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.

Fu Shou Yuan (1448 HK): As Solid as It Goes

Fu Shou Yuan (1448 HK): Proposing a Special Dividend

Fu Shou Yuan (1448 HK): More than Just a Recovery from Low Base

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/fu-shou-yuan-international" target="_blank" data-smartkarma-citation="entities:18168:1" rel="noopener">Fu Shou Yuan (1448 HK)</a>'s share price rebound over the last two days may have well-reflected the special dividend proposal. It has, however, opened up the room for disappointment. </li>
<li>Assuming the same special DPS as last time, it is sitting on a 9% yield. The dividend sustainability is uncertain, and without this, it will be only 4.7% for FY25.</li>
<li>Earnings have been cut by 32.5% over the last six months on consumption downgrade. This near-term headwind will overshadow its long-term story.  </li>
</ul>



Fu Shou Yuan (1448 HK)'s share price rebound over the last two days may have well-reflected the special dividend proposal. It has, however, opened up the room for disappointment. 
Assuming the same special DPS as last time, it is sitting on a 9% yield. The dividend sustainability is uncertain, and without this, it will be only 4.7% for FY25.
Earnings have been cut by 32.5% over the last six months on consumption downgrade. This near-term headwind will overshadow its long-term story.  


Fu Shou Yuan (1448 HK): Another Special Dividend Proposal