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>Can any mainstream bank be immune from an economic cycle?</li><li>Is it possible for slowing economic growth, a weakening currency, infrastructure and political bottlenecks to affect all but a single bank in the same country?</li><li>Is there any precedence in Asia since 1997 or 2008, for a sharply lower rate of GDP growth to be all but invisible to bank credit and profit metrics?</li></ul>HDFC Bank comes to mind. But our feeling is that this bank, nor any other, can truly be immune.

Can any mainstream bank be immune from an economic cycle?Is it possible for slowing economic growth, a weakening currency, infrastructure and political bottlenecks to affect all but a single bank in the same country?Is there any precedence in Asia since 1997 or 2008, for a sharply lower rate of GDP growth to be all but invisible to bank credit and profit metrics?HDFC Bank comes to mind. But our feeling is that this bank, nor any other, can truly be immune.

We all know of the abysmal condition of India&rsquo;s state banks. Bank of India reports a harrowing rise in its NPLs. Punjab National, Canara, Central Bank of India, Bank of Baroda and Union Bank of India are all similarly worrying.These six banks are not inconsequential; they are the six most prolific banks in India, after the infamous State Bank of India.What is happening in India is not limited to the state banks, nor is this a benign NPL cycle. It is severe and likely to persist for some time....more below the fold.

We all know of the abysmal condition of India&rsquo;s state banks. Bank of India reports a harrowing rise in its NPLs. Punjab National, Canara, Central Bank of India, Bank of Baroda and Union Bank of India are all similarly worrying.These six banks are not inconsequential; they are the six most prolific banks in India, after the infamous State Bank of India.What is happening in India is not limited to the state banks, nor is this a benign NPL cycle. It is severe and likely to persist for some time....more below the fold.

Poor Credit Metrics Not Limited to State Banks in India

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

This work has been done to look at:<ol><li>How finances of state of Karnataka have moved over last decade ?</li><li>Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  </li><li>Key Budget Comments on Drinking Water, Energy etc.</li></ol>Who will have have interest in reading this presentation<ul><li>Some one who follows Indian Economy</li><li>Some one looking at Karnataka State as “area of operation” in any field.</li></ul>

This work has been done to look at:How finances of state of Karnataka have moved over last decade ?Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  Key Budget Comments on Drinking Water, Energy etc.Who will have have interest in reading this presentationSome one who follows Indian EconomySome one looking at Karnataka State as “area of operation” in any field.

A close look at the Financials and Budget of Karnataka State

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)

Is HDFC Bank Immune ?

Can any mainstream bank be immune from an economic cycle? Is it possible for slowing economic growth, a weakening currency, infrastructure and...

Daniel Tabbush

Poor Credit Metrics Not Limited to State Banks in India

We all know of the abysmal condition of India’s state banks. Bank of India reports a harrowing rise in its NPLs. Punjab National, Canara, Central...

Daniel Tabbush

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)