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 Travel Intl Inv (308 HK): Poised for a Sustained Recovery

China Travel Intl Inv (308 HK): Alternative Play on Supportive Policies to Qianhai and Hengqin?

China Travel Intl Inv (308 HK): Here Comes My Turn!

China Travel Intl Inv (308 HK): Recovery Play Overlooked by the Market + Privatisation Possibility

CTG Duty Free Corp (601888 CH): Extending Solid Sales Track in the Golden Week

China on the Ground: Hey, How's Your Golden Week?

Equity Bottom-Up

China Travel International Investment Hong Kong / Equity Bottom-Up

China Travel International Investment Hong Kong (308 HK)

China Travel International Investment Hong Kong

<p>Into 2021, share price of <a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel International Investment Hong Kong (308 HK)</a> (CTII) has started to pick up on improving fundamentals, but we expect more upside to come. The profit warning for FY20 is actually a "positive profit alert" for 2H20 as it showed that CTII has potentially turned around positively both on a HoH and YoY basis.</p><p>Solid tourist traffic in its theme parks in Shenzhen during Chinese New Year holidays, value-enhancing acquisition of tourism business in Hangzhou and improving COVID-19 situation and vaccinations in Hong Kong all support sustained recovery in FY21. Meanwhile, disposal of non-core loss-making asset in Jan also provides part of the fund it needed for the Hangzhou acquisition, maintaining its highly solid balance sheet with net cash estimated at over 23% of the market cap.</p>

Into 2021, share price of China Travel International Investment Hong Kong (308 HK) (CTII) has started to pick up on improving fundamentals, but we expect more upside to come. The profit warning for FY20 is actually a "positive profit alert" for 2H20 as it showed that CTII has potentially turned around positively both on a HoH and YoY basis.Solid tourist traffic in its theme parks in Shenzhen during Chinese New Year holidays, value-enhancing acquisition of tourism business in Hangzhou and improving COVID-19 situation and vaccinations in Hong Kong all support sustained recovery in FY21. Meanwhile, disposal of non-core loss-making asset in Jan also provides part of the fund it needed for the Hangzhou acquisition, maintaining its highly solid balance sheet with net cash estimated at over 23% of the market cap.

China Travel Intl Inv (308 HK): Market Discovering This Recovery Play but This Is Just the Beginning