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

IDFC First Bank Limited / Equity Bottom-Up

<p>The results are incredibly poor. This is despite the former infrastructure lender having merged with a consumer bank.  The deterioration in credit metrics is stunning and we would argue, another sign that India remains in the throes of a bad loan cycle. With persistently high interest rates and slowing growth, one is compelled to forecast higher bad loans, higher credit costs. The resultant loss at <a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a> puts capital at risk – it’s not only about earnings.</p>

The results are incredibly poor. This is despite the former infrastructure lender having merged with a consumer bank.  The deterioration in credit metrics is stunning and we would argue, another sign that India remains in the throes of a bad loan cycle. With persistently high interest rates and slowing growth, one is compelled to forecast higher bad loans, higher credit costs. The resultant loss at IDFC First Bank Limited (IDFCBK IN) puts capital at risk – it’s not only about earnings.

India

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

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IDFC First Bank Limited (IDFCFB IN)

IDFC First Bank – Last

The results are incredibly poor. This is despite the former infrastructure lender having merged with a consumer bank. The deterioration in credit...

Daniel Tabbush

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