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.

Sa Sa Intl (178 HK): Positive Trend Beyond the Results

Lung Fung Group (2290 HK) IPO: Too Cheap to Ignore

Sa Sa Intl (178 HK): Seeing a Clear Revival

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

Sa Sa Intl (178 HK): Every Coin Has Two Sides

Sa Sa Intl (178 HK): Looking Better Forward

Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sa-sa-international-hldgs" target="_blank" data-smartkarma-citation="entities:20143:1" rel="noopener">Sa Sa International Hldgs (178 HK)</a>'s 1.63x P/B is near-trough level, but the recovery in earnings in FY26 (+56.4%) and improving industry figures suggest earnings have bottomed. </li>
<li>Its 2Q FY26 turnover grew 8.4%, accelerating from 4.7% in 1Q and -9.7% in FY25. The 1H turnover equals 49.3% of FY26F (vs. 47.2% historically). We see upgrade potential.</li>
<li>With net cash amounting to 19.3% of the share price, its 15.9x and 12.4x PERs for FY26F and FY27F do not look stretched.</li>
</ul>



Sa Sa International Hldgs (178 HK)'s 1.63x P/B is near-trough level, but the recovery in earnings in FY26 (+56.4%) and improving industry figures suggest earnings have bottomed. 
Its 2Q FY26 turnover grew 8.4%, accelerating from 4.7% in 1Q and -9.7% in FY25. The 1H turnover equals 49.3% of FY26F (vs. 47.2% historically). We see upgrade potential.
With net cash amounting to 19.3% of the share price, its 15.9x and 12.4x PERs for FY26F and FY27F do not look stretched.


Sa Sa Intl (178 HK): Seemingly Too Conservative