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

<blockquote>Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when profitability is better?</blockquote>Most know that Bank of East Asia has been growing incredibly fast in China, to such a degree, that as at 1H14, the bank had 47% of its loans in China.With a clear slow-down in the Chinese economy, NPL formation has to be expected. And it is coming through in spades.There nothing quite like this NPL change in a decade.

Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when profitability is better?Most know that Bank of East Asia has been growing incredibly fast in China, to such a degree, that as at 1H14, the bank had 47% of its loans in China.With a clear slow-down in the Chinese economy, NPL formation has to be expected. And it is coming through in spades.There nothing quite like this NPL change in a decade.

Bank of East Asia finding the time 'ripe' to sell shares to SMFG

Hong Kong

Chong Hing Bank Limited, founded in Hong Kong in 1948, provides comprehensive commercial banking and financial services to individual and corporate customers. Its offerings include HKD and foreign currency deposits, credit, foreign exchange, wealth management, investment, securities, insurance, and mandatory provident fund services. The bank is headquartered in Central, Hong Kong.

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Chong Hing Bank (CGHBF US)

Bank of East Asia finding the time 'ripe' to sell shares to SMFG

Perhaps we are somewhat cynical, but it is unclear why now is more ripe to issue new shares to a foreign bank investor compared with a time when...

Daniel Tabbush

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