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>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In this note, we talk about the not-so-positive aspects of the deal.


Swiggy Pre-IPO - The Negtives - Neither Food nor Quick Commerce Was the Largest Revenue Driver

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-3267897e-5e6b-47f2-9804-92aa22202d2b" target="_blank" data-smartkarma-citation="entities:26933:1" rel="noopener">Hyundai Motor (005387 KS)</a> is looking to raise around US$3.3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about its RHP updates and valuations.</li>
</ul>



Hyundai Motor (005387 KS) is looking to raise around US$3.3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about its RHP updates and valuations.


Hyundai Motor India IPO - RHP Updates, Valuation Getting Tricky

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Cross Asset Strategy

<ul><li>The ‘status quo’ on policy rates and change in stance from ‘Withdrawal of Accommodation’ to ‘Neutral’ was on expected lines.</li><li>This has set the stage for a rate cut and we expect a rate cut announcement in the Feb’25 meeting.</li><li>The regulator has maintained its growth and inflation forecast for FY25 with a few minor tweaks. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The ‘status quo’ on policy rates and change in stance from ‘Withdrawal of Accommodation’ to ‘Neutral’ was on expected lines.This has set the stage for a rate cut and we expect a rate cut announcement in the Feb’25 meeting.The regulator has maintained its growth and inflation forecast for FY25 with a few minor tweaks. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Event Update: RBI Monetary Policy - October 2024

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

Swiggy Pre-IPO - The Negtives - Neither Food nor Quick Commerce Was the Largest Revenue Driver

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Hyundai Motor India IPO - RHP Updates, Valuation Getting Tricky

Hyundai Motor (005387 KS) is looking to raise around US$3.3bn via listing its India unit, Hyundai Motor India. In this note, we talk about the RHP...

Sumeet Singh

Event Update: RBI Monetary Policy - October 2024

The ‘status quo’ on policy rates and change in stance from ‘Withdrawal of Accommodation’ to ‘Neutral’ was on expected lines. This has set the stage...

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

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