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.

Shanghai International Airport (600009 CH): Still the Preferred Play Despite Widened Losses in 2Q20

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

Shanghai International Airport (600009 CH): Best in Domestic and Cargo Traffic in Aug

Shanghai International Airport (600009 CH): Winning All Against Beijing Airport (694 HK)

Shanghai International Airport (600009 CH): Best of the Breed

Shanghai International Airport (600009 CH): Channel Checks Suggest Very Strong Freight Traffic

Equity Bottom-Up

Shanghai International Airport / Equity Bottom-Up

Shanghai International Airport (600009 CH)

<p><a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport Co, Ltd. (600009 CH)</a> (SIAC) reported a profit of Rmb80.6m in 1Q20, or a 94.2% YoY drop. We believe the weak profit should have been anticipated, given the traffic disruption caused by the COVID-19 outbreak. When compared with <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> (GBIA) which reported a loss of Rmb63m for 1Q20, we see SIAC ahead of this peer.</p><p>The 1Q20 result performance of the Chinese airport companies continue to support our positive view on SIAC. Share price of GBIA soared 10% on the back of its result announcement, and we believe SIAC should catch up given its even better result.  </p>

Shanghai International Airport Co, Ltd. (600009 CH) (SIAC) reported a profit of Rmb80.6m in 1Q20, or a 94.2% YoY drop. We believe the weak profit should have been anticipated, given the traffic disruption caused by the COVID-19 outbreak. When compared with Guangzhou Baiyun International Airport (600004 CH) (GBIA) which reported a loss of Rmb63m for 1Q20, we see SIAC ahead of this peer.The 1Q20 result performance of the Chinese airport companies continue to support our positive view on SIAC. Share price of GBIA soared 10% on the back of its result announcement, and we believe SIAC should catch up given its even better result.  

Guangzhou Baiyun International Airport (600004 CH)

Shanghai International Airport (600009 CH): Profit in 1Q20 Vs. Loss at Guangzhou Airport (600004 CH)