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

While consensus is 50% higher quarterly profit for <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings Ltd (DBS SP)</a>, we believe the figures are overly optimistic. Typically funding cost growth is greater than interest income growth as rates rise. This occurred in each of the past four quarters. Nothing compares in importance to the line item net interest income so that understanding its dynamics in the coming quarter is critical in estimating the bank’s profit. And then we can focus on credit quality.During 3Q17 DBS saw its…

While consensus is 50% higher quarterly profit for DBS Group Holdings Ltd (DBS SP), we believe the figures are overly optimistic. Typically funding cost growth is greater than interest income growth as rates rise. This occurred in each of the past four quarters. Nothing compares in importance to the line item net interest income so that understanding its dynamics in the coming quarter is critical in estimating the bank’s profit. And then we can focus on credit quality.During 3Q17 DBS saw its…

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Singapore’s STI On Track For Highest Annual Price Gain Since 2012

Thematic (Sector/Industry)

Banks in Hong Kong have some of the lowest levels of loan loss reserves (LLR) compared with loans and also their loan loss provision (LLP) expenses are paltry. The sharp rise of interest rates during late this year will see a marked increase in interest payments. This is due to the magnitude of the rate change, which is over 60% higher. It is fairly simple to service loans at near zero interest rates, but the propensity for defaults is suddenly much higher as rates climb to 1.25%.  Hong Kong – 3…

Banks in Hong Kong have some of the lowest levels of loan loss reserves (LLR) compared with loans and also their loan loss provision (LLP) expenses are paltry. The sharp rise of interest rates during late this year will see a marked increase in interest payments. This is due to the magnitude of the rate change, which is over 60% higher. It is fairly simple to service loans at near zero interest rates, but the propensity for defaults is suddenly much higher as rates climb to 1.25%.  Hong Kong – 3…

Annual Sector Rotations that Beat the STI in 2017 YTD

Banks, REITs & Consumer Discretionary Sectors Led in November

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)

Will DBS See 50% Higher Profit in 4Q17?

While consensus is 50% higher quarterly profit for DBS Group Holdings Ltd (DBS SP), we believe the figures are overly optimistic. Typically funding...

Daniel Tabbush

Singapore’s STI On Track For Highest Annual Price Gain Since 2012

Singapore Exchange Ltd (SGX)

Hong Kong Banks – Interest Rate Shock

Banks in Hong Kong have some of the lowest levels of loan loss reserves (LLR) compared with loans and also their loan loss provision (LLP) expenses...

Daniel Tabbush

Annual Sector Rotations that Beat the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Banks, REITs & Consumer Discretionary Sectors Led in November

Singapore Exchange Ltd (SGX)

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