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>Newly released data on insolvencies in Australia suggests that bank credit metrics will come under pressure in current interim and possibly beyond</li>
<li>Construction insolvencies were highest and rose 25% YoY, accommodations and food services accelerated sharply rising 59% YoY, and next leading figure, also accelerated</li>
<li>CBA saw its NPL ratio rise from Dec 23 to Dec 24, and WBC released its 1Q25 to Dec 24 showing improving credit metrics. This may reverse. </li>
</ul>


Newly released data on insolvencies in Australia suggests that bank credit metrics will come under pressure in current interim and possibly beyond
Construction insolvencies were highest and rose 25% YoY, accommodations and food services accelerated sharply rising 59% YoY, and next leading figure, also accelerated
CBA saw its NPL ratio rise from Dec 23 to Dec 24, and WBC released its 1Q25 to Dec 24 showing improving credit metrics. This may reverse. 


Australia Banks - Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In Australia, currently five pair trade opportunities persist across four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Australia, currently five pair trade opportunities persist across four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Australia: Relative Value Opportunities and Pair Trades (16 Sep 2026)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 7th September, published on the 11th September.</li>
<li>The largest industry net increase in the past week was A$1.1bn into "Banks"; the largest industry net decrease was A$0.3bn out of "Diversified Metals". Net shorts iincreased A$1bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">CBA (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>, <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>, <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, and <a href="https://www.smartkarma.com/entities/national-australia-bank-ltd" target="_blank" data-smartkarma-citation="entities:15:1" rel="noopener">National Australia Bank (NAB AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 7th September, published on the 11th September.
The largest industry net increase in the past week was A$1.1bn into "Banks"; the largest industry net decrease was A$0.3bn out of "Diversified Metals". Net shorts iincreased A$1bn week-on-week.
Companies mentioned in this regular weekly report include: CBA (CBA AU), Rio Tinto Ltd (RIO AU), Westpac Banking (WBC AU), Sigma Healthcare (SIG AU), and National Australia Bank (NAB AU).


Aussie Shorts [7 Sep 2026]: CBA, Rio Tinto, Westpac, Sigma Healthcare, NAB, Energy Fuels, PDI Gold

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: Currently ten pair trade opportunities persist across four markets and six sectors. 
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: Currently ten pair trade opportunities persist across four markets and six sectors. 


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (14 Sep 2026)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 4th (reported today). The aggregated short interest was USD51.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 4th (reported today). The aggregated short interest was USD51.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic Healthcare, Qantas Airways.


ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

Australia

Westpac Banking Corporation offers general and savings banking services.  The Company provides investment portfolio management and advice, insurance services,  consumer finance, and money market services among other services.  Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Westpac Banking (WBC AU)

Australia Banks - Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics

Australia's newly released insolvencies data suggest a worsening of forward credit metrics for banks. This may come as a surprise to market, where...

Daniel Tabbush

Australia: Relative Value Opportunities and Pair Trades (16 Sep 2026)

Discover five pair trade opportunities across four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Aussie Shorts [7 Sep 2026]: CBA, Rio Tinto, Westpac, Sigma Healthcare, NAB, Energy Fuels, PDI Gold

The largest industry net increase in the past week was A$1.1bn into "Banks"; the largest industry net decrease was A$0.3bn out of "Diversified...

David Blennerhassett

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (14 Sep 2026)

Discover ten pair trade opportunities across four markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Australia Banks - Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics

Australia's newly released insolvencies data suggest a worsening of forward credit metrics for banks. This may come as a surprise to market, where...

Daniel Tabbush

Australia: Relative Value Opportunities and Pair Trades (16 Sep 2026)

​Discover five pair trade opportunities across four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Aussie Shorts [7 Sep 2026]: CBA, Rio Tinto, Westpac, Sigma Healthcare, NAB, Energy Fuels, PDI Gold

The largest industry net increase in the past week was A$1.1bn into "Banks"; the largest industry net decrease was A$0.3bn out of "Diversified...

David Blennerhassett

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (14 Sep 2026)

​Discover ten pair trade opportunities across four markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

ASX Short Interest Weekly (Sep 4th): CAR, Cochlear, Predictive Discovery, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in CAR, Cochlear, Predictive Discovery, Sonic...

Ke Yan, CFA, FRM

Discover five pair trade opportunities across four sectors using statistical mean-reversion methodology for actionable insights.

Discover ten pair trade opportunities across four markets and six sectors using statistical mean-reversion methodology for actionable insights.