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

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing recovery. But even so, the details of the data released by DBS are telling, even if not yet dire.  The bank’s Greater China region turned to loss of S$5 million in 4Q15. This was mostly due to less top line, rather than credit costs though. The limit in credit costs is already a red flag. It is unclear how the bank’s China lending requires only…

Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. <ul><li>Weak macroeconomic outlook has led to falling demand for both office and industrial space</li><li>Prices are on the decline while vacancy rates are likely to increase over the course of 2016</li><li>Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments</li></ul>

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. Weak macroeconomic outlook has led to falling demand for both office and industrial spacePrices are on the decline while vacancy rates are likely to increase over the course of 2016Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to December 2015, while HDB rents rose by 0.7% in January 2016 as compared to December 2015. However, despite the mild positive increases in rentals for both the private and HDB property, not many analysts are calling for a definite end in consecutive rental declines since the property cooling measures were in place in 2012. This is due to a mix of residential completions, plus curbs on foreign immigrants coming to Singapore which forms the majority of the tenant pool.

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to December 2015, while HDB rents rose by 0.7% in January 2016 as compared to December 2015. However, despite the mild positive increases in rentals for both the private and HDB property, not many analysts are calling for a definite end in consecutive rental declines since the property cooling measures were in place in 2012. This is due to a mix of residential completions, plus curbs on foreign immigrants coming to Singapore which forms the majority of the tenant pool.

A Temporary Uplift in Home Rentals Data in January

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking regulations is an environment of economic and financial fear. The decline in U.S. 10 year bond yields this year alone is testimony to this. Negative interest rates in Japan, EU, and Sweden, suggests the growth outlook is terrible.Remember when the world was waiting for rising U.S. rates and normalization of higher rates globally? This was when the world’s overly liquid banks would start to print money; earning an immediately higher spread on their excess deposits. It is not happening. It is more like the opposite now.

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking regulations is an environment of economic and financial fear. The decline in U.S. 10 year bond yields this year alone is testimony to this. Negative interest rates in Japan, EU, and Sweden, suggests the growth outlook is terrible.Remember when the world was waiting for rising U.S. rates and normalization of higher rates globally? This was when the world’s overly liquid banks would start to print money; earning an immediately higher spread on their excess deposits. It is not happening. It is more like the opposite now.

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

DBS Moves to Loss in Greater China

The results for DBS could have been a lot worse. This is often a recurring theme with banks, as credit costs are limited in the hope of an ensuing...

Daniel Tabbush

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are...

Tay Hock Meng

Commercial Property Outlook 2016

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and...

PropertyGuru

A Temporary Uplift in Home Rentals Data in January

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to...

Tay Hock Meng

Asian Banks – Risks Remain Plentiful

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking...

Daniel Tabbush

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