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)

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%, which is not overly worrisome, but nonetheless it remains substantial.Indonesia tops the charts due to less well-known banks, and many that are subsidiaries from banks outside the country. On average NPL formation for Indonesia’s listed banks is 87% but when including only the major domestic banks the figure is less dramatic at 31%.  At the very least,…

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%, which is not overly worrisome, but nonetheless it remains substantial.Indonesia tops the charts due to less well-known banks, and many that are subsidiaries from banks outside the country. On average NPL formation for Indonesia’s listed banks is 87% but when including only the major domestic banks the figure is less dramatic at 31%.  At the very least,…

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.


Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We review our Malaysian bank universe, including our proprietary scorecard, and see opportunities for emerging market investors</li>
<li>We upgrade three banks to buy ratings from hold; we see share re-rating potential in CIMB, RHB Bank and PB Bank</li>
<li>We also see downside risk for Maybank; we downgrade it to a sell, given its current premium rating and its poor return trends and eroding credit quality</li>
</ul>


We review our Malaysian bank universe, including our proprietary scorecard, and see opportunities for emerging market investors
We upgrade three banks to buy ratings from hold; we see share re-rating potential in CIMB, RHB Bank and PB Bank
We also see downside risk for Maybank; we downgrade it to a sell, given its current premium rating and its poor return trends and eroding credit quality


Malaysian Banks; Positive on CIMB, RHB and PB Bank, Negative on Maybank

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 20th. The aggregated short interest is USD534m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 20th. The aggregated short interest is USD534m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Telekom Malaysia, UEM Sunrise, Datasonic, WCT, KPJ Healthcare.


Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

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.

While the popular view remains that Iskandar's development is largely being driven by investments from Singapore households into the residential market, however, the actual dynamics are quite different.&nbsp;Over 60% of the cumulative investments have been from Malaysia while residential property makes up only 24% of the total investments.&nbsp;Thus, waning demand for residential assets is unlikely to derail the Iskandar express.

While the popular view remains that Iskandar's development is largely being driven by investments from Singapore households into the residential market, however, the actual dynamics are quite different.&nbsp;Over 60% of the cumulative investments have been from Malaysia while residential property makes up only 24% of the total investments.&nbsp;Thus, waning demand for residential assets is unlikely to derail the Iskandar express.

Can Iskandar Malaysia succeed without Singapore?

Malaysia

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

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Public Bank (PBK MK)

A Gradual NPL Cycle in Asia

Only three countries in Asia Pacific are seeing NPLs in decline during over the past three to four quarters. The average rate of growth is 20%,...

Daniel Tabbush

Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Public Bank, Malaysian Resources, IJM,...

Ke Yan, CFA, FRM

Malaysian Banks; Positive on CIMB, RHB and PB Bank, Negative on Maybank

We see opportunities in Malaysian banks, with new buy ratings for CIMB, RHB Bank, and PB Bank; we also downgrade Maybank to a sell rating due to...

Victor Galliano

Bursa Short Interest Weekly (Mar 20th): Telekom Malaysia, UEM Sunrise, Datasonic, WCT

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Telekom Malaysia, UEM Sunrise,...

Ke Yan, CFA, FRM

Can Iskandar Malaysia succeed without Singapore?

While the popular view remains that Iskandar's development is largely being driven by investments from Singapore households into the residential...

PropertyGuru

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52-week Range

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