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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-bank-ltd" target="_blank" data-smartkarma-citation="entities:16063:1" rel="noopener">Seven Bank Ltd (8410 JP)</a> is the 7-11 convenience store bank, which focuses on ATM fees more than loans, so its cash is JPY952bn vs loans JPY35bn at FY23.</li>
<li>Loan growth in 1Q24 is 7% YoY, one of strongest in Japan and it is accelerating in recent periods, alongside 8-9% growth in ATM transactions, retail accounts</li>
<li>Exceptionally strong ATM transactions abroad at 92.4m in 1Q24 vs 66.5m in 1Q23, including US, Indonesia and Philippines. </li>
</ul>



Seven Bank Ltd (8410 JP) is the 7-11 convenience store bank, which focuses on ATM fees more than loans, so its cash is JPY952bn vs loans JPY35bn at FY23.
Loan growth in 1Q24 is 7% YoY, one of strongest in Japan and it is accelerating in recent periods, alongside 8-9% growth in ATM transactions, retail accounts
Exceptionally strong ATM transactions abroad at 92.4m in 1Q24 vs 66.5m in 1Q23, including US, Indonesia and Philippines. 


Seven Bank - Assets 39x Loans | Strong 7% Loan Growth | ATM Transactions +8% | Retail Accounts +9%

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

Thematic (Sector/Industry)

<ul><li>Despite rising expectations by global markets that were awaiting a signal towards normalizing monetary policy by the Bank of Japan (BoJ), in September, the BoJ decided to leave its ultra- loose interest rates unchanged in spite of domestic consumer prices rising faster than the central bank’s 2% mandate.</li><li>The central bank’s decision to not tighten credit conditions, especially given the differential between BoJ’s policy rate and that of the US Federal Reserve’s (Fed) widening, led to the JPY tumbling against the USD to a 10-month low of JPY 148.46/USD.</li><li>Such domestic headwinds continue to put pressure on Japanese banks’ credit profiles which have been plagued by low domestic interest rate margins and fallout from decades of weak economic growth.</li></ul>

Despite rising expectations by global markets that were awaiting a signal towards normalizing monetary policy by the Bank of Japan (BoJ), in September, the BoJ decided to leave its ultra- loose interest rates unchanged in spite of domestic consumer prices rising faster than the central bank’s 2% mandate.The central bank’s decision to not tighten credit conditions, especially given the differential between BoJ’s policy rate and that of the US Federal Reserve’s (Fed) widening, led to the JPY tumbling against the USD to a 10-month low of JPY 148.46/USD.Such domestic headwinds continue to put pressure on Japanese banks’ credit profiles which have been plagued by low domestic interest rate margins and fallout from decades of weak economic growth.

Change of Fortunes Result in Japanese Megabanks’ Leading Road to Recovery

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> raised around US$123m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Integral Corporation (5842 JP) raised around US$123m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seibu-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:40113:1" rel="noopener">Seibu Giken (6223 JP)</a> (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.</li>
<li>SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>



Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


Seibu Giken IPO - Quick Note - Not Particularly Enticing

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Mitsubishi UFJ Financial (MUFG) ADR / Equity Bottom-Up

<ul>
<li>Mitsubishi UFJ Financial Group Inc. delivered a solid result and managed an all-around beat last quarter.</li>
<li>Despite increased G&amp;A expenses, the company managed to rebound in terms of NOP, reaching a level before the introduction of negative interest rates.</li>
<li>We give Mitsubishi UFJ Financial Group Inc. a 'Hold' rating with a revised target price.</li>
</ul>


Mitsubishi UFJ Financial Group Inc. delivered a solid result and managed an all-around beat last quarter.
Despite increased G&amp;A expenses, the company managed to rebound in terms of NOP, reaching a level before the introduction of negative interest rates.
We give Mitsubishi UFJ Financial Group Inc. a 'Hold' rating with a revised target price.


Mitsubishi UFJ Financial: Their Secret Sauce in Tackling Global Economic Uncertainties

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

Seven Bank - Assets 39x Loans | Strong 7% Loan Growth | ATM Transactions +8% | Retail Accounts +9%

Highly geared toward change in negative rates on BOJ deposits. Good growth in ATMs outstanding, ATM transactions (especially overseas), and in...

Daniel Tabbush

Change of Fortunes Result in Japanese Megabanks’ Leading Road to Recovery

Despite rising expectations by global markets that were awaiting a signal towards normalizing monetary policy by the Bank of Japan (BoJ), in...

Criat

Integral Corporation IPO Trading - Low Demand but Somewhat Cornered

Integral Corporation (5842 JP) raised around US$123m in its Japan IPO. In this note, we talk about the trading dynamics

Sumeet Singh

Seibu Giken IPO - Quick Note - Not Particularly Enticing

Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Mitsubishi UFJ Financial: Their Secret Sauce in Tackling Global Economic Uncertainties

Mitsubishi UFJ Financial Group Inc. delivered a solid result and managed an all-around beat last quarter. Despite increased G&A expenses, the...

Baptista Research

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