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)

<p>It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just announced to buy.  This is because POP had EUR19 billion of impaired loans as at 1Q17 compared with equity of EUR11 billion. In any case what is especially of interest to us, are statements from SAN on improving non-performing loan cover to 69% from a low 45%. While there are no listed banks in Asia-Pacific that have the same magnitude of impaired loans as…</p>

It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just announced to buy.  This is because POP had EUR19 billion of impaired loans as at 1Q17 compared with equity of EUR11 billion. In any case what is especially of interest to us, are statements from SAN on improving non-performing loan cover to 69% from a low 45%. While there are no listed banks in Asia-Pacific that have the same magnitude of impaired loans as…

With SAN Purchase of POP, We Look at Impaired Loans and Deposit Contraction Globally

Malaysia

RHB Bank BHD provides banking services. The Company offers commercial and consumer banking, corporate and investment banking, and international banking services. RHB also provides savings accounts, foreign currency accounts, home and travel insurance, and investment planning.

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RHB Bank Bhd (RHBBANK MK)

With SAN Purchase of POP, We Look at Impaired Loans and Deposit Contraction Globally

It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just...

Daniel Tabbush

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