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>Weekly HFD for large US banks are turning positive in several areas, making the mosaic even stronger than if just as single series were improving</li>
<li>Loan growth for the largest US banks is now positive even if low, but moving from a negative rate of growth, the trajectory is a steady improvement</li>
<li>Loan loss reserves growth is lowering, suggesting bettering LGD and PD while large time deposit growth is down substantially, improving liquidity risk (which can impact credit)</li>
</ul>


Weekly HFD for large US banks are turning positive in several areas, making the mosaic even stronger than if just as single series were improving
Loan growth for the largest US banks is now positive even if low, but moving from a negative rate of growth, the trajectory is a steady improvement
Loan loss reserves growth is lowering, suggesting bettering LGD and PD while large time deposit growth is down substantially, improving liquidity risk (which can impact credit)


US Banks - Strong Weekly Balance Sheet Figures for Loans, Loan Loss Reserves and Time Deposits

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Indian Whiskey Maker Allied Blenders &amp; Distillers Sets Terms for $180 Million IPO</li>
<li>Indian State-Owned Banks Sell Bonds as Foreign Demand Surges Ahead of Index Inclusion</li>
<li>K92 Mining Expands Loan and Offtake Agreement with Trafigura to Advance Kainantu Operations</li>
</ul>


Indian Whiskey Maker Allied Blenders &amp; Distillers Sets Terms for $180 Million IPO
Indian State-Owned Banks Sell Bonds as Foreign Demand Surges Ahead of Index Inclusion
K92 Mining Expands Loan and Offtake Agreement with Trafigura to Advance Kainantu Operations


#21Business Buzz: ABD $180 Mn IPO, State Owned Banks Sell Bonds, K29 Secures $120 Mn Loan

<ul>
<li>UBS merger with Credit Suisse sparks concerns over reduced competition and higher financing costs</li>
<li>EU announces tariffs on Chinese electric vehicles, risking trade tensions with China</li>
<li>Preliminary wage deal at BHP’s Spence copper mine averts potential costly strike</li>
</ul>


UBS merger with Credit Suisse sparks concerns over reduced competition and higher financing costs
EU announces tariffs on Chinese electric vehicles, risking trade tensions with China
Preliminary wage deal at BHP’s Spence copper mine averts potential costly strike


#17Business Buzz: BHP Averts Strike, UBS Market Concerns, EU Tariffs on Chinese EVs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The FSS mentioned it has uncovered 211 billion won of naked short sales by Credit Suisse and 8 other global banks of Korea-listed stocks between 2021 and 2023. </li>
<li>The current ban on short selling stocks could be extended to at least 1H 2025. </li>
<li>The Korean government's imposing these large fines on the foreign brokers is sending a message to the foreign brokers to not engage in naked short selling.</li>
</ul>


The FSS mentioned it has uncovered 211 billion won of naked short sales by Credit Suisse and 8 other global banks of Korea-listed stocks between 2021 and 2023. 
The current ban on short selling stocks could be extended to at least 1H 2025. 
The Korean government's imposing these large fines on the foreign brokers is sending a message to the foreign brokers to not engage in naked short selling.


Big Fines on Foreign Investment Banks for Naked Short Selling in Korea - Implications

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Consultancy Svcs / Equity Capital Markets

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-sons-private-ltd" target="_blank" data-smartkarma-citation="entities:25999:1" rel="noopener">Tata Sons</a>, holding company of Tata Group, is looking to raise around US$1.1bn via selling a 0.65% stake in <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>.</li>
<li>The deal doesn’t appear to be well-flagged although it could be part of Tata Sons’ recent moves to avoid an RBI mandated listing next year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Tata Sons, holding company of Tata Group, is looking to raise around US$1.1bn via selling a 0.65% stake in Tata Consultancy Svcs (TCS IN).
The deal doesn’t appear to be well-flagged although it could be part of Tata Sons’ recent moves to avoid an RBI mandated listing next year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


TCS US$1.1bn Placement - Relatively Small but Isn’t Well Flagged, Could Have Implications for Others

Are we heading towards a banking contagion?