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: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

USDJPY Breaking 34-Year High: Are We Seeing Another Asia Financial Crisis? What Will Come Next?

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

Japan Hotel Reit Investment / Equity Bottom-Up

<ul>
<li>In this insight, among the J-REIT universe, we explore the pair trade idea of LONG Japan Hotel REIT and SHORT Nippon Building Fund</li>
<li>Among the real estate subsectors, we expect hotels continue to see superior performance on the back of tourism recovery, while office market will continue to be weak</li>
<li>Both JHR and NBF are large caps with good trading liquidity.  In terms of valuation, we see more upside in JHR (20%) than NBF (0%)</li>
</ul>


In this insight, among the J-REIT universe, we explore the pair trade idea of LONG Japan Hotel REIT and SHORT Nippon Building Fund
Among the real estate subsectors, we expect hotels continue to see superior performance on the back of tourism recovery, while office market will continue to be weak
Both JHR and NBF are large caps with good trading liquidity.  In terms of valuation, we see more upside in JHR (20%) than NBF (0%)


Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals