Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank 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>Funding squeeze evident in HK's HIBOR market and reported in Australia too</li>
<li>Even where not visible, this must be expected globally, as banks reign in risk</li>
<li>MQG has low levels of deposits and high levels of securities</li>
</ul>


Funding squeeze evident in HK's HIBOR market and reported in Australia too
Even where not visible, this must be expected globally, as banks reign in risk
MQG has low levels of deposits and high levels of securities


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.

Thematic (Sector/Industry)

<ul>
<li>The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal</li>
<li>AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed</li>
<li>The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise</li>
</ul>


The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal
AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed
The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Trust / In Depth: China intensifies efforts to curb risk in troubled trust sector</li><li>Personnel /China’s ousted foreign minister removed from top legislature</li><li>Ant Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV</li></ul>

Trust / In Depth: China intensifies efforts to curb risk in troubled trust sectorPersonnel /China’s ousted foreign minister removed from top legislatureAnt Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV

CX Daily: China Intensifies Efforts to Curb Risk in Troubled Trust Sector 

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Samsung Electronics   / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.</li>
<li>The following dataset includes all Korean IPOs and placements above US$100m, <strong>which amounted to a total of seven deals.</strong> Given the small number of deals, we’ll keep the note short.</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Korea IPOs and placements in 2023.
The following dataset includes all Korean IPOs and placements above US$100m, which amounted to a total of seven deals. Given the small number of deals, we’ll keep the note short.
The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas Korea IPOs + Placements Broker Performance 2023

<ul>
<li>First Republic Bank had liquidity risk, Pacwest Bank has this and credit risk</li>
<li>Pacwest saw its net charge-offs rise 4x in 1Q23 QoQ and nearly 8x YoY</li>
<li>Deposits are in sharp contraction, but so are net loans, -10% QoQ</li>
</ul>


First Republic Bank had liquidity risk, Pacwest Bank has this and credit risk
Pacwest saw its net charge-offs rise 4x in 1Q23 QoQ and nearly 8x YoY
Deposits are in sharp contraction, but so are net loans, -10% QoQ


Switzerland

Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

Credit Suisse (CSGN VX)

MQG - Funding Squeeze?

Funding squeeze is evident in Hong Kong, and reports suggest the same in Australia, with other markets likely. Banks which rely more on non-deposit...

Daniel Tabbush

AT1 Bonds; Life After Credit Suisse

The CS AT1 write-off due to UBS's acquisition is an unconventional action on bondholders versus shareholders, implying a rising banks' cost of...

Victor Galliano

CX Daily: China Intensifies Efforts to Curb Risk in Troubled Trust Sector

Trust / In Depth: China intensifies efforts to curb risk in troubled trust sector Profitability is out and risk management is in. That’s the...

Caixin Global

Aequitas Korea IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Korea IPOs and placements in 2023, which amounted to a total of seven deals. Given the...

Ethan Aw

Pacwest - The Next One?

It appears as though may be more to worry about at PACW compared with FRC, with both liquidity and credit risks, not only the former. It is also...

Daniel Tabbush