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

Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

HK Property Arbitrage: Unlocking Henderson Land's Hidden Northern Metropolis Goldmine

The AI Inference Supercycle: Which SG REITs Can Survive the 100kW Upgrade?

Keppel DC REIT as the Primary Beneficiary of the Global AI Inference Pivot

CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)

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>Massive 1Q26 earnings beat with DPU surging 13.2% year-on-year to 2.833 cents, fueled by highly accretive acquisitions and an explosive 51% positive rental reversion.</li>
<li>Fortress balance sheet featuring a lowered 35.1% gearing, a depressed 2.6% cost of debt, and 85% fixed-rate hedges, shielding yield while leaving S$550m in M&amp;A headroom.</li>
<li>Long Keppel DC REIT. Singapore’s crippling data center power constraints and sub-1.4% vacancy create an impenetrable pricing moat, offering investors highly visible, asymmetric upside.</li>
</ul>


Massive 1Q26 earnings beat with DPU surging 13.2% year-on-year to 2.833 cents, fueled by highly accretive acquisitions and an explosive 51% positive rental reversion.
Fortress balance sheet featuring a lowered 35.1% gearing, a depressed 2.6% cost of debt, and 85% fixed-rate hedges, shielding yield while leaving S$550m in M&amp;A headroom.
Long Keppel DC REIT. Singapore’s crippling data center power constraints and sub-1.4% vacancy create an impenetrable pricing moat, offering investors highly visible, asymmetric upside.


The 51% Rent Reversion Anomaly: Backing Keppel DC REIT Amidst Singapore's Data Center Power Squeeze