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.

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CTG Duty Free (601888 CH) H-Share Pre-IPO: Fundamentally Speaking

CTG Duty Free Corp (601888 CH): Facing More Competition in a Rapidly Growing Market

Shanghai International Airport (600009 CH): Dragged by Unfavourable Duty Free Agreement

CTG Duty Free Corp (601888 CH): 3Q20 Profit to Grow 141.9% YoY

Shanghai International Airport (600009 CH): Extending Traffic Outperformance to Oct

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd (601888 CH)

<p><a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> pre-announced its FY20 result with a 55.1% YoY growth in recurrent earnings to Rmb5.94bn, beating market expectation by significant magnitude. The strong result is driven by a 3.3pp expansion in operating margin, supported by good sales of high-margin products; and we believe the market should welcome this set of encouraging result.</p><p>As for FY21, CTG Duty Free will benefit from the government's support of domestic consumption, improved portfolio of premium brand names and the slow recovery of outbound overseas travel appetite. While the Chinese New Year sales may be negatively affected by the resurgence of local COVID-19 cases, we expect full-year effect of the new Hainan duty free policies will help lift bottom line with an impressive earnings growth of over 80%.</p>

China Tourism Group Duty Free Corp Ltd (601888 CH) pre-announced its FY20 result with a 55.1% YoY growth in recurrent earnings to Rmb5.94bn, beating market expectation by significant magnitude. The strong result is driven by a 3.3pp expansion in operating margin, supported by good sales of high-margin products; and we believe the market should welcome this set of encouraging result.As for FY21, CTG Duty Free will benefit from the government's support of domestic consumption, improved portfolio of premium brand names and the slow recovery of outbound overseas travel appetite. While the Chinese New Year sales may be negatively affected by the resurgence of local COVID-19 cases, we expect full-year effect of the new Hainan duty free policies will help lift bottom line with an impressive earnings growth of over 80%.

Shanghai International Airport (600009 CH)

CTG Duty Free Corp (601888 CH): Beating Market Expectations on Pre-Announced FY20 Result