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)

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs.<div class="content-highlight"> India stands out in absolute terms, but also in the…</div>

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs. India stands out in absolute terms, but also in the…

Asia - Interest Coverage Data Is Dire for India, and China

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

A surprisingly poor employment report in the US became the central focus among investors across the globe on Friday. In May the US added just 38,000 jobs, well under the expected 156,000.A poor jobs report has triggered widespread concerns that a weak external environment is starting to feed through to infect the US economy. These concerns reflect the risk of what we define as a ‘bad de-polarization’ playing out in the global economy.Currently the global economy is extremely polarized (there is a large divergence between the health of the worlds strongest and weakest economies). As the global economy de-polarizes the health of the weakest economies will rise to converge with that of the strongest economies (a good de-polarization) or vice versa.

A surprisingly poor employment report in the US became the central focus among investors across the globe on Friday. In May the US added just 38,000 jobs, well under the expected 156,000.A poor jobs report has triggered widespread concerns that a weak external environment is starting to feed through to infect the US economy. These concerns reflect the risk of what we define as a ‘bad de-polarization’ playing out in the global economy.Currently the global economy is extremely polarized (there is a large divergence between the health of the worlds strongest and weakest economies). As the global economy de-polarizes the health of the weakest economies will rise to converge with that of the strongest economies (a good de-polarization) or vice versa.

Bad Jobs Report Good For Some EMs, Great For Others

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

China property sector, and within it mainly the residential sector (i.e. new developments), are an important source of demand for commodities. One of the main indicators to watch is the new starts Gross Floor Area (new starts GFA). This is a short discussion note on what we expect to happen to 'commercial residential' new starts GFA in China for 2016-2020, based on the analysis of historical data on new home sales, prices, completions, new starts and land sales. Latest data indicates a new…

China property sector, and within it mainly the residential sector (i.e. new developments), are an important source of demand for commodities. One of the main indicators to watch is the new starts Gross Floor Area (new starts GFA). This is a short discussion note on what we expect to happen to 'commercial residential' new starts GFA in China for 2016-2020, based on the analysis of historical data on new home sales, prices, completions, new starts and land sales. Latest data indicates a new…

Projecting Residential New Starts in China

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

Sichuan Biokin Pharmaceutical / Index Rebalance

Sichuan Biokin Pharmaceutical (688506 CH)

<ul>
<li>We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).</li>
<li>We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.</li>
<li>We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.</li>
</ul>


We measured cross-window alpha for the 53 names in the Feb 2026 MSCI China rebalance, vs the MSCI China benchmark, from WPreA through WI4 (60 days post-implementation).
We split the ADD and DELETE cohorts by FF/ADV bucket (LOW/MID/HIGH) to separate the active-positioning trades from the passive-flow trades.
We tested implementation-day intraday signals (R/O opening gap, R/I open-to-close) against later-window outcomes to find any forward-predictive read on the post-implementation path.


MS-China March 2026 Rebalance: Post-Event Review

Hao Wang, CFA

This is a quick update from <a href="https://www.smartkarma.com/insights/be-aggressive-in-q1-2016-and-be-defensive-through-rest-of-2016" target="_blank">my start-of-the year call</a> for a weaker dollar and rally in commodities in Q1 and a bit of extension but reversal in Q2. Almost exactly as I wrote, the dollar (DXY) has weakened 7.9% since the high of 99.83 at the start of the year to 91.92 in early May, commodities (SPGSCI Index) has rallied 35.7% during the same period. China, which has been a center of risk since last August, has clearly seen stabilization in economy, capital outflow, and stock markets. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/008/126/original/2.png?1463320298" class="editor-image img-responsive" data-smartkarma-image-id="8126"><figcaption class="figcaption">Dollar</figcaption></figure>…

This is a quick update from my start-of-the year call for a weaker dollar and rally in commodities in Q1 and a bit of extension but reversal in Q2. Almost exactly as I wrote, the dollar (DXY) has weakened 7.9% since the high of 99.83 at the start of the year to 91.92 in early May, commodities (SPGSCI Index) has rallied 35.7% during the same period. China, which has been a center of risk since last August, has clearly seen stabilization in economy, capital outflow, and stock markets. Dollar…

Be Prepared for a Stronger Dollar in 2nd Half

China

Fosun International Limited is a Chinese multinational conglomerate operating across four primary business segments: Health, Happiness, Wealth, and Intelligent Manufacturing. The company's diverse portfolio includes pharmaceuticals, healthcare services, tourism, fashion, insurance, banking, and intelligent manufacturing. It was founded in 1992 and is headquartered in Shanghai, China.

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Fosun International (656 HK)

Asia - Interest Coverage Data Is Dire for India, and China

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by...

Daniel Tabbush

Bad Jobs Report Good For Some EMs, Great For Others

A surprisingly poor employment report in the US became the central focus among investors across the globe on Friday. In May the US added just...

David Riedel

Projecting Residential New Starts in China

China property sector, and within it mainly the residential sector (i.e. new developments), are an important source of demand for commodities. One...

Robert Ciemniak

MS-China March 2026 Rebalance: Post-Event Review

A retrospective look at the MSCI China Feb 2026 rebalance: cross-window alpha, FF/ADV bucket cuts for ADD and DELETE, and the implementation-day...

Ke Yan, CFA, FRM

Be Prepared for a Stronger Dollar in 2nd Half

This is a quick update from my start-of-the year call for a weaker dollar and rally in commodities in Q1 and a bit of extension but reversal in Q2....

Hao Wang, CFA

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52-week Range

Market Cap (USDm)

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