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

<p>Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. <a href="https://www.smartkarma.com/entities/6614" target="_blank" data-smartkarma-citation="entities:6614:1">Jindal Steel &amp; Power Ltd (JSP IN)</a> is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…</p>

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The largest 51 debtors in India in our S&amp;P sample set have total debt of US$320 billion as at the latest full year. Jindal Steel &amp; Power Ltd (JSP IN) is included in this group. While the average interest cover ratio may be high, there are many at 1x or less. These companies hold US$68 billion in total debt and have an average interest cover ratio of 0.4x…

HDFC Bank: Finding the Next Jindal Steel & Power

India

GMR Airports Limited operates as a airport platform company. The Company engages in development, operation, and maintenance of airports, as well as provides aviation and integrated security solutions in retail, aero services, and real estates. GMR Airports serves customers worldwide.

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GMR Airports (GMRAIRPO IN)

HDFC Bank: Finding the Next Jindal Steel & Power

Corporate malaise is the reality in India. This is clear in corporate financial analysis, with high debt/EBITDA and low interest coverage. The...

Daniel Tabbush

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