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>Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.</li><li>Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banks</li><li>Thai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.</li></ul>

Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banksThai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.

South East Asian Loan Growth  - Phillippine, Thai and Indonesian Banks Compared.

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Malaysia&rsquo;s government recently rolled out the new Goods &amp; Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full impact on the country&rsquo;s property market, especially the housing sector.To help prospective buyers, PropertyGuru Malaysia has compared the new tax regime with the old one to give consumers an idea of its potential effects.

Malaysia&rsquo;s government recently rolled out the new Goods &amp; Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full impact on the country&rsquo;s property market, especially the housing sector.To help prospective buyers, PropertyGuru Malaysia has compared the new tax regime with the old one to give consumers an idea of its potential effects.

<ul><li>A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; </li><li>Banks pull credit lines from weaker banks (and weaker companies).&nbsp; </li><li>If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; </li></ul>

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; Banks pull credit lines from weaker banks (and weaker companies).&nbsp; If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; 

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium, and highvoltage cables for RM85m.</li><li>We view this acquisition positively given (i) the attractive acquisition price at 41.8% discount to book value, (ii) entry into the growing high voltage cable segment, (iii) enhanced cost efficiencies through economies of scale, and (iv) a faster time to market compared to building a new facility.</li><li>Additionally, this expansion is timely given the growing demand for cables driven by solar projects, data centres, and grid expansion initiatives. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium, and highvoltage cables for RM85m.We view this acquisition positively given (i) the attractive acquisition price at 41.8% discount to book value, (ii) entry into the growing high voltage cable segment, (iii) enhanced cost efficiencies through economies of scale, and (iv) a faster time to market compared to building a new facility.Additionally, this expansion is timely given the growing demand for cables driven by solar projects, data centres, and grid expansion initiatives. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OSK Holdings - Acquisition to Double Cable Capacity

<ul><li>OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY).</li><li>The results were within our expectation, making up 50% of full-year forecast.</li><li>Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY).The results were within our expectation, making up 50% of full-year forecast.Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

OSK Holdings Berhad is an investment holding company. Through its subsidiaries, the Company provides retail and institutional broking in equities, futures and fixed income, underwriting and placement of securities, corporate finance and advisory, commercial and wholesale banking, asset management, trustee services and issues derivatives and structured products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

O.S.K. Holdings (OSK MK)

South East Asian Loan Growth - Phillippine, Thai and Indonesian Banks Compared.

Philippine banks are now taking over others in SE Asia in terms of credit growth as they become more comfortable with their own financials and the...

Daniel Tabbush

How will GST impact Malaysia property?

Malaysia’s government recently rolled out the new Goods & Services Tax (GST) on 1 April 2015. But many people are still unsure as to its full...

PropertyGuru

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

OSK Holdings - Acquisition to Double Cable Capacity

OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium,...

Hong Leong Investment Bank Berhad

OSK Holdings - Results Chalking Inline

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY). The results were within our...

Hong Leong Investment Bank Berhad

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)