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

<ul>
<li><strong>There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. </strong></li>
<li><strong>This is also talk that the government will allow banks to package NPLs in the form of securities and sell them.  </strong></li>
</ul><div class="content-highlight"><p><em>The fact that these stories are coming out now, suggests that Beijing is incredibly worried about NPL formation, bank health and the state of economy.  And it should be, but these measures do not solve the asset quality problem, for want of scale for one thing.</em>   </p></div><h2>Ping An</h2>…


There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. 
This is also talk that the government will allow banks to package NPLs in the form of securities and sell them.  
The fact that these stories are coming out now, suggests that Beijing is incredibly worried about NPL formation, bank health and the state of economy.  And it should be, but these measures do not solve the asset quality problem, for want of scale for one thing.   Ping An…

Asia Pac ECM and Index Rebal, DZT 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.

Equity Capital Markets

China Zheshang Bank / Equity Capital Markets

<p>China Zheshang Bank, a Zhejiang Province based joint stock bank, is said to have started pre-marketing and hopes to launch its $1.75bn book soon. In this insight, we worked with Asian bank specialist <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a>, to look at the fundamentals and try to answer the following questions:</p><ul><li>What should you know about the company?</li><li>What should you know about the deal?</li><li>What are the key risks?</li><li>Where is its fair value?</li><li>How it fares against its peers in banking metrics?</li></ul>

China Zheshang Bank, a Zhejiang Province based joint stock bank, is said to have started pre-marketing and hopes to launch its $1.75bn book soon. In this insight, we worked with Asian bank specialist Daniel Tabbush, to look at the fundamentals and try to answer the following questions:What should you know about the company?What should you know about the deal?What are the key risks?Where is its fair value?How it fares against its peers in banking metrics?

Zheshang Bank IPO Preview: You Have to like Leveraged WMP

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 116.7% as of Sep 15th.</li>
<li>The average A-H premium changed by 2.3ppt week on week, led by energy, real estate, industrials and offset by communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield, Remegen Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 116.7% as of Sep 15th.
The average A-H premium changed by 2.3ppt week on week, led by energy, real estate, industrials and offset by communication services, information technology.
We highlight weekly changes in A-H premium for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield, Remegen Co Ltd.


A-H Premium Weekly (Sep 15th): Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield

China

China Zheshang Bank Co., Ltd. is a national joint-stock commercial bank offering a comprehensive range of commercial banking products and services in Mainland China. It operates through Corporate Banking, Retail Banking, and Treasury Business segments, providing services such as loans, deposits, wealth management, and trade financing. The bank officially commenced operations on August 18, 2004, and is headquartered in Hangzhou, China, tracing its roots to Zhejiang Commercial Bank established in 1993.

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China Zheshang Bank (2016 HK)

China Is Frantic About NPLs

There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. This is also talk that the...

Daniel Tabbush

Zheshang Bank IPO Preview: You Have to like Leveraged WMP

China Zheshang Bank, a Zhejiang Province based joint stock bank, is said to have started pre-marketing and hopes to launch its $1.75bn book soon....

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 15th): Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)