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

It will be some time, before DBS fully absorbs its worsening credit risk in Singapore and abroad. It’s only just beginning. The 10-fold increase in specific allowances for loan losses in Singapore shows what can happen with just a single bad exposure. There will be more. DBS is now reporting a loss in Rest of Greater China, which is largely China, where credit costs are surging. Despite this, its NPL cover at group level is falling sharply. More provisions will come. Over the very long-term DBS’…

It will be some time, before DBS fully absorbs its worsening credit risk in Singapore and abroad. It’s only just beginning. The 10-fold increase in specific allowances for loan losses in Singapore shows what can happen with just a single bad exposure. There will be more. DBS is now reporting a loss in Rest of Greater China, which is largely China, where credit costs are surging. Despite this, its NPL cover at group level is falling sharply. More provisions will come. Over the very long-term DBS’…

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore Property : Mid-Year Health Check

Chairman, sgtradex

Tan Chin-Hwee

Chairman

<blockquote>“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923</blockquote>My first day at <a href="https://en.wikipedia.org/wiki/Amaranth_Advisors" target="_blank">Amaranth </a>could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923My first day at Amaranth could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.<div class="content-highlight">
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…
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Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…


We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

China Disappointment Is Significant at OCBC

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)

DBS' Dire Days

It will be some time, before DBS fully absorbs its worsening credit risk in Singapore and abroad. It’s only just beginning. The 10-fold increase in...

Daniel Tabbush

Singapore Property : Mid-Year Health Check

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating...

TAN Kok Keong

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences...

Tan Chin-Hwee

DBS Unraveling?

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to...

Daniel Tabbush

China Disappointment Is Significant at OCBC

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only...

Daniel Tabbush

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