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

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

A Contrarian View on New World: Market Is Forward-Looking, Bet on Leveraged Play in Rate Cut Cycle

Implication of Deepseek on China Data Centers: Buy GDS and VNET, Not Too Late to Chase the Rally!

VNET: A Leader in IDC Market, Transforming from a Traditional Operator to Wholesale Operator

GDS: The Leading Data Center Provider in China, Riding the AI Mega Trend – BUY

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Both GDS and VNET declined more than 70% from all time high.   We think both stocks are over-penalized by market from top-down macro-economic reasons and geo-political tensions</li>
<li>We think there is a dis-connect between the share price and solid company fundamentals.   The explosive growth in demand for AI and Cloud computing infrastructure remains strong</li>
<li>GDS is a mature, blue-chip name that offers sustainable profitability while on de-leveraging.  VNET is a high-growth, high-risk turnaround play with its wholesale offering higher short-term upside</li>
</ul>


Both GDS and VNET declined more than 70% from all time high.   We think both stocks are over-penalized by market from top-down macro-economic reasons and geo-political tensions
We think there is a dis-connect between the share price and solid company fundamentals.   The explosive growth in demand for AI and Cloud computing infrastructure remains strong
GDS is a mature, blue-chip name that offers sustainable profitability while on de-leveraging.  VNET is a high-growth, high-risk turnaround play with its wholesale offering higher short-term upside


GDSとVNET – 最近の下落は参入機会をもたらし、長期的なAIの成長は堅調かつ強力