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)

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

India – Recap Euphoria, Going, Going, Gone

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

After the discovery of PNB (Punjab National Bank) loan fraud in mid-Feb, worth Rs114bn (now revised to Rs127bn), there is a spate of bad news regarding more loan frauds in the system and several PSU banks have disclosed scams now crossing Rs60bn in the two weeks after the PNB case. The figure is expected to climb as the government has asked banks to carry out a forensic audit of all NPLs above Rs500m. Banks have also been asked to do system checks and adopt best practices within a matter of 15…

After the discovery of PNB (Punjab National Bank) loan fraud in mid-Feb, worth Rs114bn (now revised to Rs127bn), there is a spate of bad news regarding more loan frauds in the system and several PSU banks have disclosed scams now crossing Rs60bn in the two weeks after the PNB case. The figure is expected to climb as the government has asked banks to carry out a forensic audit of all NPLs above Rs500m. Banks have also been asked to do system checks and adopt best practices within a matter of 15…

Why Banks May Prefer A Loan Fraud Over NPL? Race to Discover Loan Frauds Can Create Policy Paralysis

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Anil Ambani, chairman, <a href="https://www.smartkarma.com/entities/5197" target="_blank" data-smartkarma-citation="entities:5197:1">Reliance Communications Ltd (RCOM IN)</a>, sounded optimistic at a press conference on December 26, 2017, stating that the company will exit the Strategic Debt Restructuring (SDR) with a zero write-off to lenders, as the company plans to monetize its wireless operations by January-March 2018 and settle its dues. The truth, however, is that banks are preparing to classify the company as a non-performing asset (NPA) if their dues are not paid by December 31. The banking sector has a funded exposure of around Rs 380 bn to the company, and will have to provide 10% (5% already provided at the time of SDR) of their exposure for the quarter ended December if it is classified as NPA.

Anil Ambani, chairman, Reliance Communications Ltd (RCOM IN), sounded optimistic at a press conference on December 26, 2017, stating that the company will exit the Strategic Debt Restructuring (SDR) with a zero write-off to lenders, as the company plans to monetize its wireless operations by January-March 2018 and settle its dues. The truth, however, is that banks are preparing to classify the company as a non-performing asset (NPA) if their dues are not paid by December 31. The banking sector has a funded exposure of around Rs 380 bn to the company, and will have to provide 10% (5% already provided at the time of SDR) of their exposure for the quarter ended December if it is classified as NPA.

Mysterious Saviour for Reliance Communications?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

India

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

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Punjab National Bank (PNB IN)

India – Recap Euphoria, Going, Going, Gone

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time...

Daniel Tabbush

Why Banks May Prefer A Loan Fraud Over NPL? Race to Discover Loan Frauds Can Create Policy Paralysis

After the discovery of PNB (Punjab National Bank) loan fraud in mid-Feb, worth Rs114bn (now revised to Rs127bn), there is a spate of bad news...

Asia Advisors

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the...

Thomas J. Monaco

Mysterious Saviour for Reliance Communications?

Anil Ambani, chairman, Reliance Communications Ltd (RCOM IN), sounded optimistic at a press conference on December 26, 2017, stating that the...

Hemindra Hazari

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

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