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)

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations weigh on the broader secondary market outlook for India. Data shows that primary issuances in previous years have bucked the trend of weak capital inflows and in our view companies evaluate sector appetite &amp; valuations levels before deciding on a public issue. For e.g. in the recent past, CY2015 hardly recorded any significant FII inflows however the…

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Dena Bank is a small PSU bank, at a similar size to better-known YES Bank. Dena Bank received a central bank capital injection a few months ago. And yet, it is coming to the market again for more capital. For anybody thinking that the NPL cycle has run its course in India, it's not the case. Of course, it isn’t only Dena Bank or PSU banks that are of concern; recent NPL formation at several private banks is also worrisome. India’s banks remain well entrenched in a nasty NPL cycle. Where some may…

Dena Bank is a small PSU bank, at a similar size to better-known YES Bank. Dena Bank received a central bank capital injection a few months ago. And yet, it is coming to the market again for more capital. For anybody thinking that the NPL cycle has run its course in India, it's not the case. Of course, it isn’t only Dena Bank or PSU banks that are of concern; recent NPL formation at several private banks is also worrisome. India’s banks remain well entrenched in a nasty NPL cycle. Where some may…

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<ul><li>Growth outlook remains tilted to the downside.</li><li> Fiscal and Monetary Policy have become confusing amidst a lack of meaningful structural reforms.</li><li>Room for further rate cuts on easing inflation and as demonetization hurts growth; downside risk to overvalued rupee with slow growth and rise in US yields.</li></ul>

Growth outlook remains tilted to the downside. Fiscal and Monetary Policy have become confusing amidst a lack of meaningful structural reforms.Room for further rate cuts on easing inflation and as demonetization hurts growth; downside risk to overvalued rupee with slow growth and rise in US yields.

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

India

Muthoot Finance Ltd is an Indian non-banking financial company and the largest gold loan NBFC in the country. The company primarily provides personal and business loans secured by gold jewelry, and also offers other loans, insurance, money transfer services, and sells gold coins. It is headquartered in Kochi, Kerala, India, and was founded in 1939.

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Muthoot Finance (MUTH IN)

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

IPO Pipeline to Remain Strong as PE Funds, Quasi-Govt Promoters Aim for Portfolio Exits

Primary issuances are expected to remain strong in 2017 following a five-year high in funds raised in 2016 (Rs 220bn) even as Fed rate expectations...

Asia Advisors

India's Dramatic NPL Acceleration

Dena Bank is a small PSU bank, at a similar size to better-known YES Bank. Dena Bank received a central bank capital injection a few months ago....

Daniel Tabbush

Marketnomix Insights : India Outlook

Growth outlook remains tilted to the downside. Fiscal and Monetary Policy have become confusing amidst a lack of meaningful structural...

Rajan Govil

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates...

Euromonitor International Ltd.

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