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

Bank of the Philippine Islands / Equity Bottom-Up

<ul><li>Sometimes it is better to stick to the larger banks in markets that are especially illiquid, like Philippines.</li><li>The largest banks are BDO Unibank and Bank of Philippine Islands, which are often considered the same risk; they aren&rsquo;t.</li><li>Where BPI has a higher market value relative to its assets compared with BDO, we are not sure this is justified.</li></ul>

Sometimes it is better to stick to the larger banks in markets that are especially illiquid, like Philippines.The largest banks are BDO Unibank and Bank of Philippine Islands, which are often considered the same risk; they aren&rsquo;t.Where BPI has a higher market value relative to its assets compared with BDO, we are not sure this is justified.

Philippines

Bank of the Philippine Islands (BPI) is a universal bank offering a wide range of financial products and solutions to retail and corporate clients. Its services include consumer banking and lending, asset management, insurance, securities brokerage, foreign exchange, leasing, and corporate and investment banking. BPI is headquartered in Makati City, Philippines, and was founded on August 1, 1851.

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Bank of the Philippine Islands (BPI PM)

BDO, BPI are not homogenous

Sometimes it is better to stick to the larger banks in markets that are especially illiquid, like Philippines. The largest banks are BDO Unibank...

Daniel Tabbush

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