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.

Xinhua Winshare (811HK): 3Q19 Is Another Decent Quarter

Xinhua Winshare (811 HK): We like the Net Cash Cushion - 68% of Share Price

Xinhua Winshare (811 HK): Manageable Impact in 1Q20 and Good Recovery on Track

Xinhua Winshare (811 HK): Secured 6.2% Yield Rock Solid in the Waves

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/xinhua-winshare-publishing-media-co-ltd" target="_blank" data-smartkarma-citation="entities:15072:1" rel="noopener">Xinhua Winshare Publishing&amp;Media (811 HK)</a> announced a set of very strong 1H2019 result which surpassed our expectations. All key business segments performed well, with particular strengths at the publication and online businesses. Expansion of gross margin is also very positive and ahead of our forecast.XW remains the best pick amid the intensified US-China trade war, given its lack of exposure in this area. We continue to see investment in education and culture a priority in China and XW is well positioned to capture such opportunities. We regard XW a safe heaven at undemanding 5.9x FY19 PER and 6% dividend yield for FY19-21. At end-1H2019, its net cash on hand amounted to 62% of its current share price.

Xinhua Winshare Publishing&amp;Media (811 HK) announced a set of very strong 1H2019 result which surpassed our expectations. All key business segments performed well, with particular strengths at the publication and online businesses. Expansion of gross margin is also very positive and ahead of our forecast.XW remains the best pick amid the intensified US-China trade war, given its lack of exposure in this area. We continue to see investment in education and culture a priority in China and XW is well positioned to capture such opportunities. We regard XW a safe heaven at undemanding 5.9x FY19 PER and 6% dividend yield for FY19-21. At end-1H2019, its net cash on hand amounted to 62% of its current share price.

Xinhua Winshare (811 HK): On Track to Sustain Stable & Secured Yield