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>US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market</li>
<li>Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks</li>
<li>CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital</li>
</ul>


US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market
Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks
CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital


US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Analysts gain confidence in DFI's retail outlook after first investor day.</li><li>DBS downgrades Sheng Siong to 'hold' after share price gains from SG60 vouchers.</li><li>Tickrs Financial rates Nanofilm as 'buy' with a target price of 75 cents.</li></ul>

Analysts gain confidence in DFI's retail outlook after first investor day.DBS downgrades Sheng Siong to 'hold' after share price gains from SG60 vouchers.Tickrs Financial rates Nanofilm as 'buy' with a target price of 75 cents.

Singapore Market Roundup (05-Dec-2025): Analysts boost confidence in DFI's retail outlook

<ul><li>DBS sees potential rerating catalysts for Nam Cheong.</li><li>Analysts set Marco Polo Marine shares at 14 cents after profit surge.</li><li>Evolve Capital notes Old Chang Kee needs new growth catalysts in a recent report.</li></ul>

DBS sees potential rerating catalysts for Nam Cheong.Analysts set Marco Polo Marine shares at 14 cents after profit surge.Evolve Capital notes Old Chang Kee needs new growth catalysts in a recent report.

Singapore Market Roundup (03-Dec-2025): DBS sees potential catalysts for Nam Cheong's rerating.

<ul><li>Evolve Capital reports Old Chang Kee needs fresh growth catalysts.</li><li>Analysts raise TPs for ASL Marine after strong 1QFY2026 earnings.</li><li>DBS: Singapore's construction boom will offset trade-related GDP slowdown in 2026.</li></ul>

Evolve Capital reports Old Chang Kee needs fresh growth catalysts.Analysts raise TPs for ASL Marine after strong 1QFY2026 earnings.DBS: Singapore's construction boom will offset trade-related GDP slowdown in 2026.

Singapore Market Roundup (02-Dec-2025): Evolve Capital: Old Chang Kee requires new growth drivers.

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.

Equity Capital Markets

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.</li>
<li>SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.</li>
<li>We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.


SBI Shinsei Bank IPO - Stronger Support, Decent Valuation

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)

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

Singapore Market Roundup (05-Dec-2025): Analysts boost confidence in DFI's retail outlook

Analysts are optimistic about DFI's retail outlook post-investor day. DBS downgrades Sheng Siong to 'hold' after share price rise; Tickrs rates...

Singapore Market Roundup

Singapore Market Roundup (03-Dec-2025): DBS sees potential catalysts for Nam Cheong's rerating.

DBS identifies rerating potential for Nam Cheong, while analysts price Marco Polo Marine shares at 14 cents; Evolve Capital urges Old Chang Kee for...

Singapore Market Roundup

Singapore Market Roundup (02-Dec-2025): Evolve Capital: Old Chang Kee requires new growth drivers.

Evolve Capital highlights Old Chang Kee's need for growth. Analysts boost ASL Marine's TPs after strong 1QFY2026, while DBS sees construction...

Singapore Market Roundup

SBI Shinsei Bank IPO - Stronger Support, Decent Valuation

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing. In this note, we talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)