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

<ul><li>We should not forget about the latent, but hidden risk facing banks off balance sheet.</li><li><em>In a crisis, when banks become risk averse, and where companies find economic circumstances changing radically, there is more risk that these so-called off balance sheet items move on-balance sheet. Unwittingly.</em></li><li>This can result in a spur of unwanted loan growth for banks, and it also something to watch for. High loan growth at a time of risk aversion can simply be the off balance sheet moving on balance sheet. This is generally poor quality growth.</li><li>Some banks traditionally touted as safe havens have surprisingly high Off Balance Sheet Liabilities to Equity.&nbsp;It is impossible to say if these banks will face difficulties with customers drawing down on these off balance sheet facilities or not, but holding all else equal, these banks are far more exposed vs. capital than others in Asia.</li></ul><p>More below the fold....&nbsp;</p>

We should not forget about the latent, but hidden risk facing banks off balance sheet.In a crisis, when banks become risk averse, and where companies find economic circumstances changing radically, there is more risk that these so-called off balance sheet items move on-balance sheet. Unwittingly.This can result in a spur of unwanted loan growth for banks, and it also something to watch for. High loan growth at a time of risk aversion can simply be the off balance sheet moving on balance sheet. This is generally poor quality growth.Some banks traditionally touted as safe havens have surprisingly high Off Balance Sheet Liabilities to Equity.&nbsp;It is impossible to say if these banks will face difficulties with customers drawing down on these off balance sheet facilities or not, but holding all else equal, these banks are far more exposed vs. capital than others in Asia.More below the fold....&nbsp;

Taiwan

First Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, provides loans and discount, letters of credit, and guarantee services, invests in marketable securities, provides securities brokerage and investment services, as well as provides insurance services.

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First Financial Holding Co (2892 TT)

Beware of Banks' Off Balance Sheet Risk

We should not forget about the latent, but hidden risk facing banks off balance sheet. In a crisis, when banks become risk averse, and where...

Daniel Tabbush

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