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>Daewoo Shipping &amp; Marine Engineering early in May 2023 agreed to takeover by Hanwah Group</li>
<li>Hanwah Ocean, the re-named entity, reported financial stress for years, a lumpy NPL for banks</li>
<li>C&amp;P CIQ data suggests that all four major Korean banks are creditors to Hanwah Ocean</li>
</ul>


Daewoo Shipping &amp; Marine Engineering early in May 2023 agreed to takeover by Hanwah Group
Hanwah Ocean, the re-named entity, reported financial stress for years, a lumpy NPL for banks
C&amp;P CIQ data suggests that all four major Korean banks are creditors to Hanwah Ocean


Korea's Large Banks & Hanwah Ocean - Credit Reversals or Overhang?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.</li>
<li>Lee Jae-Myung has pledged providing a "basic loan" of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. </li>
<li>There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.</li>
</ul>


Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
Lee Jae-Myung has pledged providing a "basic loan" of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. 
There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.


Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD41mln. 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 Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.
We estimate that foreign flows to be outflows of USD41mln. 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 Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.


KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

Event-Driven

<ul>
<li>On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).</li>
<li>Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.</li>
<li>This deal is likely to positively impact Jeju Bank's shares as this capital raise is used to further invest in ERP based banking that could further boost its sales. </li>
</ul>


On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).
Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.
This deal is likely to positively impact Jeju Bank's shares as this capital raise is used to further invest in ERP based banking that could further boost its sales. 


Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>June rebalance drops mid-May, goes live post-KOSPI 200 expiry. Back to 100 names—net outflow setup with more deletes than adds. ETFs rebalance into June 12 close.</li>
<li>KRX confirmed 10 special entries for June; results likely out in May with Value-Up rebalance. 12 protected names stay. Stocks over 10% weight, like Samsung and SK Hynix, remain.</li>
<li>Value-Up disclosure isn’t mandatory yet—rule starts June 2026. But compliant firms get a screening boost. Around 76 spots remain, filled via quant screen after excluding 24 protected names.</li>
</ul>


June rebalance drops mid-May, goes live post-KOSPI 200 expiry. Back to 100 names—net outflow setup with more deletes than adds. ETFs rebalance into June 12 close.
KRX confirmed 10 special entries for June; results likely out in May with Value-Up rebalance. 12 protected names stay. Stocks over 10% weight, like Samsung and SK Hynix, remain.
Value-Up disclosure isn’t mandatory yet—rule starts June 2026. But compliant firms get a screening boost. Around 76 spots remain, filled via quant screen after excluding 24 protected names.


June Value-Up Rebalance: Hype Fading, But Key Flags Remain

South Korea

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services.  The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

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Shinhan Financial (055550 KS)

Korea's Large Banks & Hanwah Ocean - Credit Reversals or Overhang?

News of ~USD740m placement, insight by Brian Freitas on this capital increase, it is a timely reminder of core credit metrics and concern for...

Daniel Tabbush

Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks

Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.

Douglas Kim

KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

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

Ke Yan, CFA, FRM

Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).

Douglas Kim

June Value-Up Rebalance: Hype Fading, But Key Flags Remain

This post gives a quick pulse check on the June Value-up Index rebalance—hype’s cooling off, but there are still a few key things to flag.

Sanghyun Park

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