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

&ldquo;We offer a wide range of banking and financial services in mainland China, through our local subsidiaries HSBC Bank (China) Company Limited and Hang Seng Bank (China) Limited. We also participate indirectly in mainland China through our associate, Bank of Communications.&rdquo;This is one of three introductory paragraphs to its Asia business in HSBC&rsquo;s 2014 Annual Report. As at last year, the bank had US$38bn worth of loans in China.This is more than Singapore, Malaysia, India, or Indonesia. It is not a particularly small amount of credit.This is more disconcerting today than two weeks ago, given&nbsp;the Yuan devaluation.More below the fold....

&ldquo;We offer a wide range of banking and financial services in mainland China, through our local subsidiaries HSBC Bank (China) Company Limited and Hang Seng Bank (China) Limited. We also participate indirectly in mainland China through our associate, Bank of Communications.&rdquo;This is one of three introductory paragraphs to its Asia business in HSBC&rsquo;s 2014 Annual Report. As at last year, the bank had US$38bn worth of loans in China.This is more than Singapore, Malaysia, India, or Indonesia. It is not a particularly small amount of credit.This is more disconcerting today than two weeks ago, given&nbsp;the Yuan devaluation.More below the fold....

The fact is that we hear about HSBC&rsquo;s reported strategy changes every several years.It&rsquo;s a lot of words, presentations, and epiphanies, but little in the way of a real reshaping.The bank remains a blundering behemoth, with more than a third of its loans in the UK, which is something it never calls attention to in its presentations.Well here&rsquo;s another hidden reality: HSBC&rsquo;s combined Russian and Greek loans were US$8bn at 4Q14, which is the same as its Thailand, and Indonesia gross loans!More below the fold&nbsp;

The fact is that we hear about HSBC&rsquo;s reported strategy changes every several years.It&rsquo;s a lot of words, presentations, and epiphanies, but little in the way of a real reshaping.The bank remains a blundering behemoth, with more than a third of its loans in the UK, which is something it never calls attention to in its presentations.Well here&rsquo;s another hidden reality: HSBC&rsquo;s combined Russian and Greek loans were US$8bn at 4Q14, which is the same as its Thailand, and Indonesia gross loans!More below the fold&nbsp;

HSBC Is More Focussed on Russia & Greece than Indonesia & Thailand

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)

HSBC Is Entrenched in China

“We offer a wide range of banking and financial services in mainland China, through our local subsidiaries HSBC Bank (China) Company Limited and...

Daniel Tabbush

HSBC Is More Focussed on Russia & Greece than Indonesia & Thailand

The fact is that we hear about HSBC’s reported strategy changes every several years.It’s a lot of words, presentations, and epiphanies, but little...

Daniel Tabbush

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