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>Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.</li><li>Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banks</li><li>Thai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.</li></ul>

Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banksThai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.

South East Asian Loan Growth  - Phillippine, Thai and Indonesian Banks Compared.

<ul><li>There is a boom in Bangkok, yet again.</li><li>This tends to be positive for banks.</li><li>It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.</li><li>A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.</li><li>But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. </li><li>It pays to differentiate, even in a boom</li></ul>

There is a boom in Bangkok, yet again.This tends to be positive for banks.It creates loan demand, both by developers and also companies making and selling products for construction.It also supports mortgage lending and collateral values behind loans.A benign credit cycle, high provisions and reasonable margins is reason enough to be positive on Thai banks. Additionally is the current construction boom.But the warning and focus of this note is that not all banks are created equal. And it may be surprising, that some of Thailand&rsquo;s newest banks are showing trends completely at odds with mainstream banks. It pays to differentiate, even in a boom

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

<ul><li>A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; </li><li>Banks pull credit lines from weaker banks (and weaker companies).&nbsp; </li><li>If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; </li></ul>

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; Banks pull credit lines from weaker banks (and weaker companies).&nbsp; If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; 

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (1828 HK)</a>, a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO in July 2025.  Its IPO-linked lockup will expire soon.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO in July 2025.  Its IPO-linked lockup will expire soon.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
In this note, we will talk about the lockup dynamics and possible placement.


FWD IPO Lockup - US$1.9bn Cornerstone and Pre-IPO Investor Release

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.</li>
<li>The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. </li>
<li>Minorities have secured a pyrrhic victory as the <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.</li>
</ul>


The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.


Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Thailand

Bangkok Life Assurance Public Company Limited is a Thai financial services group specializing in life insurance. It offers a wide range of products including life insurance plans (protection, savings, education, pension, health, critical illness, total permanent disability, accident coverage), general insurance, mutual funds, credit protection plans, home loans, and bancassurance products. The company is headquartered in Bangkok, Thailand, and was founded in 1951.

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Bangkok Life Assurance (BLA TB)

South East Asian Loan Growth - Phillippine, Thai and Indonesian Banks Compared.

Philippine banks are now taking over others in SE Asia in terms of credit growth as they become more comfortable with their own financials and the...

Daniel Tabbush

Thailand: Despite Boom, Small Banks are Dull. Big Banks are Irresistible.

There is a boom in Bangkok, yet again. This tends to be positive for banks. It creates loan demand, both by developers and also companies making...

Daniel Tabbush

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

FWD IPO Lockup - US$1.9bn Cornerstone and Pre-IPO Investor Release

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO in July 2025. Its IPO-linked...

Sumeet Singh

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. My...

Arun George

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