental reversions, fundamentally invalidating the historical premium valuation.</li>
</ul>


Structural deceleration in China and relentless foreign exchange losses have permanently impaired growth, triggering a 9.8% contraction in the full-year distribution per unit.
A strong SGD structurally suppresses regional income. The cessation of distribution-boosting divestment gains exposes a weak organic baseline, forcing an imminent valuation downgrade.
The market severely misprices this secular decline. Proposed renminbi fund divestments are insufficient to mask negative rental reversions, fundamentally invalidating the historical premium valuation.


Broken Algorithm: Mapletree Logistics Trust Faces a Structural Valuation De-Rating