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)

<ul>
<li>Weekly HFD for large US banks shows a profit-positive picture in latest data through 18 December</li>
<li>Loan growth is accelerating in the week and in the past few weeks, with a steady rise in the pace of growth since late November</li>
<li>Where large US banks are growing loans more aggressively, but seeing more negative growth in higher cost Jumbo Deposits, this can be highly positive for core income</li>
</ul>


Weekly HFD for large US banks shows a profit-positive picture in latest data through 18 December
Loan growth is accelerating in the week and in the past few weeks, with a steady rise in the pace of growth since late November
Where large US banks are growing loans more aggressively, but seeing more negative growth in higher cost Jumbo Deposits, this can be highly positive for core income


US Banks - Weekly Loans Surge at Large Banks, With -Ve YoY Growth CRE, Jumbo Deposits Down

<ul>
<li>US large banks are showing sharply expanding loans in recent weeks, in granular HFD</li>
<li>This comes as their higher cost Jumbo Time Deposits are now showing negative growth</li>
<li>There are positive implications for net interest income, NIM and net profit delta of large US banks</li>
</ul>


US large banks are showing sharply expanding loans in recent weeks, in granular HFD
This comes as their higher cost Jumbo Time Deposits are now showing negative growth
There are positive implications for net interest income, NIM and net profit delta of large US banks


US Banks - HFD Shows Sharply Expanding Loans, with Newly Negative Growth in Jumbo Time Deposits

<ul>
<li>Weekly HFD for large US banks are turning positive in several areas, making the mosaic even stronger than if just as single series were improving</li>
<li>Loan growth for the largest US banks is now positive even if low, but moving from a negative rate of growth, the trajectory is a steady improvement</li>
<li>Loan loss reserves growth is lowering, suggesting bettering LGD and PD while large time deposit growth is down substantially, improving liquidity risk (which can impact credit)</li>
</ul>


Weekly HFD for large US banks are turning positive in several areas, making the mosaic even stronger than if just as single series were improving
Loan growth for the largest US banks is now positive even if low, but moving from a negative rate of growth, the trajectory is a steady improvement
Loan loss reserves growth is lowering, suggesting bettering LGD and PD while large time deposit growth is down substantially, improving liquidity risk (which can impact credit)


US Banks - Strong Weekly Balance Sheet Figures for Loans, Loan Loss Reserves and Time Deposits

<ul>
<li>While maybe deflation may not be a concern right now, we believe that high real rates will be a consideration of the Fed</li>
<li>With average lending rates at 8.5% in August and the All Urban CPI Index recording 2.5% inflation in the August, real lending rates are high at 5.97%</li>
<li>When figures were similar, it was July/August 2007 - rarely has there been a time in recent years, where real loan rates have been so high, without Fed reaction</li>
</ul>


While maybe deflation may not be a concern right now, we believe that high real rates will be a consideration of the Fed
With average lending rates at 8.5% in August and the All Urban CPI Index recording 2.5% inflation in the August, real lending rates are high at 5.97%
When figures were similar, it was July/August 2007 - rarely has there been a time in recent years, where real loan rates have been so high, without Fed reaction


Fed Rate Cut - Real Lending Rates at 5.97% Near Where Peaking In August 2007

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Equity Bottom-Up

<ul><li>Remitly is a digital international money transfer company competing with traditional providers like Western Union and MoneyGram.</li><li>Mario Sabelli sees Remitly as potentially becoming the "booking.com of the digital remittance space."</li><li>He believes Remitly is well-positioned to dominate the market due to its scale and competitive advantages over legacy competitors.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Remitly is a digital international money transfer company competing with traditional providers like Western Union and MoneyGram.Mario Sabelli sees Remitly as potentially becoming the "booking.com of the digital remittance space."He believes Remitly is well-positioned to dominate the market due to its scale and competitive advantages over legacy competitors.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Marathon Partners' Mario Cibelli on digital remittances company, Remitly $RELY

United States

Remitly Global Inc provides financial services. The Company offers online money transer and payment solutions. Remitly Global serves customers worldwide.

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Remitly Global (RELY US)

US Banks - Weekly Loans Surge at Large Banks, With -Ve YoY Growth CRE, Jumbo Deposits Down

Weekly HFD data for large US banks is highly positive: loans accelerating, not CRE loans, with less growth in high cost jumbo deposits, and also...

Daniel Tabbush

US Banks - HFD Shows Sharply Expanding Loans, with Newly Negative Growth in Jumbo Time Deposits

US large banks show loans accelerating (but not riskier CRE loans) and with higher cost Jumbo time deposit growth now turning negative in new...

Daniel Tabbush

US Banks - Strong Weekly Balance Sheet Figures for Loans, Loan Loss Reserves and Time Deposits

The largest US banks by assets are showing HFD that is increasingly positive for loan growth, loan loss reserves growth and large time deposits...

Daniel Tabbush

Fed Rate Cut - Real Lending Rates at 5.97% Near Where Peaking In August 2007

Real rates are too high in the US and they have been rising sharply. This is likely where the the Fed will need to focus when considering rate...

Daniel Tabbush

Marathon Partners' Mario Cibelli on digital remittances company, Remitly $RELY

Overall, Tigus provides valuable insights into companies like Remitly and highlights their potential for success in the digital remittance market.

Yet Another Value Podcast

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