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.

Xinhua Winshare (811 HK): Revisiting a Solid Yield Play Fully Backed by Net Cash

Xinhua Winshare (811 HK): We Love the Boredom

Xinhua Winshare (811 HK): Still the Place to Be

Xinhua Winshare (811 HK): Secured 6.2% Yield Rock Solid in the Waves

Xinhua Winshare (811 HK): We like the Net Cash Cushion - 68% of Share Price

Xinhua Winshare (811HK): 3Q19 Is Another Decent Quarter

Xinhua Winshare (811 HK): On Track to Sustain Stable & Secured Yield

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/xinhua-winshare-publishing-media-co-ltd" target="_blank" data-smartkarma-citation="entities:15072:1" rel="noopener">Xinhua Winshare (811 HK)</a> posted a 27.9% decline in headline profit for 1Q20, mostly due to higher credit impairments. Excluding the exceptional items, we estimate its profit to have dropped only 4% YoY, which is a decent performance.</p><p>Its key textbook and supplementary materials publication and distribution businesses have not been affected by the COVID-19 outbreak. With general book publication and retailing businesses on recovery track, we are confident that it is on track to reach our projected ROE of 11.5% for FY20. Its net cash position (HK$3.6/share by end-FY20) and 0.59x P/B (over 1SD below average) make the stock very attractive. </p>

Xinhua Winshare (811 HK) posted a 27.9% decline in headline profit for 1Q20, mostly due to higher credit impairments. Excluding the exceptional items, we estimate its profit to have dropped only 4% YoY, which is a decent performance.Its key textbook and supplementary materials publication and distribution businesses have not been affected by the COVID-19 outbreak. With general book publication and retailing businesses on recovery track, we are confident that it is on track to reach our projected ROE of 11.5% for FY20. Its net cash position (HK$3.6/share by end-FY20) and 0.59x P/B (over 1SD below average) make the stock very attractive. 

Xinhua Winshare (811 HK): Manageable Impact in 1Q20 and Good Recovery on Track