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.

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Equity Bottom-Up

Shenzhen International / Equity Bottom-Up

<p>We took a deep look in the recent plan to acquire 8% stake in <a href="https://www.smartkarma.com/entities/suning-com-co-ltd-a" target="_blank" data-smartkarma-citation="entities:9178:1" rel="noopener">Suning Commerce Group Co., Ltd. A (002024 CH)</a> as announced by <a href="https://www.smartkarma.com/entities/shenzhen-intl-holdings" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen Intl (152 HK)</a> (SZIH). We believe the deal is not only good to SZIH, but is also a wise one. While the Rmb5.2bn consideration is sizable and will not generate much near-term financial impacts, the strategic benefits to SZIH are significantly more important.</p><p>We estimate that the cost of acquisition only equals to 1.2-2.2% of SZIH's FY19 profit, but the strategic benefits will include fostering further collaboration, accelerating network expansion, potentially restructuring assets and gaining quasi-control in Suning. </p>

We took a deep look in the recent plan to acquire 8% stake in Suning Commerce Group Co., Ltd. A (002024 CH) as announced by Shenzhen Intl (152 HK) (SZIH). We believe the deal is not only good to SZIH, but is also a wise one. While the Rmb5.2bn consideration is sizable and will not generate much near-term financial impacts, the strategic benefits to SZIH are significantly more important.We estimate that the cost of acquisition only equals to 1.2-2.2% of SZIH's FY19 profit, but the strategic benefits will include fostering further collaboration, accelerating network expansion, potentially restructuring assets and gaining quasi-control in Suning. 

Shenzhen Intl (152 HK): Is Investing in Suning a Good or Bad Deal?