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>Daewoo Shipping &amp; Marine Engineering early in May 2023 agreed to takeover by Hanwah Group</li>
<li>Hanwah Ocean, the re-named entity, reported financial stress for years, a lumpy NPL for banks</li>
<li>C&amp;P CIQ data suggests that all four major Korean banks are creditors to Hanwah Ocean</li>
</ul>


Daewoo Shipping &amp; Marine Engineering early in May 2023 agreed to takeover by Hanwah Group
Hanwah Ocean, the re-named entity, reported financial stress for years, a lumpy NPL for banks
C&amp;P CIQ data suggests that all four major Korean banks are creditors to Hanwah Ocean


Korea's Large Banks & Hanwah Ocean - Credit Reversals or Overhang?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 25th which has an aggregated holding worth USD480.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 25th which has an aggregated holding worth USD480.8bn.
We estimate that foreign flows to be inflows of USD322mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

Hanwha Aerospace / Equity Capital Markets

<ul>
<li>FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.</li>
<li>Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.</li>
<li>Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.</li>
</ul>


FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.
Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.
Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.


Hanwha Aero: Base Case Is the Raise Goes Through

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD41mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 18th which has an aggregated holding worth USD474.6bn.
We estimate that foreign flows to be outflows of USD41mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hdhms, Celltrion, SK Hynix, Samsung Electronics, Hyundai Motor.


KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 11th which has an aggregated holding worth USD461.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,277mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hyundai Motor, Samsung Biologics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 11th which has an aggregated holding worth USD461.3bn.
We estimate that foreign flows to be outflows of USD3,277mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hyundai Motor, Samsung Biologics.


KRX Foreign Holding Weekly (Apr 11th): SK Hynix, Samsung Electronics, Hyundai Motor

South Korea

Hanwha Ocean Co., Ltd. operates as a shipbuilding and offshore company. The Company provides floating structure construction, steel wire drying, commercial vessels, specialty vessels, gas carrier, tanker, containership, ro ro, bulk carrier, submarine, warship, auxiliaries, cruise ships, and ferries manufacturing services. Hanwha Ocean also offers onshore plants services.

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Hanwha Ocean (042660 KS)

Korea's Large Banks & Hanwah Ocean - Credit Reversals or Overhang?

News of ~USD740m placement, insight by Brian Freitas on this capital increase, it is a timely reminder of core credit metrics and concern for...

Daniel Tabbush

KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Shift Up, Leeno Industrial, SK Hynix, Samsung...

Ke Yan, CFA, FRM

Hanwha Aero: Base Case Is the Raise Goes Through

There’s confusion about Hanwha Aerospace’s rights issue. It’s not legally effective yet, so no pricing or subscription has happened. Claims that a...

Sanghyun Park

KRX Foreign Holding Weekly (Apr 18th): Hdhms, Celltrion, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hdhms, Celltrion, SK Hynix, Samsung Electronics,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 11th): SK Hynix, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hyundai Motor,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)