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

China Property: Latest View After Interim Result, Government Policy and the Stock Market Rebound

China RRR Cut, Macro, & A Debate on – Property Pair Trade “Long China and Short HK” (Or the Reverse)

Longfor 960 HK: Continue to Be the Best Among POEs, yet Valuation Premium Might Narrow over Time

Short Note: China Prop - When Is a Good Time to Revisit the Sector? Still No Light at the Tunnel

Short Note: China Prop FY22 Results, Physical Market Uneven Recovery and Sunac’s Trading Resumption

Short Note: LONG China on Monetary Easing Cycle

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

China Overseas Land & Investment / Equity Bottom-Up

China Overseas Land & Investment (688 HK)

<ul>
<li>In this insight, we explore the investment thesis and major share price drivers for 688 HK</li>
<li>COLI saw share price weakness, and is trading at 0.46x P/B.  Potential risks are 1) fail to meet 20% growth target 2) slower than expected land acquisition</li>
<li>We see value emerging from the stock, and recommend BUY as long as the stock trades below HKD20 (as a technical indicator)</li>
</ul>


In this insight, we explore the investment thesis and major share price drivers for 688 HK
COLI saw share price weakness, and is trading at 0.46x P/B.  Potential risks are 1) fail to meet 20% growth target 2) slower than expected land acquisition
We see value emerging from the stock, and recommend BUY as long as the stock trades below HKD20 (as a technical indicator)


COLI 688 HK – Value Emerging, the Only Pure Play in China Prop to Gain Mkt Share and Back to Growth