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.

Tam Jai Intl (2217 HK): Privatisation Stays Appealing Despite...

Tam Jai Intl (2217 HK): Is It Privatisation or Takeover?

Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>'s net profit dropped 32.7% in FY25, but the 2H earnings have seen a recovery to an 18.2% YoY growth, vs. -55.8% in 1H. </li>
<li>Net cash stayed intact at HK$1.33bn, or 65.1% of its market capitalisation. Management looks cautiously optimistic in the outlook, and will push for expansion of two Japanese brands.</li>
<li>There has been minimal further noise from the minority shareholders. With the privatisation PER at over 60% premium to the sector average, we think most shareholders will give in.</li>
</ul>



Tam Jai International (2217 HK)'s net profit dropped 32.7% in FY25, but the 2H earnings have seen a recovery to an 18.2% YoY growth, vs. -55.8% in 1H. 
Net cash stayed intact at HK$1.33bn, or 65.1% of its market capitalisation. Management looks cautiously optimistic in the outlook, and will push for expansion of two Japanese brands.
There has been minimal further noise from the minority shareholders. With the privatisation PER at over 60% premium to the sector average, we think most shareholders will give in.


Tam Jai Intl (2217 HK): A Relatively Decent 2H FY25