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)

Benign NPL formation in the latest quarter for China’s banks is not only due to write-offs. More likely, there is a significant amount of rescheduling happening behind the scenes, which is not totally clear on the surface. At the same time, there can be a shifting of certain assets (like loans) into held-to-maturity or other asset accounts, which obfuscate the analysis or need for NPL disclosure. The impact of this will be worsening net interest income and margins, which is what banks are now…

Benign NPL formation in the latest quarter for China’s banks is not only due to write-offs. More likely, there is a significant amount of rescheduling happening behind the scenes, which is not totally clear on the surface. At the same time, there can be a shifting of certain assets (like loans) into held-to-maturity or other asset accounts, which obfuscate the analysis or need for NPL disclosure. The impact of this will be worsening net interest income and margins, which is what banks are now…

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

There has been much discussion about China’s wish to implement economic reforms and – specifically – to deleverage. However, the reality is that corporate debt continues to rise faster than the economy. The economy is slowing down but the accumulation of debt continues.In 2014, Standard and Poor’s (S&amp;P) <a href="https://www.globalcreditportal.com/ratingsdirect/renderArticle.do?articleId=1333627&amp;SctArtId=243858&amp;from=CM&amp;nsl_code=LIME&amp;sourceObjectId=8645884&amp;sourceRevId=10&amp;fee_ind=N&amp;exp_date=20240616-20:32:13" target="_blank">outlined their view</a> of how China’s corporate debt was going to develop over the five years between 2013 and 2018, stating that it would grow from US$14.2tn to US$22.9tn - an annual growth rate of…

There has been much discussion about China’s wish to implement economic reforms and – specifically – to deleverage. However, the reality is that corporate debt continues to rise faster than the economy. The economy is slowing down but the accumulation of debt continues.In 2014, Standard and Poor’s (S&amp;P) outlined their view of how China’s corporate debt was going to develop over the five years between 2013 and 2018, stating that it would grow from US$14.2tn to US$22.9tn - an annual growth rate of…

Massive and growing debt levels in China are becoming a source of major concern to the world's banking community. Whilst some see this as manageable in the short term, without drastic reform very soon there are likely to be serious repercussions.

Massive and growing debt levels in China are becoming a source of major concern to the world's banking community. Whilst some see this as manageable in the short term, without drastic reform very soon there are likely to be serious repercussions.

Systemic Risk from Corporate Debt in China

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 analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.</li>
<li>The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.
The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.
We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.


A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

In the last two years two of China's most senior military bureaucrats have been sentenced to long prison sentences for selling promotions for personal gain. Did any senior officersne in the PLA really earn their rank?

In the last two years two of China's most senior military bureaucrats have been sentenced to long prison sentences for selling promotions for personal gain. Did any senior officersne in the PLA really earn their rank?

China

China International Capital Corporation (CICC) is a comprehensive financial services provider offering investment banking, equities, fixed income, currencies and commodities (FICC), asset management, private equity, and wealth management services. It provides a wide array of products including equity and debt financing, M&A advisory, securities trading, and fund management to corporations, institutions, and individuals. CICC was founded in 1995 and is headquartered in Beijing, China.

China International Capital Corporation (3908 HK)

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China International Capital Corporation (3908 HK)

China Asset Risk Clear in Margin Data

Benign NPL formation in the latest quarter for China’s banks is not only due to write-offs. More likely, there is a significant amount of...

Daniel Tabbush

Growing Corporate Debt in China

There has been much discussion about China’s wish to implement economic reforms and – specifically – to deleverage. However, the reality is that...

Bixmoor

Systemic Risk from Corporate Debt in China

Massive and growing debt levels in China are becoming a source of major concern to the world's banking community. Whilst some see this as...

Bixmoor

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

Implications of Chinese Military Graft

In the last two years two of China's most senior military bureaucrats have been sentenced to long prison sentences for selling promotions for...

Bixmoor

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)