Japan Post Bank (7182) - The October TOPIX FFW Adjustment

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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>Japan Post Bank is no ordinary bank, without much loans, and mostly investments</li>
<li>It is well-known for its US CLO exposure, but also moving more into private equity</li>
<li>Many moving parts to the bank's earnings, where we see downside risk on profit</li>
</ul>


Japan Post Bank is no ordinary bank, without much loans, and mostly investments
It is well-known for its US CLO exposure, but also moving more into private equity
Many moving parts to the bank's earnings, where we see downside risk on profit


Japan Post Bank - Weak Yen, High Topix, US CLO's, Many Moving Parts, Profit Risk