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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Cathay Pacific (293 HK): Taking off with Momentum

Cathay Pacific (293 HK): Multiple Positive Developments

Air China (753 HK): Steering Back to the Right Lane

China Pair Trade Idea: Long Air China (753 HK), Short CSA (1055 HK)

Equity Bottom-Up

Cathay Pacific Airways / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>'s buyback of Qatar Airways' 9.57% stake should enhance its FY26F EPS and ROE by 4.6% and 0.36pp, respectively. </li>
<li>With passenger traffic and load factor continuing to recover, the consensus forecast of a 24.2% YoY earnings decline in 2H25 is too conservative, suggesting upside surprise. </li>
<li>Its FY25-27F ROE is a record since 2013, with potential to trade up to 1.65x P/B (30%+ upside). It is also possible to be included in the HSI again.</li>
</ul>



Cathay Pacific Airways (293 HK)'s buyback of Qatar Airways' 9.57% stake should enhance its FY26F EPS and ROE by 4.6% and 0.36pp, respectively. 
With passenger traffic and load factor continuing to recover, the consensus forecast of a 24.2% YoY earnings decline in 2H25 is too conservative, suggesting upside surprise. 
Its FY25-27F ROE is a record since 2013, with potential to trade up to 1.65x P/B (30%+ upside). It is also possible to be included in the HSI again.


Cathay Pacific (293 HK): Buyback of Qatar-Owned Shares Is Positive