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>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a <a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT</a>/<a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85:1" rel="noopener">Keppel DC REIT</a> pair trade.</li>
<li>There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
</ul>


The past week saw in insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital Core REIT/Keppel DC REIT pair trade.
There were also macro insights looking at Thai political situation, and an insight looking at a more positive outlook for the Philippines, which investors remain dramatically underweight.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.


The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Philippines fund ownership shows signs of life after decade long bear market</li>
<li>Asia Ex-Japan funds buy in to BDO Unibank, Bank of the Philippine Islands and Jollibee Foods Corp.</li>
<li>Despite this, The Philippines remains a zero allocation for 50% of the funds in our analysis.</li>
</ul>


Philippines fund ownership shows signs of life after decade long bear market
Asia Ex-Japan funds buy in to BDO Unibank, Bank of the Philippine Islands and Jollibee Foods Corp.
Despite this, The Philippines remains a zero allocation for 50% of the funds in our analysis.


Philippines: Emerging Signs of Investment Recovery

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Oil & Natural Gas Corporation / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. </li>
<li>Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).</li>
<li>Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials</li>
</ul>


MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. 
Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).
Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials


MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul>
<li>I spent the past few days in Manila, the capital of the Philippines.</li>
<li>Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.</li>
<li>Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.</li>
</ul>


I spent the past few days in Manila, the capital of the Philippines.
Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.
Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.


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)

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Executing, Avia Avian, and Thai Politics

The past week saw insights published on Bank Rakyat Indonesia, PT Avia Avian, Ultrajaya Milk, Telekomunikasi Indonesia, Vinagame IPO, and a Digital...

Angus Mackintosh

Philippines: Emerging Signs of Investment Recovery

Philippines fund ownership shows signs of life after decade long bear market. Asia Ex-Japan funds buy in to BDO Unibank and Bank of the Philippine...

Steven Holden

MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

MSCI EM Index $EEM Testing 1+ Year Resistance; Favor EM over EAFE $EFA. Top EM Country Overweights: Taiwan, India, Greece; Attractive EM Sectors:...

Vermilion Research

Travel notes: Manila

I spent the past few days in Manila, the capital of the Philippines. Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel...

Asian Century Stocks

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