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

HK RE Series (1): Picking the Winners for 2024 with Supportive Macro Backdrop & Company Catalysts

HK RE Series (2): Market Is Still Bearish but Bottom Is Near, Few Things Needed for Re-Rating

New World Development(17 HK):High Leverage in HKRE but Likely the First to Rebound if Rate Peaks Out

Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

Happy Friday & Strong HK Rebound! What to Chase? China Prop (High Beta) And HK Prop (Value Play)

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 summarized NWD’s FY2023 results.  We think the gearing and balance sheet, the biggest concern that market has, has been clearly addressed</li>
<li>NWD has announced disposal of its stake in NWS, and will have more corporate actions to come.  The dividend expectation is reset</li>
<li>We view most of the negatives are priced in at current valuation.  NWD is much better than a Chinese developer, and should not be trading at 0.19x PB</li>
</ul>


In this insight, we summarized NWD’s FY2023 results.  We think the gearing and balance sheet, the biggest concern that market has, has been clearly addressed
NWD has announced disposal of its stake in NWS, and will have more corporate actions to come.  The dividend expectation is reset
We view most of the negatives are priced in at current valuation.  NWD is much better than a Chinese developer, and should not be trading at 0.19x PB


NWD 17 HK: FY23 Results Update, to Reset and Transform, and a Beta Play if Rate Expectation Peaks