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.

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

SITC International (1308 HK): 1H20 - Continuing the Excellent Trajectory

China Transportation: Strong Aug Export to Benefit Sinotrans (598 HK) And SITC Intl (1308 HK)

SITC International (1308 HK): Creator of Shareholder Value

SITC International (1308 HK): Positive Picture for 2020

SITC International (1308 HK): Spectacular Show in FY19, Fundamentals Stay Solid

SITC International (1308 HK): Latest Update Post COVID-19 Outbreak

Equity Bottom-Up

<p>With a 0.9% YoY growth in revenue, <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a> has not disappointed us in 1Q20. The COVID-19 outbreak has had harms on the company, but the magnitude looks largely manageable - freight rate was up 3.4% to a record high, offset partly by a marginally lower volume.</p><p>We believe SITC continues to position well to benefit from the lower bunker cost and capture the intra-Asia container traffic growth. The company will still generate a 19% ROE in FY20 with a minimal gearing. The recent pull-back in share price is an excellent opportunity to accumulate this quality name.   </p>

With a 0.9% YoY growth in revenue, SITC International (1308 HK) has not disappointed us in 1Q20. The COVID-19 outbreak has had harms on the company, but the magnitude looks largely manageable - freight rate was up 3.4% to a record high, offset partly by a marginally lower volume.We believe SITC continues to position well to benefit from the lower bunker cost and capture the intra-Asia container traffic growth. The company will still generate a 19% ROE in FY20 with a minimal gearing. The recent pull-back in share price is an excellent opportunity to accumulate this quality name.   

SITC International (1308 HK): 1Q20 Showed Exceptional Resilience