Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

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

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

<ul>
<li>Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.</li>
<li>Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.</li>
<li>Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.</li>
</ul>


Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.
Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.
Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.


2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

21Vianet Group, Inc. provides carrier-neutral Internet data center services. The Company hosts its customers' servers and networking equipment, as well as provides interconnectivity and managed network services to enable customers to deliver data across the Internet. 21Vianet conducts business in Beijing, China.

<ul>
<li>China’s carrier neutral data center service is growing rapidly, we believe VNET is positioned to capture this growing market</li>
<li>We think VNET is the path of transforming itself from a traditional retail IDC operator to a wholesale IDC operator, which should give VNET a higher trading multiple</li>
<li>Valuation is not demanding, and we think VNET is currently undervalued by the market</li>
</ul>


China’s carrier neutral data center service is growing rapidly, we believe VNET is positioned to capture this growing market
We think VNET is the path of transforming itself from a traditional retail IDC operator to a wholesale IDC operator, which should give VNET a higher trading multiple
Valuation is not demanding, and we think VNET is currently undervalued by the market


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

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

<ul>
<li>GDS is the leader in China’s data center market.  GDS is well positioned to capture growing demand from generative AI cloud growth</li>
<li>GDS consists of GDSH (China) and GDSI (international), both businesses are delivering growth and operational excellence</li>
<li>GDS US share price has rallied 100% YTD, we believe there is further room to grow due to capital flows and attractive valuation</li>
</ul>


GDS is the leader in China’s data center market.  GDS is well positioned to capture growing demand from generative AI cloud growth
GDS consists of GDSH (China) and GDSI (international), both businesses are delivering growth and operational excellence
GDS US share price has rallied 100% YTD, we believe there is further room to grow due to capital flows and attractive valuation


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

Equinix Inc is a global colocation company offering data center space and power to customers. The Company centers offer direct interconnections to network providers, cloud service providers, and other customers. Equinix has extensive operations in North America, Europe, Asia, Dubai, and Brazil.

<ul>
<li>Equinix is a leading global data center operator, operating 268 data centers across 34 countries</li>
<li>The sector is driven by strong structural demand.  We also think Equinix is highly committed to deliver values to shareholders.</li>
<li>Equinix has shown its operational excellence over a track record of 21 years, including top-line growth, dividend as well as AFFO growth.</li>
</ul>


Equinix is a leading global data center operator, operating 268 data centers across 34 countries
The sector is driven by strong structural demand.  We also think Equinix is highly committed to deliver values to shareholders.
Equinix has shown its operational excellence over a track record of 21 years, including top-line growth, dividend as well as AFFO growth.


Betting on the Future: Buy Equinix, the Leading Data Center Operator

Prologis, Inc. is an owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. The Company also leases modern distribution facilities to customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.

<ul>
<li>US market continues to see historical high; in the real estate space, we look at Prologis, the world’s largest logistics company</li>
<li>We like the sector on the back of strong structural demand drivers and depleting supply.  Logistics is the future and we think Prologis is the name to own</li>
<li>Broader real estate index is up 8.3% YTD, while PLD is down -15% YTD.  Valuation is attractive, we think PLD has room to catch up</li>
</ul>


US market continues to see historical high; in the real estate space, we look at Prologis, the world’s largest logistics company
We like the sector on the back of strong structural demand drivers and depleting supply.  Logistics is the future and we think Prologis is the name to own
Broader real estate index is up 8.3% YTD, while PLD is down -15% YTD.  Valuation is attractive, we think PLD has room to catch up


Never Too Late to Chase the Rally! Prologis, the World’s Leading Logistics Company

KT Capital Group
Principal investments and advisory firm

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Coinbase has weathered the crypto winter extremely well. Our thesis remains more or less the same as when we were equally bullish on the stock when...

Alec Tseung

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

China data center service is growing rapidly, and we believe VNET is positioned to capture this market. VNET is on the path transforming from...

Jacob Cheng

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

GDS is the leading data center service provider in China. The company is positioned to capture strong demand from AI mega trends. The stock was...

Jacob Cheng

Betting on the Future: Buy Equinix, the Leading Data Center Operator

Equinix is the world's leading data center operator. The sector is driven by strong fundamental demand and long-term structural tail winds. We...

Jacob Cheng

Never Too Late to Chase the Rally! Prologis, the World’s Leading Logistics Company

We look at the hot US market and evaluate the potential names to invest. Prologis, the world's leading logistics company, is our pick. Sector is...

Jacob Cheng