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

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

Short Note: What’s Happening to the Chinese Stocks and China Macro?

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

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>Sino Land is a developer in Hong Kong and China with both DP and IP rental business. </li>
<li>Sino Land has a net cash position of HKD41bn, its strong balance sheet makes the stock a defensive play</li>
<li>Despite trading at attractive valuation (0.46x P/B), we see there is a lack of catalyst and the stock may remain as value trap</li>
</ul>


Sino Land is a developer in Hong Kong and China with both DP and IP rental business. 
Sino Land has a net cash position of HKD41bn, its strong balance sheet makes the stock a defensive play
Despite trading at attractive valuation (0.46x P/B), we see there is a lack of catalyst and the stock may remain as value trap


Sino Land (83 HK) – a HK/CN Developer with Net Cash, but No Catalysts.  Likely Remain as Value Trap

Sino Land Co

Sino Land (83 HK) – a HK/CN Developer with Net Cash, but No Catalysts. Likely Remain as Value Trap