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.

Smartkarma Webinar | High-Conviction Ideas in Asian Infrastructure Stocks

China Construction Machinery: April Excavator Sales up 59.9%

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Lonking (3339 HK): Wow! It Is Yielding 11.6%!!!

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Equity Bottom-Up

<p>We believe the good March excavator sales figures released by the China Construction Machinery Association (CCMA) are positive to <a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>. An 11.6% growth in excavator unit sales in the month has significantly reversed the decline of 34.9% in the first two months of 2020.</p><p>With excavator being the third largest revenue (second largest profit) contributor to Lonking, the March industry figures bode well to the company. Its wheel loader products and export products should also benefit from the trend. With China's additional infrastructure spending to kick in in the coming months, we see Lonking's sales to record encouraging momentum.</p>

We believe the good March excavator sales figures released by the China Construction Machinery Association (CCMA) are positive to Lonking Holdings (3339 HK). An 11.6% growth in excavator unit sales in the month has significantly reversed the decline of 34.9% in the first two months of 2020.With excavator being the third largest revenue (second largest profit) contributor to Lonking, the March industry figures bode well to the company. Its wheel loader products and export products should also benefit from the trend. With China's additional infrastructure spending to kick in in the coming months, we see Lonking's sales to record encouraging momentum.

Lonking (3339 HK): Industry Momentum Has Positive Implications