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>What matters with HSBC results is really not the bottom line, the management view or the constant currency comparatives, but rather the view on specific regions. </li>
<li>Still there is concern HSBC has not yet realized losses on BoCom, it is not marked to market; there will be an impairment of USD1.2-1.6bn from dilution</li>
<li>HK shows credit costs rising from USD233m to USD320m YoY in 1Q25 and UK shows credit costs rising from USD55m to USD169m YoY, both are key to HSBC</li>
</ul>


What matters with HSBC results is really not the bottom line, the management view or the constant currency comparatives, but rather the view on specific regions. 
Still there is concern HSBC has not yet realized losses on BoCom, it is not marked to market; there will be an impairment of USD1.2-1.6bn from dilution
HK shows credit costs rising from USD233m to USD320m YoY in 1Q25 and UK shows credit costs rising from USD55m to USD169m YoY, both are key to HSBC


HSBC - BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.


HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Statistics supported "Sell in May, go away" for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.</li>
<li>On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.</li>
<li>If a weak May happens, the heavily weighted yet strongly performed constituents like <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> are to suffer. </li>
</ul>


Statistics supported "Sell in May, go away" for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.
On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.
If a weak May happens, the heavily weighted yet strongly performed constituents like BYD (1211 HK), Alibaba Group (9988 HK), and Xiaomi Corp (1810 HK) are to suffer. 


HK Strategy: Sell in May, Go Away? The History Says Yes!

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 25th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Swire Pacific (19 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 25th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Swire Pacific (19 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Hongqiao (1378 HK).


Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.


HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HSBC Holdings (5 HK)

HSBC - BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening

HSBC's 1Q25 results data release show that it will book a $1.2-1.6bn impairment on BoComm once govt capital injection is done, and that credit...

Daniel Tabbush

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

HK Strategy: Sell in May, Go Away? The History Says Yes!

Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

We analyzed the latest HK SFC report for aggregate short position as of Apr 11th and highlight short interest changes in China Mobile, Sinopec,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSBC - BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening

HSBC's 1Q25 results data release show that it will book a $1.2-1.6bn impairment on BoComm once govt capital injection is done, and that credit...

Daniel Tabbush

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

HK Strategy: Sell in May, Go Away? The History Says Yes!

​Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....

Osbert Tang, CFA

Hong Kong Buybacks Weekly (Apr 25th): AIA, China Hongqiao, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

We analyzed the latest HK SFC report for aggregate short position as of Apr 11th and highlight short interest changes in China Mobile, Sinopec,...

Ke Yan, CFA, FRM

Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....