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)

It is unclear which bank or NBFC will be next. <a href="https://www.smartkarma.com/entities/dewan-housing-finance-corp" target="_blank" data-smartkarma-citation="entities:8142:1" rel="noopener">Dewan Housing Finance (DEWH IN)</a> went bankrupt last year. IL&amp;FS went bankrupt the year before. This year we have <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> being nationalized or rescued or both, but effectively the same fate. It is unclear who will be next. Perhaps a bank or an NBFC which exaggerated credit growth during the past two years, with a limited amount of capital and with relatively high exposure to weak sectors? The collapse in oil prices is salt on India’s open wound - at least for lenders to oil companies with weakening financials.

It is unclear which bank or NBFC will be next. Dewan Housing Finance (DEWH IN) went bankrupt last year. IL&amp;FS went bankrupt the year before. This year we have Yes Bank (YES IN) being nationalized or rescued or both, but effectively the same fate. It is unclear who will be next. Perhaps a bank or an NBFC which exaggerated credit growth during the past two years, with a limited amount of capital and with relatively high exposure to weak sectors? The collapse in oil prices is salt on India’s open wound - at least for lenders to oil companies with weakening financials.

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Shares of <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> plummeted by more than 56% today after the est Indian Bank, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN) </a>and nation's largest insurance company, LIC decided to buy a stake in the crisis-hit lender.Furthermore, the RBI has come up with a draft revival scheme for the bank after announcing a withdrawal cap of INR 50,000 and a moratorium period of 30 days. The real chaos is yet to come as these 30 days can bring in some unwanted halt to the businesses at ground-level and hence the economy.

Shares of Yes Bank (YES IN) plummeted by more than 56% today after the est Indian Bank, State Bank Of India (SBIN IN) and nation's largest insurance company, LIC decided to buy a stake in the crisis-hit lender.Furthermore, the RBI has come up with a draft revival scheme for the bank after announcing a withdrawal cap of INR 50,000 and a moratorium period of 30 days. The real chaos is yet to come as these 30 days can bring in some unwanted halt to the businesses at ground-level and hence the economy.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

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Regulatory Forbearance for Real Estate Developers: Although we await the final guidelines, the RBI is permitting the commercial operations of real estate developer loans for residential and commercial properties to continue to be extended by a year. </li></ul></div><div><ul>
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Cash Reserve Ratio Cut:The RBI is also allowing commercial banks to deduct any incremental disbursements for auto, home loans, and MSMEs, from the calculation of their net demand and time liabilities for the purposes of maintaining CRR.</li>
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Creation of Long-term Repo Window:The RBI has created a one/three-year repo window for second tier banks to borrow at a policy rate of up to INR 1 tn. </li>
</ul></div>


Regulatory Forbearance for Real Estate Developers: Although we await the final guidelines, the RBI is permitting the commercial operations of real estate developer loans for residential and commercial properties to continue to be extended by a year. 

Cash Reserve Ratio Cut:The RBI is also allowing commercial banks to deduct any incremental disbursements for auto, home loans, and MSMEs, from the calculation of their net demand and time liabilities for the purposes of maintaining CRR.

Creation of Long-term Repo Window:The RBI has created a one/three-year repo window for second tier banks to borrow at a policy rate of up to INR 1 tn. 


RBI - Desperate Times Call For Desperate Measures

When bankers talk about loan seasoning, they are referring to when a loan is tried and tested in a downturn. Generally these are new loans done within the past two years, and may be termed unseasoned. The idea is that a real new loan will not likely default, as monies from the loan are available. But, where and as economic, business, personal conditions worsen, modeling shows that loan default rates rise sharply after two years, holding all else equal.  For India, we often focus on banks and NBFCs with sizable credit growth in recent years, for this very reason. We continue to believe that there is generally more risk with those banks with over-sized credit growth during the last two to three years, than banks that have kept credit growth constrained.

When bankers talk about loan seasoning, they are referring to when a loan is tried and tested in a downturn. Generally these are new loans done within the past two years, and may be termed unseasoned. The idea is that a real new loan will not likely default, as monies from the loan are available. But, where and as economic, business, personal conditions worsen, modeling shows that loan default rates rise sharply after two years, holding all else equal.  For India, we often focus on banks and NBFCs with sizable credit growth in recent years, for this very reason. We continue to believe that there is generally more risk with those banks with over-sized credit growth during the last two to three years, than banks that have kept credit growth constrained.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Commonwealth Bank of Australia / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently 22 pair trade opportunities persist across six markets and nine sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 22 pair trade opportunities persist across six markets and nine sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

India

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

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Yes Bank (YES IN)

India Banks – An Open Wound

It is unclear which bank or NBFC will be next. Dewan Housing Finance (DEWH IN) went bankrupt last year. IL&FS went bankrupt the year before....

Daniel Tabbush

Fall of Yes Bank: Knife for the Economy

Shares of Yes Bank (YES IN) plummeted by more than 56% today after the est Indian Bank, State Bank Of India (SBIN IN) and nation's largest...

Nitin Mangal

RBI - Desperate Times Call For Desperate Measures

Regulatory Forbearance for Real Estate Developers: Although we await the final guidelines, the RBI is permitting the commercial operations of real...

Thomas J. Monaco

India – Loan Seasoning

When bankers talk about loan seasoning, they are referring to when a loan is tried and tested in a downturn. Generally these are new loans done...

Daniel Tabbush

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Banks – An Open Wound

It is unclear which bank or NBFC will be next. Dewan Housing Finance (DEWH IN) went bankrupt last year. IL&FS went bankrupt the year before....

Daniel Tabbush

Fall of Yes Bank: Knife for the Economy

Shares of Yes Bank (YES IN) plummeted by more than 56% today after the est Indian Bank, State Bank Of India (SBIN IN) and nation's largest...

Nitin Mangal

RBI - Desperate Times Call For Desperate Measures

Regulatory Forbearance for Real Estate Developers: Although we await the final guidelines, the RBI is permitting the commercial operations of real...

Thomas J. Monaco

India – Loan Seasoning

When bankers talk about loan seasoning, they are referring to when a loan is tried and tested in a downturn. Generally these are new loans done...

Daniel Tabbush

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

​Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.