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.

Chinese Airlines: Our Read Beyond the 1Q20 Headline Losses

Chinese Airlines: Encouraging Traffic And (More Importantly) Yield Uptick in May After a Solid Apr

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

Shanghai International Airport (600009 CH): Winning All Against Beijing Airport (694 HK)

China Southern Airlines (1055 HK): Better Fortunes than Air China (753 HK)

China Southern Airlines (1055 HK): Most Benefited from Government Supportive Measures

Thematic (Sector/Industry)

China Airlines / Thematic (Sector/Industry)

<p>The Mar traffic figures for Chinese airlines and airports are showing light at the end of the tunnel, with solid MoM improvement recorded across the board. <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a> (CSA) led the airlines while <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport Co, Ltd. (600009 CH)</a> (SIAC) sustained its outperformance against <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital International Airport (BCIA) (694 HK)</a> by wide margin.</p><p>CSA recorded the strongest load factors among the Big Three, indicating better capacity management, and we also witnessed a noticeable pick up in its average fare in last week, finally. For SIAC, the change in flight arrangements at Shanghai and Beijing starting late Mar should also sustain its outperformance against BCIA. </p>

The Mar traffic figures for Chinese airlines and airports are showing light at the end of the tunnel, with solid MoM improvement recorded across the board. China Southern Airlines (1055 HK) (CSA) led the airlines while Shanghai International Airport Co, Ltd. (600009 CH) (SIAC) sustained its outperformance against Beijing Capital International Airport (BCIA) (694 HK) by wide margin.CSA recorded the strongest load factors among the Big Three, indicating better capacity management, and we also witnessed a noticeable pick up in its average fare in last week, finally. For SIAC, the change in flight arrangements at Shanghai and Beijing starting late Mar should also sustain its outperformance against BCIA. 

Shanghai International Airport (600009 CH)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun International Airport (600004 CH)

Chinese Airlines and Airports: March Traffic Showed Stark Differentiation