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)

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period nearly complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> drops into deletion zone, while <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> and <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> are the highest ranked non-constituents outside direct inclusion zone.</li>
<li>Despite having a lower average free float market cap, <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> could be added to the index ahead of <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> to maintain sector balance.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) drops into deletion zone, while Shriram Finance (SHFL IN) and Hindalco Industries (HNDL IN) are the highest ranked non-constituents outside direct inclusion zone.
Despite having a lower average free float market cap, Hindalco Industries (HNDL IN) could be added to the index ahead of Shriram Finance (SHFL IN) to maintain sector balance.


SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

Multi Commodity Exchange of India / Event-Driven

Multi Commodity Exchange of India (MCX IN)

<ul>
<li>NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.</li>
<li>MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.</li>
<li>MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. </li>
</ul>


NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.
MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.
MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. 


NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

Equity Bottom-Up

Metropolitan Stock Exchange of India / Equity Bottom-Up

Metropolitan Stock Exchange of India (MSEI IN)

<ul>
<li>MSEI is a SEBI-approved stock exchange that provides an electronic trading platform for equities, derivatives, currency, and debt instruments, aiming to offer an alternative to NSE and BSE.</li>
<li>After decades of near-monopoly by NSE and BSE, MSEI’s structured liquidity push could catalyze deeper competition, improved spreads and innovation in Indian capital markets.</li>
<li>MSEI’s revival is a meaningful competitive experiment; structural sustainability over months matters far more than short-term sentiment rallies.</li>
</ul>


MSEI is a SEBI-approved stock exchange that provides an electronic trading platform for equities, derivatives, currency, and debt instruments, aiming to offer an alternative to NSE and BSE.
After decades of near-monopoly by NSE and BSE, MSEI’s structured liquidity push could catalyze deeper competition, improved spreads and innovation in Indian capital markets.
MSEI’s revival is a meaningful competitive experiment; structural sustainability over months matters far more than short-term sentiment rallies.


Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BSE (BSE IN)

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

​NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

​MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...

Nimish Maheshwari

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...