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.

Pacific Basin (2343 HK): An Upturn in the Making

Pacific Basin (2343 HK): The Market Is Overly Conservative

Pacific Basin (2343 HK): Looking for a 2H24 Upturn

Pacific Basin Shipping (2343 HK): Continue to Thrive in a Sound Market

Pacific Basin (2343 HK): Optimistic Outlook Reaffirmed

China Comm Const (1800 HK): Securing Stronger Backlog to Fuel Growth

China Comm Const (1800 HK): 4Q22 Looks to Be a Period of Acceleration

China Comm Const (1800 HK): Key Takeaways from Post-1H22 Call

Equity Bottom-Up

Pacific Basin Shipping / Equity Bottom-Up

<ul>
<li>The decline in 2H22 profit (53.1% YoY and 43.8% HoH) for <a href="https://www.smartkarma.com/entities/pacific-basin-shipping-ltd" target="_blank" data-smartkarma-citation="entities:929:1" rel="noopener">Pacific Basin Shipping (2343 HK)</a> is a matter of the past. Market rates have already rebounded from the trough.  </li>
<li>Demand recovery on China re-opening, good forward cargo cover, reduction in operating costs, strengthened financial position and diversified customer base are Pacific Basin's key merits. </li>
<li>Lower profit for FY23 should be well anticipated by the market, yet it still generates ROE of 20.9%, making its 1.0x P/B inexpensive. Moreover, yield will stay at 10% level. </li>
</ul>


The decline in 2H22 profit (53.1% YoY and 43.8% HoH) for Pacific Basin Shipping (2343 HK) is a matter of the past. Market rates have already rebounded from the trough.  
Demand recovery on China re-opening, good forward cargo cover, reduction in operating costs, strengthened financial position and diversified customer base are Pacific Basin's key merits. 
Lower profit for FY23 should be well anticipated by the market, yet it still generates ROE of 20.9%, making its 1.0x P/B inexpensive. Moreover, yield will stay at 10% level. 


Pacific Basin Shipping (2343 HK): Bad Times Behind, What's Setup for 2023?