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.

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Equity Bottom-Up

China Conch Venture Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-conch-venture-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19943:1" rel="noopener">China Conch Venture Holdings (586 HK)</a> is sitting on a steep discount of 59% to its NAV. Its holding in <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd-094855ab-abec-4b71-956b-5bfc85e22fdd" target="_blank" data-smartkarma-citation="entities:389:1" rel="noopener">Anhui Conch Cement (600585 CH)</a> is already valued at HK$13.3/share.</li>
<li>Its waste-to-energy business has a value of Rmb4.4bn by assuming 5x PER, but this business has a net book value of Rmb10bn. Pipeline capacity equals 21.7% of operational capacity.</li>
<li>The new energy segment, including lithium battery recycling and the manufacture of positive and negative electrode materials, has solid prospects but is overlooked by the market.</li>
</ul>



China Conch Venture Holdings (586 HK) is sitting on a steep discount of 59% to its NAV. Its holding in Anhui Conch Cement (600585 CH) is already valued at HK$13.3/share.
Its waste-to-energy business has a value of Rmb4.4bn by assuming 5x PER, but this business has a net book value of Rmb10bn. Pipeline capacity equals 21.7% of operational capacity.
The new energy segment, including lithium battery recycling and the manufacture of positive and negative electrode materials, has solid prospects but is overlooked by the market.


Canvest Environmental Protection Group (1381 HK)

China Conch Environment Protection Holdings (587 HK)

China Conch Environment Protection Holdings

Zhejiang Weiming Environment Protection Co Ltd (603568 CH)

Zhejiang Weiming Environment Protection Co Ltd

Conch Venture (586 HK): Interesting Angles, yet Undervalued