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>What's new is that Japan's domestic credit growth is accelerating, and it's now better than in Singapore, for instance; accelerating to 2.51% YoY in July from 0.77% February low</li>
<li>Loan growth and higher JGB yields, both matter for net interest income, and margins. Two year JGB yields are 0.035% on 22 September compared with -0.075% on 30 June.</li>
<li>Profit delta can rise further for Japan's banks due to better NPLs, with the largest banks' credit costs/loans moving to 5bps in 1Q24, vs 21bps in 4Q22, 11bps in 1Q23</li>
</ul>


What's new is that Japan's domestic credit growth is accelerating, and it's now better than in Singapore, for instance; accelerating to 2.51% YoY in July from 0.77% February low
Loan growth and higher JGB yields, both matter for net interest income, and margins. Two year JGB yields are 0.035% on 22 September compared with -0.075% on 30 June.
Profit delta can rise further for Japan's banks due to better NPLs, with the largest banks' credit costs/loans moving to 5bps in 1Q24, vs 21bps in 4Q22, 11bps in 1Q23


Japan Banks - Accelerating Domestic Credit | JGB Yields Higher | Provisions -79% QoQ & -58% YoY

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Kbank Lockup Expiry - Smaller Release Now, with Larger Ones to Follow Soon

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.


Aequitas: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

Shin Etsu Chemical / Equity Capital Markets

<ul>
<li>A group of shareholders plan to raise around S$800m via selling some of their stake in <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>.</li>
<li>This will be another large cross-shareholding unwind in Japan, although the shares haven’t done much recently.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


A group of shareholders plan to raise around S$800m via selling some of their stake in Shin Etsu Chemical (4063 JP).
This will be another large cross-shareholding unwind in Japan, although the shares haven’t done much recently.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Shin-Etsu Chemical Placement - A Relatively Small US$800m Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> now plans to raise up to US$380m in its upcoming South Korean IPO, after having cancelled its 2024 listing.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>We looked at the refiling updates in our previous note, in this note we provide an updated peer comparison and our thoughts on valuations.</li>
</ul>



K Bank (279570 KS) now plans to raise up to US$380m in its upcoming South Korean IPO, after having cancelled its 2024 listing.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
We looked at the refiling updates in our previous note, in this note we provide an updated peer comparison and our thoughts on valuations.


Aequitas: K Bank IPO - Refiling Updates - Updated Peer Comp and Thoughts on 2026 Valuation

Japan

SBI Sumishin Net Bank, Ltd. offers general banking services. The Company provides transfer accounts, deposits, currency savings, mortgages, net loans, investment trusts, insurance products, and other banking services. SBI Sumishin Net Bank offers services to individuals and businesses.

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SBI Sumishin Net Bank (7163 JP)

Japan Banks - Accelerating Domestic Credit | JGB Yields Higher | Provisions -79% QoQ & -58% YoY

Japan's banks are seeing accelerating domestic credit growth, better than Singapore now. JGB yields remain higher than in the past, credit costs...

Daniel Tabbush

Aequitas: Kbank Lockup Expiry - Smaller Release Now, with Larger Ones to Follow Soon

K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Aequitas: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end. In this note, we talk about the...

Sumeet Singh

Aequitas: Shin-Etsu Chemical Placement - A Relatively Small US$800m Deal

A group of shareholders plan to raise around S$800m via selling some of their stake in Shin Etsu Chemical (4063 JP). In this note, we talk about...

Sumeet Singh

Aequitas: K Bank IPO - Refiling Updates - Updated Peer Comp and Thoughts on 2026 Valuation

K Bank (279570 KS) now plans to raise up to US$380m in its upcoming South Korean IPO, after having cancelled its 2024 listing. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)