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.

CIMC Enric (3899 HK): Mispriced, with Good Upside

CIMC Enric (3899 HK): Things Are Getting Better

Equity Bottom-Up

<ul>
<li>While <a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">CIMC Enric Holdings (3899 HK)</a>'s share price has lagged YTD, its 3Q25 and 9M25 results look decent with 6.2% and 12.9% YoY increase, respectively.</li>
<li>Its backlog orders amount of Rmb30.8bn, up by 10.9% YoY, is a record high. This is already enough to cover the full-year FY26 projected revenue.</li>
<li>With a 13.4% 3-year EPS CAGR, its PERs are inexpensive. Meanwhile, it is in an excellent position to thrive under China's 15th Five-Year Plan (2026-2030).</li>
</ul>


While CIMC Enric Holdings (3899 HK)'s share price has lagged YTD, its 3Q25 and 9M25 results look decent with 6.2% and 12.9% YoY increase, respectively.
Its backlog orders amount of Rmb30.8bn, up by 10.9% YoY, is a record high. This is already enough to cover the full-year FY26 projected revenue.
With a 13.4% 3-year EPS CAGR, its PERs are inexpensive. Meanwhile, it is in an excellent position to thrive under China's 15th Five-Year Plan (2026-2030).


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China International Marine Cntnrs Gp (2039 HK)

CIMC Enric (3899 HK): A Laggard That Is Poised to Revive