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.

Equity Bottom-Up

The fact is that we hear about HSBC&rsquo;s reported strategy changes every several years.It&rsquo;s a lot of words, presentations, and epiphanies, but little in the way of a real reshaping.The bank remains a blundering behemoth, with more than a third of its loans in the UK, which is something it never calls attention to in its presentations.Well here&rsquo;s another hidden reality: HSBC&rsquo;s combined Russian and Greek loans were US$8bn at 4Q14, which is the same as its Thailand, and Indonesia gross loans!More below the fold&nbsp;

The fact is that we hear about HSBC&rsquo;s reported strategy changes every several years.It&rsquo;s a lot of words, presentations, and epiphanies, but little in the way of a real reshaping.The bank remains a blundering behemoth, with more than a third of its loans in the UK, which is something it never calls attention to in its presentations.Well here&rsquo;s another hidden reality: HSBC&rsquo;s combined Russian and Greek loans were US$8bn at 4Q14, which is the same as its Thailand, and Indonesia gross loans!More below the fold&nbsp;

HSBC Is More Focussed on Russia & Greece than Indonesia & Thailand

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

HSBC Is More Focussed on Russia & Greece than Indonesia & Thailand

The fact is that we hear about HSBC’s reported strategy changes every several years.It’s a lot of words, presentations, and epiphanies, but little...

Daniel Tabbush

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