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.

Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview

Foshan Haitian Flavouring & Food Company Hong Kong IPO Valuation Analysis

Zhou Liu Fu (6168 HK) IPO: Not Our Cup of Tea

Foshan Haitian Flavouring Pre-IPO: A Stable Breed

HK Strategy: Some Consumer IPO Pipelines and Their Proxies

China A-Share Consumer Staples: An Analysis of the Opportunities Ahead

HK & China Strategy: Potential Gainers of Rmb Appreciation Against USD

Equity Capital Markets

Foshan Haitian Flavouring & Food Company / Equity Capital Markets

Foshan Haitian Flavouring & Food Company (3288 HK)

<ul>
<li>Fundamentals first, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a>'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. </li>
<li>We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  </li>
<li>It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. </li>
</ul>


Fundamentals first, Foshan Haitian Flavouring &amp; Food Company (3288 HK)'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. 
We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  
It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. 


Foshan Haitian Flavouring & Food (603288 CH)

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective