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): Benefiting from VLCC Rate Spike Despite Sanctions

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

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

1138 HK Cosco Shipping Energy - Target 4.65

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

CSET's 2016 Preliminary Results Trail Our Expectations; Fair Value Estimate Maintained

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>In line with its positive profit alert, <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> reported a profit of RMB470.3m in 1H2019, compared with a loss of RMB238.6m a year ago. The good result demonstrated the solid turnaround in its underlying operations, fuelled by strong international oil and LNG transportation businesses.</p><p>We expect the recovery to continue into the rest of this year, supporting a ten-fold increase in earnings for the full year. The stronger spot tanker rates and the added contribution from LNG vessel deliveries are the key drivers supporting such momentum. At 0.55x 12-month forward P/B multiple, we see CSET as inexpensive as we think such valuation has not yet fully reflected the improvement in profitability in the current cycle. </p>

In line with its positive profit alert, Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK) reported a profit of RMB470.3m in 1H2019, compared with a loss of RMB238.6m a year ago. The good result demonstrated the solid turnaround in its underlying operations, fuelled by strong international oil and LNG transportation businesses.We expect the recovery to continue into the rest of this year, supporting a ten-fold increase in earnings for the full year. The stronger spot tanker rates and the added contribution from LNG vessel deliveries are the key drivers supporting such momentum. At 0.55x 12-month forward P/B multiple, we see CSET as inexpensive as we think such valuation has not yet fully reflected the improvement in profitability in the current cycle. 

COSCO Shipping Energy (1138 HK): Delivered as Promised