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

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

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

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

Equity Bottom-Up

<ul>
<li>Digital Realty is a global data center player across all major markets.  The DC demand will be back by secular trends including AI, Cloud and enterprise digitalization</li>
<li>DLR’s focus on pricing, development pipeline and balance sheet enables it to achieve long-term sustainable growth, delivering a mid single digit FFO growth</li>
<li>We also think DLR has maintained a strong balance sheet.  DLR is still in the process of de-leveraging with healthy credit metrics</li>
</ul>


Digital Realty is a global data center player across all major markets.  The DC demand will be back by secular trends including AI, Cloud and enterprise digitalization
DLR’s focus on pricing, development pipeline and balance sheet enables it to achieve long-term sustainable growth, delivering a mid single digit FFO growth
We also think DLR has maintained a strong balance sheet.  DLR is still in the process of de-leveraging with healthy credit metrics


DLR: The Global Data Center Giant, Back by Global Secular Trends

Digital Realty Trust

DLR: The Global Data Center Giant, Back by Global Secular Trends