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): From Strength to Strength

Dongfang Electric (1072 HK): At Full Throttle

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

Dongfang Electric (1072 HK): Looks to Have More Room to Go

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

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

Equity Bottom-Up

<ul>
<li>We think the recent price weakness of <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> is overdone, and there is strong value proposition on the stock based on its current multiples.</li>
<li>DEC's orderbook has well covered in the next two years, while we see cost management measures will help mitigating the pressure on margin. </li>
<li>It is well positioned to capture the wind power boom (26% of FY21 revenue) and remains the prime beneficiary of China's hydrogen economy and pumped storage demand in the longer-term.</li>
</ul>


We think the recent price weakness of Dongfang Electric (1072 HK) is overdone, and there is strong value proposition on the stock based on its current multiples.
DEC's orderbook has well covered in the next two years, while we see cost management measures will help mitigating the pressure on margin. 
It is well positioned to capture the wind power boom (26% of FY21 revenue) and remains the prime beneficiary of China's hydrogen economy and pumped storage demand in the longer-term.


Dongfang Electric (1072 HK): Beaten Down Too Excessively