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

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

A Contrarian View on New World: Market Is Forward-Looking, Bet on Leveraged Play in Rate Cut Cycle

NWD 17 HK:  Kitchen Sink Results, Overhang Removed, the BEST Stock to BUY in New Rate Cut Cycle

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

Asia Monetary Easing: Tailored for Income-Generating Real Estate

Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong Real Estate

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

Hong kong Real estate / Thematic (Sector/Industry)

<ul>
<li>According to latest, market is pricing in an 89% probability of 1 rate cut (25bps) and 11% probability of 2 rate cuts (50bps) in upcoming September FOMC meeting</li>
<li>We think the easing trade is still happening. Under this macro backdrop, Asia listed developers and REITs will benefit from linked interest rate movements</li>
<li>In particular, developers with high gearing will benefit the most.  Buy NWD, COLI, SHKP, Link REIT on the back of attractive valuation</li>
</ul>


According to latest, market is pricing in an 89% probability of 1 rate cut (25bps) and 11% probability of 2 rate cuts (50bps) in upcoming September FOMC meeting
We think the easing trade is still happening. Under this macro backdrop, Asia listed developers and REITs will benefit from linked interest rate movements
In particular, developers with high gearing will benefit the most.  Buy NWD, COLI, SHKP, Link REIT on the back of attractive valuation


China Overseas Land & Investment (688 HK)

Quick Note: The US Easing Trade: Buy Asia Leveraged Developers and REITs, NWD, COLI, SHKP, Link REIT