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)

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

India Banks – Are Private Banks Really Better than Government Banks?

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

India – Recap Euphoria, Going, Going, Gone

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Macroeconomics

<ul>
<li>Russia and India have looked the riskiest EM banking sectors, the former having seen a huge bailout of Otkritie and B&amp;N while India’s state banks have been in suspended animation since 2015.</li>
<li>China has a structural surplus of savings and India a shortage (partly because of the cultural gold obsession), driving a weak credit multiplier, underinvestment and requiring high real rates.</li>
<li>The convoluted recapitalization plan aims to boost credit growth standing at just over 6% y/y (down 4.7ppts in a year)…</li>
</ul>


Russia and India have looked the riskiest EM banking sectors, the former having seen a huge bailout of Otkritie and B&amp;N while India’s state banks have been in suspended animation since 2015.
China has a structural surplus of savings and India a shortage (partly because of the cultural gold obsession), driving a weak credit multiplier, underinvestment and requiring high real rates.
The convoluted recapitalization plan aims to boost credit growth standing at just over 6% y/y (down 4.7ppts in a year)…


India Props Up State Banks Yet Again, Korean Chaebol Moment of Truth

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 InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.</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 InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.


MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

India

Canara Bank Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities.

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Canara Bank (CBK IN)

India Banks – Are Private Banks Really Better than Government Banks?

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may...

Daniel Tabbush

India – Recap Euphoria, Going, Going, Gone

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time...

Daniel Tabbush

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the...

Thomas J. Monaco

India Props Up State Banks Yet Again, Korean Chaebol Moment of Truth

Russia and India have looked the riskiest EM banking sectors, the former having seen a huge bailout of Otkritie and B&N while India’s state...

Sean Maher

MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

We analyzed MS-India's consensus for Apr 2026 and highlighted changes of EPS in InterGlobe Aviation (INDIGO IN), Oracle Financial Services Software...

Ke Yan, CFA, FRM

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