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.

COSCO Shipping Energy (1138 HK): 10-Year Low Valuation Reflected Worst Case Scenario

COSCO Shipping Energy (1138 HK): Very Good News - OFAC Lifted Dalian Tanker Sanction

COSCO Shipping Energy (1138 HK): Time to Take Some Money off the Table

COSCO Shipping Energy (1138 HK): Strength of Turning Around

COSCO Shipping Energy (1138 HK): Benefiting from VLCC Rate Spike Despite Sanctions

COSCO Shipping Energy (1138 HK): Delivered as Promised

Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H) / Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

<p><a href="https://www.smartkarma.com/entities/china-shipping-development-co-ltd" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)</a> achieved a sharp turnaround in its 3Q19 result from loss-making a year ago on the back of rate improvement and margin expansion. We expect CSET to ride on the peak season and the spike in tanker rate with impressive 4Q19 earnings. Loosening/removal of US sanctions and non-public issuance of A-share are potential positives to the stock.</p><p>The transfer of a 50% ownership in CLNG from Dalian Tanker (which is subjected to US sanctions) to directly under CSET suggests that CSET has measures to handle the sanctions. We believe the market has punished CSET too harshly and the stock's current 0.45x P/B has just grossly undervalued its assets and businesses.</p>

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK) achieved a sharp turnaround in its 3Q19 result from loss-making a year ago on the back of rate improvement and margin expansion. We expect CSET to ride on the peak season and the spike in tanker rate with impressive 4Q19 earnings. Loosening/removal of US sanctions and non-public issuance of A-share are potential positives to the stock.The transfer of a 50% ownership in CLNG from Dalian Tanker (which is subjected to US sanctions) to directly under CSET suggests that CSET has measures to handle the sanctions. We believe the market has punished CSET too harshly and the stock's current 0.45x P/B has just grossly undervalued its assets and businesses.

COSCO Shipping Energy (1138 HK): 3Q19 Continued to Demonstrate Turnaround