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)

<ul>
<li>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

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

Shenton Research

Shenton 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 analyzed the changes in short interest of Bursa stocks as of Sep 4th. The aggregated short interest is USD1,541m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in RHB Bank, Greatech Technology, United Plantations, CIMB, Tenaga Nasional.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 4th. The aggregated short interest is USD1,541m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in RHB Bank, Greatech Technology, United Plantations, CIMB, Tenaga Nasional.


Bursa Short Interest Weekly (Sep 4th): RHB Bank, Greatech Technology, United Plantations, CIMB

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Aug 28th. The aggregated short interest is USD1,555m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in KPJ Healthcare, CIMB, Greatech Technology, Lafarge Malayan Cement, Frontken.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Aug 28th. The aggregated short interest is USD1,555m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in KPJ Healthcare, CIMB, Greatech Technology, Lafarge Malayan Cement, Frontken.


Bursa Short Interest Weekly (Aug 28th): KPJ Healthcare, CIMB, Greatech Technology, Frontken

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea</li>
<li>In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico</li>
<li>Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials</li>
</ul>


Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea
In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico
Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials


Large Cap GEM Bank Screener - Our Top Picks

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Aug 14th. The aggregated short interest is USD1,419m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Malayan Banking, Tenaga Nasional, Kelington, Heineken, Pentamaster.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Aug 14th. The aggregated short interest is USD1,419m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Malayan Banking, Tenaga Nasional, Kelington, Heineken, Pentamaster.


Bursa Short Interest Weekly (Aug 14th): Malayan Banking, Tenaga Nasional, Kelington, Heineken

Malaysia

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

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CIMB Group Holdings (CIMB MK)

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

Bursa Short Interest Weekly (Sep 4th): RHB Bank, Greatech Technology, United Plantations, CIMB

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in RHB Bank, Greatech Technology, United...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Aug 28th): KPJ Healthcare, CIMB, Greatech Technology, Frontken

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in KPJ Healthcare, CIMB, Greatech...

Ke Yan, CFA, FRM

Large Cap GEM Bank Screener - Our Top Picks

In EM Asia, we like CCB, HDFC Bank, Mandiri & Hana; in LatAm, we turn positive on Banco do Brasil, go cautious on Bradesco & remain cautious on...

Victor Galliano

Bursa Short Interest Weekly (Aug 14th): Malayan Banking, Tenaga Nasional, Kelington, Heineken

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Malayan Banking, Tenaga Nasional,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)