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>Chailease offers an alternative view on China lending than the large mainstream banks there</li>
<li>Data through 9M24 shows very high growth of its China impairment costs at +62% YoY</li>
<li>Its lending in China is slowing sharply, often a reaction to worsening credit metrics</li>
</ul>


Chailease offers an alternative view on China lending than the large mainstream banks there
Data through 9M24 shows very high growth of its China impairment costs at +62% YoY
Its lending in China is slowing sharply, often a reaction to worsening credit metrics


Chailease - A Window on China Lending, +62% Impairment Costs, Decelerating Loan Growth in China

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Tencent, Xiaomi, CCB, Ping An, and outflows from PICC P&amp;C, BYD, CNOOC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Tencent, Xiaomi, CCB, Ping An, and outflows from PICC P&amp;C, BYD, CNOOC.


Hong Kong Connect Flows (November): Top Monthly Inflows in 12 Months

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Ping An Insurance, China Mobile, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Ping An Insurance, China Mobile, Meituan.


Hong Kong Connect Flows (Nov 29th): Alibaba, Ping An Insurance, China Mobile, Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou Technology, Jd.com, Xpeng, CMB.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 22nd.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou Technology, Jd.com, Xpeng, CMB.


HK Short Interest Weekly: Kuaishou, Jd, Xpeng, CMB

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Implied vols were lower across all sectors on the week with option volumes peaking on Friday.</li>
<li>Post-Earnings vol crush helped push vols lower for key names.</li>
<li>Tencent stands out with low implied vols over the past year, high liquidity and is trading almost 17% below its 52 week high.</li>
</ul>


Implied vols were lower across all sectors on the week with option volumes peaking on Friday.
Post-Earnings vol crush helped push vols lower for key names.
Tencent stands out with low implied vols over the past year, high liquidity and is trading almost 17% below its 52 week high.


EQD | Hong Kong Single Stock Options Weekly

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

Price Gauge
52-week Range	0.00 - 0.00
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Ping An Insurance (H) (2318 HK)

Chailease - A Window on China Lending, +62% Impairment Costs, Decelerating Loan Growth in China

Chailease offers an alternative view on China lending, where its loan growth is slowing sharply, where credit costs to loans are rising...

Daniel Tabbush

Hong Kong Connect Flows (November): Top Monthly Inflows in 12 Months

We analyzed the Hong Kong Connect Scheme for November and highlighted flows for Alibaba, Tencent, Xiaomi, CCB, Ping An, PICC P&C, BYD, CNOOC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 29th): Alibaba, Ping An Insurance, China Mobile, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Ping An Insurance, China Mobile, Meituan.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Kuaishou, Jd, Xpeng, CMB

We analyzed the latest HK SFC report for aggregate short position as of Nov 22nd and highlight short interest changes in Kuaishou, Jd, Xpeng, CMB.

Ke Yan, CFA, FRM

EQD | Hong Kong Single Stock Options Weekly

Post-earnings vol crush the main contributor to decreased vols for key names. Tencent stands out for low implied vols, high liquidity while trading...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)