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.

China Gas Holdings (384 HK): Worth a Bet Now

China Gas Holdings (384 HK): Still Warrants a Look

China Gas Holdings (384 HK): Assessing the Spin-Off of Value-Added Business

Equity Bottom-Up

<ul>
<li>Despite <a href="https://www.smartkarma.com/entities/china-gas-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14315:1" rel="noopener">China Gas Holdings (384 HK)</a>'s marginal 3.8% drop in 1H FY25 net profit, it has rebounded from a 25.8% collapse in FY24. It maintained an interim DPS of HK$0.15.</li>
<li>Dollar margin expanded Rmb0.02/cu.m. and gross margin was up 0.8pp. Profit from value-added services grew 15.4%, though overall earnings are dragged by LPG and JVs.</li>
<li>FY25 is a year of profit recovery. Its improving cash flow, reduction in capex, and stronger balance sheet should support a stable dividend, putting it on a 7.8% yield.  </li>
</ul>


Despite China Gas Holdings (384 HK)'s marginal 3.8% drop in 1H FY25 net profit, it has rebounded from a 25.8% collapse in FY24. It maintained an interim DPS of HK$0.15.
Dollar margin expanded Rmb0.02/cu.m. and gross margin was up 0.8pp. Profit from value-added services grew 15.4%, though overall earnings are dragged by LPG and JVs.
FY25 is a year of profit recovery. Its improving cash flow, reduction in capex, and stronger balance sheet should support a stable dividend, putting it on a 7.8% yield.  


China Gas Holdings (384 HK): Earnings Have Stabilised