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.

Dongfang Electric (1072 HK): Surge in 3Q22 Profit and Acceleration of New Orders

Dongfang Electric (1072 HK) And CIMC Enric (3899 HK): Two Stocks for the Next Five Years

Dongfang Electric (1072 HK): Heading Towards Another Fruitful Year

Dongfang Electric (1072 HK): Beaten Down Too Excessively

Dongfang Electric (1072 HK): Pumped Additionally by Pumped Storage Story

Dongfang Electric (1072 HK): From Strength to Strength

Dongfang Electric (1072 HK): Healthy 3Q21 Result with Positive Order Flow

Equity Bottom-Up

<ul>
<li>Strong new orders in 2H22 and FY23 are the drivers for <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> after it posted a 31.6% earnings growth and new orders of Rmb36.7bn in 1H22.</li>
<li>Demand outlook for its major products including coal-fired, gas turbine, renewable, pumped storage and hydrogen energy are all very encouraging. </li>
<li>We estimate order backlog will equal to 1.6x FY22F revenue by year-end. Despite solid outperformance, DEC is still cheap at 12.6x and 9.8x PERs for FY22 and FY23.</li>
</ul>


Strong new orders in 2H22 and FY23 are the drivers for Dongfang Electric (1072 HK) after it posted a 31.6% earnings growth and new orders of Rmb36.7bn in 1H22.
Demand outlook for its major products including coal-fired, gas turbine, renewable, pumped storage and hydrogen energy are all very encouraging. 
We estimate order backlog will equal to 1.6x FY22F revenue by year-end. Despite solid outperformance, DEC is still cheap at 12.6x and 9.8x PERs for FY22 and FY23.


Shanghai Electric Group Company (2727 HK)

Dongfang Electric Corporation (600875 CH)

Dongfang Electric (1072 HK): At Full Throttle