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)

The NPL crisis is upon us in China. It’s playing out even if it appears slow.Some of the first movers to show NPLs provide a guide as to what to expect for the more late bloomers.  The former group includes more foreign names and less mainstream banks. The latter group includes the large SOE banks and mainstream large banks.Along with a risk of rising NPLs, China's banks will also have to face liquidity, capital and off-balance sheet risks.

The NPL crisis is upon us in China. It’s playing out even if it appears slow.Some of the first movers to show NPLs provide a guide as to what to expect for the more late bloomers.  The former group includes more foreign names and less mainstream banks. The latter group includes the large SOE banks and mainstream large banks.Along with a risk of rising NPLs, China's banks will also have to face liquidity, capital and off-balance sheet risks.

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of April.</li>
<li>The top 10 provide an average ~5.88% premium with a potential ~7.99% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of April.
The top 10 provide an average ~5.88% premium with a potential ~7.99% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong April 2026 Monthly Covered Call Report

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development</li>
<li>UST yields rose for the third straight day, ending 3-4 bps higher across the curve. There appeared to be no major new catalysts, with oil prices stabilising after a two-day surge. Yields on the 2Y and 10Y UST rose 4 bps each to 3.55% and 4.10%, respectively. Equities recovered from Tuesday’s losses, with the S&amp;P 500 and Nasdaq up 0.8% and 1.3%, respectively.</li>
<li>In the US, the February ISM services index climbed to 56.1 (53.5 e / 53.8 p), the highest reading since mid-2022. The new orders subindex jumped to 58.6 (53.5 e / 56.1 p), while the employment sub-index increased to 51.8 (50.6 e / 50.3 p).</li>
<li>The prices paid sub-index eased to 63.0 (68.3 e / 66.6 p), the lowest reading since March 2025. Meanwhile, the February 2026 (final) S&amp;P services PMI fell to 51.7 (52.7 p), and the composite PMI declined to 51.9 (53.0 p). Separately, the ADP employment report showed that private sector payrolls rose 63 k in February (50 k e / 11 k revised p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development
UST yields rose for the third straight day, ending 3-4 bps higher across the curve. There appeared to be no major new catalysts, with oil prices stabilising after a two-day surge. Yields on the 2Y and 10Y UST rose 4 bps each to 3.55% and 4.10%, respectively. Equities recovered from Tuesday’s losses, with the S&amp;P 500 and Nasdaq up 0.8% and 1.3%, respectively.
In the US, the February ISM services index climbed to 56.1 (53.5 e / 53.8 p), the highest reading since mid-2022. The new orders subindex jumped to 58.6 (53.5 e / 56.1 p), while the employment sub-index increased to 51.8 (50.6 e / 50.3 p).
The prices paid sub-index eased to 63.0 (68.3 e / 66.6 p), the lowest reading since March 2025. Meanwhile, the February 2026 (final) S&amp;P services PMI fell to 51.7 (52.7 p), and the composite PMI declined to 51.9 (53.0 p). Separately, the ADP employment report showed that private sector payrolls rose 63 k in February (50 k e / 11 k revised p).


Country Garden Holdings / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of March.</li>
<li>The top 10 provide an average ~6.9% premium with a potential ~9.8% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of March.
The top 10 provide an average ~6.9% premium with a potential ~9.8% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong March 2026 Monthly Covered Call Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Sun Hung Kai Properties / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" data-smartkarma-citation="entities:111:1" rel="noopener">Sun Hung Kai Properties (16 HK)</a>, Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. </li>
<li>The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. </li>
<li>SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average preceding Covid. Metrics look full.</li>
</ul>



Sun Hung Kai Properties (16 HK), Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. 
The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. 
SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average preceding Covid. Metrics look full.


On Sun Hung Kai (16 HK)'s Interim Results

Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

It Is All Playing Out with China's Banks

The NPL crisis is upon us in China. It’s playing out even if it appears slow.Some of the first movers to show NPLs provide a guide as to what to...

Daniel Tabbush

EQD | Hong Kong April 2026 Monthly Covered Call Report

April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

Nicholas Pezolano

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development

Lucror Analytics

EQD | Hong Kong March 2026 Monthly Covered Call Report

March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...

Nicholas Pezolano

On Sun Hung Kai (16 HK)'s Interim Results

A lot of optimism baked into SHK's share price here. Short interest has been ticking up. That would also be my approach here.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

It Is All Playing Out with China's Banks

The NPL crisis is upon us in China. It’s playing out even if it appears slow.Some of the first movers to show NPLs provide a guide as to what to...

Daniel Tabbush

EQD | Hong Kong April 2026 Monthly Covered Call Report

​April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

Nicholas Pezolano

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Meituan, New World Development

Lucror Analytics

EQD | Hong Kong March 2026 Monthly Covered Call Report

​March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...

Nicholas Pezolano

On Sun Hung Kai (16 HK)'s Interim Results

A lot of optimism baked into SHK's share price here. Short interest has been ticking up. That would also be my approach here.

David Blennerhassett

April's top HKEX covered call candidates offer a 5.88% premium and potential 7.99% upside if exercised, ideal for investors seeking income with a...

March's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 9.8% upside if exercised, allowing...