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 Intl Travel Service (601888 CH): Acquisition of 51% Stake in Hainan Duty Free a Value Deal

China Tourism Gp Duty Free (601888 CH): Surge in Hainan Tourists & Duty Free Policy Implementation

CTG Duty Free Corp (601888 CH): Encouraging Initial Jul Duty Free Figures from New Hainan Policy

Chinese Airlines: ACCELERATED Recovery in May - Average Daily Traffic up 49% MoM

Chinese Airlines Vs. Airports: Three Pair Trades Under Rmb Depreciation

Shanghai International Airport (600009 CH): Solid Apr Freight Added to Aircraft Movement Recovery

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd (601888 CH)

<p>We believe <a href="https://www.smartkarma.com/entities/china-int-l-travel-service-corp" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Int'L Travel Service (601888 CH)</a> is in an excellent position to benefit from the "Master Plan of the development of Hainan Free Trade Port" just announced by the State Council today. The policies of increase in annual duty-free quota to Rmb100,000 and the grant of visa-free access to foreign visitors will be positive to CITS given that duty-free sales from Sanya represented 22% of its revenue, and this has not yet included the contribution from its entrusted shops in Haikou and Boao.</p><p>In the near-term, with COVID-19 outbreak still not yet contained outside of China, Hainan is the most convenient and safe place for domestic visitors to stock up duty-free products while enjoy a few days of short vacation. Also, Hainan's tourist recovery is ahead of the national air traffic rebound. Over the long-term, the implementation of these policies will put CITS in an excellent position to capture such opportunity.</p>

We believe China Int'L Travel Service (601888 CH) is in an excellent position to benefit from the "Master Plan of the development of Hainan Free Trade Port" just announced by the State Council today. The policies of increase in annual duty-free quota to Rmb100,000 and the grant of visa-free access to foreign visitors will be positive to CITS given that duty-free sales from Sanya represented 22% of its revenue, and this has not yet included the contribution from its entrusted shops in Haikou and Boao.In the near-term, with COVID-19 outbreak still not yet contained outside of China, Hainan is the most convenient and safe place for domestic visitors to stock up duty-free products while enjoy a few days of short vacation. Also, Hainan's tourist recovery is ahead of the national air traffic rebound. Over the long-term, the implementation of these policies will put CITS in an excellent position to capture such opportunity.

Shanghai International Airport (600009 CH)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun International Airport (600004 CH)

China Intl Travel Service (601888 CH): Excellent Exposure to Hainan Free Trade Port Policies