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.

Surging Asian Air Cargo Demand? The Search for Exposure (& Leverage)

Shanghai International Airport (600009 CH): Profit in 1Q20 Vs. Loss at Guangzhou Airport (600004 CH)

China Transportation: In-Depth Look into April Export Figures and Readthrough to Sea and Air Freight

Shanghai International Airport (600009 CH): Winning All Against Beijing Airport (694 HK)

Shanghai International Airport (600009 CH): Best of the Breed

Chinese Airlines: Pair Trade - Long China Southern (1055 HK), Short Air China (753 HK)

Equity Bottom-Up

Shanghai International Airport / Equity Bottom-Up

Shanghai International Airport (600009 CH)

<p>Various sources and channel checks have pointed to very strong freight traffic in April at the Shanghai Pudong International Airport, operated by <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport Co, Ltd. (600009 CH)</a> (SIAC), with average daily cargo flights more than doubled YoY. This is driven by the demand of medical supplies and equipment globally and we expect this trend to continue in the next few months. </p><p>In our view, the strong freight volume will add to the gradual recovery in passenger traffic starting late March, and this should be positive to SIAC's performance. In fact, share price of SIAC has outperformed <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital International Airport (BCIA) (694 HK)</a> by significant margin YTD, and we maintain our preference on SIAC - also, BCIA normally handles just half of SIAC's freight volume.</p>

Various sources and channel checks have pointed to very strong freight traffic in April at the Shanghai Pudong International Airport, operated by Shanghai International Airport Co, Ltd. (600009 CH) (SIAC), with average daily cargo flights more than doubled YoY. This is driven by the demand of medical supplies and equipment globally and we expect this trend to continue in the next few months. In our view, the strong freight volume will add to the gradual recovery in passenger traffic starting late March, and this should be positive to SIAC's performance. In fact, share price of SIAC has outperformed Beijing Capital International Airport (BCIA) (694 HK) by significant margin YTD, and we maintain our preference on SIAC - also, BCIA normally handles just half of SIAC's freight volume.

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun International Airport (600004 CH)

Shanghai International Airport (600009 CH): Channel Checks Suggest Very Strong Freight Traffic