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>Southbound will close for 3 days due to holiday, we view it as a good time to buy the stock on short-term momentum</li>
<li>Investment thesis for CNOOC is similar to China Mobile: Strong southbound flows and A/H premium to narrow to support H share price</li>
<li>Valuation is attractive.  Potential share buybacks and trading dual counter (to narrow AH gap) are the upcoming catalysts</li>
</ul>


Southbound will close for 3 days due to holiday, we view it as a good time to buy the stock on short-term momentum
Investment thesis for CNOOC is similar to China Mobile: Strong southbound flows and A/H premium to narrow to support H share price
Valuation is attractive.  Potential share buybacks and trading dual counter (to narrow AH gap) are the upcoming catalysts


Actionable Trade: CNOOC H-Share 883HK – Strong SB Flow, A/H Prem, Low Valuation & Multiple Catalysts

CNOOC Ltd

Actionable Trade: CNOOC H-Share 883HK – Strong SB Flow, A/H Prem, Low Valuation & Multiple Catalysts