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.

Sinotrans (598 HK): Positive Profit Alert for 1H21

Three Stocks Look Attractive and Three to Avoid Amid the Sell-Off

Sinotrans (598 HK): Quick Take on the Good Underlying 4Q20 and Positive Profit Alert for 1Q21

Sinotrans (598 HK): Encouraging Industry Datapoints Bode Well for Outlook

Sinotrans (598 HK): Massive Beat in 3Q20 Profit

Equity Bottom-Up

<p>The encouraging 1Q21 result of <a href="https://www.smartkarma.com/entities/sinotrans-limited-h" target="_blank" data-smartkarma-citation="entities:1321:1" rel="noopener">Sinotrans (598 HK)</a> affirms that FY21 will be a decent year for the company. Recurring profit grew by 323.4% YoY and 43.2% QoQ on the back of excellent strengths in revenue growth and selling and administrative cost control.  Volume for various segments has seen double-digit YoY increase which underpinned the revenue momentum.</p><p>We expect Sinotrans to stay as a beneficiary of the positive trade picture, growth in demand for cross-border e-commerce services, sea and air freight forwarding and full-fledged recovery in logistics segment. We believe it should easily achieve our projected 16% recurring earnings growth in FY21, making its 7x PER and 0.68x P/B inexpensive, and its 4.6% dividend yield is also attractive.</p>

The encouraging 1Q21 result of Sinotrans (598 HK) affirms that FY21 will be a decent year for the company. Recurring profit grew by 323.4% YoY and 43.2% QoQ on the back of excellent strengths in revenue growth and selling and administrative cost control.  Volume for various segments has seen double-digit YoY increase which underpinned the revenue momentum.We expect Sinotrans to stay as a beneficiary of the positive trade picture, growth in demand for cross-border e-commerce services, sea and air freight forwarding and full-fledged recovery in logistics segment. We believe it should easily achieve our projected 16% recurring earnings growth in FY21, making its 7x PER and 0.68x P/B inexpensive, and its 4.6% dividend yield is also attractive.

Sinotrans (598 HK): Good 1Q21, Outlook Stays Very Decent