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 New and Clean Energy: A-Share IPO Pipeline Gathering Pace

China Longyuan (916 HK): Record-Breaking Jan, and Strategically Positioned for the Long Term

China Longyuan (916 HK): Things Aren't that Bad

China Yangtze Power (600900 CH): Pre-GDR Initial Thoughts

China Three Gorges Renewables A-Share Pre-IPO: Initial Thoughts

Equity Bottom-Up

China Yangtze Power Co, Ltd. / Equity Bottom-Up

<p>Despite outperformance against the Shanghai Composite Index, <a href="https://www.smartkarma.com/entities/china-yangtze-power-co-ltd" target="_blank" data-smartkarma-citation="entities:3210:1" rel="noopener">China Yangtze Power Co, Ltd. (600900 CH)</a> will continue to see positive factors driving its outlook and supporting its valuations. These factors include its excellent position to capture China's clean energy initiative, improvement in profitability, likely asset injections in the future and good overseas track record that underpins geographical expansion.</p><p>The stock is currently trading on 19.5x PER and 3x P/B for FY20F; and these are premium valuations compared with its peers. However, its growth potential from asset injection, immense size (market cap of Rmb467bn) and GDR listing are edges that make it stands out against A-share peers like <a href="https://www.smartkarma.com/entities/huaneng-lancang-river-hydr-a" target="_blank" data-smartkarma-citation="entities:26585:1" rel="noopener">Huaneng Lancang River Hydr-A (600025 CH)</a>, <a href="https://www.smartkarma.com/entities/sichuan-chuantou-energy-stock-co-ltd" target="_blank" data-smartkarma-citation="entities:2557:1" rel="noopener">Sichuan Chuantou Energy Stock (600674 CH)</a> and <a href="https://www.smartkarma.com/entities/guangxi-guiguan-electric-a" target="_blank" data-smartkarma-citation="entities:20919:1" rel="noopener">Guangxi Guiguan Electric A (600236 CH)</a>. </p>

Despite outperformance against the Shanghai Composite Index, China Yangtze Power Co, Ltd. (600900 CH) will continue to see positive factors driving its outlook and supporting its valuations. These factors include its excellent position to capture China's clean energy initiative, improvement in profitability, likely asset injections in the future and good overseas track record that underpins geographical expansion.The stock is currently trading on 19.5x PER and 3x P/B for FY20F; and these are premium valuations compared with its peers. However, its growth potential from asset injection, immense size (market cap of Rmb467bn) and GDR listing are edges that make it stands out against A-share peers like Huaneng Lancang River Hydr-A (600025 CH), Sichuan Chuantou Energy Stock (600674 CH) and Guangxi Guiguan Electric A (600236 CH). 

Huaneng Lancang River Hydropow (600025 CH)

China Yangtze Power (600900 CH): Well Positioned to Capture China's Clean Energy Initiative