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

Keppel REIT's Japan Exit: Masterclass in Capital Recycling & Peak Valuation Monetisation

Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies

The Refinancing Trap: Shorting Keppel Infrastructure Trust on Yield Collapse

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

CLAR: The Capital Recycling Masterclass Driving S-REIT Alpha

Blood in the Water: S-REIT Distress Unlocks Generational M&A Trades

Power Is the New Land: Logistics REITs Pivot to Hyperscale AI Data Centers

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 Ascott Trust / Equity Bottom-Up

<ul>
<li>Capturing a 180-basis-point positive spread by recycling a mature hotel into a 4.1% yielding co-living asset drives highly accretive 2.4% DPS growth without issuing new equity.</li>
<li>Backed by SGD 8.9bn in assets, 37.7% gearing, and an extraordinarily low 2.8% debt cost, CLAS leverages immense balance sheet strength to dominate the Asia-Pacific lodging space.</li>
<li>Unlike logistics assets trapped by long leases, hospitality’s dynamic pricing and co-living’s sticky revenue provide a superior inflation hedge and defensive floor amid macroeconomic volatility.</li>
</ul>


Capturing a 180-basis-point positive spread by recycling a mature hotel into a 4.1% yielding co-living asset drives highly accretive 2.4% DPS growth without issuing new equity.
Backed by SGD 8.9bn in assets, 37.7% gearing, and an extraordinarily low 2.8% debt cost, CLAS leverages immense balance sheet strength to dominate the Asia-Pacific lodging space.
Unlike logistics assets trapped by long leases, hospitality’s dynamic pricing and co-living’s sticky revenue provide a superior inflation hedge and defensive floor amid macroeconomic volatility.


CLAS Masterclass: Engineering A 180-Bps Yield Arbitrage In A Tight Capital Market