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

Mega Financial Holding Co., Ltd / Equity Bottom-Up

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it hard to imagine that this will remain the case, especially given their lending to Taiwanese companies doing business in China.The provision and earnings delta for these banks may be some of the most dramatic in Asia, given they are starting from a seemingly pristine loan book.

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it hard to imagine that this will remain the case, especially given their lending to Taiwanese companies doing business in China.The provision and earnings delta for these banks may be some of the most dramatic in Asia, given they are starting from a seemingly pristine loan book.

Thematic (Sector/Industry)

Do not be lulled by a false sense of security with high NPL coverage. The figures can decline quickly and China is the quintessential example. &nbsp;Differences in NPL coverage trends, can help frame where banks are in their NPL cycle or how well prepared they are making themselves. Or both.&nbsp;The stand out is China.

Do not be lulled by a false sense of security with high NPL coverage. The figures can decline quickly and China is the quintessential example. &nbsp;Differences in NPL coverage trends, can help frame where banks are in their NPL cycle or how well prepared they are making themselves. Or both.&nbsp;The stand out is China.

Beware of NPL Coverage Trends Across Asia

Taiwan

Mega Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, issues financial debentures, provides medium and long term loans to enterprises, as well as provides brokerage, dealer and insurance services.

Mega Financial Holding Co., Ltd (2886 TT)

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Mega Financial Holding Co., Ltd (2886 TT)

Taiwan's Banks Have Zero NPLs; For Now

Across nearly 300 banks in Asia-Pacific the average NPL ratio is 2.47%. In Taiwan banks have essentially no NPLs at just 0.27% of loans.We find it...

Daniel Tabbush

Beware of NPL Coverage Trends Across Asia

Do not be lulled by a false sense of security with high NPL coverage. The figures can decline quickly and China is the quintessential example....

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)