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.

China Strategy: Top 3 Ideas for the Rest of This Year

Shenzhen Intl (152 HK): Topping Positive Profit Alert Range

Shenzhen Intl (152 HK): Enhancing Its Values

Shenzhen Intl (152 HK): Conversation with Company Affirms 2H23 Outlook

Shenzhen Intl (152 HK): A Big Step Forward

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Shenzhen International / Equity Bottom-Up

<ul>
<li>The REIT issuance of the Hangzhou and Guizhou logistics assets of <a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen International (152 HK)</a> has entered the final stage, reflecting its ability to realise asset values.</li>
<li>We estimate SZI may book gain of around Rmb300m in 2H23, or more likely 1H24, and this will support good HoH and YoY rebound in its earnings. </li>
<li>These assets only accounted for 8% and 5% of SZI's total portfolio area and value, respectively, suggesting there is still immense room for capital gain from its remaining assets.</li>
</ul>


The REIT issuance of the Hangzhou and Guizhou logistics assets of Shenzhen International (152 HK) has entered the final stage, reflecting its ability to realise asset values.
We estimate SZI may book gain of around Rmb300m in 2H23, or more likely 1H24, and this will support good HoH and YoY rebound in its earnings. 
These assets only accounted for 8% and 5% of SZI's total portfolio area and value, respectively, suggesting there is still immense room for capital gain from its remaining assets.


Shenzhen Intl (152 HK): Another Monetisation