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)

There are many US banks with high growth in loan loss provision expenses (LLP) in 4Q17. <a href="https://www.smartkarma.com/entities/277" target="_blank" data-smartkarma-citation="entities:277:1">JPMorgan Chase &amp; Co (JPM US)</a> is at 51% YoY. <a href="https://www.smartkarma.com/entities/278" target="_blank" data-smartkarma-citation="entities:278:1">Bank Of America Corp (BAC US)</a> is at 28% YoY. <a href="https://www.smartkarma.com/entities/244" target="_blank" data-smartkarma-citation="entities:244:1">PNC Financial Services Group Inc (PNC US)</a> saw 87% growth in the period. <a href="https://www.smartkarma.com/entities/11586" target="_blank" data-smartkarma-citation="entities:11586:1">First Republic Bank/Ca (FRC US)</a>, <a href="https://www.smartkarma.com/entities/3489" target="_blank" data-smartkarma-citation="entities:3489:1">Signature Bank (SBNY US)</a> and <a href="https://www.smartkarma.com/entities/257" target="_blank" data-smartkarma-citation="entities:257:1">Pinnacle Financial Partners (PNFP US)</a> saw annual growth rates at 62-106%. These rates of growth are not reflective of oversized loan growth. This is not loan seasoning. Rather it is…

There are many US banks with high growth in loan loss provision expenses (LLP) in 4Q17. JPMorgan Chase &amp; Co (JPM US) is at 51% YoY. Bank Of America Corp (BAC US) is at 28% YoY. PNC Financial Services Group Inc (PNC US) saw 87% growth in the period. First Republic Bank/Ca (FRC US), Signature Bank (SBNY US) and Pinnacle Financial Partners (PNFP US) saw annual growth rates at 62-106%. These rates of growth are not reflective of oversized loan growth. This is not loan seasoning. Rather it is…

Bank Industry Standards applies standard analytics & forecasts to 800+ banks, Bank Industry Standards

Steve Lander

Bank Industry Standards applies standard analytics & forecasts to 800+ banks

Bank Industry Standards

Equity Bottom-Up

Pinnacle Financial Partners / Equity Bottom-Up

The Federal Reserve collects &amp; publishes enterprise-level data for 800+ US banks, every quarter. It has done so for over 30 years. This data has identical structure, bank to bank &amp; over Time.Bank Industry Standards transforms this data to forecasts, factor sensitivities &amp; stress tests. All while preserving the uniformity of the data structure. Tools enable investors to profit from bank (price) inefficiency.This series canvasses 100 US banks in 100 days ($1.6tn of US bank market cap). Each bank in this series has identical analysis, raw and useful for surveillance. The entire series can be purchased, at once, by subscribing to the full-insight series.The full insight features 2.4m forecasts for earnings generated by auto-oscillation of forecast parameters. Spectra at [1] below are probability bands for forecasts made, in +/- 5% from Consensus (red lines). Each spectra is defined by the period over which the average applies for Loanloss provision / Loans (LLP/L).

The Federal Reserve collects &amp; publishes enterprise-level data for 800+ US banks, every quarter. It has done so for over 30 years. This data has identical structure, bank to bank &amp; over Time.Bank Industry Standards transforms this data to forecasts, factor sensitivities &amp; stress tests. All while preserving the uniformity of the data structure. Tools enable investors to profit from bank (price) inefficiency.This series canvasses 100 US banks in 100 days ($1.6tn of US bank market cap). Each bank in this series has identical analysis, raw and useful for surveillance. The entire series can be purchased, at once, by subscribing to the full-insight series.The full insight features 2.4m forecasts for earnings generated by auto-oscillation of forecast parameters. Spectra at [1] below are probability bands for forecasts made, in +/- 5% from Consensus (red lines). Each spectra is defined by the period over which the average applies for Loanloss provision / Loans (LLP/L). 

Loan growth is stretching out Tier 1 ; it's the key negative sensitivity for 2016.

United States

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

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Pinnacle Financial Partners (PNFP US)

Credit Costs – US Banks

There are many US banks with high growth in loan loss provision expenses (LLP) in 4Q17. JPMorgan Chase & Co (JPM US) is at 51% YoY. Bank Of...

Daniel Tabbush

Loan growth is stretching out Tier 1 ; it's the key negative sensitivity for 2016.

The Federal Reserve collects & publishes enterprise-level data for 800+ US banks, every quarter. It has done so for over 30 years. This data...

Steve Lander

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