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

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

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

Pacific Basin (2343 HK): Optimistic Outlook Reaffirmed

Pacific Basin Shipping (2343 HK): Stellar 2H21 in the Making

Pacific Basin Shipping (2343 HK): Strongest Ever Year

Equity Bottom-Up

Pacific Basin Shipping / Equity Bottom-Up

<ul>
<li>
<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> had an impressive 1H22 with 204.2% YoY growth in underlying profit. Overall dividend payout ratio of 75% is also ahead of expectations.</li>
<li>It covered 58% Handysize days and 64% for Supramax for 2H22, though rates are lower HoH as spot market retreated. However, low costs mean it's still enjoying very fat margin.  </li>
<li>Its 0.96x P/B for FY22 and 0.85x for FY23 look well justified by ROEs of 40.4% and 25.6%. Strong profitability and cash flow will allow for sustained high dividend yield.</li>
</ul>



Pacific Basin Shipping (2343 HK) had an impressive 1H22 with 204.2% YoY growth in underlying profit. Overall dividend payout ratio of 75% is also ahead of expectations.
It covered 58% Handysize days and 64% for Supramax for 2H22, though rates are lower HoH as spot market retreated. However, low costs mean it's still enjoying very fat margin.  
Its 0.96x P/B for FY22 and 0.85x for FY23 look well justified by ROEs of 40.4% and 25.6%. Strong profitability and cash flow will allow for sustained high dividend yield.


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