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.

Chinese Airlines and Airports: March Traffic Showed Stark Differentiation

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

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

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>Both <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) and <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> announced FY19 results over the weekend, with SIAC showed better performance against BCIA in all attributes. The strong profitability figures for SIAC support our view that the stock is the best play in the Chinese airport sector. </p><p>Recent announcements including Jan-Feb traffic performance and flight arrangements continue to put SIAC in a more favorable situation than BCIA even in the current tough operating environment faced by all airports. We view any share price weakness is a good opportunity to accumulate. </p>

Both Shanghai International Airport Co, Ltd. (600009 CH) (SIAC) and Beijing Capital International Airport (BCIA) (694 HK) announced FY19 results over the weekend, with SIAC showed better performance against BCIA in all attributes. The strong profitability figures for SIAC support our view that the stock is the best play in the Chinese airport sector. Recent announcements including Jan-Feb traffic performance and flight arrangements continue to put SIAC in a more favorable situation than BCIA even in the current tough operating environment faced by all airports. We view any share price weakness is a good opportunity to accumulate. 

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun International Airport (600004 CH)

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