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

Deep Dive on Hong Kong Macroeconomics: The Hong Kong Dollar Peg and Its Significance on Hong Kong

Deep Dive on Hong Kong Macro-Economics: The Equity Market, IPOs, Stock/Wealth Connect and the Future

Deep Dive on Hong Kong Macro-Economics: HK as a Unique Gateway to China and an Offshore RMB Center

New World Development(17 HK):High Leverage in HKRE but Likely the First to Rebound if Rate Peaks Out

Short Note: LONG China on Monetary Easing Cycle

Short Note: Position for Upcoming Banking Crisis, BUY Hong Kong & China Property Stocks, and BTC/ETH

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)

Hong kong Real estate management and development / Thematic (Sector/Industry)

<ul>
<li>While most HK equities are still trading at attractive valuation, it does not mean they can re-rate and many of them can remain value traps</li>
<li>However with the banking crisis, asset owners are moving their capital to Asia.  Hong Kong gov is doing everything to attract family office business</li>
<li>This, along with improving macro outlook, can drive re-rating.  BUY SHKP 16 HK and NWD 17 HK</li>
</ul>


While most HK equities are still trading at attractive valuation, it does not mean they can re-rate and many of them can remain value traps
However with the banking crisis, asset owners are moving their capital to Asia.  Hong Kong gov is doing everything to attract family office business
This, along with improving macro outlook, can drive re-rating.  BUY SHKP 16 HK and NWD 17 HK


HK Equity: 1) Strong Capital Inflow, 2) Pro-Growth Policy, 3) Better Macro Outlook to Drive Rerating