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

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals

8802 Mitsubishi Estate - Another Play on Japan RE and Office - Chase the Rally

8801: Mitsui Fudosan – the Largest Japan RE Developer – Let the Rally Continue

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

Japan Hotel Reit Investment / Equity Bottom-Up

<ul>
<li>The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners</li>
<li>The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage.  We think REVPAR and ADR will continue to be strong</li>
<li>We like Japan Hotel REIT and Invincible for their hotel exposure.  We think investors should closely monitor the Yen movement as well as BOJ policy</li>
</ul>


The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage.  We think REVPAR and ADR will continue to be strong
We like Japan Hotel REIT and Invincible for their hotel exposure.  We think investors should closely monitor the Yen movement as well as BOJ policy


The Yen's Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story