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 Pair Trade Update: Long SITC Intl (1308 HK), Short OOIL (316 HK)

China Pair Trade: Long SITC Intl (1308 HK), Short OOIL (316 HK)

SITC International (1308 HK): A Charming 1H25

HK Strategy: Assessing the Oil Vulnerability

COSCO Shipping Energy (1138 HK): Is It Too Stretched?

Equity Bottom-Up

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<li>
<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> reported a 18.9% increase in FY25 net profit, the high end of the positive profit alert range. Net cash is healthy at 3.3% of market capitalisation.</li>
<li>The US-Iran conflict will tighten vessel supply and increase freight rates. Meanwhile, through fuel surcharges, SITC can mostly pass through the higher fuel costs. </li>
<li>At 4.3x P/B, against an ROE of 41-45% for FY26-27F, valuations are not overly stretched. The FY26 dividend yield of 7.7% is attractive.</li>
</ul>



SITC International (1308 HK) reported a 18.9% increase in FY25 net profit, the high end of the positive profit alert range. Net cash is healthy at 3.3% of market capitalisation.
The US-Iran conflict will tighten vessel supply and increase freight rates. Meanwhile, through fuel surcharges, SITC can mostly pass through the higher fuel costs. 
At 4.3x P/B, against an ROE of 41-45% for FY26-27F, valuations are not overly stretched. The FY26 dividend yield of 7.7% is attractive.


SITC International (1308 HK): Decently Attractive