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

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter very steadily – which is also curious. It feels to us the bank was caught out, trying to keep profit respectable, but the economics of its clients made it impossible to continue.

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter very steadily – which is also curious. It feels to us the bank was caught out, trying to keep profit respectable, but the economics of its clients made it impossible to continue.

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. <ul><li>Weak macroeconomic outlook has led to falling demand for both office and industrial space</li><li>Prices are on the decline while vacancy rates are likely to increase over the course of 2016</li><li>Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments</li></ul>

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. Weak macroeconomic outlook has led to falling demand for both office and industrial spacePrices are on the decline while vacancy rates are likely to increase over the course of 2016Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments

BEA is showing us all too clearly how credit costs for China bad loans can accelerate and impact profit. The risk is ultimately highest with China’s banks, but also foreign banks operating in China. This includes BEA, DBS and StanChart, to name but a few. The acceleration of credit costs in 2H15 for BEA’s China business is testimony to the continued deterioration in the Mainland, despite all the concerns flagged for so long.It has not run its course yet, the China bad loan cycle.<figure class="editor-figure"><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/612/original/BEA%20loan%20loss%20reserve.PNG?1455524922" class="editor-image img-responsive" data-smartkarma-image-id="5612"><figcaption class="figcaption">BEA - Loan loss</figcaption></figure></figure>…

BEA is showing us all too clearly how credit costs for China bad loans can accelerate and impact profit. The risk is ultimately highest with China’s banks, but also foreign banks operating in China. This includes BEA, DBS and StanChart, to name but a few. The acceleration of credit costs in 2H15 for BEA’s China business is testimony to the continued deterioration in the Mainland, despite all the concerns flagged for so long.It has not run its course yet, the China bad loan cycle.BEA - Loan loss…

BEA Shows How Credit Costs Can Ratchet Up

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 (DBS SP)

Spectacular Loss for HSBC

It’s as if the bank had no idea about the credit cycle in the first few quarters of last year. HSBC was expensing about US$700 million a quarter...

Daniel Tabbush

DBS Moves to Loss in Greater China

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing...

Daniel Tabbush

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are...

Tay Hock Meng

Commercial Property Outlook 2016

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and...

PropertyGuru

BEA Shows How Credit Costs Can Ratchet Up

BEA is showing us all too clearly how credit costs for China bad loans can accelerate and impact profit. The risk is ultimately highest with...

Daniel Tabbush

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