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): We Shouldn't Be Too Bearish

Shanghai International Airport (600009 CH): Hongqiao Acquisitions Are Fair Deals

Shanghai International Airport (600009 CH): Best Momentum Against Peers in Sep

Shanghai International Airport (600009 CH): Extending Traffic Outperformance to Oct

Shanghai International Airport (600009 CH): Dragged by Unfavourable Duty Free Agreement

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

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 (600009 CH)</a> (SIAC) announced that it will suspend from trading starting 10 Jun, pending the announcement of the acquisitions of a 100% stake in Hongqiao Company, 100% stake in Logistics Company and assets related to the 4th runway at the Shanghai Pudong International Airport from its parent. </p><p>Valuation and consideration have not been finalised and financial figures not disclosed yet. However, strategically, we think the deal is positive to SIAC with reduction in connected transactions, consolidation of both airports in Shanghai under its ownership, cash cow contribution from Hongqiao Airport, capture of the cargo momentum through Logistics Company and part coverage of earnings hole left by the unfavourable duty free agreement with <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>. </p>

Shanghai International Airport (600009 CH) (SIAC) announced that it will suspend from trading starting 10 Jun, pending the announcement of the acquisitions of a 100% stake in Hongqiao Company, 100% stake in Logistics Company and assets related to the 4th runway at the Shanghai Pudong International Airport from its parent. Valuation and consideration have not been finalised and financial figures not disclosed yet. However, strategically, we think the deal is positive to SIAC with reduction in connected transactions, consolidation of both airports in Shanghai under its ownership, cash cow contribution from Hongqiao Airport, capture of the cargo momentum through Logistics Company and part coverage of earnings hole left by the unfavourable duty free agreement with China Tourism Group Duty Free Corp Ltd (601888 CH). 

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Guangzhou Baiyun International Airport (600004 CH)

China Tourism Group Duty Free Corp Ltd (601888 CH)

Shanghai International Airport (600009 CH): Suspension of Trading on Potential Acquisitions