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.

Zhou Liu Fu (6168 HK): 1H25 Is Fine, but Still......

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

Sa Sa Intl (178 HK): Seemingly Too Conservative

Zhou Liu Fu (6168 HK) IPO: Not Our Cup of Tea

"Buy the Worst" HSI Strategy: Solid Gains in 1H25

Chow Tai Fook (1929 HK): A Decent Rebound

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery (6168 HK)</a> has an impressive debut, but it is currently expensive, at 4.33x PEG with just a 3-year EPS CAGR of 4.7%.</li>
<li>It is overpriced by ROE vs. P/B, given it stands higher than the best-fit line. Its inferior market position in the industry makes it deserve to trade below.</li>
<li>At 20% discount to <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>, it should value at HK$27.80. Even at par, it still implies an 8.5% downside. </li>
</ul>



Zhou Liu Fu Jewellery (6168 HK) has an impressive debut, but it is currently expensive, at 4.33x PEG with just a 3-year EPS CAGR of 4.7%.
It is overpriced by ROE vs. P/B, given it stands higher than the best-fit line. Its inferior market position in the industry makes it deserve to trade below.
At 20% discount to Chow Tai Fook Jewellery (1929 HK), it should value at HK$27.80. Even at par, it still implies an 8.5% downside. 


Zhou Liu Fu (6168 HK): Are We or the Market Wrong?