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

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

Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power

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

Wharf Real Estate Investment C / Equity Bottom-Up

<ul>
<li>Wharf REIC reported 2% yoy core earnings growth, the first earnings increase since 2019. The results also show Hong Kong retail business is more resilient than expected</li>
<li>The upcoming catalysts include 1) lower interest rates, 2) weakening currency environment and 3) bottoming out of HK retail market</li>
<li>Market is forward-looking and we think the worst is behind us.  Valuation is very compelling.  The stock is a beta play.  BUY</li>
</ul>


Wharf REIC reported 2% yoy core earnings growth, the first earnings increase since 2019. The results also show Hong Kong retail business is more resilient than expected
The upcoming catalysts include 1) lower interest rates, 2) weakening currency environment and 3) bottoming out of HK retail market
Market is forward-looking and we think the worst is behind us.  Valuation is very compelling.  The stock is a beta play.  BUY


Wharf REIC: Beta Play W Multiple Catalysts, Lower Rates, Weaker Currency and Returning of Shoppers