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

Swire Prop 1972 HK: HK Office & China Retail Can Be Double Drag, No Share Buyback & Lack of Catalyst

Champion REIT 2778 HK: Facing Multiple Headwinds, an Uphill Battle.  Bearish

Hongkong Land HKL SP: A Strategic Update and on a Transformational Path

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

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

Short Note: LONG China on Monetary Easing Cycle

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>We explored the primary share price drivers for HKL, the prime office landlord in Hong Kong, including share buybacks, HK office recovery and as a reopening/ESG thematic play. </li>
<li>HKL has been constantly evaluating its capital management strategy.  Despite interest rate environment has changed substantially, HKL still sees buyback (7% earnings yield) as a good option</li>
<li>Valuation remains attractive.  Part of the risks is priced in.  Although it can remain as a value trap, it can unlock its value and re-rate over the long term.</li>
</ul>


We explored the primary share price drivers for HKL, the prime office landlord in Hong Kong, including share buybacks, HK office recovery and as a reopening/ESG thematic play. 
HKL has been constantly evaluating its capital management strategy.  Despite interest rate environment has changed substantially, HKL still sees buyback (7% earnings yield) as a good option
Valuation remains attractive.  Part of the risks is priced in.  Although it can remain as a value trap, it can unlock its value and re-rate over the long term.


Hong Kong Land HKL SP – a Long-Term Value Play on Hong Kong Office Recovery