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.

AviChina Industry (2357 HK): Better Look Forward

AviChina Industry (2357 HK): Benefiting from the Geopolitical Turmoil

AviChina Industry (2357 HK): This Is Just the Beginning

AviChina Industry (2357 HK): Still Well-Placed as Our High Conviction

Equity Bottom-Up

AviChina Industry & Technology H / Equity Bottom-Up

AviChina Industry & Technology H (2357 HK)

<ul>
<li>The A-share subsidiaries of <a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology (2357 HK)</a> have mostly posted solid 3Q23 results - aggregate earnings growth has accelerated to 50.2%, from 26.8% in 1Q23.</li>
<li>Their 9M23 result reached 64% of FY23 consensus forecast earnings for AviChina, vs. just 61% a year ago. This indicates the market is too conservative and suggests room for upgrade.</li>
<li>Valuations are cheap at 8.7x and 7.0x PERs for FY23 and FY24. Its market capitalisation equals just 46% of the total attributable market capitalisation of these subsidiaries.</li>
</ul>


The A-share subsidiaries of AviChina Industry &amp; Technology (2357 HK) have mostly posted solid 3Q23 results - aggregate earnings growth has accelerated to 50.2%, from 26.8% in 1Q23.
Their 9M23 result reached 64% of FY23 consensus forecast earnings for AviChina, vs. just 61% a year ago. This indicates the market is too conservative and suggests room for upgrade.
Valuations are cheap at 8.7x and 7.0x PERs for FY23 and FY24. Its market capitalisation equals just 46% of the total attributable market capitalisation of these subsidiaries.


China Avionics Systems Co., Ltd. (600372 CH)

AviChina Industry (2357 HK): No Way Its Parts Are Greater than the Sum