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.

Singamas (716 HK): Positive Readthrough from CIMC

China & HK Strategy: Stocks Exposed to the US and Higher Tariffs

CIMC Enric (3899 HK): Robust Order Backlog Outshined Lower 1Q24 Revenue

CIMC Enric (3899 HK): One More Spin-Off Progressing

CIMC Enric (3899 HK): Things Are Getting Better

CIMC Enric (3899 HK): Positive Takeaways from Post-Result Call

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">CIMC Enric Holdings (3899 HK)</a> has underperformed benchmark Indices YTD, and its business segments are undervalued based on their earnings performance. </li>
<li>The clean energy segment is only valued at HK$3.4bn, or 24% of the stock's total. However, it is the largest earnings generator in 1H24, contributing 60% of 1H24 profit.</li>
<li>CLPT's earnings contribution is 22% more than CIMC Safeway's, but it is only valued at 27% of the latter, equivalent to an undemanding 9.8x annualised PER.</li>
</ul>



CIMC Enric Holdings (3899 HK) has underperformed benchmark Indices YTD, and its business segments are undervalued based on their earnings performance. 
The clean energy segment is only valued at HK$3.4bn, or 24% of the stock's total. However, it is the largest earnings generator in 1H24, contributing 60% of 1H24 profit.
CLPT's earnings contribution is 22% more than CIMC Safeway's, but it is only valued at 27% of the latter, equivalent to an undemanding 9.8x annualised PER.


CIMC Enric (3899 HK): Mispriced, with Good Upside