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

Mega Financial Holding Co., Ltd / Equity Bottom-Up

Mega Financial Holding Co., Ltd (2886 TT)

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it hard to imagine that this will remain the case, especially given their lending to Taiwanese companies doing business in China.The provision and earnings delta for these banks may be some of the most dramatic in Asia, given they are starting from a seemingly pristine loan book.

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it hard to imagine that this will remain the case, especially given their lending to Taiwanese companies doing business in China.The provision and earnings delta for these banks may be some of the most dramatic in Asia, given they are starting from a seemingly pristine loan book.

Taiwan

Chang Hwa Commercial Bank provides a broad range of financial services.  The Bank's operations include deposits, short-term and mid-term loans, discount bills, securities brokerage, foreign currency transactions, and trust banking.

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Chang Hwa Commercial Bank (2801 TT)

Taiwan's Banks Have Zero NPLs; For Now

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it...

Daniel Tabbush

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