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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Equity Capital Markets

Epiworld International / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/epiworld-international-co-ltd" target="_blank" data-smartkarma-citation="entities:47626:1" rel="noopener">EpiWorld International (2726 HK)</a>, while it is a global leader in the silicon carbide (SiC) epitaxy industry, has a weak profit record. Its IPO price looks demanding. </li>
<li>Its net profit will likely be relatively flat in FY26, before picking up in FY27 and FY28. However, whether the industry will bottom in 2H26 remains an unknown.</li>
<li>The stock's valuations of 117x PER and 35.6x P/S are not cheap relative to peers, implying that risks outweigh returns in its H-share IPO.</li>
</ul>



EpiWorld International (2726 HK), while it is a global leader in the silicon carbide (SiC) epitaxy industry, has a weak profit record. Its IPO price looks demanding. 
Its net profit will likely be relatively flat in FY26, before picking up in FY27 and FY28. However, whether the industry will bottom in 2H26 remains an unknown.
The stock's valuations of 117x PER and 35.6x P/S are not cheap relative to peers, implying that risks outweigh returns in its H-share IPO.


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EpiWorld Intl (2726 HK) IPO: A Pricy (And Risky) Choice