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.

Guangzhou Baiyun Intl Airport (600004 CH): On a Better Playing Field

Guangzhou Baiyun Intl Airport (600004 CH): Further Narrowing the Gap

Guangzhou Baiyun Intl Airport (600004 CH): Facing Challenges in the Near Term

Guangzhou Baiyun Intl Airport (600004 CH): No Abatement in Growth Paces

Guangzhou Baiyun Intl Airport (600004 CH): Sep Marked the First Dual YoY Growth

Guangzhou Baiyun Intl Airport (60004 CH): Finally, in Aug, YoY Growth...

2021 High Conviction: Pair Trade - Long Air China (753 HK), Short China Southern (1055 HK)

Shanghai International Airport (600009 CH): Narrowing Loss in 3Q20

Equity Bottom-Up

Guangzhou Baiyun International Airport / Equity Bottom-Up

Guangzhou Baiyun International Airport (600004 CH)

<p><a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" data-smartkarma-citation="entities:10819:1" rel="noopener">Guangzhou Baiyun International Airport (600004 CH)</a> achieved the least YoY decline in aircraft movement and cargo throughput in Dec, ending a rough year on a sweet note. In particular, domestic aircraft movement soared 21.8% and international cargo traffic rose 4.8% in last month, which are both very encouraging paces. </p><p>GBIA's heavy domestic exposure - 87.7% of total aircraft movement and 94.1% of total passenger throughput - should provide a favourable traffic comparison base for 1Q21 given the domestic market was the hardest hit in 1Q20. The relatively fewer scattered local cases in southern China, for example, only 1 in Guangdong since Jun 2020, will likely mean the region is a better travel option in the upcoming month-long Winter Break, and this should be positive to GBIA. </p>

Guangzhou Baiyun International Airport (600004 CH) achieved the least YoY decline in aircraft movement and cargo throughput in Dec, ending a rough year on a sweet note. In particular, domestic aircraft movement soared 21.8% and international cargo traffic rose 4.8% in last month, which are both very encouraging paces. GBIA's heavy domestic exposure - 87.7% of total aircraft movement and 94.1% of total passenger throughput - should provide a favourable traffic comparison base for 1Q21 given the domestic market was the hardest hit in 1Q20. The relatively fewer scattered local cases in southern China, for example, only 1 in Guangdong since Jun 2020, will likely mean the region is a better travel option in the upcoming month-long Winter Break, and this should be positive to GBIA. 

Shanghai International Airport (600009 CH)

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun Intl Airport (600004 CH): Concluding 2020 with a Sweet Note