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

Short Note: The Tide Has Turned for Hong Kong Real Estate

Real Estate:  India/China Rotation Sparks Sector Growth

Hong Kong Property Market: Change of Land Use

HK RE Series (3): Global Macro Starts to Turn More Supportive, Stock Valuation Is Compelling

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

Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

HK RE Series (2): Market Is Still Bearish but Bottom Is Near, Few Things Needed for Re-Rating

HK RE Series (1): Picking the Winners for 2024 with Supportive Macro Backdrop & Company Catalysts

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>In this update, we analyzed recent NWD’s corporate actions, which show their de-leveraging plan is on track</li>
<li>NWD, having the highest gearing among HK RE names, will become the biggest beneficiary if Fed starts a new rate cut cycle</li>
<li>Valuation is compelling.  There is ample upside assuming a bear case scenario.  It is a BUY</li>
</ul>


In this update, we analyzed recent NWD’s corporate actions, which show their de-leveraging plan is on track
NWD, having the highest gearing among HK RE names, will become the biggest beneficiary if Fed starts a new rate cut cycle
Valuation is compelling.  There is ample upside assuming a bear case scenario.  It is a BUY


NWD 17 HK Update: De-Leveraging in Process, the Biggest Beneficiary of Fed Rate Cut Cycle