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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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)

<ul>
<li>VLCC rate has moved up in 4Q21 but share price has not - <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)</a> presents an interesting opportunity at just 0.4x P/B. </li>
<li>A bad 3Q21 result and a weak FY21 should be well reflected in the share price, but there are upside from things being less bad, fuelled by stronger oil demand.</li>
<li>CSET will also benefit from the structural trend of more oil export from US to China and the rise in scrapping of aged vessels in the medium term.</li>
</ul>


VLCC rate has moved up in 4Q21 but share price has not - Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK) presents an interesting opportunity at just 0.4x P/B. 
A bad 3Q21 result and a weak FY21 should be well reflected in the share price, but there are upside from things being less bad, fuelled by stronger oil demand.
CSET will also benefit from the structural trend of more oil export from US to China and the rise in scrapping of aged vessels in the medium term.


COSCO Shipping Energy (1138 HK): Return Looks like Well Worth the Risk