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.

CTG Duty Free (601888 CH): Latest Updates and Moving Ahead on H-Share IPO

CTG Duty Free (601888 CH) H-Share Pre-IPO: Fundamentally Speaking

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CTG Duty Free Corp (601888 CH): Extending Solid Sales Track in the Golden Week

CTG Duty Free Corp (601888 CH): Beating Market Expectations on Pre-Announced FY20 Result

CTG Duty Free Corp (601888 CH): Facing More Competition in a Rapidly Growing Market

Shanghai International Airport (600009 CH): Dragged by Unfavourable Duty Free Agreement

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd (601888 CH)

<p><a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> expects recurring net profit of Rmb2.834bn for 1Q21, compared with a loss of Rmb120m in 1Q20. On a QoQ basis, this is down by a marginal 3.8% with a retreat in operating margin. Despite so, we still see this set of result as decent, and it represents about 25% of the full-year consensus forecasts.</p><p>Share price of CTG Duty Free was off 10% yesterday before the earnings announcement, with various concerns including border-opening in Hong Kong, anti-trust risk and clamp down of duty free grey-market, among others. We, however, think that fundamentals stay solid and these concerns are overplayed. With share price already fallen by 34% from the peak, value starts to emerge for this duty free leader in China, in our view.  </p>

China Tourism Group Duty Free Corp Ltd (601888 CH) expects recurring net profit of Rmb2.834bn for 1Q21, compared with a loss of Rmb120m in 1Q20. On a QoQ basis, this is down by a marginal 3.8% with a retreat in operating margin. Despite so, we still see this set of result as decent, and it represents about 25% of the full-year consensus forecasts.Share price of CTG Duty Free was off 10% yesterday before the earnings announcement, with various concerns including border-opening in Hong Kong, anti-trust risk and clamp down of duty free grey-market, among others. We, however, think that fundamentals stay solid and these concerns are overplayed. With share price already fallen by 34% from the peak, value starts to emerge for this duty free leader in China, in our view.  

CTG Duty Free (601888 CH): 1Q21 Profit Is Still Quite Decent