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 Limited (598 HK): A Remarkable First Half Despite Trade War Headwinds

Sinotrans Limited (598 HK) : Acquisition Spree Expands Global and Domestic Networks

Sinotrans (598 HK): 3Q19 Result Continued to Suggest Healthy Underlying Performance

Sinotrans Limited (598 HK): Is the Market Too Bearish?

Sinotrans - Valuable Exposure to China's ECommerce Boom and Logistics Demand

Equity Bottom-Up

The good momentum of international express volume growth in China in May, with the growth rate improved to 31.4% YoY from 29.4% YoY in April, is positive to the express business of <a href="https://www.smartkarma.com/entities/sinotrans-limited-h" target="_blank" data-smartkarma-citation="entities:1321:1" rel="noopener">Sinotrans Limited H (598 HK)</a>​.   
We believe its international express JV DHL-Sinotrans will benefit from the investigation of <a href="https://www.smartkarma.com/entities/fedex-corp" target="_blank" data-smartkarma-citation="entities:14577:1" rel="noopener">Fedex Corp (FDX US)</a> ​by the relevant authorities in China on the latter's mishandling of Huawei's packages, as potentially some volume will be diverted to DHL-Sinotrans.
We continue to think that Sinotrans is undervalued at the current level, with P/E of 8x for FY19F. The pending meeting between President Xi and US President Trump in G20 Meeting should also be a positive catalyst to the share price, in our view.

The good momentum of international express volume growth in China in May, with the growth rate improved to 31.4% YoY from 29.4% YoY in April, is positive to the express business of Sinotrans Limited H (598 HK)​.   
We believe its international express JV DHL-Sinotrans will benefit from the investigation of Fedex Corp (FDX US) ​by the relevant authorities in China on the latter's mishandling of Huawei's packages, as potentially some volume will be diverted to DHL-Sinotrans.
We continue to think that Sinotrans is undervalued at the current level, with P/E of 8x for FY19F. The pending meeting between President Xi and US President Trump in G20 Meeting should also be a positive catalyst to the share price, in our view. 

Sinotrans Limited (598 HK): Good Momentum of National Express Volume in May Is Positive