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

Regional Economics: Is the U.S. Trade War Coming for Services?

Ayala Land - 1H25 earnings in line (ALI PM, CP PHP27.20, BUY, TP PHP40.00, Property)

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>The Philippines is on a strong economic recovery, supported by supportive macroeconomic landscape and expansion of Business Processing Outsourcing (BPO)</li>
<li>The office market is also recovering strongly, supported by BPO demand.  We think it is a structural fundamental improvement, not a simple cyclical recovery</li>
<li>We LONG Ayala Land.  It is currently at 9.7x PE, versus 10-year average of 20.4x.</li>
</ul>


The Philippines is on a strong economic recovery, supported by supportive macroeconomic landscape and expansion of Business Processing Outsourcing (BPO)
The office market is also recovering strongly, supported by BPO demand.  We think it is a structural fundamental improvement, not a simple cyclical recovery
We LONG Ayala Land.  It is currently at 9.7x PE, versus 10-year average of 20.4x.


The Philippines' BPO-Driven Office Recovery: Resurgence and Resilience. LONG Ayala Land.

Ayala Land Inc

The Philippines' BPO-Driven Office Recovery: Resurgence and Resilience. LONG Ayala Land.