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

Australia's Cyclical Recovery: Value Opportunities in Undervalued Office and Retail REITs

Asia Monetary Easing: Tailored for Income-Generating 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

Equity Bottom-Up

<ul>
<li>Dexus’s 93.1% headline office occupancy is a mirage, propped up by a staggering 28.4% tenant incentive rate that systematically destroys cash flow and forfeits years of effective rental income.</li>
<li>Statutory profits of $348.5 million rely heavily on paper valuation gains and unsustainable trading profits, masking a severe, impending cliff for AFFO and dividend payouts by FY27.</li>
<li>With the cost of debt swelling to 4.7% and office effective like-for-like income contracting by 2.3%, a violent equity repricing is imminent for unaware yield-chasing investors.</li>
</ul>


Dexus’s 93.1% headline office occupancy is a mirage, propped up by a staggering 28.4% tenant incentive rate that systematically destroys cash flow and forfeits years of effective rental income.
Statutory profits of $348.5 million rely heavily on paper valuation gains and unsustainable trading profits, masking a severe, impending cliff for AFFO and dividend payouts by FY27.
With the cost of debt swelling to 4.7% and office effective like-for-like income contracting by 2.3%, a violent equity repricing is imminent for unaware yield-chasing investors.


SHORT DEXUS (ASX: DXS): The 28.4% Tenant Incentive Timebomb Masked by Headline Occupancy

Dexus Property

SHORT DEXUS (ASX: DXS): The 28.4% Tenant Incentive Timebomb Masked by Headline Occupancy