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

Bank of Ayudhya (BAY) just bought Hattha Kaksekar Ltd (HKL), a large micro-finance lender in Cambodia. Even if this investment is small compared with overall assets, what matters are the incredibly high returns and how this can have an impact on BAY at the consolidated level.  At the same time, BAY is one of those banks that is more focused on consumer than corporate, which has been and will continue to be a relative positive.We look to reported financial statements of Microfinance Institution…

Bank of Ayudhya (BAY) just bought Hattha Kaksekar Ltd (HKL), a large micro-finance lender in Cambodia. Even if this investment is small compared with overall assets, what matters are the incredibly high returns and how this can have an impact on BAY at the consolidated level.  At the same time, BAY is one of those banks that is more focused on consumer than corporate, which has been and will continue to be a relative positive.We look to reported financial statements of Microfinance Institution…

BAY's Purchase Provides a ~5% ROA with High Growth in Cambodia

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Deutschebank, one of Europe's biggest bank, is falling deeper into crisis. It has been called the 'Lehman Brothers of Europe', and Merkel has been vocal about not bailing it out. MCorp Review believes the German Chancellor will eventually eat her words and bail out the iconic bank, but there are many past examples (UBS, ING) that indicates that: 1) Deutsche will further divest its assets in Asia; and 2) the people who buy those assets do not necessarily do well.Hence, we highlight the risk of the Tisco-Deutsche brokerage partnership unraveling in Thailand, which would benefit rival Thanachart. Our favorite bank remains SCB. Like Deutsche, SCB has some history with derivatives, and it is certainly in a different league from Deutsche's Thai partner Tisco.

Deutschebank, one of Europe's biggest bank, is falling deeper into crisis. It has been called the 'Lehman Brothers of Europe', and Merkel has been vocal about not bailing it out. MCorp Review believes the German Chancellor will eventually eat her words and bail out the iconic bank, but there are many past examples (UBS, ING) that indicates that: 1) Deutsche will further divest its assets in Asia; and 2) the people who buy those assets do not necessarily do well.Hence, we highlight the risk of the Tisco-Deutsche brokerage partnership unraveling in Thailand, which would benefit rival Thanachart. Our favorite bank remains SCB. Like Deutsche, SCB has some history with derivatives, and it is certainly in a different league from Deutsche's Thai partner Tisco.

Thailand

TISCO Financial Group Public Co. Ltd. is a Thai financial services company operating through commercial banking, securities, asset management, and support businesses. It offers a wide range of products including retail and corporate loans, deposit products, investment services, and insurance. The company also provides investment banking, private banking, and wealth management services. Headquartered in Bangkok, Thailand, TISCO was established in 1969 as Thailand's first investment bank.

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TISCO Financial Group (TISCO TB)

BAY's Purchase Provides a ~5% ROA with High Growth in Cambodia

Bank of Ayudhya (BAY) just bought Hattha Kaksekar Ltd (HKL), a large micro-finance lender in Cambodia. Even if this investment is small compared...

Daniel Tabbush

Sathorn Series 5: Deutsche's Doomsday

Deutschebank, one of Europe's biggest bank, is falling deeper into crisis. It has been called the 'Lehman Brothers of Europe', and Merkel has been...

Athaporn Arayasantiparb, CFA

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