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)

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are mostly the subsidiaries of banks in other regions, including Asia. The immediate concern is how banks adjust their risk-weightings on their UK assets. S&amp;P and Moody's downgrades, will also affect UK bank counterparty risk. The more distant concern is the outlook for impairments on some of these assets, namely loans and corporate bonds. UK assets to group…

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are mostly the subsidiaries of banks in other regions, including Asia. The immediate concern is how banks adjust their risk-weightings on their UK assets. S&amp;P and Moody's downgrades, will also affect UK bank counterparty risk. The more distant concern is the outlook for impairments on some of these assets, namely loans and corporate bonds. UK assets to group…

Japan’s banks face pressure on margins, credit costs and stock market losses. Much of this will worsen further since events in the UK. Unfortunately, for Japan’s banks, there is little in the way of ROA to give up, even for marginal financial deterioration.<h2>Margin pressure</h2> Japan’s banks face worse margin pressure since the negative interest rate policy took hold earlier this year.<div class="content-highlight">Where banks have excess deposits with the Bank of Japan, they will be paying for this, rather than receiving income.…</div>

Japan’s banks face pressure on margins, credit costs and stock market losses. Much of this will worsen further since events in the UK. Unfortunately, for Japan’s banks, there is little in the way of ROA to give up, even for marginal financial deterioration.Margin pressure Japan’s banks face worse margin pressure since the negative interest rate policy took hold earlier this year.Where banks have excess deposits with the Bank of Japan, they will be paying for this, rather than receiving income.…

Three Pronged Attack on Japan's Banks, Becomes More Pointed

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by <a href="https://www.smartkarma.com/entities/783" target="_blank" data-smartkarma-citation="entities:783">NTT</a>  for up to…

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by NTT  for up to…

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Tekscend Photomask IPO Lockup Expiry - US$1.1bn Lockup Release

Japan

Japan Post Insurance Co. Ltd. operates life insurance business. The Company offers whole life insurance, education endowment, ordinary endowment, medical insurance, and special endowment insurance. Japan Post Insurance provides services for individuals and businesses throughout Japan.

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Japan Post Insurance (7181 JP)

UK Subsidiaries of Asian Banks

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are...

Daniel Tabbush

Three Pronged Attack on Japan's Banks, Becomes More Pointed

Japan’s banks face pressure on margins, credit costs and stock market losses. Much of this will worsen further since events in the UK....

Daniel Tabbush

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser...

Morningstar, Inc.

JAPAN: How a ToSTNeT-3 Buyback Works

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016,...

Travis Lundy

Aequitas: Tekscend Photomask IPO Lockup Expiry - US$1.1bn Lockup Release

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

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