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): Time to Take Some Money off the Table

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

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

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

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>The removal of Dalian Tanker from the OFAC sanction list - a potential positive catalyst that we flagged in our earlier <a href="https://www.smartkarma.com/insights/cosco-shipping-energy-1138-hk-10-year-low-valuation-reflected-worst-case-scenario" target="_blank" rel="noopener">Insight</a> - on 31 Jan 2020 is very good news to <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>, CSET. With this, most of its VLCCs can now resume business and capture the current high VLCC rates in the market. We believe this will return CSET to profit in 1Q20 vs. a loss in 4Q19.</p><p>In our view, the share price has the potential to retest the HK$4.00 level prior to the announcement of the sanction in late-Sep 2019, representing some 17% upside from current level. Valuation-wise, its current 0.44x P/B multiple is still very undemanding when compared with the historical low of 0.36x.</p>

The removal of Dalian Tanker from the OFAC sanction list - a potential positive catalyst that we flagged in our earlier Insight - on 31 Jan 2020 is very good news to Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK), CSET. With this, most of its VLCCs can now resume business and capture the current high VLCC rates in the market. We believe this will return CSET to profit in 1Q20 vs. a loss in 4Q19.In our view, the share price has the potential to retest the HK$4.00 level prior to the announcement of the sanction in late-Sep 2019, representing some 17% upside from current level. Valuation-wise, its current 0.44x P/B multiple is still very undemanding when compared with the historical low of 0.36x.

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