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

FCT SP: One of the Top Beneficiaries from Singapore Rate Steep Decline

LONG UOL – The Rerating Imperative in Singapore Real Estate

LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance

Asia Monetary Easing: Tailored for Income-Generating Real Estate

Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

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

Capitaland Integrated Commercial Trust / Equity Bottom-Up

Capitaland Integrated Commercial Trust (CICT SP)

<ul>
<li>The Singapore’s interest rate, 3M SORA, has declined steeply from 3.034% in January to 1.563% in September</li>
<li>The steep decline in interest rate will directly benefit S-REITs, through reduced borrow cost, more attractive valuation, as well as stabilizing cap rates to support book valuation</li>
<li>Among S-REITs, we think CICT SP, with its portfolio mostly Singapore assets, will benefit the most from this structural trend</li>
</ul>


The Singapore’s interest rate, 3M SORA, has declined steeply from 3.034% in January to 1.563% in September
The steep decline in interest rate will directly benefit S-REITs, through reduced borrow cost, more attractive valuation, as well as stabilizing cap rates to support book valuation
Among S-REITs, we think CICT SP, with its portfolio mostly Singapore assets, will benefit the most from this structural trend


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