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>There are some improvements in HK domestic credit growth, but not in the key property sector, which continues to see contraction, at worsening pace</li>
<li>LDR contraction in HK is another concern, for NIM, core interest income, while China credit metrics remain a concern - not only domestic HK.</li>
<li>Singapore banks also exposed to HK and to Mainland China, it is not only HK local banks which bear this risk. Chailease from Taiwan is another good example.</li>
</ul>


There are some improvements in HK domestic credit growth, but not in the key property sector, which continues to see contraction, at worsening pace
LDR contraction in HK is another concern, for NIM, core interest income, while China credit metrics remain a concern - not only domestic HK.
Singapore banks also exposed to HK and to Mainland China, it is not only HK local banks which bear this risk. Chailease from Taiwan is another good example.


HK Banks - Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Morningstar lowers Singapore banks' uncertainty ratings to 'low' after tariff scare.</li><li>Aletheia Capital sees Sing Investments, Advanced Holdings, and Koyo Int’l as undervalued.</li><li>PhillipCapital raises Singtel's target price to $4.86 due to mobile and data growth.</li></ul>

Morningstar lowers Singapore banks' uncertainty ratings to 'low' after tariff scare.Aletheia Capital sees Sing Investments, Advanced Holdings, and Koyo Int’l as undervalued.PhillipCapital raises Singtel's target price to $4.86 due to mobile and data growth.

Singapore Market Roundup (02-Sep-2025): Morningstar cuts Singapore banks' uncertainty ratings to

<ul>
<li>Dah Sing saw its Macau and China credit costs rise by 4x in 1H25 YoY</li>
<li>Headline total provision rise of 34% YoY gives a flattering view of credit metrics</li>
<li>Loan migration from benign to worse overdue loan buckets is dramatic, not visible in headlines</li>
</ul>


Dah Sing saw its Macau and China credit costs rise by 4x in 1H25 YoY
Headline total provision rise of 34% YoY gives a flattering view of credit metrics
Loan migration from benign to worse overdue loan buckets is dramatic, not visible in headlines


HK Banks - Dah Sing's Credit Costs in Macau and China Rose 4x YoY in 1H25

<ul><li>RHB's Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.</li><li>UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.</li><li>OCBC's Lim starts coverage of Hong Leong Asia with 'buy' and $3.40 target.</li></ul>

RHB's Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.OCBC's Lim starts coverage of Hong Leong Asia with 'buy' and $3.40 target.

Singapore Market Roundup (26-Aug-2025): RHB's Yeo raises Venture Corp target price to $15.

<ul><li>OCBC's Lim rates Hong Leong Asia as 'buy' with a $3.40 fair value.</li><li>Analysts expect SATS to keep outperforming industry benchmarks.</li><li>Maybank's Seet downgrades SingPost to 'hold' due to asset divestment pause.</li></ul>

OCBC's Lim rates Hong Leong Asia as 'buy' with a $3.40 fair value.Analysts expect SATS to keep outperforming industry benchmarks.Maybank's Seet downgrades SingPost to 'hold' due to asset divestment pause.

Singapore Market Roundup (25-Aug-2025): OCBC's Lim rates Hong Leong Asia 'buy' at $3.40.

Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

HK Banks - Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.

New data on LDR, shows further contraction. This is partly driven by accelerating USD deposit growth at +20.5% YoY for July.

Daniel Tabbush

Singapore Market Roundup (02-Sep-2025): Morningstar cuts Singapore banks' uncertainty ratings to

Morningstar downgrades Singapore banks' uncertainty ratings to 'low.' Aletheia Capital finds Sing Investments, Advanced Holdings, and Koyo Int’l...

Singapore Market Roundup

HK Banks - Dah Sing's Credit Costs in Macau and China Rose 4x YoY in 1H25

Dah Sing Financial shows 4x growth YoY in its Macau and China credit costs. This is not clearly visible, or its Overdue Loan migration, in headline...

Daniel Tabbush

Singapore Market Roundup (26-Aug-2025): RHB's Yeo raises Venture Corp target price to $15.

RHB's Yeo raises Venture Corp target to $15; UOBKH favors CLAR, CLAS, and LREIT in S-REITs. OCBC's Lim initiates coverage of Hong Leong Asia with a...

Singapore Market Roundup

Singapore Market Roundup (25-Aug-2025): OCBC's Lim rates Hong Leong Asia 'buy' at $3.40.

OCBC's Lim rates Hong Leong Asia 'buy' at $3.40. Analysts see SATS outperforming, while Maybank's Seet downgrades SingPost to 'hold' amid asset...

Singapore Market Roundup

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