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

Often it is the smaller, less known banks that flare up first in a banking crises or an NPL cycle.In China, it may be no different.We can analyze ad nauseum the large banks that most focus on. But the risk is that we miss the big picture; what is happening beneath the surface.What is clear is the China economy is in trouble. The PBOC is cutting rates and lowering reserve requirements. That&rsquo;s a rare, desperate combination. New data on exports only reinforces the economy&rsquo;s weakness.In this note we examine the reaction of&nbsp;some of China's Mid-Tier banks - The Canary in the Coal Mine ?More below the fold.....

Often it is the smaller, less known banks that flare up first in a banking crises or an NPL cycle.In China, it may be no different.We can analyze ad nauseum the large banks that most focus on. But the risk is that we miss the big picture; what is happening beneath the surface.What is clear is the China economy is in trouble. The PBOC is cutting rates and lowering reserve requirements. That&rsquo;s a rare, desperate combination. New data on exports only reinforces the economy&rsquo;s weakness.In this note we examine the reaction of&nbsp;some of China's Mid-Tier banks - The Canary in the Coal Mine ?More below the fold.....

Fringe Banks in China are Telling Us Something

<blockquote>Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when profitability is better?</blockquote>Most know that Bank of East Asia has been growing incredibly fast in China, to such a degree, that as at 1H14, the bank had 47% of its loans in China.With a clear slow-down in the Chinese economy, NPL formation has to be expected. And it is coming through in spades.There nothing quite like this NPL change in a decade.

Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when profitability is better?Most know that Bank of East Asia has been growing incredibly fast in China, to such a degree, that as at 1H14, the bank had 47% of its loans in China.With a clear slow-down in the Chinese economy, NPL formation has to be expected. And it is coming through in spades.There nothing quite like this NPL change in a decade.

Bank of East Asia finding the time 'ripe' to sell shares to SMFG

Hong Kong

BOC Hong Kong (Holdings) Limited is an investment holding company providing banking and related financial services through its principal operating subsidiary, Bank of China (Hong Kong) Limited (BOCHK). It offers a comprehensive range of financial, investment, and wealth management services to personal, corporate, and institutional customers, and is one of Hong Kong's three note-issuing banks and the sole Renminbi clearing bank. The company was incorporated in Hong Kong on September 12, 2001, and is headquartered in Central, Hong Kong.

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BOC Hong Kong (2388 HK)

Fringe Banks in China are Telling Us Something

Often it is the smaller, less known banks that flare up first in a banking crises or an NPL cycle.In China, it may be no different.We can analyze...

Daniel Tabbush

Bank of East Asia finding the time 'ripe' to sell shares to SMFG

Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)