Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>New World Development is now warning of losses from impairments in HK and China</li>
<li>We have already seen this some weeks ago from China Vanke, conditions still weakening</li>
<li>Banks in Hong Kong and China face more bad loans, but also those with exposures in the regions, like HSBC, STAN and Singapore's banks</li>
</ul>


New World Development is now warning of losses from impairments in HK and China
We have already seen this some weeks ago from China Vanke, conditions still weakening
Banks in Hong Kong and China face more bad loans, but also those with exposures in the regions, like HSBC, STAN and Singapore's banks


Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The prior Offer for <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.</li>
<li>To break the deadlock, I mused in <a href="https://www.smartkarma.com/insights/this-needs-to-be-sorted-great-eastern-ge-sp-s-protracted-suspension" target="_blank" data-smartkarma-citation="insights:179375" rel="noopener">This Needs To Be Sorted: Great Eastern (GE SP)'s Protracted Suspension</a>, that OCBC needed to come out with a improved Offer of ~S$30/share.</li>
<li>That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.</li>
</ul>


The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)'s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.


Great Eastern (GE SP): OCBC Bumps Terms - $30.15/Share Exit Offer

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.</li><li>UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.</li><li>STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.</li></ul>

In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.

2025 Sees Strong Start to Share Buybacks 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> will remain in the spotlight in the coming week as well.</li>
<li>On the placements front, Japan deals appear to be picking up again.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
On the placements front, Japan deals appear to be picking up again.


ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

<ul><li>In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.</li><li>Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.</li><li>DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.</li></ul>

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.

STI Banks Report Robust 1Q25 Financial Performance

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

This is relevant to new insight on HK banks with worsening HFD for LDR and real estate lending growth now at most negative rates in the HKMA...

Daniel Tabbush

ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

STI Banks Report Robust 1Q25 Financial Performance

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion. Over the first...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

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Singapore and HK Banks - New World Impairments Are Significant, Flow Through to Banks Is Real

This is relevant to new insight on HK banks with worsening HFD for LDR and real estate lending growth now at most negative rates in the HKMA...

Daniel Tabbush

Great Eastern (GE SP): OCBC Bumps Terms - $30.15/Share Exit Offer

OCBC is doing the right thing, and bumping terms. Shares are suspended. And (I believe) will remain suspended throughout the Exit Offer. I'm not...

David Blennerhassett

2025 Sees Strong Start to Share Buybacks

In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024. UOB led May buybacks...

Singapore Exchange Ltd (SGX)

ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

STI Banks Report Robust 1Q25 Financial Performance

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion. Over the first...

Singapore Exchange Ltd (SGX)