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

<p>India’s non-banking finance company (NBFC), <a href="https://www.smartkarma.com/entities/15425" target="_blank" data-smartkarma-citation="entities:15425:1">Muthoot Finance (MUTH IN; "MTF")</a>, lends against gold, arguably the best collateral of all. Its gold jewelry kept as security is up from 147 tons to 166 tons, from December 2016 to December 2018. This may be one reason that the company’s bad loans are low, not only in an India context, but in Asia. Its stage three loans surged after demonetization peaking in December 2017 at INR21.5bn. Since then, figures have fallen sharply, to INR6.4bn as at December 2018. As a percentage of loans, stage three loans declined from 7.6% to 2.0% over this period. With credit costs and write-offs down 96% during 9M19 YoY, credit metrics appear healthy.</p>

India’s non-banking finance company (NBFC), Muthoot Finance (MUTH IN; "MTF"), lends against gold, arguably the best collateral of all. Its gold jewelry kept as security is up from 147 tons to 166 tons, from December 2016 to December 2018. This may be one reason that the company’s bad loans are low, not only in an India context, but in Asia. Its stage three loans surged after demonetization peaking in December 2017 at INR21.5bn. Since then, figures have fallen sharply, to INR6.4bn as at December 2018. As a percentage of loans, stage three loans declined from 7.6% to 2.0% over this period. With credit costs and write-offs down 96% during 9M19 YoY, credit metrics appear healthy.

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Xinjiang Tianshan Cement A / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>There are some changes to the list of expected ADDs/DELs since I published my last insight on this roughly a month ago.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
There are some changes to the list of expected ADDs/DELs since I published my last insight on this roughly a month ago.


Quiddity Leaderboard CSI 300/​​500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Index Rebalance

Xinjiang Tianshan Cement A / Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>I currently see 11 changes for the CSI 300 index and 50 changes for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
I currently see 11 changes for the CSI 300 index and 50 changes for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Jun 24: SHORT CSI 300 Direct DELs Vs the Index

Shanghai Rural Commercial Bank / Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>Since my <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-csi-300-500-jun-24-109-flow-names-us-2-3bn-one-way" target="_blank" rel="noopener">December 2023 insight</a>, a couple of names have left the CSI 300 Expected ADDs basket and have been replaced by two other names. </li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
Since my December 2023 insight, a couple of names have left the CSI 300 Expected ADDs basket and have been replaced by two other names. 


Quiddity Leaderboard CSI 300/​​500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

<ul>
<li>CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the <em>next</em> largest 500 names.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.</li>
<li>At present, I see 10 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in June 2024.
At present, I see 10 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Jun 24: 109 Flow Names; US$2.3bn One-Way

China

AnXin Trust Co., Ltd-A is a non-banking financial firm.  The Company's businesses include trust deposit, trust loan, securities trading, financing lease, securities underwriting, and other financial services. Through its subsidiaries, the Company also invests in real estate development.

Price Gauge
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Anxin Trust Co Ltd A (600816 CH)

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Muthoot Finance lends based on gold collateral, with gold prices so much higher now than in the past, there is far less likelihood of defaults. The...

Daniel Tabbush

Quiddity Leaderboard CSI 300/500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Significant amounts of new passive money has flowed into the CSI 300 and CSI 500 index resulting in a sharp increase in our one-way flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun 24: SHORT CSI 300 Direct DELs Vs the Index

There could be one-way index flows of US$2.5bn collectively for the CSI 300 index and CSI 500 index in June 2024. The CSI 300 Direct DELs could...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

Collectively, the CSI 300 and CSI 500 expected changes basket can result in ~US$2.3bn index flows one-way. Around 70% of the reference period is...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun 24: 109 Flow Names; US$2.3bn One-Way

Roughly 60% of the reference period for the June 2024 rebalance is now complete. I see 109 unique names involved in index changes collectively...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

Muthoot Finance lends based on gold collateral, with gold prices so much higher now than in the past, there is far less likelihood of defaults. The...

Daniel Tabbush

Quiddity Leaderboard CSI 300/​​500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Significant amounts of new passive money has flowed into the CSI 300 and CSI 500 index resulting in a sharp increase in our one-way flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun 24: SHORT CSI 300 Direct DELs Vs the Index

There could be one-way index flows of US$2.5bn collectively for the CSI 300 index and CSI 500 index in June 2024. The CSI 300 Direct DELs could...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

Collectively, the CSI 300 and CSI 500 expected changes basket can result in ~US$2.3bn index flows one-way. Around 70% of the reference period is...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Jun 24: 109 Flow Names; US$2.3bn One-Way

Roughly 60% of the reference period for the June 2024 rebalance is now complete. I see 109 unique names involved in index changes collectively...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Jun 24: Exp. One-Way Flow Tops US$3bn Due to Passive AUM Surge

Quiddity Leaderboard CSI 300/500 Jun 24: SHORT CSI 300 Direct DELs Vs the Index

Quiddity Leaderboard CSI 300/500 Jun 24: Some Changes in Rankings; US$2.3bn One-Way

Quiddity Leaderboard CSI 300/500 Jun 24: 109 Flow Names; US$2.3bn One-Way