Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank 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)

<ul>
<li>Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. </li>
<li>Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. </li>
<li>Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.</li>
</ul>


Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. 
Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. 
Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.


US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

<ul>
<li>Large US banks saw loans down USD22bn from 28 Jun to 16 Aug vs 5bn decline preceding</li>
<li>Weekly data in preceding several weeks shows combined USD18bn decline: it's worsening</li>
<li>Large time deposits, at large US banks, up 76% YoY at 16 Aug - growth is 'off the charts' </li>
</ul>


Large US banks saw loans down USD22bn from 28 Jun to 16 Aug vs 5bn decline preceding
Weekly data in preceding several weeks shows combined USD18bn decline: it's worsening
Large time deposits, at large US banks, up 76% YoY at 16 Aug - growth is 'off the charts' 


US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs from 2019-2022. </li>
<li>The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs from 2019-2022. 
The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<a href="https://www.smartkarma.com/entities/remitly-global-inc" target="_blank" data-smartkarma-citation="entities:11929:1" rel="noopener">Remitly Global (RELY US)</a> , the Seattle-based all-digital financial services provider for immigrants and their families, filed for an IPO and with the most recent S-1/A, fintech unicorn plans to raise ~$285 million at midpoint of the price range at $40/share. This implies IPO valuation of ~$7.6 billion on a fully diluted basis, including options, RSUs and warrants. PayU, a payment technology leader and one of the world’s top investors in fintech, agreed to purchase a number of Remitly shares at IPO price with an aggregate purchase price of up to $25 million in a private placement. <a href="https://www.smartkarma.com/entities/remitly-global-inc" target="_blank" data-smartkarma-citation="entities:11929:1" rel="noopener">Remitly Global (RELY US)</a>  applied to list common stock on the Nasdaq Global Select Market under the symbol “RELY”. Goldman Sachs and J.P Morgan are leading the IPO.

Remitly Global (RELY US) , the Seattle-based all-digital financial services provider for immigrants and their families, filed for an IPO and with the most recent S-1/A, fintech unicorn plans to raise ~$285 million at midpoint of the price range at $40/share. This implies IPO valuation of ~$7.6 billion on a fully diluted basis, including options, RSUs and warrants. PayU, a payment technology leader and one of the world’s top investors in fintech, agreed to purchase a number of Remitly shares at IPO price with an aggregate purchase price of up to $25 million in a private placement. Remitly Global (RELY US)  applied to list common stock on the Nasdaq Global Select Market under the symbol “RELY”. Goldman Sachs and J.P Morgan are leading the IPO.   

Remitly IPO. VC-Funded Disruptor Transforming Remittances

Private Capital Markets

With $225 million last round financing, Postman became the most valued VC-backed Indian SaaS startup. Mr. Girish Mathrubootham, the co-founder and CEO of Freshworks, also participated in Series D funding round together with new venture capital investors Coatue, Battery Ventures and BOND. We think investors should pay attention to private companies with high revenue growth rates in API Management industry such as Postman and Kong. Both startups are technology unicorns and backed by notable venture capital investors.

With $225 million last round financing, Postman became the most valued VC-backed Indian SaaS startup. Mr. Girish Mathrubootham, the co-founder and CEO of Freshworks, also participated in Series D funding round together with new venture capital investors Coatue, Battery Ventures and BOND. We think investors should pay attention to private companies with high revenue growth rates in API Management industry such as Postman and Kong. Both startups are technology unicorns and backed by notable venture capital investors.

Postman. The Fastest Growing VC-Backed Provider of API Platform

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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Goldman Sachs Group (GS US)

US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

US large banks are seeing loan growth decelerating, cash rising, large time deposits up 109% YoY in most recent week. Weekly B/S data suggests net...

Daniel Tabbush

US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

US banks' HFD data shows loans down $22bn in recent weeks - a major worsening - and 76% growth in the latest week YoY for large time deposits. B/S...

Daniel Tabbush

Remitly IPO. VC-Funded Disruptor Transforming Remittances

Remitly IPO is a promising investment opportunity to increase exposure to high-growth disruptors transforming global remittance market

Andrei Zakharov

Postman. The Fastest Growing VC-Backed Provider of API Platform

As API Management market is booming and Postman could raise $225 million in a new funding round, we believe that investors should pay attention to...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

US large banks are seeing loan growth decelerating, cash rising, large time deposits up 109% YoY in most recent week. Weekly B/S data suggests net...

Daniel Tabbush

US Banks - New HFD Shows Loans Down $22bn From 28 Jun To 16 Aug & Large Time Deposits up 76% YoY

US banks' HFD data shows loans down $22bn in recent weeks - a major worsening - and 76% growth in the latest week YoY for large time deposits. B/S...

Daniel Tabbush

Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

In this note, we will take a look at broker performance for HK IPOs from 2019-2022. The following dataset includes all HK IPOs above US$100m for...

Ethan Aw

Remitly IPO. VC-Funded Disruptor Transforming Remittances

Remitly IPO is a promising investment opportunity to increase exposure to high-growth disruptors transforming global remittance market

Andrei Zakharov

Postman. The Fastest Growing VC-Backed Provider of API Platform

As API Management market is booming and Postman could raise $225 million in a new funding round, we believe that investors should pay attention to...

Andrei Zakharov