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.

Guangzhou Baiyun Intl Airport (600004 CH): Sep Marked the First Dual YoY Growth

Guangzhou Baiyun Intl Airport (600004 CH): No Abatement in Growth Paces

Beijing Cap Intl Airport (694 HK): Don't Get Too Excited, The Relief Rally Is Excessive

Guangzhou Baiyun Intl Airport (600004 CH): First to Achieve Full Recovery in Domestic Market

Guangzhou Baiyun Intl Airport (600004 CH): A Strong Show in Last Month

Shanghai International Airport (600009 CH): Still the Preferred Play Despite Widened Losses in 2Q20

Shanghai International Airport (600009 CH): Reacceleration of Traffic Pace in Jul

Chinese Airlines: Jul Traffic Reflects Good Summer Strengths

Equity Bottom-Up

Guangzhou Baiyun International Airport / Equity Bottom-Up

Guangzhou Baiyun International Airport (600004 CH)

<p>In Aug, <a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" rel="noopener">Guangz</a><a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" rel="noopener">hou Baiyun International Airport (600004 CH)</a> recorded the first YoY growth in domestic aircraft with an 8.8% YoY increase. This is an encouraging figure as it reflected solid underlying travel demand. Although domestic passenger throughput was still in the negative zone (-7.3% YoY), it has further narrowed from -13.1% YoY in Jul. Overall, we consider GBIA's Aug traffic a solid show.</p><p>In our view, the next key datapoint to watch is the National Day holiday traffic figure, since the Sep figures are likely to be less indicative right after the peak summer travel season. We believe the National Day holiday figures for GBIA are likely to be very solid, given the pent-up demand, government's push for "internal circulation" and impending re-opening of personal travel permit to Macau. </p>

In Aug, Guangzhou Baiyun International Airport (600004 CH) recorded the first YoY growth in domestic aircraft with an 8.8% YoY increase. This is an encouraging figure as it reflected solid underlying travel demand. Although domestic passenger throughput was still in the negative zone (-7.3% YoY), it has further narrowed from -13.1% YoY in Jul. Overall, we consider GBIA's Aug traffic a solid show.In our view, the next key datapoint to watch is the National Day holiday traffic figure, since the Sep figures are likely to be less indicative right after the peak summer travel season. We believe the National Day holiday figures for GBIA are likely to be very solid, given the pent-up demand, government's push for "internal circulation" and impending re-opening of personal travel permit to Macau. 

Shanghai International Airport (600009 CH)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun Intl Airport (60004 CH): Finally, in Aug, YoY Growth...