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.

China's Next Generation:  Diversifying Away from Tencent and Alibaba.

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

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

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

China Tourism Gp Duty Free (601888 CH): Surge in Hainan Tourists & Duty Free Policy Implementation

CTG Duty Free Corp (601888 CH): Encouraging Initial Jul Duty Free Figures from New Hainan Policy

China on the Ground: Hey, How's Your Golden Week?

CTG Duty Free Corp (601888 CH): Good 2Q20 and Brighter Outlook for 2H20

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> made an announcement on the express report of 9M20 result after market close of 12 Oct, suggesting a growth of 141.9% YoY in attributable recurring profit to Rmb2.23bn in 3Q20. We see this result at the high-end of the market expectation, and believe there is room for full-year earnings upgrade by the street. </p><p>Primarily driven by the favourable duty free policy in Hainan starting 1 Jul, its 3Q20 revenue was up 40.8% YoY and operating margin also expanded to 19.2% (vs. 13% in 3Q19). There is still room for margin expansion as driven by the encouraging sales during the "double festival" Golden Week this year, in our view. </p>

China Tourism Group Duty Free Corp Ltd (601888 CH) made an announcement on the express report of 9M20 result after market close of 12 Oct, suggesting a growth of 141.9% YoY in attributable recurring profit to Rmb2.23bn in 3Q20. We see this result at the high-end of the market expectation, and believe there is room for full-year earnings upgrade by the street. Primarily driven by the favourable duty free policy in Hainan starting 1 Jul, its 3Q20 revenue was up 40.8% YoY and operating margin also expanded to 19.2% (vs. 13% in 3Q19). There is still room for margin expansion as driven by the encouraging sales during the "double festival" Golden Week this year, in our view. 

CTG Duty Free Corp (601888 CH): 3Q20 Profit to Grow 141.9% YoY