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)

<ul>
<li>The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once</li>
<li>Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital</li>
<li>We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China</li>
</ul>


The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once
Singapore's banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital
We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China


Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Food Empire stock should be retained as the company plans to diversify its business, potentially leading to increased profitability.</li><li>HSBC has raised Singtel's target price in anticipation of a potential merger in the telecom industry, suggesting room for growth.</li><li>Investors should consider holding onto Food Empire stock and possibly increasing investment in Singtel due to positive outlooks for both companies.</li></ul>

Food Empire stock should be retained as the company plans to diversify its business, potentially leading to increased profitability.HSBC has raised Singtel's target price in anticipation of a potential merger in the telecom industry, suggesting room for growth.Investors should consider holding onto Food Empire stock and possibly increasing investment in Singtel due to positive outlooks for both companies.

Singapore Market Roundup (23-Jan-2025): Food Empire plans to diversify. Hold stock.

<ul><li>Food Empire to remain focused on core business while planning for diversification in the near future.</li><li>HSBC raises Singtel's target price in anticipation of telecom industry consolidation, showing confidence in the company's performance.</li><li>Analysts expect strong 2H2024 earnings for PropNex and increase target price, with no cooling measures on property market anticipated.</li></ul>

Food Empire to remain focused on core business while planning for diversification in the near future.HSBC raises Singtel's target price in anticipation of telecom industry consolidation, showing confidence in the company's performance.Analysts expect strong 2H2024 earnings for PropNex and increase target price, with no cooling measures on property market anticipated.

Singapore Market Roundup (22-Jan-2025): Food Empire diversifying soon!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)</li>
<li>We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.</li>
<li>Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)
We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.
Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX


Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

<ul>
<li>We must recognize the wide variance in credit growth rates across Asian countries</li>
<li>There are critical implications for differences in net interest income growth and profit</li>
<li>Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth</li>
</ul>


We must recognize the wide variance in credit growth rates across Asian countries
There are critical implications for differences in net interest income growth and profit
Credit metrics also tend to move in tandem with loan growth rates, as does GDP growth


Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

United Kingdom

HSBC Holdings Plc is a British universal bank and financial services group operating worldwide. It offers a wide range of services including retail and personal banking, wealth management, commercial banking, global banking, and markets and securities services. The company was founded in British Hong Kong in 1865 and is headquartered in London, England.

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HSBC (HSBA LN)

Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

Singapore's banks are all giving back lots of capital to shareholders. This may appear to be good for yield, but it suggests to us that lending...

Daniel Tabbush

Singapore Market Roundup (23-Jan-2025): Food Empire plans to diversify. Hold stock.

Food Empire stock should be kept as the company plans to diversify, while HSBC raises target price for Singtel ahead of a possible telco merger.

Singapore Market Roundup

Singapore Market Roundup (22-Jan-2025): Food Empire diversifying soon!

Food Empire, Singtel, PropNex, DBS, KORE, Prime, Venture Corp seen as strong buys with target price increases and growth opportunities by analysts...

Singapore Market Roundup

Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

Opportunity Within Europe and Japan $HEDJ $DXJ; EURO $STOXX 50 and $TOPIX/Nikkei 225 Near Major Breakouts. $ACWI above $116. Buys in Financials,...

Vermilion Research

Asian Banks - Wide Variance in Credit Growth, and in Delta of Growth Rates in Recent Months

There is a wide variance of domestic loan growth rates in Asian countries, one must be highly selective. There are implications for growth of net...

Daniel Tabbush

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