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

Equity Bottom-Up

National Australia Bank / Equity Bottom-Up

*AML/CTF Violations: National Australia Bank (NAB.AU) [NAB] announced that it was informed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that it had identified “potential serious and on-going non-compliance” with NAB's compliance with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006, and the AML/CFT Rules 2007; and*Fundamental Challenges Too: AML/CTF is not NAB’s only challenge. NAB's 1H21 NIM declined another 3 bp HOH to 1.74%, and will remain challenged from this low rate environment, competitive pressures, and higher mortgage concentrations well into FY 2022. In addition, NAB’s loans 90+ days past due loans increased over 30% HOH due to challenges from Australian mortgage customers exiting loan deferrals.

*AML/CTF Violations: National Australia Bank (NAB.AU) [NAB] announced that it was informed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that it had identified “potential serious and on-going non-compliance” with NAB's compliance with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006, and the AML/CFT Rules 2007; and*Fundamental Challenges Too: AML/CTF is not NAB’s only challenge. NAB's 1H21 NIM declined another 3 bp HOH to 1.74%, and will remain challenged from this low rate environment, competitive pressures, and higher mortgage concentrations well into FY 2022. In addition, NAB’s loans 90+ days past due loans increased over 30% HOH due to challenges from Australian mortgage customers exiting loan deferrals.

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.

Of Australia’s largest banks, there are few that reveal improving core net interest income. Macquarie is unique in this respect and further enters the current period of inflation, recovery with far higher assets.

Of Australia’s largest banks, there are few that reveal improving core net interest income. Macquarie is unique in this respect and further enters the current period of inflation, recovery with far higher assets. 

Macquarie – Don’t You Forget About Me

Australia & New Zealand Bankin / Equity Bottom-Up

In a world of low rates, poor margins, and similar dynamics on credit costs, it is with operating costs where differences in banks can be most acute, most valuable. There are few large market cap banks that compare with ANZ, both in terms of cost direction and absolute level.

In a world of low rates, poor margins, and similar dynamics on credit costs, it is with operating costs where differences in banks can be most acute, most valuable. There are few large market cap banks that compare with ANZ, both in terms of cost direction and absolute level.

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

Australian Venue Co Ltd / Equity Capital Markets

Australian Venue Company (AVC) aims to raise around US$273m in its Australia IPO. The company was majority owned by KKR prior to listing.AVC is the second largest pub group in Australia, it has a presence in New Zealand as well, with a total portfolio of 175 venues across Australia and New Zealand (ANZ). AVC operates in the ANZ licensed venue market, which allows it to provide an array of services including provision of food and beverages, gaming and betting facilities, function rooms, live entertainment and accommodation.

Australian Venue Company (AVC) aims to raise around US$273m in its Australia IPO. The company was majority owned by KKR prior to listing.AVC is the second largest pub group in Australia, it has a presence in New Zealand as well, with a total portfolio of 175 venues across Australia and New Zealand (ANZ). AVC operates in the ANZ licensed venue market, which allows it to provide an array of services including provision of food and beverages, gaming and betting facilities, function rooms, live entertainment and accommodation.

Australian Venue Co. IPO - Stagnant Industry but Acquisitions Could Rev It Up

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Quantitative Analysis

Subsequent to our earlier update a quarter ago, below we publish updated results from our dividend forecasting models. Our models take into account most recent reported fiscal year-end financials to provide updated results. We also discuss notable changes within our top 10 conviction list.

Subsequent to our earlier update a quarter ago, below we publish updated results from our dividend forecasting models. Our models take into account most recent reported fiscal year-end financials to provide updated results. We also discuss notable changes within our top 10 conviction list.

Asia Dividend Forecasting | Quarterly Update 2.0

Australia

Australia and New Zealand Banking Group Limited provides banking services. The Bank offers accounts checking, savings  deposits, money market, mortgage, and term loans services, as well as card facilities and Internet  banking services. Australia and New Zealand Banking Group serves customers in New Zealand and Australia.

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Australia & New Zealand Bankin (AN3 AU)

National Australia Bank - Nabbed

NATIONAL AUSTRALIA BANK: NAB was informed by AUSTRAC that it had identified “potential serious and on-going non-compliance” with NAB's compliance...

Thomas J. Monaco

Macquarie – Don’t You Forget About Me

There are few banks that reveal improving core net interest income. Macquarie is unique in this respect and further enters the current period of...

Daniel Tabbush

ANZ – Cost Containment Differentiates

In a world of low rates and similar dynamics on credit costs, operating costs can better differentiate. ANZ shines in both cost direction and...

Daniel Tabbush

Australian Venue Co. IPO - Stagnant Industry but Acquisitions Could Rev It Up

Australian Venue Company aims to raise around US$273m in its Australia IPO. The company was majority owned by KKR prior to listing.

Sumeet Singh

Asia Dividend Forecasting | Quarterly Update 2.0

Subsequent to our Dividend Forecasting Original in Sep 2020, this is our second quarterly update. Our models take into account latest reported...

Ankit Agrawal, CFA

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