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 Port Pair Opportunity: COSCO Shipping Ports Vs. China Merchants Port

COSCO Shipping Ports (1199 HK): What's Interesting After the CKH Port Sale?

China Merchants Port (144 HK): Will It Have a Role in CKH's Port Sale?

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cosco-shipping-ports-ltd" target="_blank" data-smartkarma-citation="entities:360:1" rel="noopener">Cosco Shipping Ports (1199 HK)</a> is a major beneficiary of its parent's potential 20-30% stake in the consortium to acquire <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>'s port portfolio. </li>
<li>A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future. </li>
<li>Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential. </li>
</ul>



Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent's potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)'s port portfolio. 
A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future. 
Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential. 


COSCO Shipping Ports (1199 HK): Potential Involvement in CKH's Port Sale