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>New HDFC Bank appears to have far better returns and credit metrics that large Asian peers</li>
<li>Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap </li>
<li>Comparably large banks in Asia are concentrated in China, where credit metrics are opaque</li>
</ul>


New HDFC Bank appears to have far better returns and credit metrics that large Asian peers
Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap 
Comparably large banks in Asia are concentrated in China, where credit metrics are opaque


HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Among active Global equity funds, exposure to Banking stocks is at the lower end of the decade long range</li>
<li>Over the last 6-months, Banks experienced the largest drop in average fund weight of -0.4%, suffered fund outflows of $-1.98bn and had 40 more sellers than buyers over the period.</li>
<li>The failure of SVB Financial, First Republic and Signature Bank has effected sentiment in US Banks, but elsewhere we see strong momentum in Singaporean Banks, Indonesian Banks and Indian Banks.  </li>
</ul>


Among active Global equity funds, exposure to Banking stocks is at the lower end of the decade long range
Over the last 6-months, Banks experienced the largest drop in average fund weight of -0.4%, suffered fund outflows of $-1.98bn and had 40 more sellers than buyers over the period.
The failure of SVB Financial, First Republic and Signature Bank has effected sentiment in US Banks, but elsewhere we see strong momentum in Singaporean Banks, Indonesian Banks and Indian Banks.  


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 ASX Stocks as of Aug 7th (reported today). The aggregated short interest was USD49.9bn.</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 Northern Star Resources, Qantas Airways, Santos, CSL, Qbe Insurance.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 7th (reported today). The aggregated short interest was USD49.9bn.
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 Northern Star Resources, Qantas Airways, Santos, CSL, Qbe Insurance.


ASX Short Interest Weekly (Aug 7th): Northern Star Resources, Qantas Airways, Santos, CSL

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 3rd August, published on the 7th August.
</li>
<li>The largest industry net increase in the past week was A$0.1bn into "Metals"; the largest industry net decrease was A$0.1bn out of "Food Retail". Net shorts increased A$0.6bn week-on-week.
</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>, <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a>, <a href="https://www.smartkarma.com/entities/ampol-ltd" target="_blank" data-smartkarma-citation="entities:345:1" rel="noopener">Ampol (ALD AU)</a>, <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield Ltd (DRO AU)</a>, and <a href="https://www.smartkarma.com/entities/develop-global-ltd" target="_blank" data-smartkarma-citation="entities:19413:1" rel="noopener">Develop Global (DVP AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 3rd August, published on the 7th August.

The largest industry net increase in the past week was A$0.1bn into "Metals"; the largest industry net decrease was A$0.1bn out of "Food Retail". Net shorts increased A$0.6bn week-on-week.

Companies mentioned in this regular weekly report include: Rio Tinto Ltd (RIO AU), Wisetech Global (WTC AU), Ampol (ALD AU), DroneShield Ltd (DRO AU), and Develop Global (DVP AU).


Aussie Shorts [3 Aug 2026]: Rio Tinto, Wisetech Global, Ampol, DroneShield, Develop Global

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: Currently five pair trade opportunities persist across three markets and five sectors. 
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: Currently five pair trade opportunities persist across three markets and five sectors. 


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Aug 2026)

Australia

Commonwealth Bank of Australia provides banking, life insurance, and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Commonwealth Bank of Australia (CBA AU)

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

Global Banks: Positioning Deep Dive

Positioning in the Banking industry group among Global equity funds stalls after US Banking failures, but non-US sentiment is improving.

Steven Holden

ASX Short Interest Weekly (Aug 7th): Northern Star Resources, Qantas Airways, Santos, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Qantas Airways, Santos,...

Ke Yan, CFA, FRM

Aussie Shorts [3 Aug 2026]: Rio Tinto, Wisetech Global, Ampol, DroneShield, Develop Global

The largest industry net increase in the past week was A$0.1bn into "Metals"; the largest industry net decrease was A$0.1bn out of "Food Retail"....

David Blennerhassett

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Aug 2026)

Discover five pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

Global Banks: Positioning Deep Dive

Positioning in the Banking industry group among Global equity funds stalls after US Banking failures, but non-US sentiment is improving.

Steven Holden

ASX Short Interest Weekly (Aug 7th): Northern Star Resources, Qantas Airways, Santos, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Qantas Airways, Santos,...

Ke Yan, CFA, FRM

Aussie Shorts [3 Aug 2026]: Rio Tinto, Wisetech Global, Ampol, DroneShield, Develop Global

The largest industry net increase in the past week was A$0.1bn into "Metals"; the largest industry net decrease was A$0.1bn out of "Food Retail"....

David Blennerhassett

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Aug 2026)

​Discover five pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover five pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.