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.

Kunlun Energy (135 HK): Solid Growth in Downstream Gas Sales Is the Driver

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Equity Bottom-Up

<p>The official formation of the China Oil &amp; Gas Piping Network Corporation (COGPNC) today marked an important step in reshaping the operating landscape of China's oil and gas industry. While there will not be much immediate impact on <a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a>, we expect the company will be affected over the longer term.<a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener"></a></p><p>Upon the completion of the likely transfer of Kunlun's pipeline assets to COGPNC, we expect Kunlun's earnings will be negatively affected. However, this will simultaneously allow Kunlun to realise the value of its pipeline assets, reduce capex needs and accelerate its move into the downstream gas sale business, allowing the stock to achieve a higher valuation on better growth prospects. </p>

The official formation of the China Oil &amp; Gas Piping Network Corporation (COGPNC) today marked an important step in reshaping the operating landscape of China's oil and gas industry. While there will not be much immediate impact on Kunlun Energy (135 HK), we expect the company will be affected over the longer term.Upon the completion of the likely transfer of Kunlun's pipeline assets to COGPNC, we expect Kunlun's earnings will be negatively affected. However, this will simultaneously allow Kunlun to realise the value of its pipeline assets, reduce capex needs and accelerate its move into the downstream gas sale business, allowing the stock to achieve a higher valuation on better growth prospects. 

Kunlun Energy (135 HK): No Immediate Impact from National Pipeline Company