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>MAS releases quarterly granular data on Singapore banks' credit card charge-offs and the figures are rising sharply</li>
<li>It is not easily visible in banks' own interim results, so that we must use the MAS data as a window on card credit metrics</li>
<li>Credit card charge off rates are now (4Q24) 5.4% vs 4.2% YoY while the total charge-offs are now SGD110.0m in 4Q24 vs SGDm74.7m in 4Q23</li>
</ul>


MAS releases quarterly granular data on Singapore banks' credit card charge-offs and the figures are rising sharply
It is not easily visible in banks' own interim results, so that we must use the MAS data as a window on card credit metrics
Credit card charge off rates are now (4Q24) 5.4% vs 4.2% YoY while the total charge-offs are now SGD110.0m in 4Q24 vs SGDm74.7m in 4Q23


Singapore Banks - Charge off Rates on Cards Are Rising Substantially Through 4Q24

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks with a net inflow of S$217 million, reducing the 2025 outflow to S$1.77 billion.</li><li>United Overseas Bank led share buybacks with 1.4 million shares at S$33.34 each, totaling S$121.8 million.</li><li>OUE entered a joint venture with Tokyo Century for Hotel Indigo Changi Airport, aligning with its "asset right" strategy.</li></ul>

Institutions were net buyers of Singapore stocks with a net inflow of S$217 million, reducing the 2025 outflow to S$1.77 billion.United Overseas Bank led share buybacks with 1.4 million shares at S$33.34 each, totaling S$121.8 million.OUE entered a joint venture with Tokyo Century for Hotel Indigo Changi Airport, aligning with its "asset right" strategy.

Institutions Net Buying, Stephen Riady Ups OUE Stake

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Hyphens Pharma International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

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

Maynilad Water Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a>  (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Maynilad Water Services (MYNLD PH)  (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
In this note, we talk about the not-so-positive aspects of the deal.


Maynilad Water Services Pre-IPO - The Negatives - Growth Hasn’t Always Been as Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
In this note, we talk about the positive aspects of the deal.


Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

Singapore Banks - Charge off Rates on Cards Are Rising Substantially Through 4Q24

MAS data shows consistently rising charge-offs and charge-off rates for credit cards in Singapore. Some may be normalization, but not likely all of...

Daniel Tabbush

Institutions Net Buying, Stephen Riady Ups OUE Stake

Institutions were net buyers of Singapore stocks with a net inflow of S$217 million, reducing the 2025 outflow to S$1.77 billion. United Overseas...

Singapore Exchange Ltd (SGX)

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

Maynilad Water Services Pre-IPO - The Negatives - Growth Hasn’t Always Been as Strong

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the not...

Sumeet Singh

Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the...

Sumeet Singh

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