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.

Equity Bottom-Up

<ul>
<li>Headlines of UOB 3Q24 while strong at the bottom line, we have a very different read of the numbers </li>
<li>Investment &amp; trading income is more than the whole delta in UOB's net profit during 3Q24 YoY and QoQ</li>
<li>Operating costs rose 12% YoY, while net interest income was up just 1% YoY and core net fee income was up 7% YoY</li>
</ul>


Headlines of UOB 3Q24 while strong at the bottom line, we have a very different read of the numbers 
Investment &amp; trading income is more than the whole delta in UOB's net profit during 3Q24 YoY and QoQ
Operating costs rose 12% YoY, while net interest income was up just 1% YoY and core net fee income was up 7% YoY


UOB - Profit +SGD228m YoY, Trading & Investment Income +SGD320m YoY, 3Q24 Not as Great as Headline

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>. </li>
</ul>



HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of HDFC Bank (HDFCB IN). 


<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong</li>
<li>On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong
On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.


ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the coming week will see a whole lot of listings across the region.</li>
<li>On the placements front, there were mainly deals in Australia this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the coming week will see a whole lot of listings across the region.
On the placements front, there were mainly deals in Australia this week.


ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS Group Holdings (DBSDY US)

UOB - Profit +SGD228m YoY, Trading & Investment Income +SGD320m YoY, 3Q24 Not as Great as Headline

UOB's results were good at bottom line, but we believe that they are misunderstood. Trading, investment income drove profit delta, not net interest...

Daniel Tabbush

Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

HDB Financial Services Pre-IPO Tearsheet

HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL,...

Sumeet Singh

ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)