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

Australia & New Zealand Bankin / Equity Bottom-Up

ANZ’s most important Asian investments are AMMB, Bank Pan Indonesia, Shanghai Rural Commercial Bank and Bank of Tianjin.  The idea of emphasizing Asia, where home markets Australia and New Zealand are mature, is a positive differentiation to peer banks. But the reality is there does not appear to be a meaningful boost to ANZ income. More complete data on these associates can be found at the end of this note, from ANZ's latest annual report.Profit from associates (AUS$m) - ANZ<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/820/original/Image%201%20-%20Profit%20from%20associates.png?1469499480" class="editor-image img-responsive" data-smartkarma-image-id="10820"><figcaption class="figcaption">Source: SNL</figcaption></figure>…

ANZ’s most important Asian investments are AMMB, Bank Pan Indonesia, Shanghai Rural Commercial Bank and Bank of Tianjin.  The idea of emphasizing Asia, where home markets Australia and New Zealand are mature, is a positive differentiation to peer banks. But the reality is there does not appear to be a meaningful boost to ANZ income. More complete data on these associates can be found at the end of this note, from ANZ's latest annual report.Profit from associates (AUS$m) - ANZSource: SNL…

ANZ's Asian Emphasis Does Not Seem to Support Profit, Returns

Australia

Auswide Bank Ltd provides banking and financial services. The Bank offers home loans and mortgages, investment opportunities, electronic banking, insurance, credit cards, financial advisory, term deposits, business support, and foreign exchange services. Auswide Bank serves customers in Australia.

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Auswide Bank (ABA AU)

ANZ's Asian Emphasis Does Not Seem to Support Profit, Returns

ANZ’s most important Asian investments are AMMB, Bank Pan Indonesia, Shanghai Rural Commercial Bank and Bank of Tianjin. The idea of emphasizing...

Daniel Tabbush

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