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>Monthly numbers through May show a meaningful deterioration in revenue and profit</li>
<li>We are doubtful that June brings a rebound, given more volatility, higher risk</li>
<li>Higher rates, higher reserve requirements, can mean less lending, less NIM</li>
</ul>


Monthly numbers through May show a meaningful deterioration in revenue and profit
We are doubtful that June brings a rebound, given more volatility, higher risk
Higher rates, higher reserve requirements, can mean less lending, less NIM


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 TWSE Stocks as of Jul 24th. The aggregated short interest was USD43.1bn.</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 Shin Kong Financial, Nanya Technology, BizLink, ASE Industrial, UMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 24th. The aggregated short interest was USD43.1bn.
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 Shin Kong Financial, Nanya Technology, BizLink, ASE Industrial, UMC.


TWSE Short Interest Weekly (Jul 24th): Shin Kong Financial, Nanya Technology, BizLink, UMC

DZT Research

DZT 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.

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.</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 Shin Kong Financial, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 17th. The aggregated short interest was USD42.4bn.
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 Shin Kong Financial, Nanya Technology, LARGAN Precision, Hon Hai Precision, Alchip Technologies.


TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.</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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.
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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.


TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

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

<p>Allocations in the Financials sector have broken below the decade long range.  In their place are increased exposures in Technology and Consumer Discretionary companies.  At the moment, allocations within the sector are consolidating, with Asia Ex-Japan funds actively increasing weights, but still remaining a long way below previous levels. </p><p>In this analysis, we look at the mechanics of the downturn, identifying the countries and stocks hardest hit.  We then look at the extent to which Financials stocks have consolidated and moved towards the early stages of a recovery.</p>

Allocations in the Financials sector have broken below the decade long range.  In their place are increased exposures in Technology and Consumer Discretionary companies.  At the moment, allocations within the sector are consolidating, with Asia Ex-Japan funds actively increasing weights, but still remaining a long way below previous levels. In this analysis, we look at the mechanics of the downturn, identifying the countries and stocks hardest hit.  We then look at the extent to which Financials stocks have consolidated and moved towards the early stages of a recovery.

Asia Ex-Japan Financials.  Slowly Regaining the Faith.

Taiwan

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

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CTBC Financial Holding (2891 TT)

Taiwan - Financial Groups Profit Demise

Taiwan's financial holding companies are reporting dwindling monthly profit through May and some with losses. This is driven by insurance, but...

Daniel Tabbush

TWSE Short Interest Weekly (Jul 24th): Shin Kong Financial, Nanya Technology, BizLink, UMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nanya Technology, BizLink,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 17th): Shin Kong Financial, Nanya Technology, LARGAN Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Nanya Technology, LARGAN...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

Asia Ex-Japan Financials. Slowly Regaining the Faith.

Active Asia Ex-Japan managers move back in to the Financials sector after a period of heavy rotation, however allocations remain well below...

Steven Holden

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