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)

PNB has seen its NPLs collapse. Its capital is higher than domestic peers - and most in Asia. &nbsp;Yet it's market capitalization is 50-75% lower than peers in Philippines. This will not last as credit costs narrow, costs come in, and fee income improves.&nbsp;

PNB has seen its NPLs collapse. Its capital is higher than domestic peers - and most in Asia. &nbsp;Yet it's market capitalization is 50-75% lower than peers in Philippines. This will not last as credit costs narrow, costs come in, and fee income improves.&nbsp;

PNB is over looked by most, but better capitalized, and with turnaround features

<ul><li>A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; </li><li>Banks pull credit lines from weaker banks (and weaker companies).&nbsp; </li><li>If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; </li></ul>

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; Banks pull credit lines from weaker banks (and weaker companies).&nbsp; If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; 

Philippines

Ayala Corporation, through its subsidiaries, develops real estate properties. The Company also provides financial services, insurance, and information technology and telecommunications services. In addition, Ayala manufactures and sells passenger cars as well as having operations in the food and agriculture industries.

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Ayala Corporation (AC PM)

PNB is over looked by most, but better capitalized, and with turnaround features

PNB has seen its NPLs collapse. Its capital is higher than domestic peers - and most in Asia. Yet it's market capitalization is 50-75% lower than...

Daniel Tabbush

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

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Dividend (Yield)