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)

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity is high.  An additional consideration are rising credit costs from a worsening economy. It was not a positive environment for these large, liquid banks before. It is now worse.Cash and equivalent of key large banks (US$ Bn)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/689/original/dt1.png?1467078004" class="editor-image img-responsive" data-smartkarma-image-id="9689"><figcaption class="figcaption">Source: SNL Financial</figcaption></figure>The most talked about event for years was when US rates would rise. HSBC latched onto this, indicating to…

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity is high.  An additional consideration are rising credit costs from a worsening economy. It was not a positive environment for these large, liquid banks before. It is now worse.Cash and equivalent of key large banks (US$ Bn)Source: SNL FinancialThe most talked about event for years was when US rates would rise. HSBC latched onto this, indicating to…

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

Recent data of the excessively leveraged economy in China yielded few positive results. While data from previous months hinted that the Chinese economy might be heading towards growth, the post PMI of 50.1 defied those predictions.Most sectors in June either witnessed stagnant output or a decline except for steel which has witnessed output growth of 14% since January 31. Though in the beginning of June the daily steel output slightly declined, it is anticipated that with the start of the…

Recent data of the excessively leveraged economy in China yielded few positive results. While data from previous months hinted that the Chinese economy might be heading towards growth, the post PMI of 50.1 defied those predictions.Most sectors in June either witnessed stagnant output or a decline except for steel which has witnessed output growth of 14% since January 31. Though in the beginning of June the daily steel output slightly declined, it is anticipated that with the start of the…

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

China’s data releases in recent days have continued to broadly reflect the ongoing slowdown in the economy. While industrial production remained steady in May 2016, retail sales as well as fixed asset investment continued to slow.  Money supply and outstanding loans also slowed in May.Industrial production in China remained steady in May 2016 rising 6.0% y-o-y, the same as in April, and compared to an increase of 6.8% y-o-y for March 2016. On a year-to-date (ytd) y-o-y basis, industrial…

China’s data releases in recent days have continued to broadly reflect the ongoing slowdown in the economy. While industrial production remained steady in May 2016, retail sales as well as fixed asset investment continued to slow.  Money supply and outstanding loans also slowed in May.Industrial production in China remained steady in May 2016 rising 6.0% y-o-y, the same as in April, and compared to an increase of 6.8% y-o-y for March 2016. On a year-to-date (ytd) y-o-y basis, industrial…

China: May Industrial Production Held Steady, Fixed Asset Investment, Loans Growth Slowed

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

US, EU Business Confidence Falls in China

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/352/original/mp2.JPG?1466125882" class="editor-image img-responsive" data-smartkarma-image-id="9352"></figure><ul><li>
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…</li></ul>

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

China

CRRC Corporation Limited manufactures rolling stock products. The Company produces locomotives, passenger carriages, freight wagons, vehicles key components, and other products. CRRC also provides vehicle repairing, investment management, and other services.

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CRRC Corp Ltd A (601766 CH)

Low Rates for Longer - Asian Banks

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity...

Daniel Tabbush

Early Look June Economic Activity

Recent data of the excessively leveraged economy in China yielded few positive results. While data from previous months hinted that the Chinese...

Christopher Balding

China: May Industrial Production Held Steady, Fixed Asset Investment, Loans Growth Slowed

China’s data releases in recent days have continued to broadly reflect the ongoing slowdown in the economy. While industrial production remained...

Rajan Govil

US, EU Business Confidence Falls in China

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business...

Bixmoor

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Adding risk with upgrade on Dry bulk and downgrade on Tanker shippingThe main change in our stance from the one shared at the start of this year is...

Drewry Maritime Financial Research

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