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

Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power

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>In this insight, we conducted fundamental analysis and look at major share price drivers for Hysan Development, who is a major landlord in Hong Kong</li>
<li>Hysan Development has a simple business model and owns a retail/office portfolio in Causeway Bay, Hong Kong.  Its retail properties are largely tourist-centric</li>
<li>Despite trading at attractive valuation, the stock has low trading liquidity.  Also there is no visible catalyst which means there is little chance for re-rating for the stock</li>
</ul>


In this insight, we conducted fundamental analysis and look at major share price drivers for Hysan Development, who is a major landlord in Hong Kong
Hysan Development has a simple business model and owns a retail/office portfolio in Causeway Bay, Hong Kong.  Its retail properties are largely tourist-centric
Despite trading at attractive valuation, the stock has low trading liquidity.  Also there is no visible catalyst which means there is little chance for re-rating for the stock


Hysan Dev. 14 HK: Lack of Visible Catalyst with Low Trading Liquidity, Limited Re-Rating Potential

Hysan Development Co

Hysan Dev. 14 HK: Lack of Visible Catalyst with Low Trading Liquidity, Limited Re-Rating Potential