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 Everbright Environment (257 HK): Sell-Down Unwarranted Given Positive Prospects

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

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 Construction Machinery: Not Seeing the End of the Tunnel Yet

Equity Bottom-Up

China Everbright Water / Equity Bottom-Up

<ul>
<li>Full-Year earnings growth of 17% suggested a slowdown in 2H21, but this is mostly a result of higher base. A 3pp increase in dividend payout ratio also demonstrated management's confidence.</li>
<li>Focus should be on the positive new project momentum - 10 secured in 2H21, versus only 4 in 1H21. More special purpose bonds issuance should drive project pipeline.</li>
<li>CE Water's valuations are cheap at 0.43x P/B and 3.8x PER for FY22F. Its prospective dividend yield of 7.9% also provides an appealing income component. </li>
</ul>


Full-Year earnings growth of 17% suggested a slowdown in 2H21, but this is mostly a result of higher base. A 3pp increase in dividend payout ratio also demonstrated management's confidence.
Focus should be on the positive new project momentum - 10 secured in 2H21, versus only 4 in 1H21. More special purpose bonds issuance should drive project pipeline.
CE Water's valuations are cheap at 0.43x P/B and 3.8x PER for FY22F. Its prospective dividend yield of 7.9% also provides an appealing income component. 


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