HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

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Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

Auntea Jenny (Shanghai) Industrial (2589 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/auntea-jenny-shanghai-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40891:1" rel="noopener">Auntea Jenny (Shanghai) Industrial (2589 HK)</a>'s IPO price is set at HK$113.12, which is aggressive based on its financial and operational metrics. </li>
<li>At 29.3x FY25F PER, Auntea Jenny's multiple is close to <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a>, but it is significantly smaller in scale and lower in profitability. </li>
<li>Our fair value of 25x PER and 5.3x P/B for FY25 means a share price of HK$94.70-96.68. Initial euphoria may inflate its debut, but we will exit on the rally.</li>
</ul>



Auntea Jenny (Shanghai) Industrial (2589 HK)'s IPO price is set at HK$113.12, which is aggressive based on its financial and operational metrics. 
At 29.3x FY25F PER, Auntea Jenny's multiple is close to Mixue Group (2097 HK) and Guming Holdings (1364 HK), but it is significantly smaller in scale and lower in profitability. 
Our fair value of 25x PER and 5.3x P/B for FY25 means a share price of HK$94.70-96.68. Initial euphoria may inflate its debut, but we will exit on the rally.


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