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>There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans</li>
<li>Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I</li>
<li>Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data</li>
</ul>


There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans
Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I
Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data


US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul>
<li>Schwab's acquisition of Forge, Morgan Stanley's acquisition of EquityZen, and Goldman Sachs's acquisition of Industry Ventures have validated the thesis that incumbent wealth and brokerage platforms see private markets as a core growth vector, creating demand for B2B infrastructure companies like Monark &amp; Zanbato (pre-IPO), Alpaca (crypto), and iCapital (private credit) that can standardize the backend for the long tail of brokerages and RIAs entering the space.</li>
<li>Robinhood Ventures is launching as a publicly traded closed-end fund holding private stocks, but such funds have historically struggled to scale—like Destiny (NYSE: DXYZ) Fund at under $500M AUM, ARK Innovation ETF (BATS: ARKK) venture fund at a few hundred million, and Private Shares Fund (NASDAQ: PIIVX) at roughly $1.2B—because retail investors overwhelmingly want single-asset exposure to specific companies like SpaceX or Anthropic, not diversified baskets that inevitably trade at a discount or premium to NAV.</li>
<li>Beyond single-stock pre-IPO SPVs, evergreen fund distribution is emerging as the next major driver of private market AUM, particularly in the RIA channel, where advisors are looking to build model portfolios with "alt sleeves" that include private equity, private credit, and venture exposure through funds that continuously raise capital and manage liquidity through redemptions.</li>
</ul>


Schwab's acquisition of Forge, Morgan Stanley's acquisition of EquityZen, and Goldman Sachs's acquisition of Industry Ventures have validated the thesis that incumbent wealth and brokerage platforms see private markets as a core growth vector, creating demand for B2B infrastructure companies like Monark &amp; Zanbato (pre-IPO), Alpaca (crypto), and iCapital (private credit) that can standardize the backend for the long tail of brokerages and RIAs entering the space.
Robinhood Ventures is launching as a publicly traded closed-end fund holding private stocks, but such funds have historically struggled to scale—like Destiny (NYSE: DXYZ) Fund at under $500M AUM, ARK Innovation ETF (BATS: ARKK) venture fund at a few hundred million, and Private Shares Fund (NASDAQ: PIIVX) at roughly $1.2B—because retail investors overwhelmingly want single-asset exposure to specific companies like SpaceX or Anthropic, not diversified baskets that inevitably trade at a discount or premium to NAV.
Beyond single-stock pre-IPO SPVs, evergreen fund distribution is emerging as the next major driver of private market AUM, particularly in the RIA channel, where advisors are looking to build model portfolios with "alt sleeves" that include private equity, private credit, and venture exposure through funds that continuously raise capital and manage liquidity through redemptions.


Ben Haber, CEO Of Monark, On Why 2026 Is The Year Of Alts

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Fuxing China Group announced a dividend of RMB 15 cents per share, the first since 2011, with a new policy to distribute at least 15% of net profit for the next three years.</li><li>The company's net asset value per share is approximately RMB 29.60 (around S$5.40), compared to recent share prices of S$0.40 to S$0.70.</li><li>Fuxing aims for revenue growth and margin expansion through operational efficiency, automation, digitisation, and strengthening direct-to-brand sales.</li></ul>

Fuxing China Group announced a dividend of RMB 15 cents per share, the first since 2011, with a new policy to distribute at least 15% of net profit for the next three years.The company's net asset value per share is approximately RMB 29.60 (around S$5.40), compared to recent share prices of S$0.40 to S$0.70.Fuxing aims for revenue growth and margin expansion through operational efficiency, automation, digitisation, and strengthening direct-to-brand sales.

kopi-C with Fuxing CEO: The part that holds everything together

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>I remember it like it was yesterday.                          </li><li>I was at a conference about 15 years ago when I was introduced to an emerging manager.</li><li>During our conversation, he mentioned a small-cap stock he liked.</li></ul>

I remember it like it was yesterday.                          I was at a conference about 15 years ago when I was introduced to an emerging manager.During our conversation, he mentioned a small-cap stock he liked.

Inside Riptide Advisors’ Bet on Emerging Hedge Fund Managers

<ul>
<li>The inaugural Sohn Tokyo conference is coming up on Oct.16 at the Roppongi Hills Club.</li>
<li>One of this year’s co-hosts and speakers is Masaki Gotoh of TriVista Capital, and Hedge Fund Alpha caught up with him prior to the conference.</li>
<li>He’s very proud to be able to co-host Sohn Tokyo with Oasis Management’s Seth Fischer, who had invited him to speak at a previous Sohn conference.</li>
</ul>


The inaugural Sohn Tokyo conference is coming up on Oct.16 at the Roppongi Hills Club.
One of this year’s co-hosts and speakers is Masaki Gotoh of TriVista Capital, and Hedge Fund Alpha caught up with him prior to the conference.
He’s very proud to be able to co-host Sohn Tokyo with Oasis Management’s Seth Fischer, who had invited him to speak at a previous Sohn conference.


Sohn Tokyo Preview: TriVista’s Masaki Gotoh – What Traditional Stock Pickers Often Miss, and More

United States

Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis.  The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

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Morgan Stanley (MS US)

US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

HFD for US banks, shows very strong acceleration in C&I loans, and also other loans, which will also include C&I. Data suggests good economic...

Daniel Tabbush

Ben Haber, CEO Of Monark, On Why 2026 Is The Year Of Alts

Tell us about this round and the vision behind bringing in strategic investors like F-Prime who deeply understand capital markets...

Sacra

kopi-C with Fuxing CEO: The part that holds everything together

Fuxing China Group announced a dividend of RMB 15 cents per share, the first since 2011, with a new policy to distribute at least 15% of net...

Singapore Exchange Ltd (SGX)

Inside Riptide Advisors’ Bet on Emerging Hedge Fund Managers

I remember it like it was yesterday. I was at a conference about 15 years ago when I was introduced to an emerging manager. During our...

Hedge Fund Alpha

Sohn Tokyo Preview: TriVista’s Masaki Gotoh – What Traditional Stock Pickers Often Miss, and More

The inaugural Sohn Tokyo conference is coming up on Oct. 16 at the Roppongi Hills Club. One of this year’s co-hosts and speakers is Masaki Gotoh...

Hedge Fund Alpha

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52-week Range

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