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

HK RE: Retail to Benefit from Tourism Recovery.  Buy HLP 101 HK & NWD 17 HK on Attractive Valuation

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

Hang Lung Properties (101 HK): The Only Play on China Luxury Consumption and at a Macro Sweet Spot

Short Note: What’s Happening to the Chinese Stocks and China Macro?

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>HLP malls, which focus on China luxury retail consumption, is facing headwind from slowing China economy and weaker consumption</li>
<li>The retail sales in its malls slowed down and recorded -13% yoy growth for 1H 2024.  Dividend cut was a negative surprise</li>
<li>However, market is forward looking and stock valuation is too cheap to ignore, we recommend long-term investors can look at this name</li>
</ul>


HLP malls, which focus on China luxury retail consumption, is facing headwind from slowing China economy and weaker consumption
The retail sales in its malls slowed down and recorded -13% yoy growth for 1H 2024.  Dividend cut was a negative surprise
However, market is forward looking and stock valuation is too cheap to ignore, we recommend long-term investors can look at this name


Hang Lung Properties 101 HK: Dragged by China Slowing Luxury Retail, but Stock Too Cheap to Ignore