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)

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%, which is not overly worrisome, but nonetheless it remains substantial.Indonesia tops the charts due to less well-known banks, and many that are subsidiaries from banks outside the country. On average NPL formation for Indonesia’s listed banks is 87% but when including only the major domestic banks the figure is less dramatic at 31%.  At the very least,…

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%, which is not overly worrisome, but nonetheless it remains substantial.Indonesia tops the charts due to less well-known banks, and many that are subsidiaries from banks outside the country. On average NPL formation for Indonesia’s listed banks is 87% but when including only the major domestic banks the figure is less dramatic at 31%.  At the very least,…

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Mar 27th. The aggregated holding was USD1,119.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,992mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Samsung Elec (PREF), SamsungE&amp;A.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Mar 27th. The aggregated holding was USD1,119.8bn.
We estimate that foreign flows to be outflows of USD7,992mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Samsung Elec (PREF), SamsungE&amp;A.


KRX Foreign Holding Weekly (Mar 27th): Samsung Electronics, SK Hynix, Hyundai Motor

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin  plans to purchase 20 billion won (US$13.3 million) worth of treasury shares.</li>
<li>Hotel Shilla's CEO Lee Boo-Jin's decision to purchase 20 billion won worth of treasury shares is clearly positive in the near term since it is first time purchase for her.</li>
<li>However, Hotel Shilla continues to have poor, volatile profit margins. Plus, despite the additional influx of millions of foreign investors to Korea, the company's sales growth and profits remain poor.  </li>
</ul>


On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin  plans to purchase 20 billion won (US$13.3 million) worth of treasury shares.
Hotel Shilla's CEO Lee Boo-Jin's decision to purchase 20 billion won worth of treasury shares is clearly positive in the near term since it is first time purchase for her.
However, Hotel Shilla continues to have poor, volatile profit margins. Plus, despite the additional influx of millions of foreign investors to Korea, the company's sales growth and profits remain poor.  


Hotel Shilla: CEO Lee Boo-Jin Plans to Buy 20 Billion Won Worth of Stock + End of Inheritance Tax

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

Samsung Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:510:1" rel="noopener">Samsung Life Insurance (032830 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Samsung Fire &amp; Marine Insuranc (000815 KS)</a> are likely to sell around U$1bn worth of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> shares via a block deal.</li>
<li>The selldown is being undertaken to meet regulatory requirements for shareholding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics (005930 KS) shares via a block deal.
The selldown is being undertaken to meet regulatory requirements for shareholding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Derivatives and Quantitative Strategist

Gaudenz Schneider

Samsung Fire & Marine Insurance / Equity Bottom-Up

Samsung Fire & Marine Insurance (000810 KS)

<ul>
<li>
Context: The price ratio of <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insurance" target="_blank" data-smartkarma-citation="entities:511:1" rel="noopener">Samsung Fire &amp; Marine Insurance Commons Shares (000810 KS)</a> vs. <a href="https://www.smartkarma.com/entities/samsung-fire-marine-insuranc" target="_blank" data-smartkarma-citation="entities:27499:1" rel="noopener">Preferred Shares (000815 KS)</a> has deviated more than three standard deviations from its one-year average.</li>
<li>
Highlights: Overweight the Common Shares and underweight the Preferred Shares has the potential for approximately 6% alpha.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The price ratio of Samsung Fire &amp; Marine Insurance Commons Shares (000810 KS) vs. Preferred Shares (000815 KS) has deviated more than three standard deviations from its one-year average.

Highlights: Overweight the Common Shares and underweight the Preferred Shares has the potential for approximately 6% alpha.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Samsung Fire & Marine (000810 KS) Vs. Samsung F&M Pref (000815 KS): Rare Share-Class Dislocation

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

A Gradual NPL Cycle in Asia

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%,...

Daniel Tabbush

KRX Foreign Holding Weekly (Mar 27th): Samsung Electronics, SK Hynix, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Hotel Shilla: CEO Lee Boo-Jin Plans to Buy 20 Billion Won Worth of Stock + End of Inheritance Tax

On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin plans to purchase 20 billion won (US$13.3 million) worth of treasury...

Douglas Kim

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A Gradual NPL Cycle in Asia

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%,...

Daniel Tabbush

KRX Foreign Holding Weekly (Mar 27th): Samsung Electronics, SK Hynix, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Hotel Shilla: CEO Lee Boo-Jin Plans to Buy 20 Billion Won Worth of Stock + End of Inheritance Tax

On 27 March, it was announced that Hotel Shilla (008770 KS)'s CEO Lee Boo-Jin plans to purchase 20 billion won (US$13.3 million) worth of treasury...

Douglas Kim

Aequitas: Samsung Electronics US$1bn Technical Selldown Likely, past Deals Haven’t Done Much

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insuranc (000815 KS) are likely to sell around U$1bn worth of Samsung Electronics...

Sumeet Singh

Samsung Fire & Marine (000810 KS) Vs. Samsung F&M Pref (000815 KS): Rare Share-Class Dislocation

A 3.5-sigma divergence between Samsung Fire & Marine’s common and preferred shares signals a potential mean-reversion opportunity, with a trade...

Gaudenz Schneider