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.

SITC International (1308 HK): Spectacular Show in FY19, Fundamentals Stay Solid

SITC International (1308 HK): 1Q20 Showed Exceptional Resilience

China Transportation: In-Depth Look into April Export Figures and Readthrough to Sea and Air Freight

SITC International (1308 HK): Creator of Shareholder Value

SITC International (1308 HK): Moderating Freight Rate in 3Q19 Not a Concern

SITC International (1308 HK): Positive Picture for 2020

Equity Bottom-Up

<p>We spoke with <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a> on the impact of the COVID-19 outbreak. Its cargo volume has now returned to 80% of the normal post-CNY level with relatively stable freight rate, but unit cost for 1H20 will be higher due to lower utilisation. The exit of competitors provides it the opportunity to gain market share and further expand into Southeast Asia, which is positive to its long-term development. </p><p>Similar to all transportation companies, SITC will experience a tough 1H20 with immense pressure which weakens its profitability in the period. However, SITC is among the most solid ones in the sector, with net cash on hand of over US$170m at end-FY19. Its share price is also resilient - down by just 9% from its pre-outbreak peak of HK$9.95.</p>

We spoke with SITC International (1308 HK) on the impact of the COVID-19 outbreak. Its cargo volume has now returned to 80% of the normal post-CNY level with relatively stable freight rate, but unit cost for 1H20 will be higher due to lower utilisation. The exit of competitors provides it the opportunity to gain market share and further expand into Southeast Asia, which is positive to its long-term development. Similar to all transportation companies, SITC will experience a tough 1H20 with immense pressure which weakens its profitability in the period. However, SITC is among the most solid ones in the sector, with net cash on hand of over US$170m at end-FY19. Its share price is also resilient - down by just 9% from its pre-outbreak peak of HK$9.95.

SITC International (1308 HK): Latest Update Post COVID-19 Outbreak