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 Travel Intl Inv (308 HK): Alternative Play on Supportive Policies to Qianhai and Hengqin?

China Travel Intl Inv (308 HK): Here Comes My Turn!

Beneficiaries of China's 14th 5-Year Tourism Industry Development Plan

China Travel Intl Inv (308 HK): Recovery Play Overlooked by the Market + Privatisation Possibility

China Travel Intl Inv (308 HK): Market Discovering This Recovery Play but This Is Just the Beginning

CTG Duty Free Corp (601888 CH): Extending Solid Sales Track in the Golden Week

Equity Bottom-Up

China Travel International Investment Hong Kong / Equity Bottom-Up

China Travel International Investment Hong Kong (308 HK)

China Travel International Investment Hong Kong

<p><a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel International Investment Hong Kong (308 HK)</a> (CTII) should see a good recovery in FY21, riding on the solid travel business as supported by the release of pent-up demand. Based on the anecdotal data for the Labour Day holidays, we think its tourist attractions segment, with presence spanning across many important travel spots in China, will likely lead a turnaround in 1H21, both in terms of HoH and YoY comparison.</p><p>We also envisage that its hotel operations and passenger transportation will trim losses in FY21, as global vaccination rates increase and cross-border travel restrictions are gradually removed. Its hotels in Hong Kong have participated in staycation program and involved as quarantine hotel, which will both improve the cash flow of this business segment. We note that net cash amounted to 34.3% of CTII's current share price, providing ample room to comfortably move ahead on the recovery. </p>

China Travel International Investment Hong Kong (308 HK) (CTII) should see a good recovery in FY21, riding on the solid travel business as supported by the release of pent-up demand. Based on the anecdotal data for the Labour Day holidays, we think its tourist attractions segment, with presence spanning across many important travel spots in China, will likely lead a turnaround in 1H21, both in terms of HoH and YoY comparison.We also envisage that its hotel operations and passenger transportation will trim losses in FY21, as global vaccination rates increase and cross-border travel restrictions are gradually removed. Its hotels in Hong Kong have participated in staycation program and involved as quarantine hotel, which will both improve the cash flow of this business segment. We note that net cash amounted to 34.3% of CTII's current share price, providing ample room to comfortably move ahead on the recovery. 

China Travel Intl Inv (308 HK): Poised for a Sustained Recovery