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 Merchants Port (144 HK): Weak 1H2019 but Stub Value Stays Attractive

China Merchants Port (144 HK): Attractive Stub Value Ex-SIPG (600018 CH)

CMPH: Age Cannot Wither CMPH, nor Custom Stale Its Variety

Equity Bottom-Up

<p>Since the publication of our Insight <a href="https://www.smartkarma.com/insights/china-merchants-port-144-hk-attractive-stub-value-ex-sipg-600018-ch" target="_blank" data-smartkarma-citation="insights:30438" rel="noopener">China Merchants Port (144 HK): Attractive Stub Value Ex-SIPG (600018 CH)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-port-holdings-company-ltd" target="_blank" data-smartkarma-citation="entities:15155:1" rel="noopener">China Merchants Port (144 HK)</a> has outperformed <a href="https://www.smartkarma.com/entities/shanghai-international-port-group-co-ltd" target="_blank" data-smartkarma-citation="entities:14806:1" rel="noopener">Shanghai International Port Group (600018 CH)</a> by an impressive 11.5ppt on the back of the pick-up in throughput momentum, in our view.</p><p>We expect CMPH to sustain its outperformance against SIPG on potential US-China trade deal, newsflow on M&amp;As, profitability improvement in new projects and Qianhai-Shekou Free Trade Zone development. In fact, even with the recent outperformance against SIPG, CMPH's stub valuation is still close to historical low levels.  </p>

Since the publication of our Insight China Merchants Port (144 HK): Attractive Stub Value Ex-SIPG (600018 CH), China Merchants Port (144 HK) has outperformed Shanghai International Port Group (600018 CH) by an impressive 11.5ppt on the back of the pick-up in throughput momentum, in our view.We expect CMPH to sustain its outperformance against SIPG on potential US-China trade deal, newsflow on M&amp;As, profitability improvement in new projects and Qianhai-Shekou Free Trade Zone development. In fact, even with the recent outperformance against SIPG, CMPH's stub valuation is still close to historical low levels.  

Shanghai International Port Group (600018 CH)

China Merchants Port (144 HK): Extending Outperformance Against SIPG (600018 CH)