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): Latest Update Post COVID-19 Outbreak

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

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

SITC International (1308 HK): Creator of Shareholder Value

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

Equity Bottom-Up

<p><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> is expected to declare a special dividend when it holds a board meeting on 20 Dec 2019, and we believe this will lift its payout ratio to 83% in FY19, from 71% in FY18. This showcases the company's underlying operation is sound, financial health is solid and management is confident on outlook.</p><p>Our discussion with the company suggests that momentum has improved in 4Q19 with stronger freight rate and volume, after a dip in 3Q19. In the longer term, it has taken proactive moves to lower its cost and capture the structural trend of manufacturing migration from North Asia to South/Southeast Asia. Despite an 18.7pp outperformance in 2019, we continue to like SITC. </p>

SITC International (1308 HK) is expected to declare a special dividend when it holds a board meeting on 20 Dec 2019, and we believe this will lift its payout ratio to 83% in FY19, from 71% in FY18. This showcases the company's underlying operation is sound, financial health is solid and management is confident on outlook.Our discussion with the company suggests that momentum has improved in 4Q19 with stronger freight rate and volume, after a dip in 3Q19. In the longer term, it has taken proactive moves to lower its cost and capture the structural trend of manufacturing migration from North Asia to South/Southeast Asia. Despite an 18.7pp outperformance in 2019, we continue to like SITC. 

SITC International (1308 HK): Positive Picture for 2020