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

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>Capex Retrenchment: US carriers have slashed network infrastructure spending, exposing Crown Castle to immense organic revenue headwinds and structural valuation multiple compression compared to internationally diversified peers.</li>
<li>Crippling Churn: Legacy Sprint consolidations and the DISH Wireless fallout will inflict a massive 240 m USD revenue drag in 2026, stifling the company's domestic growth trajectory.</li>
<li>Dividend Destruction: A costly fiber divestment triggered a painful dividend cut to 4.25 USD, exposing persistent coverage weaknesses despite rapid debt deleveraging efforts and strategic corporate resets.</li>
</ul>


Capex Retrenchment: US carriers have slashed network infrastructure spending, exposing Crown Castle to immense organic revenue headwinds and structural valuation multiple compression compared to internationally diversified peers.
Crippling Churn: Legacy Sprint consolidations and the DISH Wireless fallout will inflict a massive 240 m USD revenue drag in 2026, stifling the company's domestic growth trajectory.
Dividend Destruction: A costly fiber divestment triggered a painful dividend cut to 4.25 USD, exposing persistent coverage weaknesses despite rapid debt deleveraging efforts and strategic corporate resets.


The US 5G Capex Cliff: Crown Castle's Structural Churn and Yield Compression

Crown Castle Intl

The US 5G Capex Cliff: Crown Castle's Structural Churn and Yield Compression