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

Japan’s Trapped Value: How Activists and Private Equity Are Weaponizing TSE Mandates in Real Estate

How Activist Firepower and the Sankei Benchmark Will Trigger a Massive Re-Rating of Mitsui Fudosan

The Yen's Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story

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>Prime Target: Heiwa’s JPY 171bn market cap perfectly fits activist accumulation parameters, unlocking trapped capital to force aggressive balance sheet reallocation and robust ROE expansion.</li>
<li>TSE Reform Tailwind: Mandated capital efficiency has already driven a massive JPY 1bn buyback and 6.7m share cancellation, propelling ROE to 9.0% and signaling further unwinds.</li>
<li>De-Risked Entry: A surging JPY 98 per share dividend floor offsets macroeconomic rate hike risks, offering a highly asymmetric risk-reward profile ahead of imminent governance catalysts.</li>
</ul>


Prime Target: Heiwa’s JPY 171bn market cap perfectly fits activist accumulation parameters, unlocking trapped capital to force aggressive balance sheet reallocation and robust ROE expansion.
TSE Reform Tailwind: Mandated capital efficiency has already driven a massive JPY 1bn buyback and 6.7m share cancellation, propelling ROE to 9.0% and signaling further unwinds.
De-Risked Entry: A surging JPY 98 per share dividend floor offsets macroeconomic rate hike risks, offering a highly asymmetric risk-reward profile ahead of imminent governance catalysts.


Heiwa Real Estate (8803.T): The Ultimate TSE Mean-Reversion & Activist Catalyst Trade