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>DBS is now guiding for no profit growth during FY24. This may end up missing with negative growth more statistically likely, in a worsening world. </li>
<li>Credit metrics are not particularly positive in today's release with SGD215m of credit costs compared with SGD72m in the preceding quarter. </li>
<li>If rate rises are done or nearly done, than the main positive delta of DBS earnings are also done or nearly done. Management guidance suggests as much too. </li>
</ul>


DBS is now guiding for no profit growth during FY24. This may end up missing with negative growth more statistically likely, in a worsening world. 
Credit metrics are not particularly positive in today's release with SGD215m of credit costs compared with SGD72m in the preceding quarter. 
If rate rises are done or nearly done, than the main positive delta of DBS earnings are also done or nearly done. Management guidance suggests as much too. 


DBS - 0% Growth Guidance for FY24 | Quarterly Credit Costs Surging | As Good as It Gets

<ul>
<li>Our focus is not on the decimation of earnings at <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN)</a> but rather the granular detail of stage 2 and stage 3 loans</li>
<li>There is tremendous growth in stage 2 loans in the quarter, which means the bank enters the quarter with a far higher pool that can migrate to stage 3</li>
<li>Stage 3 remains markedly higher provisions, and the bank's rise in credit costs is still fairly low, it can rise another 50% before hitting average rates </li>
</ul>


Our focus is not on the decimation of earnings at Standard Chartered (STAN LN) but rather the granular detail of stage 2 and stage 3 loans
There is tremendous growth in stage 2 loans in the quarter, which means the bank enters the quarter with a far higher pool that can migrate to stage 3
Stage 3 remains markedly higher provisions, and the bank's rise in credit costs is still fairly low, it can rise another 50% before hitting average rates 


STAN - Stage 2 Loans Surge | Expect Migration to Stage 3 Loans | Credit Costs Can Move 50% Higher

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.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.</li><li>uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.</li><li>Jefferies begins coverage on Singapore banks, targets DBS at $91.</li></ul>

Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.uSmart issues 'hold' rating on Azeus Systems with a target price of $9.45.Jefferies begins coverage on Singapore banks, targets DBS at $91.

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

<ul><li>uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.</li><li>Jefferies starts coverage on Singapore banks, targets DBS at $91.</li><li>KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.</li></ul>

uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.Jefferies starts coverage on Singapore banks, targets DBS at $91.KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

Singapore

United Overseas Bank is a leading Asian bank offering a comprehensive range of financial services across its Group Retail, Group Wholesale Banking, and Global Markets segments. Its offerings include personal, private, commercial, and corporate banking, investment banking, asset management, and insurance services. The bank is headquartered in Singapore and was founded in 1935.

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United Overseas Bank (UOB SP)

DBS - 0% Growth Guidance for FY24 | Quarterly Credit Costs Surging | As Good as It Gets

DBS is now guiding for 0% profit growth during FY24. The figures out today appear very much 'as good as they get.' Credit metrics are worsening,...

Daniel Tabbush

STAN - Stage 2 Loans Surge | Expect Migration to Stage 3 Loans | Credit Costs Can Move 50% Higher

STAN's traditional credit costs are surging and remain well below long term averages. Rising stage 2 loans are the real concern, with migration...

Daniel Tabbush

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Singapore Market Roundup (23-Sep-2026): Loh of OCBC prefers MoneyMax for pawnbroking.

Loh of OCBC prefers pawnbroking, naming MoneyMax as the top pick. uSmart rates Azeus Systems 'hold' with a $9.45 target; Jefferies targets DBS at $91.

Singapore Market Roundup

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

uSmart rates Azeus Systems 'hold' with a target of $9.45. Jefferies targets DBS at $91, while KGI rates Q&M Dental 'outperform' for its growth.

Singapore Market Roundup

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