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

<a href="https://www.smartkarma.com/entities/558" target="_blank" data-smartkarma-citation="entities:558:1">HDFC Bank Limited (HDFCB IN)</a> appears to be taking on excessive credit to offset far worse credit metrics. It's bizarre, but it does happen. It reminds us of China about 10 years ago, when banks expanded loans at high rates, partly in order to push non-performing loan (NPL) ratios down.  The risk of doing this amidst a weakening overall economy is that it results in far higher NPLs and credit costs. This is what we are seeing with HDFC Bank, Asia’s darling bank.

HDFC Bank Limited (HDFCB IN) appears to be taking on excessive credit to offset far worse credit metrics. It's bizarre, but it does happen. It reminds us of China about 10 years ago, when banks expanded loans at high rates, partly in order to push non-performing loan (NPL) ratios down.  The risk of doing this amidst a weakening overall economy is that it results in far higher NPLs and credit costs. This is what we are seeing with HDFC Bank, Asia’s darling bank. 

Soaring Impairment Costs at HDFC Bank, More than Peers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

RBL Bank plans to raise between US$150-200m later this year by selling a mix of primary and secondary shares. In this insight, we have looked at the company's past financial performance, along with its return profile in order to benchmark it versus other listed players. RBL is similar to other listed old age private sector banks in terms of asset size and returns and the deal will probably need to come in at a discount to this group for it to do well.

RBL Bank plans to raise between US$150-200m later this year by selling a mix of primary and secondary shares. In this insight, we have looked at the company's past financial performance, along with its return profile in order to benchmark it versus other listed players. RBL is similar to other listed old age private sector banks in terms of asset size and returns and the deal will probably need to come in at a discount to this group for it to do well.

RBL Bank Pre-IPO Review - Impressive Asset Growth but Return Ratios Lagging

India

Federal Bank is a major Indian private sector commercial bank offering a comprehensive suite of banking and financial services, including retail banking, wholesale banking, and treasury operations. It provides products such as savings and current accounts, loans, credit and debit cards, insurance, and wealth management. The bank is headquartered in Aluva, Kochi, Kerala, India, and was founded on April 23, 1931.

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Federal Bank (FB IN)

Soaring Impairment Costs at HDFC Bank, More than Peers

HDFC Bank Limited (HDFCB IN) appears to be taking on excessive credit to offset far worse credit metrics. It's bizarre, but it does happen. It...

Daniel Tabbush

RBL Bank Pre-IPO Review - Impressive Asset Growth but Return Ratios Lagging

RBL Bank plans to raise between US$150-200m later this year by selling a mix of primary and secondary shares. In this insight, we have looked at...

Sumeet Singh

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