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)

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators.  For a long time, there have been questions about the stated GDP growth figures, which appear too robust, considering the rise in bad loans and many other metrics. The figures in Hong Kong may prove a good barometer of the magnitude of change and the distress within China GDP growth.Hong Kong reported 3.2% real GDP growth in June 2015, dropping steadily through December 2015, but now it is down…

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators.  For a long time, there have been questions about the stated GDP growth figures, which appear too robust, considering the rise in bad loans and many other metrics. The figures in Hong Kong may prove a good barometer of the magnitude of change and the distress within China GDP growth.Hong Kong reported 3.2% real GDP growth in June 2015, dropping steadily through December 2015, but now it is down…

Hong Kong's Growth Suggests More Weakness in China

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The RMB has declined almost 3% against the USD since the beginning of 2016. We expect the RMB to continue to face downside pressure through 2016. Non-oil exports as well as non-oil imports are likely to have remained weak in June on a 3mma basis, continuing the trend seen in the first five months of 2016, reflecting the headwinds the economy continues to face on the domestic as well as external front.On a 3mma basis overall exports declined 3.6% y-o-y in June, compared to a rise of 0.9% y-o-y in…

The RMB has declined almost 3% against the USD since the beginning of 2016. We expect the RMB to continue to face downside pressure through 2016. Non-oil exports as well as non-oil imports are likely to have remained weak in June on a 3mma basis, continuing the trend seen in the first five months of 2016, reflecting the headwinds the economy continues to face on the domestic as well as external front.On a 3mma basis overall exports declined 3.6% y-o-y in June, compared to a rise of 0.9% y-o-y in…

China: RMB to Continue to Face Downside Pressure Through 2016

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Based on new data released by NBS today: in June, national new home sales (in gross floor area) for 'commercial residential' buildings rose 14% YoY and 29% YTD YoY, slower compared to 22% and 34% in May, respectively. National land acquisitions (land area purchased by real estate development enterprises) increased 7% on YoY basis and declined by 3% on YTD YoY basis, improving on the previous month.In absolute terms, YTD (Jan-Jun) national new home sales reached historical highs, while the…

Based on new data released by NBS today: in June, national new home sales (in gross floor area) for 'commercial residential' buildings rose 14% YoY and 29% YTD YoY, slower compared to 22% and 34% in May, respectively. National land acquisitions (land area purchased by real estate development enterprises) increased 7% on YoY basis and declined by 3% on YTD YoY basis, improving on the previous month.In absolute terms, YTD (Jan-Jun) national new home sales reached historical highs, while the…

China Data Brief: New Home Sales Growth Slows, Land Sales Growth Less Negative (Jan-Jun)

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/306/original/Market-VIX-and-macroeconomic-volatility-GDPVol-CPIVol-VIX_chartbuilder.png?1468568433" class="editor-image img-responsive" data-smartkarma-image-id="10306"><figcaption class="figcaption">The Market and Macro Volatility (Source: FRED)</figcaption></figure> There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we pointed out in our <a href="https://www.smartkarma.com/insights/macro-chart-focus-brexit-and-the-yen" target="_blank">post-Brexit review</a>  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

 The Market and Macro Volatility (Source: FRED) There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter.   Fortunately, as we pointed out in our post-Brexit review  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

Macro Chart Focus: Surprises and Uncertainty Premia

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Corporate Governance:  Overview and Recent Additions<ul class="ul1"><li class="li2">Our proprietary corporate governance scoring system now covers 1,410 stocks.</li><li class="li2">Our scoring system produces a single score of 1 - 100 using 11 quantitative measures of the strength of governance and a qualitative 'analyst score' that reflects the reputation of management in the local markets.</li><li class="li2">Over a five year period companies with 'good' corporate governance (scores above 75) outperformed companies with 'bad' scores (below 50) by 26%.</li><li class="li2">Out of the new additions Samsung SDI - received a CG Score of just 40/100, among the lowest in the CG Universe.</li><li class="li2">The RRG system has successfully flagged frauds including Satyam Computer and RINO.</li></ul><ul class="ul1"><li class="li2">This report highlights recent additions to coverage and discusses the methodology, universe and performance.  An Excel of the full universe of scores is available on request.  We welcome requests from clients of names they want to see added to the universe.</li></ul>

Corporate Governance:  Overview and Recent AdditionsOur proprietary corporate governance scoring system now covers 1,410 stocks.Our scoring system produces a single score of 1 - 100 using 11 quantitative measures of the strength of governance and a qualitative 'analyst score' that reflects the reputation of management in the local markets.Over a five year period companies with 'good' corporate governance (scores above 75) outperformed companies with 'bad' scores (below 50) by 26%.Out of the new additions Samsung SDI - received a CG Score of just 40/100, among the lowest in the CG Universe.The RRG system has successfully flagged frauds including Satyam Computer and RINO.This report highlights recent additions to coverage and discusses the methodology, universe and performance.  An Excel of the full universe of scores is available on request.  We welcome requests from clients of names they want to see added to the universe.

The Good, The Bad and the Ugly: RRG Corporate Governance Scoring System Spots Likely Frauds in EM

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

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China Merchants Bank A (600036 CH)

Hong Kong's Growth Suggests More Weakness in China

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators. For a long time, there have been questions...

Daniel Tabbush

China: RMB to Continue to Face Downside Pressure Through 2016

The RMB has declined almost 3% against the USD since the beginning of 2016. We expect the RMB to continue to face downside pressure through 2016....

Rajan Govil

China Data Brief: New Home Sales Growth Slows, Land Sales Growth Less Negative (Jan-Jun)

Based on new data released by NBS today: in June, national new home sales (in gross floor area) for 'commercial residential' buildings rose 14% YoY...

Robert Ciemniak

Macro Chart Focus: Surprises and Uncertainty Premia

There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we...

Naomi Fink

The Good, The Bad and the Ugly: RRG Corporate Governance Scoring System Spots Likely Frauds in EM

Corporate Governance: Overview and Recent Additions Our proprietary corporate governance scoring system now covers 1,410 stocks. Our scoring...

David Riedel

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