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Daniel Tabbush

Daniel Tabbush
Asian bank research and consultancy
Tabbush Report

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bearishQbe Insurance22 Sep 2023 12:23

QBE Insurance - COR 109% in N America Commercial, Where Growth Is High | Debt Surges USD700m in 1H23

COR is now at 109% in North America Commercial segment, where growth of premiums is especially high. Debt is now rising, this is new, up USD700m in...

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bullishBank Negara Indonesia Persero21 Sep 2023 16:43

BBNI - Stock Split to Double Shares on 10 October | NPLs Are in Sharp Decline, Especially Loss Loans

2 new for 1 old stock split on 10 Oct can mean much more liquidity for shares. Mkt cap/assets looks relatively low also when considering ROA. NPLs...

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bearishThematic (Sector/Industry)21 Sep 2023 12:42

US Banks - Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn

US banks are de-risking. Weekly balance sheet data shows almost all new deposits coming in moving into cash. Jumbo time deposits now far higher to...

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bullishRemitly Global20 Sep 2023 19:20

Remitly - Rev +49% | ROW Rev +120% | Scaling: COGS -25% | Adj EBITDA Margin 2Q23 Is 8.7%, Highest

49% revenue growth 2Q23, COGS/revenue in decline. Adj EBITDA is positive, rising sharply in 2Q23 from 1Q23, 4Q22. Scale, penetration, reach, new...

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bearishKakaoBank 19 Sep 2023 17:34

KakaoBank - Term Deposits +47% | Net Int Inc/Assets -80bps | Provisions: 10% to 23% of Net Int Inc

Major net interest income pressure, NIM down sharply in past 6 months. Operating costs not supporting ROA. Credit metrics worsening: LLP from 10%...

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