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>ROA appears to be understated dramatically, with expansion likely in coming quarters</li>
<li>Credit costs have been rising even in FY21, and this is unusual for most banks</li>
<li>Funding cost improvement can be biggest surprise, as term deposits mature</li>
</ul>


ROA appears to be understated dramatically, with expansion likely in coming quarters
Credit costs have been rising even in FY21, and this is unusual for most banks
Funding cost improvement can be biggest surprise, as term deposits mature


Vietnam Maritime Commercial Bank / Equity Bottom-Up

Vietnam Maritime Commercial Bank (MSB VN)

<p>There are few banks anywhere reporting strong margins or better net interest income, with Vietnam as the most stand out exception. One bank that is relatively unknown, is seeing some of the best profit expansion, and it does not appear to have run its course.</p>

There are few banks anywhere reporting strong margins or better net interest income, with Vietnam as the most stand out exception. One bank that is relatively unknown, is seeing some of the best profit expansion, and it does not appear to have run its course.

Vietnam

Vietnam Maritime Commercial Bank (MSB) provides commercial and retail banking products and services, including savings and credit accounts, various loans, investment products, and insurance. It also offers corporate banking services such as lending, trade finance, and cash management solutions. The bank was incorporated in 1991 and is headquartered in Hanoi, Vietnam.

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Vietnam Maritime Commercial Bank (MSB VN)

HDB - ROA Expansion Can Surprise

HDB's ROA can expand dramatically in coming quarters, with lowering credit costs, lowering funding costs from maturing fixed deposits, and with...

Daniel Tabbush

Vietnam – Transformational Profit

Ongoing transformation at this bank, away from term deposits, toward consumer loans, with better ALM and improved credit metrics, can see an...

Daniel Tabbush

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