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

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

Golden Week/ US-China/ Global Views/ Solar

CTG Duty Free Corp (601888 CH): Solid Jul Duty Free Sales in Hainan

China Intl Travel Service (601888 CH): Excellent Exposure to Hainan Free Trade Port Policies

China Tourism Gp Duty Free (601888 CH): Surge in Hainan Tourists & Duty Free Policy Implementation

CTG Duty Free Corp (601888 CH): Encouraging Initial Jul Duty Free Figures from New Hainan Policy

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> (CTG Duty Free) reported a sharp QoQ turnaround in bottomline with profit of Rmb1.05bn in 2Q20, against a loss of Rmb120m in 1Q20. Sales at its Sanya and Haikou outlets surged a significant 12.2% and 136% YoY in the period, and this is even before the favourable Hainan duty free policy being rolled out in Jul.</p><p>Initial figures indicated that for 1 Jul to 18 Aug, total duty free sales in Hainan reached Rmb5bn, a 2.5x YoY increase with average daily sales of over Rmb100m.  Also, some 5m tourists visited Hainan in Jul, a decline of just 10.1% YoY. These figures add evidence to the strong momentum to CTG Duty Free's profit recovery in 2H20 and support the positive outlook for next two years. </p>

China Tourism Group Duty Free Corp Ltd (601888 CH) (CTG Duty Free) reported a sharp QoQ turnaround in bottomline with profit of Rmb1.05bn in 2Q20, against a loss of Rmb120m in 1Q20. Sales at its Sanya and Haikou outlets surged a significant 12.2% and 136% YoY in the period, and this is even before the favourable Hainan duty free policy being rolled out in Jul.Initial figures indicated that for 1 Jul to 18 Aug, total duty free sales in Hainan reached Rmb5bn, a 2.5x YoY increase with average daily sales of over Rmb100m.  Also, some 5m tourists visited Hainan in Jul, a decline of just 10.1% YoY. These figures add evidence to the strong momentum to CTG Duty Free's profit recovery in 2H20 and support the positive outlook for next two years. 

CTG Duty Free Corp (601888 CH): Good 2Q20 and Brighter Outlook for 2H20