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)

<p>While economic recovery data may be clearest, we look to US banks’ C19 loan modifications. Most banks globally term these loans as deferral loans, and they are a new feature of banks’ balance sheets from the government actions taken early in this year. Modified loans or reschedule loans have narrowed dramatically in the most recent quarter, suggesting that the degree of stress is not worsening, and quite the contrary.</p>

While economic recovery data may be clearest, we look to US banks’ C19 loan modifications. Most banks globally term these loans as deferral loans, and they are a new feature of banks’ balance sheets from the government actions taken early in this year. Modified loans or reschedule loans have narrowed dramatically in the most recent quarter, suggesting that the degree of stress is not worsening, and quite the contrary.

<p>There is granular data for US banks on loan modifications due to the economic shutdown as well as Payment Protection Program (PPP) loans. One may presume that banks with a significant amount of the former especially, and potentially the latter too, would enjoy lower credit costs. The reality though may surprise many. For us, we wonder if together with recovery, from a crisis completely unlike others, as we flip the switch back on, if banks with high modifications may be t more positively leveraged?</p>

There is granular data for US banks on loan modifications due to the economic shutdown as well as Payment Protection Program (PPP) loans. One may presume that banks with a significant amount of the former especially, and potentially the latter too, would enjoy lower credit costs. The reality though may surprise many. For us, we wonder if together with recovery, from a crisis completely unlike others, as we flip the switch back on, if banks with high modifications may be t more positively leveraged?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

First Citizens Bcshs Cl A / Equity Bottom-Up

<ul><li>First Citizens BancShares reported solid financial results for the second quarter of 2025, showcasing several positive metrics tempered by industry challenges.</li><li>Key highlights include robust net interest income growth, maintaining low net charge-offs, and disciplined cost management.</li><li>Adjusted earnings per share reached $44.78, contributing to an annualized return on equity (ROE) of 11.00% and a return on assets (ROA) of 1.07%.</li></ul>

First Citizens BancShares reported solid financial results for the second quarter of 2025, showcasing several positive metrics tempered by industry challenges.Key highlights include robust net interest income growth, maintaining low net charge-offs, and disciplined cost management.Adjusted earnings per share reached $44.78, contributing to an annualized return on equity (ROE) of 11.00% and a return on assets (ROA) of 1.07%.

First Citizens National Corporation Reveals Bold Loan & Deposit Growth Strategy – Can It Outpace Rivals?

<ul><li>First Citizens BancShares recently released its third-quarter 2024 earnings, highlighting both positive developments and challenges.</li><li>The adjusted earnings per share for the quarter came in at $45.87, supported by a resilient net interest margin despite declining accretion income.</li><li>Positively, the company reported stability and modest growth in its deposit base, especially within the commercial segment linked to the innovation economy.</li></ul>

First Citizens BancShares recently released its third-quarter 2024 earnings, highlighting both positive developments and challenges.The adjusted earnings per share for the quarter came in at $45.87, supported by a resilient net interest margin despite declining accretion income.Positively, the company reported stability and modest growth in its deposit base, especially within the commercial segment linked to the innovation economy.

First Citizens BancShares Inc.: Expanding Global Fund Banking Segment To Foster Viable Growth In Niche Sector! - Major Drivers

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>First Citizens BancShares, Inc.'s acquisition of SVB Financial Group's debt portfolio might be lucrative in the long run due to various synergetic and financial reasons.</li>
<li>First Citizens' stock was relatively undervalued prior to its latest stock surge.</li>
<li>The bank's stock is overvalued on a technical basis.</li>
</ul>


First Citizens BancShares, Inc.'s acquisition of SVB Financial Group's debt portfolio might be lucrative in the long run due to various synergetic and financial reasons.
First Citizens' stock was relatively undervalued prior to its latest stock surge.
The bank's stock is overvalued on a technical basis.


First Citizens: Additional Credit Risk Might Force Its Stock Price Back Down

United States

First Citizens BancShares, Inc. is the holding company for First-Citizens Bank & Trust Company and Ironstone Bank.  First-Citizens serves North Carolina, Virginia, and West Virginia.  Ironstone operates in Georgia, North Carolina, and Florida.

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First Citizens Bcshs Cl A (FCNCA US)

US Banks – Deferral Debt Dwindling

We look to US banks’ C19 loan modifications. Modified loans or reschedule loans have narrowed dramatically, suggesting that the degree of stress is...

Daniel Tabbush

US Banks – Loan Modifications

There is granular data for US banks on loan modifications due to the economic shutdown as well as Payment Protection Program (PPP) loans. One may...

Daniel Tabbush

First Citizens National Corporation Reveals Bold Loan & Deposit Growth Strategy – Can It Outpace Rivals?

First Citizens BancShares reported solid financial results for the second quarter of 2025, showcasing several positive metrics tempered by...

Baptista Research

First Citizens BancShares Inc.: Expanding Global Fund Banking Segment To Foster Viable Growth In Niche Sector! - Major Drivers

First Citizens BancShares recently released its third-quarter 2024 earnings, highlighting both positive developments and challenges. The adjusted...

Baptista Research

First Citizens: Additional Credit Risk Might Force Its Stock Price Back Down

First Citizens BancShares, Inc.'s acquisition of SVB Financial Group's debt portfolio might be lucrative in the long run due to various synergetic...

Pearl Gray Equity and Research

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