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.

Thematic (Sector/Industry)

<ul><li>The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay cutting rates towards the latter half of this year.</li><li>The narrative surrounding ‘imminent’ rate cuts that dominated market perception near the end of last year has been thwarted by the Fed’s chair Jerome Powell suggesting that rates are likely to remain elevated, without the market completely discounting the possibility of further rate hikes.</li><li>The immediate fallout from the higher-than-expected March inflation figures led to a systematic drop in Asian currencies, especially for some ASEAN based currencies, such as the Malaysian Ringgit, that have already been embattled by weakening currency against the dollar since the start of this year.</li></ul>

The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay cutting rates towards the latter half of this year.The narrative surrounding ‘imminent’ rate cuts that dominated market perception near the end of last year has been thwarted by the Fed’s chair Jerome Powell suggesting that rates are likely to remain elevated, without the market completely discounting the possibility of further rate hikes.The immediate fallout from the higher-than-expected March inflation figures led to a systematic drop in Asian currencies, especially for some ASEAN based currencies, such as the Malaysian Ringgit, that have already been embattled by weakening currency against the dollar since the start of this year.

Strong ASEAN Banks Poised Well to Face Uncertain Rate Outlook

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.

<ul>
<li>The yields on financial assets at DBS is now 3.92% for FY23. This compares with 4.64% for OCBC.  </li>
<li>The change in yields on financial assets at DBS in the past year is 160bps compared with 194bps for OCBC. </li>
<li>From FY19 to FY23 OCBC has only added SGD70bn to its total financial assets or +19%. DBS added SGD169bn or +28% over this period. </li>
</ul>


The yields on financial assets at DBS is now 3.92% for FY23. This compares with 4.64% for OCBC.  
The change in yields on financial assets at DBS in the past year is 160bps compared with 194bps for OCBC. 
From FY19 to FY23 OCBC has only added SGD70bn to its total financial assets or +19%. DBS added SGD169bn or +28% over this period. 


OCBC Vs DBS - Vast Differences in Yields on Financial Assets and New Risk in past Four Years

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.

Event-Driven

<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 - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

<ul>
<li>With Singapore bank's negative credit growth now at -4.7% YoY in the latest available month of October, there is increased risk of worsening net interest income growth.</li>
<li>Over the past several months the severity of worsening domestic credit growth in Singapore is acute moving from +8% YoY in May to -5% YoY in October. </li>
<li>OCBC and DBS saw net interest income delta essentially flat YoY, while for UOB net interest income delta was well lower. 2H23 can be far worse for all. </li>
</ul>


With Singapore bank's negative credit growth now at -4.7% YoY in the latest available month of October, there is increased risk of worsening net interest income growth.
Over the past several months the severity of worsening domestic credit growth in Singapore is acute moving from +8% YoY in May to -5% YoY in October. 
OCBC and DBS saw net interest income delta essentially flat YoY, while for UOB net interest income delta was well lower. 2H23 can be far worse for all. 


Singapore - Domestic Credit Growth Negative Past Four Consecutive Months | Core Income Delta Risk

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a>, <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> </li>
<li>There were alos insights on the Malaysian economic outlook, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a>, the LQ45 Index rebalance, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust</a>, and <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Siloam International Hospitals (SILO IJ), Bank Rakyat Indonesia (BBRI IJ), MR DIY (MRDIY MK), UOB (UOB SP), and Singapore Airlines (SIA SP) 
There were alos insights on the Malaysian economic outlook, Vinfast, the LQ45 Index rebalance, Japfa Comfeed Indonesia, Lippo Malls Indonesia Retail Trust, and Medco Energi (MEDC IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

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)

Strong ASEAN Banks Poised Well to Face Uncertain Rate Outlook

The strong showing of economic data from the US for the first three months of 2024 has spurred bets that the Federal Reserve’s is going to delay...

Criat

OCBC Vs DBS - Vast Differences in Yields on Financial Assets and New Risk in past Four Years

OCBC has far higher yield on financial assets than DBS. The delta in recent years is also better at OCBC. Growth rates of financial assets is far...

Daniel Tabbush

Aequitas Kbank Lockup Expiry - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

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

Singapore - Domestic Credit Growth Negative Past Four Consecutive Months | Core Income Delta Risk

Singapore banks are seeing another negative month of credit growth YoY and its pace is worsening. Net interest income risk is also amplified by...

Daniel Tabbush

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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