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

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>The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders</li>
<li>D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle</li>
<li>D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years</li>
</ul>


The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders
D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle
D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years


BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

Dr Horton Inc

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders