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

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

S-REIT Pair Trade Idea: Long CLAR SP and SHORT Keppel REIT on Industry Fundamentals

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 Ascendas REIT / Equity Bottom-Up

<ul>
<li>CLAR is Singapore’s largest industrial REIT with S$16bn of assets across key markets with exposure in business parks, logistics and data centers</li>
<li>We think CLAR has a well diversified and resilient asset portfolio which can withstand any external shocks and drive organic growth</li>
<li>We think there is some interest rate risk but in general the impact is limited.  S-REITs were over-corrected YTD and valuation is not demanding</li>
</ul>


CLAR is Singapore’s largest industrial REIT with S$16bn of assets across key markets with exposure in business parks, logistics and data centers
We think CLAR has a well diversified and resilient asset portfolio which can withstand any external shocks and drive organic growth
We think there is some interest rate risk but in general the impact is limited.  S-REITs were over-corrected YTD and valuation is not demanding


CLAR SP: Bullish in Singapore Industrial and Strong Asset Portfolio to Drive Shareholders Returns