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>The Fed's Michael Barr has proposed recommendations to adjust Basel III rules, calculations on 11 September, so this is very new</li>
<li>JPM, CITI, BAC, GS, MS, WFC, SST, are G-SIBs in the US in order of 'importance to system' so that JPM is ranked as first and State Street the lowest</li>
<li>Of these banks, only WFC has seen its loans contract over the past two and a half years, which can mean it is marginally better prepared</li>
</ul>


The Fed's Michael Barr has proposed recommendations to adjust Basel III rules, calculations on 11 September, so this is very new
JPM, CITI, BAC, GS, MS, WFC, SST, are G-SIBs in the US in order of 'importance to system' so that JPM is ranked as first and State Street the lowest
Of these banks, only WFC has seen its loans contract over the past two and a half years, which can mean it is marginally better prepared


US Banks and New Capital Rules - GSIBs 9% More Capital, Can Impact Lending, WFC Stands Out Best

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>ETFs are synonymous with passive investing. It passive investing and beyond. ETFs have been stealing breakfast, lunch and dinner away from mutual funds.</li>
<li>Active ETFs have jumped from obscurity to ubiquity. &gt;70% of new ETF launches in the US over the last seven years have been active ETFs.</li>
<li>Active ETFs in the cheapest quintile command AUM of USD 325 billion while those in the most expensive quintile hold merely USD 35 billion.</li>
</ul>


ETFs are synonymous with passive investing. It passive investing and beyond. ETFs have been stealing breakfast, lunch and dinner away from mutual funds.
Active ETFs have jumped from obscurity to ubiquity. &gt;70% of new ETF launches in the US over the last seven years have been active ETFs.
Active ETFs in the cheapest quintile command AUM of USD 325 billion while those in the most expensive quintile hold merely USD 35 billion.


ETFs Are Reaching Way Beyond Passive Investing

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul>
<li>US-domiciled Global Systemically Important Banks (G-SIBs) have seen their credit risk profiles improve over the last quarter of 2023 towards the median credit risk faced by all US- banks.</li>
<li>The downward trend in the Criat Credit Cycle Index (CCCI) for G-SIBs was largely driven by improvements in their equity performance, which has improved their financial position comparative to its peers.</li>
<li>As can be seen from Chart 1, although the G-SIB CCCI is trending lower since late September-2023, their aggregate credit profile is still close to the upper quartile credit risk of the US banking industry.</li>
</ul>


US-domiciled Global Systemically Important Banks (G-SIBs) have seen their credit risk profiles improve over the last quarter of 2023 towards the median credit risk faced by all US- banks.
The downward trend in the Criat Credit Cycle Index (CCCI) for G-SIBs was largely driven by improvements in their equity performance, which has improved their financial position comparative to its peers.
As can be seen from Chart 1, although the G-SIB CCCI is trending lower since late September-2023, their aggregate credit profile is still close to the upper quartile credit risk of the US banking industry.


US G-SIBs Recover in Q4 2023, Facing Cloudy Outlook for 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>State Street Corporation delivered a mixed set of results for the quarter, with revenues below the analyst consensus.</li><li>Initially, the quarter started with a positive note for equity markets in July, only to take a sharply negative turn as it progressed.</li><li>State Street's Alpha continued to gain traction, deepening existing mandates and securing two new Alpha mandate wins in the third quarter, including the company's first Alpha for private markets mandate.</li></ul>

State Street Corporation delivered a mixed set of results for the quarter, with revenues below the analyst consensus.Initially, the quarter started with a positive note for equity markets in July, only to take a sharply negative turn as it progressed.State Street's Alpha continued to gain traction, deepening existing mandates and securing two new Alpha mandate wins in the third quarter, including the company's first Alpha for private markets mandate.

State Street Corporation: What Is Their Biggest Competitive Advantage? – Major Drivers

<ul><li>This is our first report on State Street, a prominent provider of asset servicing and other financial services in the U.S.</li><li>The company experienced a varied market performance in the second quarter due to continued strength in developed equity markets, weakness in emerging markets, and a subdued market environment.</li><li>State Street onboarded $1.2 trillion of Assets Under Custody/Administration (AUC/A) primarily through the State Street Alpha platform, underscoring its effectiveness.</li></ul>

This is our first report on State Street, a prominent provider of asset servicing and other financial services in the U.S.The company experienced a varied market performance in the second quarter due to continued strength in developed equity markets, weakness in emerging markets, and a subdued market environment.State Street onboarded $1.2 trillion of Assets Under Custody/Administration (AUC/A) primarily through the State Street Alpha platform, underscoring its effectiveness.

State Street Corporation: Initiation of Coverage – Business Strategy & Other Drivers

United States

State Street Corporation services institutional investors and manages financial assets worldwide.  The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

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State Street (STT US)

US Banks and New Capital Rules - GSIBs 9% More Capital, Can Impact Lending, WFC Stands Out Best

New proposals on capital regulations for banks can mean more capital for the largest banks, but there are major differences between the GSIBs.

Daniel Tabbush

ETFs Are Reaching Way Beyond Passive Investing

ETFs were synonymous with passive investing. Not anymore. Active ETFs have jumped from obscurity to ubiquity. >70% of new ETF launches in the US...

Mint Finance

US G-SIBs Recover in Q4 2023, Facing Cloudy Outlook for 2024

US-domiciled Global Systemically Important Banks (G-SIBs) have seen their credit risk profiles improve over the last quarter of 2023 towards the...

Criat

State Street Corporation: What Is Their Biggest Competitive Advantage? – Major Drivers

State Street Corporation delivered a mixed set of results for the quarter, with revenues below the analyst consensus. Initially, the quarter...

Baptista Research

State Street Corporation: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on State Street, a prominent provider of asset servicing and other financial services in the U.S. The company experienced...

Baptista Research

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