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

<ul>
<li>Tong Yang Industry is now seeing record profit in FY23 and this appears to be in place to continue during FY24</li>
<li>The automobile and motorcycle parts manufacturing company is seeing strong growth in the US market</li>
<li>Electric vehicle parts R&amp;D is well underway and this should support continued growth in coming years</li>
</ul>


Tong Yang Industry is now seeing record profit in FY23 and this appears to be in place to continue during FY24
The automobile and motorcycle parts manufacturing company is seeing strong growth in the US market
Electric vehicle parts R&amp;D is well underway and this should support continued growth in coming years


Tong Yang Industry - Record Profit With Improving Financial Position

China

Beijing WKW Automotive Parts Company Limited provides passenger cars with internal and external accessories systems, develops supporting products and provides related services. The Company main products include internal and external accessories systems for passenger cars, aluminum and spray powder.

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Beijing Wkw Automotive Parts (002662 CH)

Tong Yang Industry - Record Profit With Improving Financial Position

Strong 2Q24 results just out: NTD1.04bn vs NTD758m net profit. Continues to shows ongoing earnings strength, even after exceptional 1Q24.

Daniel Tabbush

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