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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CXMT Corporation (688825 CH) IPO: Valuation Insight

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn. </li>
<li>Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.</li>
<li>While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.  </li>
</ul>



CXMT Corporation (688825 CH) beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn. 
Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.
While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.  


Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

CXMT Corporation (688825 CH): Blown Through the Roof