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.

Special Purpose Bonds in 2022: Benefiting China Everbright Env (257 HK) & China Comm Const (1800 HK)

China Everbright Environment (257 HK): Roaring in the Year of Tiger!

China Everbright Water (1857 HK): Good New Project Flow Is the Key

China Everbright Environment (257 HK): Compelling Story yet to Fully Appreciate

China Everbright Environment (257 HK): The Most Impressive of All

China Everbright Environment (257 HK): Management Guidance Hinting Sustained Growth into FY21

China Everbright Water (1857 HK): Post 1H21 Call - Strengths Will Sustain

China Everbright Greentech (1257 HK): Updates from Post-1H21 Call

Equity Bottom-Up

China Everbright Environment / Equity Bottom-Up

<p>In the latest update by <a href="https://www.smartkarma.com/entities/china-everbright-environment-group-limited" target="_blank" data-smartkarma-citation="entities:15946:1" rel="noopener">China Everbright Environment (257 HK)</a>, the tone is generally bullish for the outlook in the next two years. We think the key drivers include the growth from operational projects, good capacity expansion potential, positive track of receivable collections, upside on waste treatment tariffs and manageable capex to support new projects. We see it to achieve resilient EPS CAGR of 20% but trading on just 4.8x PER and 0.67x P/B, the stock remains deeply undervalued. </p><p>CEE believes that the efficiency of its waste-to-energy projects can improve as electricity generated per tonne still has good room to rise and it will also look into more M&amp;A opportunities under the 14th 5-year Plan. Meanwhile, CEE seeks to increase the waste treatment tariffs following the central government's policy to increase the share of subsidy responsibility of the local governments. All these should point to better profitability going forward, in our view.</p>

In the latest update by China Everbright Environment (257 HK), the tone is generally bullish for the outlook in the next two years. We think the key drivers include the growth from operational projects, good capacity expansion potential, positive track of receivable collections, upside on waste treatment tariffs and manageable capex to support new projects. We see it to achieve resilient EPS CAGR of 20% but trading on just 4.8x PER and 0.67x P/B, the stock remains deeply undervalued. CEE believes that the efficiency of its waste-to-energy projects can improve as electricity generated per tonne still has good room to rise and it will also look into more M&amp;A opportunities under the 14th 5-year Plan. Meanwhile, CEE seeks to increase the waste treatment tariffs following the central government's policy to increase the share of subsidy responsibility of the local governments. All these should point to better profitability going forward, in our view.

Canvest Environmental Protection Group (1381 HK)

Zhejiang Weiming Environment Protection Co Ltd (603568 CH)

Zhejiang Weiming Environment Protection Co Ltd

China Everbright Environment (257 HK): Management Updates Suggest Resilience